Aim Investment Funds N-CSR Certified annual shareholder report (management investment company)

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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               811-05426

AIM Investment Funds (Invesco Investment Funds)*

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000     Houston, Texas 77046

(Address of principal executive offices)        (Zip code)

Philip A. Taylor     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:	10/31
Date of reporting period:	10/31/15

*Funds included are: Invesco All Cap Market Neutral Fund, Invesco Balanced-Risk Allocation Fund, Invesco Balanced-Risk Commodity Strategy Fund, Invesco Developing Markets Fund, Invesco Emerging Market Local Currency Debt Fund, Invesco Emerging Markets Equity Fund, Invesco Endeavor Fund, Invesco Global Health Care Fund, Invesco Global Infrastructure Fund, Invesco Global Market Neutral Fund, Invesco Global Markets Strategy Fund, Invesco Global Targeted Returns Fund, Invesco Greater China Fund, Invesco International Total Return Fund, Invesco Long/Short Equity Fund, Invesco Low Volatility Emerging Markets Fund, Invesco Macro International Equity Fund, Invesco Macro Long/Short Fund, Invesco MLP Fund, Invesco Pacific Growth Fund, Invesco Premium Income Fund and Invesco Select Companies Fund.

Item 1. Report to Stockholders.

	Annual Report to Shareholders	October 31, 2015
	Invesco All Cap Market Neutral Fund
	Nasdaq:
	A: CPNAX  n  C: CPNCX  n  R: CPNRX  n  Y: CPNYX  n  R5: CPNFX  n  R6: CPNSX

Letters to Shareholders

Philip Taylor

Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest. The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European

Central Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.

Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                         Invesco All Cap Market Neutral Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                         Invesco All Cap Market Neutral Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Invesco All Cap Market Neutral Fund (the Fund), at net asset value (NAV), outperformed the Citigroup 90-Day Treasury Bill 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, 10/31/14 to 10/31/15, 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	11.40	%
Class C Shares	10.53
Class R Shares	11.05
Class Y Shares	11.66
Class R5 Shares	11.75
Class R6 Shares	11.66
Citigroup 90-Day Treasury Bill Indexq (Broad Market/Style-Specific Index)	0.02
Lipper Alternative Equity Market Neutral Indexn (Peer Group Index)	-1.72

Source(s): ^qFactSet Research Systems Inc.; ⁿLipper Inc.

Market conditions and your Fund

For the first half of the fiscal year ended October 31, 2015, US equity markets delivered positive returns as a strong domestic economy and successful exit from the US Federal Reserve’s (the Fed) quantitative easing made for an attractive investment backdrop. During the second half of the reporting period, equity markets cooled, given macroeconomic distractions. Market-moving headlines during the fiscal year included the rapid decline in oil prices, the strengthening US dollar given the potential for higher interest rates in the US, and slowing economic growth in China, which

had negative implications for growth globally. Toward the end of the fiscal year, the Fed’s continued delay on raising interest rates increased investor uncertainty and market volatility.

    Despite solid economic growth in the US, the performance of individual economic sectors varied dramatically during the fiscal year. The information technology (IT) sector performed well, especially the Internet software and services industry. The consumer discretionary sector also performed well, led by retail and consumer services industries (such as entertainment, restaurants and leisure). This was due to lower gas prices, continued

low interest rates and increasing availability of credit, which boosted consumer confidence. The worst-performing sector was energy, due to an increased supply/ demand imbalance, followed by materials, which was hurt by concerns of slowing global demand.

    The Fund generally follows a market neutral strategy, which is designed to produce a portfolio that experiences minimal influence from the return patterns of the general US stock market. The Fund implements its strategy by purchasing investments (long positions) with equity exposure that we believe to be undervalued, and selling short investments (short positions) with equity exposure that we believe to be overvalued. Stock selection is the primary source of return for the Fund, which uses offsetting long and short positions to generate return and manage risk.

    As part of the investment process, the Fund evaluates fundamental and behavioral factors to forecast individual securities’ returns and risks, and ranks these securities based on their attractiveness relative to industry peers. In a market neutral construct, a positive spread between the top- and bottom-ranked stocks (long and short candidates for the portfolio) typically leads to outperformance relative to the Citigroup 90-Day Treasury Bill Index.

    During the fiscal year, the Fund benefited most from a positive long/short spread in eight of 10 sectors. Overall, the

Portfolio Composition
By sector, based on total net assets
	Equity Securities						Gross			Net
	Long1			Short2			Exposure3			Exposure4
Health Care		21.1	%		21.2	%		42.3	%		-0.1	%
Information Technology		16.5			15.0			31.5			1.5
Energy		15.8			15.1			30.9			0.7
Financials		7.6			9.2			16.8			-1.6
Consumer Discretionary		7.5			8.6			16.1			-1.1
Industrials		7.1			4.4			11.5			2.7
Materials		4.9			5.7			10.6			-0.8
Consumer Staples		3.7			3.5			7.2			0.2
Telecommunication Services		0.7			1.2			1.9			-0.5
Utilities		0.1			1.0			1.1			-0.9
Money Market Funds Plus Other Assets Less Liabilities		15.0			–			15.0			15.0
Total		100.0			84.9			184.9			15.1

1 Represents the value of the equity securities in the portfolio.

2 Represents the value of the equity securities underlying the Fund’s equity short portfolio swap.

3 Represents the cumulative exposure of the Fund’s long and short positions.

4 Represents the net exposure of the Fund’s long and short positions.

  Total Net Assets   $32.9 million  

Data presented here are as of October 31, 2015.

4                         Invesco All Cap Market Neutral Fund

best results came from the IT, health care, industrials and financials sectors. Modestly detracting from overall performance was the long/short spread in the consumer discretionary and energy sectors.

In the IT sector, the Fund’s short holdings within the computers/electronics industry declined more in price than the long holdings of its industry peers, while both long and short holdings in the semiconductor industry contributed to Fund performance. Strong Fund results for the fiscal year in the health care sector resulted primarily from short holdings in the biotechnology industry and long holdings in the health care equipment and services industry. Within the industrials sector, long and short positions in the airline industry and short positions in the commercial and professional services industry generated a positive spread and contributed to Fund performance for the reporting period. Strong results from the financials sector were due to short positions in the diversified financials industry and long positions in the insurance industry.

In the energy sector, the Fund’s long holdings underperformed its short holdings, specifically within the oil and gas exploration and production industry. The Fund’s short holdings within the consumer discretionary sector outperformed its long holdings in that sector, specifically within the media industry.

At the end of the reporting period, the Fund’s largest gross sector exposures were in the health care, IT, energy and consumer discretionary sectors.

Please note that the Fund may utilize derivative instruments that include equity total return swaps and futures contracts. During the reporting period, the Fund utilized equity total return swaps to efficiently implement its strategy, but did not use future contracts. The implementation impact of using equity total return swaps is a component of transaction costs. Derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Thank you for your investment in Invesco All Cap Market Neutral Fund.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	Michael Abata Chartered Financial Analyst, Portfolio Manager, is manager of Invesco All Cap
Market Neutral Fund. He joined Invesco in 2011. Mr. Abata earned a BA in economics from Binghamton University.
	Charles Ko Chartered Financial Analyst, Portfolio Manager, is manager of Invesco All Cap
Market Neutral Fund. He joined Invesco in 2012. Mr. Ko earned a BS from MIT and an MBA from Yale University.
	Anthony Munchak Chartered Financial Analyst, Portfolio Manager, is manager of Invesco All Cap
Market Neutral Fund. He joined Invesco in 2000. Mr. Munchak earned a BS and an MS in finance from Boston College and an MBA from Bentley College.
	Glen Murphy Chartered Financial Analyst, Portfolio Manager, is manager of Invesco All Cap
Market Neutral Fund. He joined Invesco in 1995. Mr. Murphy earned a BA in business administration from the University of Massachusetts Amherst and an MS in finance from Boston College.
	Francis Orlando Chartered Financial Analyst, Portfolio Manager, is manager of Invesco All Cap
Market Neutral Fund. He joined Invesco in 1987. Mr. Orlando earned a BA in business administration from Merrimack College and an MBA from Boston University.
	Andrew Waisburd Portfolio Manager, is manager of Invesco All Cap Market Neutral Fund. He joined
Invesco in 2008. Mr. Waisburd earned a BS in statistics from Cornell University and an MS and a PhD in finance from Indiana University.

5                         Invesco All Cap Market Neutral Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/17/13

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

n 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).

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

n Industry 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.

6                         Invesco All Cap Market Neutral Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	6.58	%
1 Year	5.30
Class C Shares
Inception (12/17/13)	9.05	%
1 Year	9.53
Class R Shares
Inception (12/17/13)	9.54	%
1 Year	11.05
Class Y Shares
Inception (12/17/13)	10.09	%
1 Year	11.66
Class R5 Shares
Inception (12/17/13)	10.14	%
1 Year	11.75
Class R6 Shares
Inception (12/17/13)	10.09	%
1 Year	11.66

The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.62%, 2.37%, 1.87%, 1.37%, 1.37% and 1.37%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 4.37%, 5.12%, 4.62%, 4.12%, 4.09% and 4.08%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	5.14	%
1 Year	2.66
Class C Shares
Inception (12/17/13)	7.72	%
1 Year	6.74
Class R Shares
Inception (12/17/13)	8.24	%
1 Year	8.37
Class Y Shares
Inception (12/17/13)	8.77	%
1 Year	8.90
Class R5 Shares
Inception (12/17/13)	8.77	%
1 Year	8.80
Class R6 Shares
Inception (12/17/13)	8.77	%
1 Year	8.90

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 class 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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2017. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

7                         Invesco All Cap Market Neutral Fund

Invesco All Cap Market Neutral Fund’s investment objective is to seek to provide a positive return over a full market cycle from a broadly diversified portfolio of stocks while seeking to limit exposure to the general risks associated with stock market investing.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

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

About share classes

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing

in the Fund

n Active trading risk. The Fund engages in frequent trading of portfolio securities. Active trading results in added expenses and may result in a lower return and increased tax liability.

n Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund

may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These risks are greater for the Fund than mutual funds that do not use derivative instruments or that use derivative instruments to a lesser extent than the Fund to implement their investment strategy.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results. In particular, there is no guarantee that the portfolio manager’s stock selection process will produce a market neutral portfolio that reduces or eliminates the Fund’s exposure to general US stock market risk, sector or industry-specific risk or market capitalization risk. In addition, the Fund’s market neutral investment strategy will likely cause the Fund to underperform the broader US equity market during market rallies. Such underperformance could be significant during sudden or significant market rallies. Although the Fund seeks to provide a positive return, investors may lose money by investing in the Fund.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Short sales risk. Short sales may cause the Fund to repurchase a security at a higher price, thereby causing the Fund to incur a loss. 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. In order to establish a short position in a security, the Fund must borrow the security from a broker. The Fund may not always be able to borrow a security the Fund seeks to sell short at a particular time or at an acceptable price. The Fund also may not always be able to close out the short position by replacing the borrowed securities at a particular time or at an acceptable price. The Fund will incur increased transaction costs associated with selling securities short. In addition, taking short positions in securities results in a form of leverage which may cause the Fund to be volatile.

n Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

About indexes used in this report

n The Citigroup 90-Day Treasury Bill Index is an unmanaged index representative of three-month Treasury bills.

n The Lipper Alternative Equity Market Neutral Index is an unmanaged index considered representative of funds that employ portfolio strategies generating consistent returns in both up and down markets by selecting positions with a total net market exposure of zero.

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.	continued on page 6
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

8                         Invesco All Cap Market Neutral Fund

Schedule of Investments^(a)

October 31, 2015

	Shares		Value
Common Stocks & Other Equity Interests–85.04%
Aerospace & Defense–1.34%
Ducommun Inc.(b)		4,000	$	86,560
Huntington Ingalls Industries, Inc.		2,950		353,823
				440,383
Agricultural & Farm Machinery–0.28%
AGCO Corp.		1,900		91,941
Agricultural Products–0.90%
Bunge Ltd.		4,050		295,488
Air Freight & Logistics–0.49%
Atlas Air Worldwide Holdings, Inc.(b)		3,900		160,836
Airlines–0.88%
JetBlue Airways Corp.(b)		11,650		289,386
Alternative Carriers–0.64%
Inteliquent, Inc.		10,200		211,344
Application Software–0.04%
Aware, Inc.		4,000		12,920
Auto Parts & Equipment–0.74%
China Automotive Systems, Inc. (China)		9,900		59,400
Tower International Inc.(b)		6,700		184,049
				243,449
Biotechnology–11.97%
Adamas Pharmaceuticals, Inc.(b)		7,200		106,272
Anacor Pharmaceuticals, Inc.(b)		3,050		342,850
Applied Genetic Technologies Corp.(b)		2,250		27,000
BioSpecifics Technologies Corp.(b)		3,150		183,992
China Biologic Products Inc. (China)(b)		150		17,091
Concert Pharmaceuticals, Inc.(b)		8,850		200,984
Cytokinetics, Inc.(b)		17,950		154,550
Eagle Pharmaceuticals, Inc.(b)		4,850		308,993
Infinity Pharmaceuticals, Inc.(b)		21,800		225,630
MacroGenics, Inc.(b)		11,050		343,323
Myriad Genetics, Inc.(b)		9,850		397,644
NewLink Genetics Corp.(b)		8,100		309,987
PDL BioPharma Inc.		23,900		109,462
Pfenex Inc.(b)		10,150		183,512
Progenics Pharmaceuticals, Inc.(b)		33,750		247,725
Repligen Corp.(b)		12,300		408,852
United Therapeutics Corp.(b)		2,500		366,575
				3,934,442
Broadcasting–0.12%
TEGNA Inc.		1,450		39,208
Building Products–0.45%
Owens Corning		3,250		147,973

	Shares		Value
Cable & Satellite–1.33%
Comcast Corp.–Class A		7,000	$	438,340
Casinos & Gaming–1.15%
Isle of Capri Casinos, Inc.(b)		19,700		376,861
Coal & Consumable Fuels–0.07%
Peabody Energy Corp.(b)		1,893		24,211
Commercial Printing–0.76%
Ennis Inc.		12,500		250,375
Commodity Chemicals–1.33%
LyondellBasell Industries N.V.–Class A		4,700		436,677
Communications Equipment–0.82%
Black Box Corp.		3,450		42,124
Cisco Systems, Inc.		450		12,983
Polycom, Inc.(b)		15,650		215,657
				270,764
Computer & Electronics Retail–1.02%
Best Buy Co., Inc.		9,600		336,288
Consumer Electronics–0.33%
ZAGG Inc.(b)		12,850		108,968
Consumer Finance–0.53%
Nelnet, Inc.–Class A		2,300		82,294
Santander Consumer USA Holdings Inc.		5,150		92,752
				175,046
Data Processing & Outsourced Services–1.32%
Global Payments Inc.		700		95,487
Information Services Group, Inc.		14,750		54,133
NeuStar, Inc.–Class A(b)		7,650		208,003
Planet Payment Inc.(b)		25,500		76,500
				434,123
Distillers & Vintners–0.09%
MGP Ingredients, Inc.		1,650		28,595
Diversified Banks–0.79%
Citigroup Inc.		4,900		260,533
Diversified Chemicals–0.08%
Chemours Co. (The)		3,850		26,681
Diversified Metals & Mining–0.37%
Turquoise Hill Resources Ltd. (Canada)(b)		44,200		120,224
Drug Retail–0.35%
CVS Health Corp.		1,150		113,597
Education Services–0.33%
Cambium Learning Group Inc.(b)		10,250		49,303
K12 Inc.(b)		5,950		57,774
				107,077

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

9                         Invesco All Cap Market Neutral Fund

	Shares		Value
Electric Utilities–0.08%
Exelon Corp.		950	$	26,524
Electrical Components & Equipment–0.32%
General Cable Corp.		6,800		104,652
Electronic Manufacturing Services–0.95%
Celestica Inc. (Canada)(b)		8,100		90,882
Multi-Fineline Electronix, Inc.(b)		11,850		220,173
				311,055
Footwear–0.06%
Rocky Brands, Inc.		1,600		20,400
Gold–1.35%
Newmont Mining Corp.		22,700		441,742
Health Care Equipment–0.72%
Hologic, Inc.(b)		5,350		207,901
LeMaitre Vascular, Inc.		2,250		29,970
		237,871
Health Care REIT’s–0.10%
Care Capital Properties, Inc.		1,000		32,950
Health Care Services–0.94%
Almost Family Inc.(b)		1,750		72,415
LHC Group Inc.(b)		3,800		171,247
Premier Inc.–Class A(b)		1,550		52,405
RadNet, Inc.(b)		1,900		12,559
		308,626
Homebuilding–0.09%
TopBuild Corp.(b)		1,050		29,537
Hotel and Resort REIT’s–0.33%
Summit Hotel Properties, Inc.		8,400		109,872
Household Products–0.35%
Central Garden & Pet Co.–Class A(b)		6,800		114,784
Human Resource & Employment Services–0.99%
Insperity, Inc.		7,000		325,220
Independent Power Producers & Energy Traders–0.05%
Talen Energy Corp.(b)		1,950		16,926
Integrated Oil & Gas–2.42%
Cenovus Energy Inc. (Canada)		24,200		360,822
Suncor Energy, Inc. (Canada)		14,550		432,571
		793,393
Integrated Telecommunication Services–0.07%
Windstream Holdings Inc.		3,750		24,413
Internet Retail–0.73%
Nutrisystem, Inc.		10,400		240,552
Internet Software & Services–2.73%
Demand Media, Inc.(b)		6,750		29,363
DHI Group, Inc.(b)		21,500		194,575

	Shares		Value
Internet Software & Services–(continued)
Earthlink Holdings Corp.		50,300	$	430,065
Monster Worldwide, Inc.(b)		20,950		131,356
TechTarget, Inc.(b)		5,000		46,650
United Online, Inc.(b)		5,650		65,992
		898,001
IT Consulting & Other Services–2.17%
Hackett Group, Inc. (The)		10,750		159,960
Leidos Holdings, Inc.		9,200		483,644
NCI, Inc.–Class A		4,550		70,707
		714,311
Leisure Products–0.20%
Nautilus, Inc.(b)		3,900		66,456
Life Sciences Tools & Services–1.26%
Cambrex Corp.(b)		9,000		413,730
Managed Health Care–1.29%
Molina Healthcare, Inc.(b)		5,650		350,300
Triple-S Management Corp.–Class B (Puerto Rico)(b)		3,550		73,094
		423,394
Mortgage REIT’s–0.55%
Annaly Capital Management Inc.		18,000		179,100
Movies & Entertainment–0.16%
Walt Disney Co. (The)		450		51,183
Oil & Gas Drilling–1.62%
Noble Corp. PLC		35,200		474,144
Pioneer Energy Services Corp.(b)		25,100		57,981
		532,125
Oil & Gas Equipment & Services–0.95%
Superior Energy Services, Inc.		21,950		310,812
Oil & Gas Exploration & Production–5.16%
Baytex Energy Corp. (Canada)		29,950		121,896
Canadian Natural Resources Ltd. (Canada)		19,000		441,180
Clayton Williams Energy, Inc.(b)		5,950		354,441
Denbury Resources Inc.		41,800		147,972
Enerplus Corp. (Canada)		28,700		135,177
Newfield Exploration Co.(b)		8,000		321,520
Panhandle Oil & Gas, Inc.–Class A		5,950		109,361
Penn West Petroleum Ltd. (Canada)		54,650		63,941
		1,695,488
Oil & Gas Refining & Marketing–5.56%
Adams Resources & Energy, Inc.		1,150		51,129
Alon USA Energy, Inc.		17,950		300,662
REX American Resources Corp.(b)		3,550		194,931
Tesoro Corp.		4,100		438,413
Valero Energy Corp.		7,000		461,440
Western Refining, Inc.		9,150		380,823
				1,827,398

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

10                         Invesco All Cap Market Neutral Fund

	Shares		Value
Packaged Foods & Meats–2.02%
Dean Foods Co.		13,700	$	248,107
Pilgrim’s Pride Corp.		21,900		415,881
				663,988
Paper Packaging–1.25%
AEP Industries Inc.(b)		800		64,000
Avery Dennison Corp.		5,350		347,589
				411,589
Paper Products–0.27%
Mercer International, Inc. (Canada)(b)		8,200		88,560
Pharmaceuticals–4.93%
Cumberland Pharmaceuticals Inc.(b)		3,450		21,390
Heska Corp.(b)		3,050		93,818
Lannett Co., Inc.(b)		2,100		94,017
Pfizer Inc.		11,700		395,694
Sagent Pharmaceuticals Inc.(b)		8,600		144,566
SciClone Pharmaceuticals, Inc.(b)		23,300		177,546
Sucampo Pharmaceuticals, Inc.–Class A(b)		20,800		402,688
Supernus Pharmaceuticals Inc.(b)		17,650		291,225
				1,620,944
Property & Casualty Insurance–3.28%
Ambac Financial Group, Inc.(b)		21,800		352,070
Assured Guaranty Ltd.		15,500		425,320
Universal Insurance Holdings, Inc.		9,500		299,725
				1,077,115
Real Estate Services–0.76%
Altisource Portfolio Solutions S.A.(b)		9,350		250,673
Regional Banks–0.04%
Century Bancorp, Inc.–Class A		300		13,335
Restaurants–1.01%
Darden Restaurants, Inc.		5,350		331,111
Semiconductors–4.78%
Integrated Device Technology, Inc.(b)		19,100		487,050
Intel Corp.		14,150		479,119

	Shares		Value
Semiconductors–(continued)
NeoPhotonics Corp.(b)		18,750	$	155,063
NVIDIA Corp.		15,850		449,664
				1,570,896
Specialized REIT’s–1.23%
CoreSite Realty Corp.		7,350		403,882
Steel–0.30%
Steel Dynamics, Inc.		5,350		98,815
Technology Distributors–1.13%
Tech Data Corp.(b)		5,100		371,229
Technology Hardware, Storage & Peripherals–2.51%
Apple Inc.		3,550		424,225
NetApp, Inc.		11,750		399,500
				823,725
Tires & Rubber–0.32%
Cooper Tire & Rubber Co.		2,500		104,475
Trading Companies & Distributors–0.39%
Titan Machinery, Inc.(b)		10,450		127,804
Trucking–1.10%
P.A.M. Transportation Services, Inc.(b)		260		9,285
USA Truck Inc.(b)		3,350		60,903
YRC Worldwide, Inc.(b)		15,850		289,421
				359,609
Total Common Stocks & Other Equity Interests (Cost $26,932,692)				27,943,995
Money Market Funds–12.03%
Liquid Assets Portfolio–Institutional Class, 0.16%(c)		1,975,990		1,975,990
Premier Portfolio–Institutional Class, 0.12%(c)		1,975,989		1,975,989
Total Money Market Funds (Cost $3,951,979)				3,951,979
TOTAL INVESTMENTS–97.07% (Cost $30,884,671)				31,895,974
OTHER ASSETS LESS LIABILITIES–2.93%				961,425
NET ASSETS–100.00%			$	32,857,399

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

Open Total Return Swap Agreements
Reference Entity	Counterparty		Expiration Date		Floating Rate Index(1)		Notional Value			Unrealized Appreciation (Depreciation)			Net Value of Reference Entities
Equity Securities — Short		Morgan Stanley & Co. LLC		04/24/17		Federal Funds floating rate	$	(28,270,746	)	$	353,475	(2)	$	(27,899,314	)

⁽¹⁾  The Fund receives or pays the total return on the short positions underlying the total return swap and receives a specific Federal Funds floating rate.

⁽²⁾  Amount includes $(17,957) of dividends payable long and financing fees payable from the Fund to the Counterparty.

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

11                         Invesco All Cap Market Neutral Fund

The following table represents the individual short positions and related values of equity securities underlying the total return swap with Morgan Stanley & Co. LLC as of October 31, 2015.

	Shares			Value
Equity Securities — Short
Airlines
Copa Holdings S.A. (Panama)–Class A		(1,550	)	$	(78,306	)
Spirit Airlines Inc.		(10,450	)		(387,904	)
					(466,210	)
Airport Services
Macquarie Infrastructure Corp.		(3,050	)		(242,627	)
Apparel, Accessories & Luxury Goods
Kate Spade & Co.		(18,350	)		(329,750	)
Michael Kors Holdings Ltd.		(800	)		(30,912	)
					(360,662	)
Application Software
Datawatch Corp.		(3,200	)		(17,472	)
Digital Turbine, Inc.		(17,550	)		(29,133	)
Guidewire Software , Inc.		(1,150	)		(66,964	)
					(113,569	)
Asset Management & Custody Banks
Financial Engines Inc.		(7,400	)		(237,984	)
Automobile Manufacturers
Tesla Motors, Inc.		(1,250	)		(258,662	)
Biotechnology
Abeona Therapeutics, Inc.		(4,500	)		(17,775	)
Advaxis, Inc.		(11,950	)		(132,526	)
Agios Pharmaceuticals, Inc.		(5,450	)		(397,087	)
Amicus Therapeutics, Inc.		(57,650	)		(432,375	)
Aquinox Pharmaceuticals, Inc. (Canada)		(7,900	)		(120,791	)
ARCA biopharma, Inc.		(4,350	)		(22,272	)
Arrowhead Research Corp.		(22,550	)		(116,133	)
Caladrius Biosciences, Inc.		(12,550	)		(15,562	)
CorMedix Inc.		(10,300	)		(26,162	)
CytRx Corp.		(21,150	)		(58,797	)
Exact Sciences Corp.		(11,300	)		(94,129	)
Fibrocell Science, Inc.		(20,400	)		(77,928	)
Galectin Therapeutics Inc.		(4,310	)		(11,766	)
Genocea Biosciences, Inc.		(13,600	)		(65,144	)
Ignyta, Inc.		(9,800	)		(100,000	)
Intercept Pharmaceuticals, Inc.		(2,550	)		(400,860	)
Keryx Biopharmaceuticals, Inc.		(34,550	)		(154,784	)
La Jolla Pharmaceutical Co.		(8,400	)		(209,916	)
Medgenics, Inc. (Israel)		(11,600	)		(75,980	)
Mirati Therapeutics, Inc.		(9,050	)		(320,189	)
Navidea Biopharmaceuticals Inc.		(41,350	)		(83,527	)
Northwest Biotherapeutics, Inc.		(17,650	)		(86,132	)
Ohr Pharmaceutical, Inc.		(7,000	)		(20,510	)
Ovascience Inc.		(10,350	)		(134,240	)
Puma Biotechnology, Inc.		(4,700	)		(387,374	)

	Shares			Value
Biotechnology–(continued)
TG Therapeutics, Inc.		(2,950	)	$	(36,491	)
Trovagene, Inc.		(11,650	)		(50,211	)
					(3,648,661	)
Casinos & Gaming
Empire Resorts, Inc.		(2,200	)		(10,208	)
Wynn Resorts Ltd.		(6,250	)		(437,188	)
					(447,396	)
Coal & Consumable Fuels
CONSOL Energy Inc.		(32,550	)		(216,783	)
Solazyme Inc.		(22,850	)		(74,948	)
					(291,731	)
Commodity Chemicals
Methanex Corp. (Canada)		(3,600	)		(143,748	)
Communications Equipment
NetScout Systems, Inc.		(5,650	)		(202,666	)
ViaSat, Inc.		(3,350	)		(220,966	)
					(423,632	)
Computer & Electronics Retail
Conn’s, Inc.		(2,500	)		(47,425	)
Construction & Engineering
HC2 Holdings, Inc.		(4,250	)		(32,130	)
MasTec, Inc.		(9,650	)		(161,830	)
					(193,960	)
Construction Materials
Eagle Materials Inc.		(6,350	)		(419,291	)
Martin Marietta Materials, Inc.		(950	)		(147,392	)
					(566,683	)
Consumer Electronics
Turtle Beach Corp.		(6,670	)		(15,674	)
Diversified Metals & Mining
Freeport-McMoRan Inc.		(34,850	)		(410,185	)
Diversified REIT’s
NorthStar Realty Finance Corp.		(36,300	)		(435,963	)
VEREIT, Inc.		(40,000	)		(330,400	)
					(766,363	)
Education Services
2U, Inc.		(2,600	)		(54,548	)
Electrical Components & Equipment
American Superconductor Corp.		(6,800	)		(36,924	)
SolarCity Corp.		(6,050	)		(179,382	)
					(216,306	)

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

12                         Invesco All Cap Market Neutral Fund

	Shares			Value
Electronic Equipment Manufacturers
CUI Global, Inc.		(9,700	)	$	(60,722	)
Zebra Technologies Corp.–Class A		(5,350	)		(411,415	)
					(472,137	)
Fertilizers & Agricultural Chemicals
AgroFresh Solutions, Inc.		(7,150	)		(50,550	)
Food Distributors
United Natural Foods, Inc.		(7,350	)		(370,808	)
Food Retail
Sprouts Farmers Market, Inc.		(1,450	)		(29,551	)
Gold
Franco-Nevada Corp. (Canada)		(7,450	)		(377,641	)
Health Care Equipment
CytoSorbents Corp.		(12,150	)		(90,396	)
GenMark Diagnostics Inc.		(16,950	)		(107,802	)
OncoSec Medical Inc.		(5,950	)		(25,347	)
Tandem Diabetes Care, Inc.		(14,400	)		(130,608	)
TriVascular Technologies, Inc.		(3,800	)		(25,688	)
Veracyte, Inc.		(12,850	)		(83,654	)
					(463,495	)
Health Care Supplies
Cerus Corp.		(37,550	)		(179,114	)
Cooper Cos., Inc. (The)		(2,800	)		(426,608	)
STAAR Surgical Co.		(7,950	)		(64,793	)
TearLab Corp.		(7,410	)		(14,449	)
					(684,964	)
Homebuilding
New Home Co. Inc. (The)		(1,150	)		(16,456	)
Independent Power Producers & Energy Traders
Dynegy Inc.		(17,200	)		(334,196	)
Industrial Machinery
ARC Group Worldwide, Inc.		(5,150	)		(10,403	)
Chart Industries, Inc.		(3,350	)		(57,586	)
					(67,989	)
Insurance Brokers
eHealth, Inc.		(7,100	)		(84,845	)
Integrated Oil & Gas
Chevron Corp.		(4,700	)		(427,136	)
Internet Retail
Amazon.com, Inc.		(640	)		(400,576	)
Internet Software & Services
Alphabet Inc.–Class A		(560	)		(412,938	)
TrueCar, Inc.		(32,250	)		(198,015	)
					(610,953	)

	Shares			Value
Life Sciences Tools & Services
Accelerate Diagnostics, Inc.		(12,700	)	$	(212,979	)
Illumina, Inc.		(800	)		(114,624	)
NanoString Technologies, Inc.		(6,000	)		(87,060	)
					(414,663	)
Marine
Kirby Corp.		(900	)		(58,761	)
Mortgage REIT’s
Altisource Residential Corp.		(16,200	)		(233,118	)
Orchid Island Capital Inc.		(2,600	)		(23,088	)
					(256,206	)
Motorcycle Manufacturers
Kandi Technologies Group Inc. (China)		(17,800	)		(167,498	)
Movies & Entertainment
IMAX Corp.		(4,250	)		(163,157	)
Lions Gate Entertainment Corp.		(10,450	)		(407,237	)
					(570,394	)
Oil & Gas Drilling
Diamond Offshore Drilling, Inc.		(1,650	)		(32,802	)
Unit Corp.		(7,000	)		(88,270	)
					(121,072	)
Oil & Gas Equipment & Services
Bristow Group, Inc.		(5,050	)		(175,387	)
CARBO Ceramics Inc.		(2,200	)		(38,544	)
Geospace Technologies Corp.		(1,150	)		(17,664	)
Helix Energy Solutions Group Inc.		(14,800	)		(85,544	)
McDermott International, Inc.		(28,800	)		(132,768	)
					(449,907	)
Oil & Gas Exploration & Production
Antero Resources Corp.		(2,400	)		(56,568	)
Eclipse Resources Corp.		(62,700	)		(134,805	)
Gulfport Energy Corp.		(13,750	)		(418,963	)
Laredo Petroleum Inc.		(25,250	)		(289,870	)
Memorial Resource Development Corp.		(10,800	)		(191,052	)
Oasis Petroleum Inc.		(19,350	)		(225,041	)
SM Energy Co.		(3,750	)		(125,062	)
Southwestern Energy Co.		(39,350	)		(434,424	)
Whiting Petroleum Corp.		(24,800	)		(427,304	)
					(2,303,089	)
Oil & Gas Storage & Transportation
Cheniere Energy, Inc.		(8,900	)		(440,728	)
GasLog Ltd. (Monaco)		(16,200	)		(187,434	)
Golar LNG Ltd. (Bermuda)		(13,500	)		(391,635	)
Pembina Pipeline Corp. (Canada)		(1,750	)		(43,960	)
SemGroup Corp–Class A		(6,400	)		(291,520	)
					(1,355,277	)

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

13                         Invesco All Cap Market Neutral Fund

	Shares			Value
Packaged Foods & Meats
Inventure Foods, Inc.		(2,950	)	$	(25,547	)
Keurig Green Mountain Inc.		(7,250	)		(367,938	)
					(393,485	)
Personal Products
Elizabeth Arden, Inc.		(2,850	)		(35,739	)
Pharmaceuticals
Aerie Pharmaceuticals, Inc.		(10,950	)		(249,770	)
Agile Therapeutics, Inc.		(1,600	)		(12,704	)
Akorn, Inc.		(16,250	)		(434,525	)
Alimera Sciences Inc.		(14,300	)		(43,043	)
Ampio Pharmaceuticals, Inc.		(13,550	)		(47,289	)
Assembly Biosciences, Inc.		(6,400	)		(61,440	)
BioDelivery Sciences International, Inc.		(24,450	)		(131,541	)
Egalet Corp.		(6,350	)		(52,705	)
Omeros Corp.		(4,550	)		(57,011	)
Pacira Pharmaceuticals, Inc.		(5,250	)		(262,238	)
TherapeuticsMD, Inc.		(39,750	)		(233,333	)
XenoPort Inc.		(30,650	)		(187,271	)
					(1,772,870	)
Property & Casualty Insurance
Mercury General Corp.		(850	)		(45,909	)
White Mountains Insurance Group, Ltd.		(535	)		(422,650	)
					(468,559	)
Real Estate Development
Howard Hughes Corp. (The)		(3,350	)		(413,993	)
Real Estate Services
Kennedy-Wilson Holdings Inc.		(13,300	)		(326,116	)
Reinsurance
Greenlight Capital Re, Ltd.–Class A		(14,800	)		(325,008	)
Restaurants
Kona Grill, Inc.		(5,450	)		(74,937	)
Semiconductor Equipment
Rubicon Technology, Inc.		(7,700	)		(8,470	)
SunEdison, Inc.		(45,250	)		(330,325	)
					(338,795	)
Semiconductors
Micron Technology, Inc.		(25,000	)		(414,000	)
Qorvo, Inc.		(9,350	)		(410,746	)
QuickLogic Corp.		(15,200	)		(20,976	)
SunPower Corp.		(11,150	)		(299,266	)
					(1,144,988	)
Soft Drinks
Coca-Cola Co. (The)		(7,650	)		(323,977	)
Specialty Chemicals
Platform Specialty Products Corp.		(18,350	)		(191,574	)
Senomyx, Inc.		(20,400	)		(100,980	)
					(292,554	)

	Shares			Value
Specialty Stores
Cabela’s Inc.		(10,100	)	$	(395,617	)
Steel
A. M. Castle & Co.		(7,400	)		(17,686	)
Systems Software
CommVault Systems, Inc.		(3,850	)		(156,002	)
NetSuite Inc.		(4,900	)		(416,843	)
Tableau Software Inc.–Class A		(4,850	)		(407,206	)
					(980,051	)
Technology Hardware, Storage & Peripherals
3D Systems Corp.		(12,750	)		(128,265	)
Nimble Storage, Inc.		(11,450	)		(258,770	)
Silicon Graphics International Corp.		(17,250	)		(75,383	)
Stratasys, Ltd		(13,300	)		(339,150	)
Violin Memory, Inc.		(34,550	)		(55,625	)
					(857,193	)
Thrifts & Mortgage Finance
Nationstar Mortgage Holdings, Inc.		(11,650	)		(154,595	)
Trading Companies & Distributors
NOW Inc.		(11,450	)		(189,039	)
Wireless Telecommunication Services
Sprint Corp.		(84,550	)		(399,922	)
Total Equity Securities — Short				$	(27,899,314	)

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

14                         Invesco All Cap Market Neutral Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $26,932,692)	$	27,943,995
Investments in affiliated money market funds, at value and cost		3,951,979
Total investments, at value (Cost $30,884,671)		31,895,974
Receivable for:
Deposits with brokers for swap agreements		30,523
Investments sold		1,949,841
Fund shares sold		453,015
Dividends		18,975
Investment for trustee deferred compensation and retirement plans		4,298
Unrealized appreciation on swap agreements — OTC		371,213
Other assets		8,193
Total assets		34,732,032
Liabilities:
Payable for:
Investments purchased		1,735,731
Fund shares reacquired		75
Swaps payable		27,826
Accrued fees to affiliates		28,604
Accrued trustees’ and officers’ fees and benefits		1,562
Accrued other operating expenses		58,799
Trustee deferred compensation and retirement plans		4,298
Unrealized depreciation on swap agreements — OTC		17,738
Total liabilities		1,874,633
Net assets applicable to shares outstanding	$	32,857,399
Net assets consist of:
Shares of beneficial interest	$	29,419,453
Undistributed net investment income		4,240,112
Undistributed net realized gain (loss)		(2,166,944	)
Net unrealized appreciation		1,364,778
	$	32,857,399

Net Assets:
Class A	$	12,811,787
Class C	$	1,772,118
Class R	$	22,693
Class Y	$	16,906,880
Class R5	$	598,754
Class R6	$	745,167
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		1,075,002
Class C		150,706
Class R		1,913
Class Y		1,412,044
Class R5		50,001
Class R6		62,235
Class A:
Net asset value per share	$	11.92
Maximum offering price per share
(Net asset value of $11.92 ¸ 94.50%)	$	12.61
Class C:
Net asset value and offering price per share	$	11.76
Class R:
Net asset value and offering price per share	$	11.86
Class Y:
Net asset value and offering price per share	$	11.97
Class R5:
Net asset value and offering price per share	$	11.97
Class R6:
Net asset value and offering price per share	$	11.97

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

15                         Invesco All Cap Market Neutral Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends (net of foreign withholding taxes of $4,325)	$	420,834
Dividends from affiliated money market funds		2,368
Interest		82,160
Total investment income		505,362
Expenses:
Advisory fees		343,246
Administrative services fees		50,000
Custodian fees		11,190
Distribution fees:
Class A		26,495
Class C		10,528
Class R		1,288
Dividends on short sales		89,368
Interest, facilities and maintenance fees		484,166
Transfer agent fees — A, C, R and Y		28,236
Transfer agent fees — R5		89
Transfer agent fees — R6		73
Trustees’ and officers’ fees and benefits		19,117
Registration and filing fees		81,262
Professional services fees		63,633
Other		29,585
Total expenses		1,238,276
Less: Fees waived and expenses reimbursed		(254,425	)
Net expenses		983,851
Net investment income (loss)		(478,489	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		85,886
Securities sold short		(1,859,307	)
Swap agreements		4,716,396
		2,942,975
Change in net unrealized appreciation (depreciation) of:
Investment securities		(75,525	)
Securities sold short		(501,159	)
Swap agreements		353,475
		(223,209	)
Net realized and unrealized gain		2,719,766
Net increase in net assets resulting from operations	$	2,241,277

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

16                         Invesco All Cap Market Neutral Fund

Statement of Changes in Net Assets

For the year ended October 31, 2015 and the period December 17, 2013 (commencement date) through October 31, 2014

	October 31, 2015			December 17, 2013 (commencement date) through October 31, 2014
Operations:
Net investment income (loss)	$	(478,489	)	$	(315,332	)
Net realized gain (loss)		2,942,975			(387,164	)
Change in net unrealized appreciation (depreciation)		(223,209	)		1,587,987
Net increase in net assets resulting from operations		2,241,277			885,491
Share transactions–net:
Class A		2,123,323			9,349,083
Class C		837,576			848,820
Class R		(19,669	)		38,619
Class Y		1,182,147			14,247,251
Class R5		(112,330	)		604,228
Class R6		83,572			548,011
Net increase in net assets resulting from share transactions		4,094,619			25,636,012
Net increase in net assets		6,335,896			26,521,503
Net assets:
Beginning of year		26,521,503			—
End of year (includes undistributed net investment income (loss) of $4,240,112 and $(1,547), respectively)	$	32,857,399		$	26,521,503

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

17                         Invesco All Cap Market Neutral Fund

Statement of Cash Flows

For the year ended October 31, 2015

Cash provided by operating activities:
Net increase in net assets resulting from operations	$	2,241,277
Adjustments to reconcile the change in net assets applicable from operations to net cash provided by (used in) operating activities:
Purchases of investments		(50,274,072	)
Net change in unrealized appreciation from swap agreements		(353,475	)
Proceeds from sales of investments		42,373,554
Decrease in receivables and other assets		23,915,794
Payments to cover securities sold short		(57,983,012	)
Proceeds from securities sold short		31,319,623
Net realized gain (loss) from securities sold short		1,859,307
Net change in unrealized depreciation on securities sold short		501,159
Increase in accrued expenses and other payables		6,265
Net realized gain from investment securities		(85,886	)
Net change in unrealized depreciation on investment securities		75,525
Net cash provided by (used in) operating activities		(6,403,941	)
Cash provided by financing activities:
Proceeds from shares of beneficial interest sold		31,206,307
Disbursements from shares of beneficial interest reacquired		(27,674,390	)
Net cash provided by financing activities		3,531,917
Net increase (decrease) in cash and cash equivalents		(2,872,024	)
Cash at beginning of year		6,824,003
Cash at end of year	$	3,951,979

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco All Cap Market Neutral Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is to provide a positive return over a full market cycle from a broadly diversified portfolio of stocks while seeking to limit exposure to the general risks associated with stock market investing.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. 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 R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

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

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

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. 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.

18                         Invesco All Cap Market Neutral Fund

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income and short stock rebate income are recorded on the accrual basis. Dividend income (net of withholding tax, if any) and dividend expense on short sales are recorded on the ex-dividend date. Premiums and discounts are amortized and/or accreted for financial reporting purposes.

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

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

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

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

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

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

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

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

19                         Invesco All Cap Market Neutral Fund

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

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

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

I. Cash and Cash Equivalents — For the purposes of the Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.

J. Securities Sold Short — The Fund may enter into short sales of securities which it concurrently holds (“covered”) or for which it holds no corresponding position (“not covered”). Securities sold short represent a liability of the Fund to acquire specific securities at prevailing market prices at a future date in order to satisfy the obligation to deliver the securities sold. The liability is recorded on the books of the Fund at the market value of the common stock determined each day in accordance with the Fund’s security valuations policy. The Fund will incur a loss if the price of the security increases between the date of short sale and the date on which the Fund replaces the borrowed security. The Fund realizes a gain if the price of the security declines between those dates. For positions not covered, there is no ceiling on the ultimate price paid for the securities to cover the short position and therefore, the loss could exceed the amount of proceeds received.

The Fund is required to segregate cash or securities as collateral in margin accounts with the broker at a level that is equal to the obligation to the broker who delivered such securities to the buyer on behalf of the Fund. The short stock rebate presented in the Statement of Operations represents the net income earned on short sale proceeds held on deposit with the broker and margin interest earned or incurred on short sale transactions. The Fund may also earn or incur margin interest on short sale transactions. Margin interest is the income earned (or expenses incurred) as a result of the market value of securities sold short being less than (or greater than) the proceeds received on the short sales. Margin interest earned is shown in the Statement of Operations as Interest and margin interest expenses incurred are shown in the Statement of Operations as Interest, facilities and maintenance fees.

K. Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, volatility, variance, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, equity, currency or credit risk. Such transactions are agreements between two parties (“Counterparties”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, volatility, variance, 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.

A total return swap is an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income generated and capital gains, if any. The unrealized appreciation (depreciation) on total return swaps includes dividends on the underlying equity securities and financing rate payable from the Counterparty. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. 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. 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.

20                         Invesco All Cap Market Neutral Fund

L. 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.

M. 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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $10 billion		1.25%
Over $10 billion		1.15%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 1.25%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 February 28, 2017, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.62%, 2.37%, 1.87%, 1.37%, 1.37% and 1.37% of average daily net assets, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2017. The fee waiver agreement cannot be terminated during its term.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees of $226,026 and reimbursed class level expenses of $11,389, $1,131, $277, $15,439, $89 and $74 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. 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 October 31, 2015, 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 October 31, 2015, IDI advised the Fund that IDI retained $4,930 in front-end sales commissions from the sale of Class A shares and $1,317 from Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

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

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

21                         Invesco All Cap Market Neutral Fund

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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
Equity Securities	$	31,895,974	$	—	$	—	$	31,895,974
Swap Agreements*		—		353,475		—		353,475
Total Investments	$	31,895,974	$	353,475	$	—	$	32,249,449

* Unrealized appreciation.

NOTE 4—Derivative Investments

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 October 31, 2015:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Equity risk:
Swap agreements(a)	$	371,213	$	(17,738	)

^(a)  Values are disclosed on the Statement of Assets and Liabilities under the captions Unrealized appreciation on swap agreements — OTC and Unrealized depreciation on swap agreements — OTC.

Effect of Derivative Investments for the year ended October 31, 2015

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

	Location of Gain on Statement of Operations
	Swap Agreements
Realized Gain:
Equity risk	$	4,716,396
Change in Net Unrealized Appreciation:
Equity risk		353,475
Total	$	5,069,871

The table below summarizes the average notional value of swap agreements outstanding during the period.

	Swap Agreements
Average notional value	$	21,595,089

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2015.

	Gross amounts of Recognized Assets		Gross Amounts Not Offset in the Statement of Assets and  Liabilities
			Financial Instruments			Collateral Received				Net Amount
Counterparty						Non-Cash		Cash
Morgan Stanley & Co. LLC	$	371,213	$	(45,564	)	$	—	$	—	$	325,649

22                         Invesco All Cap Market Neutral Fund

	Gross amounts of Recognized Liabilities		Gross Amounts Not Offset in the Statement of Assets and  Liabilities
			Financial Instruments			Collateral Pledged				Net Amount
Counterparty						Non-Cash		Cash
Morgan Stanley & Co. LLC	$	45,564	$	(45,564	)	$	—	$	—	$	—

NOTE 5—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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

There were no ordinary income and long-term gain distributions paid during the period October 31, 2014 through October 31, 2015.

Tax Components of Net Assets at Period-End:

	2015
Undistributed ordinary income	$	4,597,599
Net unrealized appreciation — investments		799,863
Temporary book/tax differences		(4,013	)
Capital loss carryforward		(1,955,503	)
Shares of beneficial interest		29,419,453
Total net assets	$	32,857,399

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 difference is attributable primarily to wash sales.

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

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

The Fund has a capital loss carryforward as of October 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	1,955,503	$	$	1,955,503

* Capital loss carryforward as of the date listed above 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 Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $46,663,510 and $43,223,173, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	2,741,631
Aggregate unrealized (depreciation) of investment securities		(1,941,768	)
Net unrealized appreciation of investment securities	$	799,863

Cost of investments for tax purposes is $31,096,111.

23                         Invesco All Cap Market Neutral Fund

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of swap agreement income, short sales and net operating loss, on October 31, 2015, undistributed net investment income was increased by $4,720,148, undistributed net realized gain (loss) was decreased by $4,721,588 and shares of beneficial interest was increased by $1,440. This reclassification had no effect on the net assets of the Fund.

NOTE 10—Share Information

	Summary of Share Activity
	Year ended October 31, 2015(a)						December 17, 2013 (commencement date) through October 31, 2014
	Shares			Amount			Shares			Amount
Sold:
Class A		1,145,421		$	12,745,791			951,991		$	9,785,091
Class C		193,382			2,124,532			130,154			1,361,251
Class R		23,122			252,070			3,713			38,619
Class Y		1,461,895			16,219,741			1,373,449			14,321,343
Class R5		—			—			60,560			606,027
Class R6		12,424			134,891			54,496			548,011
Reacquired:
Class A		(980,822	)		(10,622,468	)		(41,588	)		(436,008	)
Class C		(123,275	)		(1,286,956	)		(49,555	)		(512,431	)
Class R		(24,922	)		(271,739	)		—			—
Class Y		(1,416,243	)		(15,037,594	)		(7,057	)		(74,092	)
Class R5		(10,386	)		(112,330	)		(173	)		(1,799	)
Class R6		(4,685	)		(51,319	)		—			—
Net increase in share activity		275,911		$	4,094,619			2,475,990		$	25,636,012

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 36% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is 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 this entity is also owned beneficially.

     In addition, 36% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are mutual funds that are advised by Invesco.

24                         Invesco All Cap Market Neutral Fund

NOTE 11—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 on securities (both realized and unrealized)		Total from investment operations		Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets (including interest expense and dividends on short sales expense) with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets (including interest expense and dividends on short sales expense) without fee waivers and/or expenses absorbed			Ratio of expenses to average net assets (excluding interest expense and dividends on short sales expense) with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets (excluding interest expense and dividends on short sales expense) without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Ratio of interest expense and dividends on short sales to average net assets			Portfolio turnover(c)
Class A
Year ended 10/31/15	$	10.70	$	(0.20	)	$	1.42	$	1.22	$	11.92		11.40	%	$	12,812		3.69	%(d)		4.62	%(d)		1.60	%(d)		2.53	%(d)		(1.85	)%(d)		2.09	%(d)		175	%
Year ended 10/31/14(e)		10.00		(0.27	)		0.97		0.70		10.70		7.00			9,742		4.53	(f)		7.28	(f)		1.60	(f)		4.35	(f)		(3.03	)(f)		2.93	(f)		105
Class C
Year ended 10/31/15		10.63		(0.28	)		1.41		1.13		11.76		10.63			1,772		4.44	(d)		5.37	(d)		2.35	(d)		3.28	(d)		(2.60	)(d)		2.09	(d)		175
Year ended 10/31/14(e)		10.00		(0.34	)		0.97		0.63		10.63		6.30			857		5.28	(f)		8.03	(f)		2.35	(f)		5.10	(f)		(3.78	)(f)		2.93	(f)		105
Class R
Year ended 10/31/15		10.68		(0.22	)		1.40		1.18		11.86		11.05			23		3.94	(d)		4.87	(d)		1.85	(d)		2.78	(d)		(2.10	)(d)		2.09	(d)		175
Year ended 10/31/14(e)		10.00		(0.29	)		0.97		0.68		10.68		6.80			40		4.78	(f)		7.53	(f)		1.85	(f)		4.60	(f)		(3.28	)(f)		2.93	(f)		105
Class Y
Year ended 10/31/15		10.72		(0.17	)		1.42		1.25		11.97		11.66			16,907		3.44	(d)		4.37	(d)		1.35	(d)		2.28	(d)		(1.60	)(d)		2.09	(d)		175
Year ended 10/31/14(e)		10.00		(0.25	)		0.97		0.72		10.72		7.20			14,651		4.28	(f)		7.03	(f)		1.35	(f)		4.10	(f)		(2.78	)(f)		2.93	(f)		105
Class R5
Year ended 10/31/15		10.72		(0.17	)		1.42		1.25		11.97		11.66			599		3.44	(d)		4.28	(d)		1.35	(d)		2.19	(d)		(1.60	)(d)		2.09	(d)		175
Year ended 10/31/14(e)		10.00		(0.25	)		0.97		0.72		10.72		7.20			648		4.28	(f)		7.00	(f)		1.35	(f)		4.07	(f)		(2.78	)(f)		2.93	(f)		105
Class R6
Year ended 10/31/15		10.72		(0.17	)		1.42		1.25		11.97		11.66			745		3.44	(d)		4.28	(d)		1.35	(d)		2.19	(d)		(1.60	)(d)		2.09	(d)		175
Year ended 10/31/14(e)		10.00		(0.25	)		0.97		0.72		10.72		7.20			584		4.28	(f)		6.99	(f)		1.35	(f)		4.06	(f)		(2.78	)(f)		2.93	(f)		105

^(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) Ratios are based on average daily net assets (000’s omitted) of $10,598, $1,053, $258, $14,367, $556 and $628 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e) Commencement date of December 17, 2013.

^(f) Annualized.

25                         Invesco All Cap Market Neutral Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco All Cap Market Neutral Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations, of changes in net assets and of cash flows and the financial highlights present fairly, in all material respects, the financial position of Invesco All Cap Market Neutral Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, the results of its operations and its cash flows for the year then ended, the changes in its net assets and the financial highlights for the year then ended and for the period December 17, 2013 (commencement of operations) through October 31, 2014, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

26                         Invesco All Cap Market Neutral 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 May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	1,167.50	$	8.80	$	1,017.09	$	8.19		1.61	%
C		1,000.00		1,163.20		12.87		1,013.31		11.98		2.36
R		1,000.00		1,165.00		10.15		1,015.83		9.45		1.86
Y		1,000.00		1,167.80		7.43		1,018.35		6.92		1.36
R5		1,000.00		1,168.80		7.43		1,018.35		6.92		1.36
R6		1,000.00		1,167.80		7.43		1,018.35		6.92		1.36

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

27                         Invesco All Cap Market Neutral Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco All Cap Market Neutral Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on
June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ investment

process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

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

B. Fund Performance

The Board noted that the Fund recently began operations and that no comparative performance data was available.

C. Advisory and Sub-Advisory Fees

The Board noted that no comparative fee information was available for the Fund.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least February 29, 2016 in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other mutual funds with investment strategies comparable to those of the Fund.

The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other client accounts with investment strategies comparable to those of

28                         Invesco All Cap Market Neutral Fund

the Fund. The Board noted that Invesco Advisers or the Affiliated Sub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board the significantly greater scope of services it provides to the Invesco Funds relative to certain other types of client accounts. These additional services include provision of administrative services, officers and office space, oversight of service providers, preparation of annual registration statement updates and financial information and regulatory compliance under the Investment Company Act of 1940, as amended.

Invesco Advisers also reviewed generally the higher frequency of shareholder purchases and redemptions in the Invesco Funds relative to the flow of assets for other client accounts. Invesco Advisers advised the Board that advance notice of redemptions is often provided to Invesco Advisers by institutional clients. The Board did note that sub-advisory fee rates charged by the Affiliated Sub-Advisers to manage the Invesco Funds and to manage other client accounts tended to be more comparable, reflecting a similar scope of services. The information received by the Board demonstrated that the aggregate services provided to the Invesco Funds were sufficiently different from those provided to institutional clients to support the difference in fees.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board noted that the Fund had not been in operation long enough to become

profitable and that Invesco Advisers was continuing to take entrepreneurial risk in operating the Fund. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

29                         Invesco All Cap Market Neutral Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco All Cap Market Neutral 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco All Cap Market Neutral 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco All Cap Market Neutral 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco All Cap Market Neutral Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 ACMN-AR-1 Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Balanced-Risk Allocation Fund
	Nasdaq:
	A: ABRZX  n  B: ABRBX  n  C: ABRCX  n  R: ABRRX  n  Y: ABRYX  n  R5: ABRIX  n  R6: ALLFX

Letters to Shareholders

Philip Taylor

Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.     The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European Central

Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.     Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

    Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                         Invesco Balanced-Risk Allocation Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                         Invesco Balanced-Risk Allocation Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Balanced- Risk Allocation Fund (the Fund), at net asset value (NAV), underperformed the Fund’s custom style-specific benchmarks, the Custom Invesco Balanced Risk Allocation Broad Index and the Custom Invesco Balanced Risk Allocation Style Index.

    Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 10/31/14 to 10/31/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-1.64	%
Class B Shares	-2.40
Class C Shares	-2.32
Class R Shares	-1.86
Class Y Shares	-1.40
Class R5 Shares	-1.39
Class R6 Shares	-1.27
S&P 500 Index▼ (Broad Market Index)	5.20
Custom Invesco Balanced-Risk Allocation Broad Indexn (Style-Specific Index)	4.23
Custom Invesco Balanced-Risk Allocation Style Indexn (Style-Specific Index)	2.10
Lipper Alternative Global Macro Funds Index¿ (Peer Group Index)	-3.30

Source(s): ^▼FactSet Research Systems Inc.; ⁿInvesco, FactSet Research Systems Inc.; ^¿Lipper Inc.

Market conditions and your Fund

During the fiscal year ended October 31, 2015, global markets produced mixed results due to volatility from a variety of geopolitical issues, and the Fund at NAV ended the reporting period in negative territory. The Fund invests in derivatives, such as swaps and futures, which are expected to correspond to US and international fixed income, equity and commodity markets. The strategic portion of the investment process involves first selecting representative assets for each asset class from a universe of over 50 assets. Next, we seek to construct the portfolio so that an approximately equal amount of risk comes from the equity, fixed income and commodity allocations. Tactical adjustments to the Fund’s portfolio are then made on a monthly basis to try and take advantage of short-term market dynamics.

    The Fund’s positive performance from strategic positioning in equity and fixed income markets, obtained through the use of swaps and futures, boosted Fund results for the reporting period. Tactical positioning within fixed income and commodities, achieved through the use of swaps and futures, also contributed positively to Fund

results while tactical positioning within equities through the use of swaps and futures detracted from Fund results. The net effect was a positive contribution from our tactical allocation process to Fund results for the fiscal year.

    Government bonds ended 2014 on a positive note as investors sought refuge in high-quality government bonds as volatility returned to equities and cyclical commodity prices softened substantially. The ending of quantitative easing (QE) in the US, similar to previous wind-downs of asset purchase programs, reintroduced volatility into equity markets and resulted in price weakness. The decision by OPEC not to curtail production rates of crude oil led to renewed equity market weakness in December, particularly within the energy space, resulting in stocks ending 2014 with a whimper rather than a bang. Energy-related commodities saw significant double-digit losses for crude oil and distillates due to increased supply, weakening demand and OPEC’s decision to maintain production levels. The tactical allocation process aided Fund results for November and December of 2014, with the Fund’s fixed income and commodity

allocations accounting for the bulk of the contribution.

    Equity markets rebounded in the first quarter of 2015, especially those where central banks were still actively involved in quantitative easing. Most bond markets saw yields decline over the span of the same quarter, continuing the strong price gains from 2014. Factors supporting lower yields included the continued rout in commodity prices, which also tempered fears of an increase in inflationary pressures, renewed geopolitical tensions in the Middle East, and ongoing negotiations regarding Greece’s efforts to secure fresh funding from its international creditors. Commodities continued their decline over the first quarter of 2015 in large part due to the ongoing collapse in energy and agricultural prices. The tactical allocation element contributed to the Fund’s quarterly results, with equities, fixed income and commodities all contributing fairly equally to Fund results.

    The Fund finished the second quarter of 2015 on a weak note as small gains from equity and commodity exposures were not enough to compensate for losses from government bond exposure. Within equities, gains from the beginning of the second quarter were largely erased in June as the resurgence of the Greek financial troubles and a meaningful correction in Chinese equities triggered a substantial increase in volatility. Commodity markets generated mixed results with agricultural commodities posting gains, primarily because of strength in grains late in the reporting period and on indications of easing supply glut for certain key agricultural commodities and fears of lower crop yields due to recent heavy rainfall in key growing regions. Government bonds posted large losses for the second quarter of 2015 as threats of an increase in US interest rates, improving economic data out of Europe and rising inflationary readings led to a substantial repricing of the highest quality fixed income markets. Tactical allocation tilts across all three asset classes detracted from Fund returns, mainly driven by exposure to the various commodity complexes. The bulk of the shortfall occurred during the month of April, when the Fund had generally under-

Target Risk Allocation and Notional Asset Weights as of 10/31/15
By asset class
Asset Class	Target Risk Allocation*	Notional Asset Weights**
Equities	31.66%	32.56%
Fixed Income	49.99	89.15
Commodities	18.35	22.83
Total	100.00	144.54

*  Reflects the risk that each asset class is expected to contribute to the overall risk of the Fund as measured by standard deviation and estimates of risk based on historical data. Standard deviation measures the annualized fluctuations (volatility) of monthly returns.

** Proprietary models determine the Notional Asset Weights necessary to achieve the Target Risk Allocations. Total Notional Asset Weight greater than 100% is achieved through derivatives and other instruments that create leverage.

Total Net Assets $7.2 billion

4                         Invesco Balanced-Risk Allocation Fund

weight exposure to commodities in the face of a strong price bounce in commodity prices, particularly within energy and industrial metals.

    Bonds rebounded in the third quarter of 2015. Nervous investors sought a perceived safe haven from the continuing decline in commodity prices and renewed volatility in equity prices. During the quarter, economic activity and inflation was weak globally, which enhanced the appeal for bonds and allayed concerns of sustained interest rate hikes across major markets. All of the bond markets in which the Fund invested posted gains for the quarter. Several factors caused weakness in equities during the third quarter of 2015, including the surprise Chinese renminbi devaluation, disappointing gross domestic product data from Europe and Canada, weak manufacturing data from a host of countries and uncertainty regarding the US Federal Reserve’s (the Fed’s) policy direction. The combination of these factors suggested that global economic growth was slowing well beyond what equity prices had reflected. Consequently, several equity markets experienced double-digit declines, notably Hong Kong, Japan and US small-cap companies, while only two equity markets (Europe and Japan) sustained gains year-to-date through the end of the quarter. Commodity markets continued to decline during the third quarter of 2015 with energy suffering the steepest price declines, as US stockpiles remained well above the five-year seasonal average and a weakening Chinese economy and an increase in Iranian oil production added to fear of a global oil glut. The Fund’s tactical allocation process contributed to Fund returns for the third quarter of 2015. The Fund’s general overweight exposure to bonds proved timely and benefited Fund performance. Tactical shifts to equities in the Fund’s portfolio detracted from Fund performance, due primarily to the Fund’s overweight exposure to all equity markets during August when volatility returned to equities, outweighing otherwise positive results from equity positioning in July and September of 2015. The Fund’s defensive posture towards commodities paid off with positive contributions from the Fund’s tactical commodity allocations in every month during the third quarter of 2015.

    The fiscal year ended with equities rebounding in October as developed markets experienced a strong rebound off of the recent lows set during the turbulence of the third quarter of 2015. Gains across the developed equity markets in which the Fund invested resulted in contributions to Fund performance. The driving force behind the gains had less to do with economic data, which continued to be tepid, than the actions and jawboning from central banks. For example, during the month

of October, Sweden expanded its QE program, China cut lending rates and reserve requirements and the European Central Bank hinted at further rate cuts and potential expansion of its already massive QE program to counter expectations of downside risks to growth. While equities enjoyed a strong month, the foundations of those gains may not be durable. The Fund’s commodity exposure, obtained through the use of swaps and futures, also helped Fund results. On an absolute basis, agriculture was the primary contributor to Fund results in October 2015 due to gains in sugar and cotton. Sugar prices were the leading performer across the Fund’s commodity exposures given conjectures that the El Nino weather pattern would disrupt sugar cane harvests in Brazil and India. Bond markets saw yields push higher over October in Australia, Canada, the UK and the US as risk appetite shifted in favor of equities on the strong rebound in share prices. Yields declined in Germany and Japan as official forecasts for growth indicated downside risks. In the US, the release of Fed meeting minutes pressured bond prices as the commentary suggested that the Fed was becoming more hawkish, noting modest domestic growth and less focus on foreign market behavior. The statements left open the possibility of a December 2015 rate hike, dampening enthusiasm for Treasuries.

    Please note that our strategy is principally implemented with derivative instruments that include futures, commodity-linked notes and total return swaps. Therefore, all or most 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 exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued commitment to Invesco Balanced-Risk Allocation Fund.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	Mark Ahnrud Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco Balanced-Risk
Allocation Fund. He joined Invesco in 2000. Mr. Ahnrud earned a BS in finance and investments from Babson College and an MBA from Duke University Fuqua School of Business.
	Chris Devine Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Allocation Fund.
He joined Invesco in 1998. Mr. Devine earned a BA in economics from Wake Forest University and an MBA from the University of Georgia.
	Scott Hixon Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Allocation Fund.
He joined Invesco in 1994. Mr. Hixon earned a BBA in finance from Georgia Southern University and an MBA from Georgia State University.
	Christian Ulrich Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Allocation Fund.
He joined Invesco in 2000. Mr. Ulrich earned the equivalent of a BBA from the KV Zurich Business School in Zurich, Switzerland.
	Scott Wolle Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Allocation Fund.
He joined Invesco in 1999. Mr. Wolle earned a BS in finance from Virginia Polytechnic Institute and State University and an MBA from Duke University Fuqua School of Business.

Assisted by the Invesco Global Asset Allocation Team

5                             Invesco Balanced-Risk Allocation Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 6/2/09

Past performance cannot guarantee comparable future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical

shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable. 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6                             Invesco Balanced-Risk Allocation Fund

Average Annual Total Returns As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (6/2/09)	6.67	%
5 Years	4.23
1 Year	-7.05
Class B Shares
Inception (6/2/09)	6.81	%
5 Years	4.31
1 Year	-6.95
Class C Shares
Inception (6/2/09)	6.81	%
5 Years	4.63
1 Year	-3.23
Class R Shares
Inception (6/2/09)	7.34	%
5 Years	5.16
1 Year	-1.86
Class Y Shares
Inception (6/2/09)	7.89	%
5 Years	5.68
1 Year	-1.40
Class R5 Shares
Inception (6/2/09)	7.90	%
5 Years	5.69
1 Year	-1.39
Class R6 Shares
Inception	7.81	%
5 Years	5.65
1 Year	-1.27

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

    The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.25%, 2.00%, 2.00%, 1.50%, 1.00%, 0.98% and

Average Annual Total Returns As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (6/2/09)	6.34	%
5 Years	3.92
1 Year	-8.17
Class B Shares
Inception (6/2/09)	6.48	%
5 Years	3.98
1 Year	-8.03
Class C Shares
Inception (6/2/09)	6.48	%
5 Years	4.30
1 Year	-4.43
Class R Shares
Inception (6/2/09)	7.01	%
5 Years	4.82
1 Year	-3.06
Class Y Shares
Inception (6/2/09)	7.56	%
5 Years	5.35
1 Year	-2.59
Class R5 Shares
Inception (6/2/09)	7.58	%
5 Years	5.38
1 Year	-2.48
Class R6 Shares
Inception	7.48	%
5 Years	5.33
1 Year	-2.45

0.88%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.29%, 2.04%, 2.04%, 1.54%, 1.04%, 1.02% and 0.92%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. 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.

1 The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.05% for Invesco Balanced-Risk Allocation Fund.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

7                             Invesco Balanced-Risk Allocation Fund

Invesco Balanced-Risk Allocation Fund’s investment objective is to provide total return with a low to moderate correlation to traditional financial market indices.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

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

About share classes

n Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

n Changing fixed income market conditions risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates at or near zero. There is a risk that interest rates will rise when the FRB and central banks raise these rates. This risk is heightened due to the end of FRB’s quantitative easing program and the “tapering” of other similar foreign central bank actions. This eventual increase in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio

turnover and the Fund’s transaction costs.

n Commodities tax risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from certain commodity-linked derivatives was treated as non-qualifying income, the Fund might fail to qualify as a regulated investment company and be subject to federal income tax at the Fund level. The Fund has received private letter rulings from the Internal Revenue Service confirming that income derived from the Fund’s investments in the Subsidiary and a form of commodity-linked note constitutes qualifying income to the Fund. However, the Internal Revenue Service suspended issuance in July 2011 of any further private letter rulings pending a review of its position. Should the Internal Revenue Service issue guidance, or Congress enact legislation, that adversely affects the tax treatment of the Fund’s use of commodity-linked notes, or the Subsidiary, it could limit the Fund’s ability to pursue its investment strategy. In this event, the Fund’s Board of Trustees may authorize a significant change in investment strategy or Fund liquidation. The Fund also may incur transaction and other costs to comply with any new or additional guidance from the Internal Revenue Service.

n Commodity-linked notes risk. The Fund’s investments in commodity-linked notes may involve substantial risks, including risk of loss of a significant portion of their principal value. In addition to risks associated with the underlying commodities, they may be subject to additional special risks, such as the lack of a secondary trading market and temporary price distortions due to speculators and/or the continuous rolling over of futures contracts underlying the notes. Commodity-linked

notes are also subject to counterparty risk, which is the risk that the other party to the contract will not fulfill its contractual obligation to complete the transaction with the Fund.

n Commodity risk. The Fund’s significant investment exposure to the commodities markets and/or a particular sector of the commodities markets, which may subject the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate widely based on a variety of factors, including changes in overall market movements, domestic and foreign political and economic events and policies, war, acts of terrorism, changes in domestic or foreign interest rates and/ or investor expectations concerning interest rates, domestic and foreign inflation rates and investment and trading activities of mutual funds, hedge funds and commodities funds. Prices of various commodities may also be affected by factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Because the Fund’s performance is linked to the performance of potentially volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of the Fund’s shares.

n Correlation risk. Changes in the value of two investments or asset classes may not track or offset each other in the manner anticipated by the portfolio managers. Because the Fund’s investment strategy seeks to balance risk across three asset classes and, within each asset class, to balance risk across different countries and commodities, to the extent either the three asset classes or the selected countries and commodities are correlated in a way not anticipated by the portfolio managers the Fund’s risk allocation process may not succeed in achieving its investment objective.

n Credit risk. The issuer of instruments in which the Fund invests may be unable to meet interest and/or principal payments, thereby causing its instruments

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

8                             Invesco Balanced-Risk Allocation Fund

to decrease in value and lowering the issuer’s credit rating.

n Currency/exchange rate risk. The dollar value of the Fund’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.

n Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These risks are greater for the Fund than most other mutual funds because the Fund will implement its investment strategy primarily through derivative instruments rather than direct investments in stocks and bonds.

n Developing/emerging markets securities risk. The prices of securities issued by foreign companies and governments located in developing/emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

n Exchange-traded funds risk. An investment by the Fund in exchange-traded funds generally presents the same primary risks as an investment in a mutual fund. In addition, an exchange-traded fund may be subject to the following: (1) a discount of the exchange-traded fund’s shares to its net asset value; (2) failure to develop an active trading market for the exchange-traded fund’s shares; (3) the listing exchange halting trading of the exchange-traded fund’s shares; (4) failure of the exchange-traded fund’s shares to track the referenced asset; and (5) holding troubled securities in the referenced index or basket of investments. Investments in exchange-traded funds may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the exchange-traded funds in which it invests. Further, certain of the exchange-traded funds in which the Fund may invest are leveraged. The more the Fund invests in such leveraged exchange-traded funds, the more this leverage will magnify any losses on those investments.

n Exchange-traded notes risk. Exchange-traded notes are subject to credit risk, including the credit risk of the issuer, and the value of the exchange-traded note may drop due to a downgrade in the issuer’s credit rating, despite the underlying market benchmark or strategy remaining unchanged. The value of an exchange-traded note may also be influenced by time to maturity, level of supply and demand for the exchange-traded note, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, changes in the issuer’s credit rating, and economic,

legal, political, or geographic events that affect the referenced underlying market or strategy. Exchange-traded notes are also subject to the risk that the other party to the contract will not fulfill its contractual obligations, which may cause losses or additional costs to the Fund.

n Foreign government debt risk. Investments in foreign government debt obligations involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability; changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

n Interest rate risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration. The risk may be magnified due to the Fund’s use of derivatives that provided leveraged exposure to government bonds.

n Liquidity risk. The Fund may hold illiquid securities that it is unable to sell at the preferred time or price and could lose its entire investment in such securities. The Fund’s significant use of derivative instruments may cause liquidity risk to be greater than other mutual funds that invest in more traditional assets such as stocks and bonds, which trade on markets with more market participants.

continued on page 10

9                             Invesco Balanced-Risk Allocation Fund

continued from page 9

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results. Because the Fund’s investment process relies heavily on its asset allocation process, market movements that are counter to the portfolio managers’ expectations may have a significant adverse effect on the Fund’s net asset value. Further, the portfolio managers’ use of short derivative positions and instruments that provide economic leverage increases the volatility of the Fund’s net asset value, which increases the potential of greater losses that may cause the Fund to liquidate positions when it may not be advantageous to do so.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Subsidiary risk. By investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (1940 Act), and, except as otherwise noted in this prospectus is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and could negatively affect the Fund and its shareholders.

n US government obligations risk. The Fund may invest in obligations issued by US government agencies and instrumentalities that may receive varying levels of support from the government, which could affect the Fund’s ability to recover should they default.

n Volatility risk. The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time.

About indexes used in this report

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

n The Custom Invesco Balanced-Risk Allocation Broad Index consists of 60% S&P 500 Index and 40% Barclays U.S. Aggregate Index.

n The Custom Invesco Balanced-Risk Allocation Style Index consists of 60% MSCI World Index and 40% Barclays U.S. Aggregate Index. Effective December 1, 2009, the fixed income component of the Custom Invesco Balanced Risk Allocation Style Index changed from the JP Morgan GBI Global (Traded) Index to the Barclays U.S. Aggregate Index.

n The Lipper Alternative Global Macro Funds Index is an unmanaged index considered representative of alternative global macro funds tracked by Lipper.

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

n The Barclays U.S. Aggregate Index is an unmanaged index considered representative of the U.S. investment-grade, fixed-rate bond market.

n The JP Morgan GBI Global (Traded) Index is a total return, market-cap weighted index that is rebalanced monthly and includes the following countries: Australia, Belgium, Canada, Denmark, Germany, Italy, Japan, Netherlands, Spain, Sweden, United Kingdom and US.

n 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).

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

10                             Invesco Balanced-Risk Allocation Fund

Consolidated Schedule of Investments

October 31, 2015

	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Securities–34.19%
U.S. Treasury Bills–10.41%(a)
U.S. Treasury Bills(b)		0.08	%		01/07/16	$	37,600,000	$	37,595,859
U.S. Treasury Bills(b)		0.10	%		01/14/16		56,400,000		56,391,413
U.S. Treasury Bills(b)		0.13	%		01/21/16		52,640,000		52,632,386
U.S. Treasury Bills		0.13	%		01/21/16		218,120,000		218,088,452
U.S. Treasury Bills(b)		0.14	%		01/28/16		64,900,000		64,888,224
U.S. Treasury Bills		0.14	%		01/28/16		168,280,000		168,249,466
U.S. Treasury Bills(b)		0.00	%		03/03/16		48,160,000		48,145,298
U.S. Treasury Bills(b)		0.00	%		03/10/16		35,150,000		35,138,653
U.S. Treasury Bills(b)		0.25	%		03/17/16		65,830,000		65,806,353
									746,936,104
U.S. Treasury Notes–23.78%
U.S. Treasury Notes(b)(c)(d)		0.07	%		01/31/16		128,630,000		128,638,378
U.S. Treasury Notes(d)		0.07	%		01/31/16		413,350,000		413,376,921
U.S. Treasury Notes(b)(d)		0.09	%		04/30/16		213,526,000		213,552,447
U.S. Treasury Notes(d)		0.09	%		04/30/16		346,240,000		346,282,885
U.S. Treasury Notes(d)		0.09	%		07/31/16		475,520,000		475,563,848
U.S. Treasury Notes(b)(d)		0.09	%		07/31/16		127,900,000		127,911,794
									1,705,326,273
Total U.S. Treasury Securities (Cost $2,452,044,261)									2,452,262,377
				Expiration Date
Commodity-Linked Securities–3.50%
Canadian Imperial Bank of Commerce, Commodity Linked EMTN, U.S. Federal Funds Effective Rate minus 0.04% (linked to Canadian Imperial Bank of Commerce Custom 3 Agriculture Commodity Index, multiplied by 2) (Canada)(b)(e)					06/21/16		72,200,000		69,817,883
Cargill, Inc., Commodity Linked Notes, one month LIBOR rate minus 0.10% (linked to the Monthly Rebalance Commodity Excess Return Index, multiplied by 2)(b)(e)					06/12/16		134,694,924		132,906,352
RBC Capital Markets, LLC, Commodity Linked Notes, U.S. Federal Funds Effective Rate minus 0.04% (linked to the RBC Enhanced Agricultural Basket 02 Excess Return Index, multiplied by 2) (Canada)(b)(e)					06/07/16		50,000,000		48,536,794
Total Commodity-Linked Securities (Cost $256,894,924)									251,261,029
						Shares
Money Market Funds–56.59%
Liquid Assets Portfolio–Institutional Class 0.16%(f)							550,178,766		550,178,766
Premier Portfolio–Institutional Class, 0.12%(f)							550,178,767		550,178,767
STIC (Global Series) PLC–U.S. Dollar Liquidity Portfolio (Ireland)–Institutional Class, 0.11%(b)(f)							556,079,009		556,079,009
Treasury Portfolio–Institutional Class, 0.02%(f)							2,402,993,463		2,402,993,463
Total Money Market Funds (Cost $4,059,430,005)									4,059,430,005
TOTAL INVESTMENTS–94.28% (Cost $6,768,369,190)									6,762,953,411
OTHER ASSETS LESS LIABILITIES–5.72%									410,073,983
NET ASSETS–100.00%								$	7,173,027,394

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

11                         Invesco Balanced-Risk Allocation Fund

Open Futures Contracts at Period-End(g)
Futures Contracts	Type of Contract			Number of Contracts		Expiration Month		Notional Value		Unrealized Appreciation (Depreciation)
Brent Crude(b)		Long			1,500		March-2016	$	77,595,000	$	(1,785,905	)
Gasoline Reformulated Blendstock Oxygenate Blending(b)		Long			2,040		December-2015		117,518,688		5,540,385
Heating Oil(b)		Long			60		April-2016		3,964,716		(16,703	)
Natural Gas(b)		Long			330		December-2015		7,659,300		(1,805,179	)
Silver(b)		Long			2,290		December-2015		178,242,150		2,557,154
WTI Crude(b)		Long			1,315		December-2015		61,265,850		1,467,245
Subtotal — Commodity Risk										$	5,956,997
Australian 10 Year Bonds		Long			10,430		December-2015	$	962,144,626	$	8,169,880
Canada 10 Year Bonds		Long			12,040		December-2015		1,293,584,155		(24,905,376	)
Euro Bonds		Long			7,130		December-2015		1,232,661,758		25,429,499
Japan 10 Year Bonds		Long			770		December-2015		947,967,183		5,081,187
Long Gilt		Long			7,250		December-2015		1,316,215,388		(3,149,352	)
U.S. Treasury 20 Year Bonds		Long			4,590		December-2015		718,048,125		1,881,074
Subtotal — Interest Rate Risk										$	12,506,912
Dow Jones EURO STOXX 50 Index		Long			11,050		December-2015	$	413,521,841	$	22,400,695
E-Mini S&P 500 Index		Long			2,880		December-2015		298,612,800		19,408,742
FTSE 100 Index		Long			4,800		December-2015		467,720,448		14,999,022
Hang Seng Index		Long			2,830		November-2015		414,133,873		(6,385,405	)
Russell 2000 Index Mini		Long			3,140		December-2015		363,706,200		6,259,736
Tokyo Stock Price Index		Long			3,540		December-2015		457,204,773		37,611,846
Subtotal — Equity Risk										$	94,294,636
Total Future Contracts										$	112,758,545
Open Over-The-Counter Total Return Swap Agreements at Period-End
Long Swap Agreements	Type of Contract		Counterparty	Number of Contracts		Termination Date		Notional Value		Unrealized Appreciation (Depreciation)
Receive a return equal to Barclays Commodity Strategy 1452 Excess Return Index and pay the product of (i) 0.33% of the Notional value multiplied by (ii) days in the period divided by 365(b)		Long	Barclays Bank PLC		123,000		October-2016	$	52,195,456	$	(577,904	)
Receive a return equal to CIBC Dynamic Roll LME Copper Excess Return Index and pay the product of (i) 0.30% of the Notional value multiplied by (ii) days in the period divided by 365(b)		Long	Canadian Imperial Bank of Commerce		2,275,000		April-2016		151,973,868		(4,495,855	)
Receive a return equal to Monthly Rebalance Commodity Excess Return Index and pay the product of (i) 0.47% of the Notional value multiplied by (ii) days in the period divided by 365(b)		Long	Cargill, Inc.		84,000		May-2016		81,575,525		0
Receive a return equal to Single Commodity Index Excess Return and pay the product of (i) 0.12% of the Notional value multiplied by (ii) days in the period divided by 365(b)		Long	Cargill, Inc.		37,200		January-2016		30,305,035		0
Receive a return equal to the Goldman Sachs Alpha Basket B784 Excess Return Strategy Index and pay the product of (i) 0.40% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	Goldman Sachs International		9,000		May-2016		2,438,942		0

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

12                         Invesco Balanced-Risk Allocation Fund

Long Swap Agreements	Type of Contract		Counterparty	Number of Contracts		Termination Date		Notional Value		Unrealized Appreciation (Depreciation)
Receive a return equal to the J.P. Morgan Contag Beta Gas Oil Excess Return Index and pay the product of (i) 0.25% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	J.P. Morgan Chase Bank, N.A.		57,000		April-2016	$	13,012,980	$	303,970
Receive a return equal to S&P GSCI Gold Index Excess Return and pay the product of (i) 0.09% of the Notional value multiplied by (ii) days in the period divided by 365(b)		Long	J.P. Morgan Chase Bank, N.A.		1,125,000		October-2016		109,662,750		(2,322,900	)
Receive a return equal to the Merrill Lynch Gold Excess Return Index and pay the product of (i) 0.14% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	Merrill Lynch International		899,000		June-2016		134,430,527		0
Receive a return equal to the MLCX Aluminum Annual ER Index and pay the product of (i) 0.28% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	Merrill Lynch International		43,000		September-2016		3,721,845		0
Receive a return equal to S&P GSCI Aluminum Dynamic Roll Index Excess Return and pay the product of (i) 0.38% of the Notional value multiplied by (ii) days in the period divided by 365(b)		Long	Morgan Stanley Capital Services LLC		1,660,000		October-2016		147,253,371		(9,150,832	)
Total Commodity Risk — Swap Agreements										$	(16,243,521	)

Investment Abbreviations:

EMTN	– Euro Medium Term Notes
LIBOR	– London Interbank Offered Rate

Index Information:

Canadian Imperial Bank of Commerce Custom 3 Agriculture Index	– a basket of indices that provide exposure to various components of the agriculture markets. The underlying commodities comprising the indices are: Coffee ‘C’, Corn, Cotton, Sugar, Soybeans, Soybean meal, Soybean oil, and Wheat.
Monthly Rebalance Commodity Excess Return Index	– a commodity index composed of futures contracts on Coffee ‘C’, Corn, Cotton No.2, Soybean Meal, Soybeal Oil, Soybeans, Sugar No.11 and Wheat.
RBC Enhanced Agricultural Basket 02 Excess Return Index	– a commodity index composed of futures contracts on Corn, Coffee, Wheat, Cotton, Soybeans, Soybean meal, Soybean oil and Sugar.
Barclays Commodity Strategy 1452 Excess Return Index	– a commodity index that provide exposure to future contracts on copper.
Single Commodity Index Excess Return	– a commodity index composed of future contracts on gold.
Goldman Sachs Alpha Basket B784 Excess Return Strategy Index	– a basket of indices that provide exposure to various components of the agriculture markets. The underlying commodities comprising the indices are: Corn, Coffee, Cotton, Soybeans, Soybean meal, Soybean oil, Sugar and Wheat.

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)  The investment is owned by the Subsidiary. See Note 5.

^(c)  All or a portion of the value was designated as collateral to cover margin requirements for swap agreements. See Note 1L and Note 4.

^(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2015.

^(e)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2015 was $251,261,029, which represented 3.50% of the Fund’s Net Assets.

^(f)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

^(g)  Futures collateralized by $440,520,000 cash held with Merrill Lynch, the futures commission merchant.

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

13                         Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $2,708,939,185)	$	2,703,523,406
Investments in affiliated money market funds, at value and cost		4,059,430,005
Total investments, at value (Cost $6,768,369,190)		6,762,953,411
Receivable for:
Deposits with brokers for open futures contracts and swap agreements		442,218,335
Variation margin — futures contracts		2,079,367
Fund shares sold		5,396,115
Dividends and interest		580,522
Fund expenses absorbed		192,353
Swaps receivables		6,298,756
Investment for trustee deferred compensation and retirement plans		548,119
Unrealized appreciation on swap agreements — OTC		303,970
Other assets		106,234
Total assets		7,220,677,182
Liabilities:
Payable for:
Fund shares reacquired		25,376,041
Accrued fees to affiliates		4,005,091
Accrued trustees’ and officers’ fees and benefits		9,216
Accrued other operating expenses		647,337
Swaps payable		421,925
Trustee deferred compensation and retirement plans		642,687
Unrealized depreciation on swap agreements — OTC		16,547,491
Total liabilities		47,649,788
Net assets applicable to shares outstanding	$	7,173,027,394
Net assets consist of:
Shares of beneficial interest	$	6,743,515,324
Undistributed net investment income (loss)		183,388,056
Undistributed net realized gain (loss)		155,024,769
Net unrealized appreciation		91,099,245
	$	7,173,027,394

Net Assets:
Class A	$	2,371,656,871
Class B	$	13,241,852
Class C	$	1,584,982,403
Class R	$	25,689,678
Class Y	$	2,600,015,386
Class R5	$	158,826,223
Class R6	$	418,614,981
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		210,434,175
Class B		1,220,910
Class C		146,135,054
Class R		2,311,004
Class Y		227,942,745
Class R5		13,917,834
Class R6		36,633,954
Class A:
Net asset value per share	$	11.27
Maximum offering price per share
(Net asset value of $11.27 ¸ 94.50%)	$	11.93
Class B:
Net asset value and offering price per share	$	10.85
Class C:
Net asset value and offering price per share	$	10.85
Class R:
Net asset value and offering price per share	$	11.12
Class Y:
Net asset value and offering price per share	$	11.41
Class R5:
Net asset value and offering price per share	$	11.41
Class R6:
Net asset value and offering price per share	$	11.43

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

14                         Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends from affiliated money market funds	$	1,996,744
Interest		2,206,212
Total investment income		4,202,956
Expenses:
Advisory fees		73,008,890
Administrative services fees		738,080
Custodian fees		256,400
Distribution fees:
Class A		6,828,367
Class B		172,196
Class C		17,965,908
Class R		141,334
Transfer agent fees — A, B, C, R and Y		9,908,330
Transfer agent fees — R5		171,196
Transfer agent fees — R6		6,557
Trustees’ and officers’ fees and benefits		145,091
Other		1,665,411
Total expenses		111,007,760
Less: Fees waived and expense offset arrangement(s)		(4,371,963	)
Net expenses		106,635,797
Net investment income (loss)		(102,432,841	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(75,442,841	)
Foreign currencies		(2,896,663	)
Futures contracts		153,907,563
Swap agreements		(156,325,603	)
		(80,757,544	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(4,639,646	)
Futures contracts		67,145,293
Swap agreements		(20,386,148	)
		42,119,499
Net realized and unrealized gain (loss)		(38,638,045	)
Net increase (decrease) in net assets resulting from operations	$	(141,070,886	)

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

15                         Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2015 and 2014

	2015			2014
Operations:
Net investment income (loss)	$	(102,432,841	)	$	(121,312,189	)
Net realized gain (loss)		(80,757,544	)		758,417,753
Change in net unrealized appreciation (depreciation)		42,119,499			(337,108,788	)
Net increase (decrease) in net assets resulting from operations		(141,070,886	)		299,996,776
Distributions to shareholders from net investment income:
Class A		(56,654,014	)		—
Class B		(243,139	)		—
Class C		(22,928,504	)		—
Class R		(492,454	)		—
Class Y		(81,503,225	)		—
Class R5		(4,180,439	)		—
Class R6		(11,328,824	)		—
Total distributions from net investment income		(177,330,599	)		—
Distributions to shareholders from net realized gains:
Class A		(152,016,609	)		(283,367,752	)
Class B		(1,108,269	)		(2,208,248	)
Class C		(104,512,062	)		(178,493,603	)
Class R		(1,529,651	)		(2,094,860	)
Class Y		(191,523,927	)		(320,352,034	)
Class R5		(9,729,719	)		(13,942,287	)
Class R6		(25,148,843	)		(37,054,031	)
Total distributions from net realized gains		(485,569,080	)		(837,512,815	)
Share transactions–net:
Class A		(315,179,338	)		(1,118,220,825	)
Class B		(5,990,731	)		(8,976,629	)
Class C		(176,875,307	)		(491,595,208	)
Class R		83,322			(557,151	)
Class Y		(777,963,492	)		(938,385,675	)
Class R5		(12,008,689	)		(12,756,282	)
Class R6		(20,668,805	)		(22,311,912	)
Net increase (decrease) in net assets resulting from share transactions		(1,308,603,040	)		(2,592,803,682	)
Net increase (decrease) in net assets		(2,112,573,605	)		(3,130,319,721	)
Net assets:
Beginning of year		9,285,600,999			12,415,920,720
End of year (includes undistributed net investment income (loss) of $183,388,056 and $177,753,382, respectively)	$	7,173,027,394		$	9,285,600,999

Notes to Consolidated Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Balanced-Risk Allocation Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these consolidated financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

16                         Invesco Balanced-Risk Allocation Fund

The Fund will seek to gain exposure to the commodity markets primarily through investments in the Invesco Cayman Commodity Fund I Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund’s investment objective is to provide total return with a low to moderate correlation to traditional financial market indices.

The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6. 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 R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

17                         Invesco Balanced-Risk Allocation Fund

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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 Consolidated 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 Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated 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 Consolidated Statement of Operations and the Consolidated 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 Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

E. Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated 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 Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

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

G. Accounting Estimates — The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which 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. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

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 consolidated financial statements are released to print.

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

I. Structured Securities — The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”). Most structured securities are fixed-income securities that have maturities of three years or less. Structured

18                         Invesco Balanced-Risk Allocation Fund

securities may be positively or negatively indexed (i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.

J. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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 Consolidated 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 Consolidated Statement of Operations.

K. Futures Contracts — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated 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 Consolidated 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 Consolidated Statement of Assets and Liabilities.

L. Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Consolidated 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 Consolidated 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 Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. 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 Consolidated 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

19                         Invesco Balanced-Risk Allocation Fund

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. 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.

M. Other Risks — The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in exchange traded funds and commodity-linked derivatives. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange traded notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0	.95%
Next $250 million		0	.925%
Next $500 million		0	.90%
Next $1.5 billion		0	.875%
Next $2.5 billion		0	.85%
Next $2.5 billion		0	.825%
Next $2.5 billion		0	.80%
Over $10 billion		0	.775%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.85%.

The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary’s average daily net assets as set forth in the table above.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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, 2016, 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 B, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75% of average daily net assets, respectively. 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. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

Further, the Adviser has contractually agreed, through at least June 30, 2017, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives on the Fund’s investments in certain affiliated funds.

For the year ended October 31, 2015, the Adviser waived advisory fees of $4,357,563.

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 October 31, 2015, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Consolidated 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 B, 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 B, 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 B and Class C

20                         Invesco Balanced-Risk Allocation Fund

shares and 0.50% of the average daily net assets of Class R shares. 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 October 31, 2015, expenses incurred under the Plans are shown in the Consolidated 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 October 31, 2015, IDI advised the Fund that IDI retained $857,295 in front-end sales commissions from the sale of Class A shares and $40,377, $8,186 and $147,821 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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
Money Market Funds	$	4,059,430,005	$	—		$	—	$	4,059,430,005
U.S. Treasury Securities		—		2,452,262,377			—		2,452,262,377
Commodity-Linked Securities		—		251,261,029			—		251,261,029
	$	4,059,430,005	$	2,703,523,406		$	—	$	6,762,953,411
Futures Contracts*		112,758,545		—			—		112,758,545
Swap Agreements*		—		(16,243,521	)		—		(16,243,521	)
Total Investments	$	4,172,188,550	$	2,687,279,885		$	—	$	6,859,468,435

* Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

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 October 31, 2015:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Commodity risk:
Futures contracts(a)	$	9,564,784	$	(3,607,787	)
Swap agreements(b)		303,970		(16,547,491	)
Interest rate risk:
Futures contracts(a)		40,561,640		(28,054,728	)
Equity risk:
Futures contracts(a)		100,680,041		(6,385,405	)
Total	$	151,110,435	$	(54,595,411	)

^(a)  Includes cumulative appreciation (depreciation) of futures contracts. Only current day’s variation margin receivable (payable) is reported within the Consolidated Statement of Assets and Liabilities.

Values are disclosed on the Consolidated Statement of Assets and Liabilities under the captions Unrealized appreciation on swap agreements — OTC and Unrealized depreciation on swap agreements — OTC.

21                         Invesco Balanced-Risk Allocation Fund

Effect of Derivative Investments for the year ended October 31, 2015

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 Consolidated Statement of Operations
	Futures Contracts			Swap Agreements
Realized Gain (Loss):
Commodity risk	$	(281,158,878	)	$	(167,325,972	)
Interest rate risk		448,490,978			13,838,130
Equity risk		(13,424,537	)		(2,837,761	)
Change in Net Unrealized Appreciation (Depreciation):
Commodity risk	$	72,358,772		$	(15,048,111	)
Interest rate risk		(108,088,255	)		(3,934,665	)
Equity risk		102,874,776			(1,403,372	)
Total	$	221,052,856		$	(176,711,751	)

The table below summarizes the average notional value of futures contracts and swap agreements outstanding during the period.

	Futures Contracts		Swap Agreements
Average notional value	$	10,792,539,100	$	1,148,407,231

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Consolidated Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2015.

	Gross amounts of Recognized Assets		Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities								Net Amount
			Financial Instruments			Collateral Received
Counterparty						Non-Cash			Cash
Subsidiary
Cargill, Inc.	$	3,139,326	$	(34,605	)	$	—		$	—	$	3,104,721
Goldman Sachs International		73,702		(12,765	)		—			—		60,937
J.P. Morgan Chase Bank, N.A.		303,970		(303,970	)		—			—		—
Merrill Lynch International		3,085,728		(319,850	)		—			—		2,765,878
Total	$	6,602,726	$	(671,190	)	$	—		$	—	$	5,931,536
	Gross amounts of Recognized Liabilities		Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities								Net Amount
			Financial Instruments			Collateral Pledged
Counterparty						Non-Cash			Cash
Subsidiary
Barclays Bank PLC	$	582,623	$	—		$	(582,623	)	$	—	$	—
Canadian Imperial Bank of Commerce		4,519,609		—			(4,519,609	)		—		—
Cargill, Inc.		34,605		(34,605	)		—			—		—
Goldman Sachs International		12,765		(12,765	)		—			—		—
J.P. Morgan Chase Bank, N.A.		2,326,136		(303,970	)		(2,022,166	)		—		—
Merrill Lynch International		319,850		(319,850	)		—			—		—
Morgan Stanley Capital Services LLC		9,173,828		—			(9,173,828	)		—		—
Total	$	16,969,416	$	(671,190	)	$	(16,298,226	)	$	—	$	—

22                         Invesco Balanced-Risk Allocation Fund

NOTE 5—Subsidiary Information

The Fund’s Consolidated Schedule of Investments includes the holdings, including any investments in derivatives, of both the Fund and the Subsidiary. The Fund’s Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations and Consolidated Statement of Changes in Net Assets include the account balances of both the Fund and the Subsidiary and all interfund transactions have been eliminated.

The table below summarizes the financial information of the Subsidiary recognized in the consolidated financial statements referred to above.

Selected Financial Information	Invesco Cayman Commodity Fund I Ltd. (the “Subsidiary”)
Total assets	$	1,706,984,160
Total liabilities		(16,975,897	)
Net assets		1,690,008,263
Total investment income		1,182,014
Net investment income (loss)		(16,939,842	)
Net realized gain (loss) from:
Investment securities		(75,418,510	)
Futures contracts		(281,158,878	)
Swap agreements		(167,328,602	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(4,556,354	)
Futures contracts		72,358,773
Swap agreements		(15,048,111	)
Increase (decrease) in net assets resulting from operations	$	(488,091,524	)

NOTE 6—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $14,400.

NOTE 7—Trustees’ and Officers’ Fees and Benefits

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

NOTE 8—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Consolidated 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.

23                         Invesco Balanced-Risk Allocation Fund

NOTE 9—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2015 and 2014:

	2015		2014
Ordinary income	$	424,395,963	$	472,187,821
Long-term capital gain		238,503,716		365,324,994
Total distributions	$	662,899,679	$	837,512,815

Tax Components of Net Assets at Period-End:

	2015
Undistributed ordinary income	$	304,687,401
Undistributed long-term gain		111,379,628
Net unrealized appreciation (depreciation) — investments		(5,474,053	)
Net unrealized appreciation — other investments		19,572,130
Temporary book/tax differences		(653,036	)
Shares of beneficial interest		6,743,515,324
Total net assets	$	7,173,027,394

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

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of October 31, 2015.

NOTE 10—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $340,100,998 and $197,865,238, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	285,927
Aggregate unrealized (depreciation) of investment securities		(5,759,980	)
Net unrealized appreciation (depreciation) of investment securities	$	(5,474,053	)

Cost of investments for tax purposes is $6,768,427,464.

NOTE 11—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of income from the Subsidiary, swap agreements and foreign currency transactions, on October 31, 2015, undistributed net investment income (loss) was increased by $285,398,114, undistributed net realized gain was increased by $198,137,056 and shares of beneficial interest was decreased by $483,535,170. This reclassification had no effect on the net assets of the Fund.

24                         Invesco Balanced-Risk Allocation Fund

NOTE 12—Share Information

	Summary of Share Activity
	Years ended October 31,
	2015(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		43,654,078		$	512,090,070			51,806,417		$	632,415,865
Class B		64,824			734,775			140,674			1,658,625
Class C		20,321,786			230,708,386			21,791,794			258,168,002
Class R		641,261			7,394,690			662,774			7,969,161
Class Y		84,612,580			1,001,576,661			121,129,080			1,500,251,125
Class R5		1,701,447			20,065,413			2,925,655			35,680,316
Class R6		3,580,174			42,622,159			2,635,178			32,603,862
Issued as reinvestment of dividends:
Class A		16,242,163			186,297,618			21,748,196			252,496,557
Class B		115,320			1,281,199			185,614			2,090,018
Class C		10,454,377			116,148,130			14,422,261			162,394,677
Class R		176,446			2,000,904			181,423			2,082,729
Class Y		15,160,636			175,560,162			17,088,467			200,276,835
Class R5		1,161,565			13,462,539			1,112,677			13,040,575
Class R6		3,133,557			36,317,925			3,157,016			37,031,793
Automatic conversion of Class B shares to Class A shares:
Class A		371,264			4,348,290			443,300			5,425,537
Class B		(384,362	)		(4,348,290	)		(458,284	)		(5,425,537	)
Reacquired:
Class A		(87,559,656	)		(1,017,915,316	)		(164,742,314	)		(2,008,558,784	)
Class B		(325,008	)		(3,658,415	)		(621,650	)		(7,299,735	)
Class C		(46,655,632	)		(523,731,823	)		(77,686,916	)		(912,157,887	)
Class R		(815,247	)		(9,312,272	)		(885,517	)		(10,609,041	)
Class Y		(167,648,057	)		(1,955,100,315	)		(215,629,161	)		(2,638,913,635	)
Class R5		(3,887,143	)		(45,536,641	)		(5,001,408	)		(61,477,173	)
Class R6		(8,438,929	)		(99,608,889	)		(7,536,409	)		(91,947,567	)
Net increase (decrease) in share activity		(114,322,556	)	$	(1,308,603,040	)		(213,131,133	)	$	(2,592,803,682	)

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 38% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is 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 this entity is also owned beneficially.

    In addition, 5% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are mutual funds that are advised by Invesco.

25                         Invesco Balanced-Risk Allocation Fund

NOTE 13—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Year ended 10/31/15	$	12.36	$	(0.14	)	$	(0.05	)	$	(0.19	)	$	(0.24	)	$	(0.66	)	$	(0.90	)	$	11.27		(1.64	)%	$	2,371,657		1.21	%(d)		1.26	%(d)		(1.16	)%(d)		10	%
Year ended 10/31/14		12.88		(0.14	)		0.53			0.39			—			(0.91	)		(0.91	)		12.36		3.52			2,938,957		1.20			1.24			(1.16	)		72
Year ended 10/31/13		12.88		(0.14	)		0.78			0.64			(0.29	)		(0.35	)		(0.64	)		12.88		5.15			4,229,859		1.14			1.21			(1.07	)		0
Year ended 10/31/12		12.01		(0.13	)		1.46			1.33			(0.34	)		(0.12	)		(0.46	)		12.88		11.39			3,600,577		1.10			1.22			(1.00	)		282
Year ended 10/31/11		11.68		(0.11	)		1.11			1.00			(0.47	)		(0.20	)		(0.67	)		12.01		9.13			1,001,088		1.04			1.31			(0.95	)		163	(e)
Class B
Year ended 10/31/15		11.92		(0.22	)		(0.05	)		(0.27	)		(0.14	)		(0.66	)		(0.80	)		10.85		(2.40	)		13,242		1.96	(d)		2.01	(d)		(1.91	)(d)		10
Year ended 10/31/14		12.53		(0.23	)		0.53			0.30			—			(0.91	)		(0.91	)		11.92		2.85			20,853		1.95			1.99			(1.91	)		72
Year ended 10/31/13		12.59		(0.22	)		0.75			0.53			(0.24	)		(0.35	)		(0.59	)		12.53		4.34			31,381		1.89			1.96			(1.82	)		0
Year ended 10/31/12		11.81		(0.21	)		1.42			1.21			(0.31	)		(0.12	)		(0.43	)		12.59		10.52			32,246		1.85			1.97			(1.75	)		282
Year ended 10/31/11		11.56		(0.19	)		1.09			0.90			(0.45	)		(0.20	)		(0.65	)		11.81		8.30			17,722		1.79			2.06			(1.70	)		163	(e)
Class C
Year ended 10/31/15		11.91		(0.22	)		(0.04	)		(0.26	)		(0.14	)		(0.66	)		(0.80	)		10.85		(2.32	)		1,584,982		1.96	(d)		2.01	(d)		(1.91	)(d)		10
Year ended 10/31/14		12.53		(0.23	)		0.52			0.29			—			(0.91	)		(0.91	)		11.91		2.77			1,930,318		1.95			1.99			(1.91	)		72
Year ended 10/31/13		12.59		(0.22	)		0.75			0.53			(0.24	)		(0.35	)		(0.59	)		12.53		4.34			2,550,094		1.89			1.96			(1.82	)		0
Year ended 10/31/12		11.80		(0.21	)		1.43			1.22			(0.31	)		(0.12	)		(0.43	)		12.59		10.61			1,898,066		1.85			1.97			(1.75	)		282
Year ended 10/31/11		11.56		(0.19	)		1.08			0.89			(0.45	)		(0.20	)		(0.65	)		11.80		8.21			383,786		1.79			2.06			(1.70	)		163	(e)
Class R
Year ended 10/31/15		12.20		(0.16	)		(0.05	)		(0.21	)		(0.21	)		(0.66	)		(0.87	)		11.12		(1.86	)		25,690		1.46	(d)		1.51	(d)		(1.41	)(d)		10
Year ended 10/31/14		12.75		(0.17	)		0.53			0.36			—			(0.91	)		(0.91	)		12.20		3.30			28,166		1.45			1.49			(1.41	)		72
Year ended 10/31/13		12.77		(0.17	)		0.77			0.60			(0.27	)		(0.35	)		(0.62	)		12.75		4.89			29,964		1.39			1.46			(1.32	)		0
Year ended 10/31/12		11.93		(0.15	)		1.44			1.29			(0.33	)		(0.12	)		(0.45	)		12.77		11.12			15,605		1.35			1.47			(1.25	)		282
Year ended 10/31/11		11.63		(0.14	)		1.10			0.96			(0.46	)		(0.20	)		(0.66	)		11.93		8.84			2,956		1.29			1.56			(1.20	)		163	(e)
Class Y
Year ended 10/31/15		12.51		(0.11	)		(0.05	)		(0.16	)		(0.28	)		(0.66	)		(0.94	)		11.41		(1.40	)		2,600,015		0.96	(d)		1.01	(d)		(0.91	)(d)		10
Year ended 10/31/14		12.99		(0.11	)		0.54			0.43			—			(0.91	)		(0.91	)		12.51		3.81			3,699,738		0.95			0.99			(0.91	)		72
Year ended 10/31/13		12.97		(0.10	)		0.78			0.68			(0.31	)		(0.35	)		(0.66	)		12.99		5.42			4,846,950		0.89			0.96			(0.82	)		0
Year ended 10/31/12		12.07		(0.10	)		1.47			1.37			(0.35	)		(0.12	)		(0.47	)		12.97		11.69			3,901,165		0.85			0.97			(0.75	)		282
Year ended 10/31/11		11.71		(0.08	)		1.11			1.03			(0.47	)		(0.20	)		(0.67	)		12.07		9.45			553,001		0.79			1.06			(0.70	)		163	(e)
Class R5
Year ended 10/31/15		12.51		(0.10	)		(0.06	)		(0.16	)		(0.28	)		(0.66	)		(0.94	)		11.41		(1.39	)		158,826		0.93	(d)		0.98	(d)		(0.88	)(d)		10
Year ended 10/31/14		12.99		(0.11	)		0.54			0.43			—			(0.91	)		(0.91	)		12.51		3.81			186,943		0.93			0.97			(0.89	)		72
Year ended 10/31/13		12.97		(0.10	)		0.78			0.68			(0.31	)		(0.35	)		(0.66	)		12.99		5.45			206,573		0.86			0.93			(0.79	)		0
Year ended 10/31/12		12.07		(0.08	)		1.45			1.37			(0.35	)		(0.12	)		(0.47	)		12.97		11.69			164,371		0.79			0.90			(0.69	)		282
Year ended 10/31/11		11.72		(0.08	)		1.11			1.03			(0.48	)		(0.20	)		(0.68	)		12.07		9.36			449,380		0.79			0.97			(0.70	)		163	(e)
Class R6
Year ended 10/31/15		12.53		(0.09	)		(0.05	)		(0.14	)		(0.30	)		(0.66	)		(0.96	)		11.43		(1.27	)		418,615		0.83	(d)		0.88	(d)		(0.78	)(d)		10
Year ended 10/31/14		12.99		(0.10	)		0.55			0.45			—			(0.91	)		(0.91	)		12.53		3.97			480,626		0.83			0.87			(0.79	)		72
Year ended 10/31/13		12.97		(0.09	)		0.77			0.68			(0.31	)		(0.35	)		(0.66	)		12.99		5.48			521,099		0.79			0.86			(0.72	)		0
Year ended 10/31/12(f)		13.13		(0.01	)		(0.15	)		(0.16	)		—			—			—			12.97		(3.14	)		554,557		0.76	(g)		0.85	(g)		(0.66	)(g)		282

^(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)  Ratios are based on average daily net assets (000’s omitted) of $2,731,347, $17,220, $1,796,591, $28,267, $3,394,711, $177,073 and $457,466 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Subsequent to issuance of its October 31, 2011 financial statements, the Fund revised the calculation of portfolio turnover as reflected in the financial highlights above.

^(f)  Commencement date of September 24, 2012.

26                         Invesco Balanced-Risk Allocation Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Balanced-Risk Allocation Fund:

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, and the related consolidated statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the consolidated financial position of Invesco Balanced-Risk Allocation Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These consolidated financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

27                         Invesco Balanced-Risk Allocation 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 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 May 1, 2015, through October 31, 2015.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. The amount of fees and expenses incurred indirectly by the Fund will vary because the underlying funds have varied expenses and fee levels and the Fund may own different proportions of the underlying funds at different times. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the underlying funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly are included in the Fund’s total return.

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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	944.70	$	5.93	$	1,019.11	$	6.16		1.21	%
B		1,000.00		941.00		9.59		1,015.32		9.96		1.96
C		1,000.00		941.00		9.59		1,015.32		9.96		1.96
R		1,000.00		944.00		7.15		1,017.85		7.43		1.46
Y		1,000.00		946.10		4.71		1,020.37		4.89		0.96
R5		1,000.00		946.10		4.56		1,020.52		4.74		0.93
R6		1,000.00		947.00		4.07		1,021.02		4.23		0.83

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

28                         Invesco Balanced-Risk Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) Series is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Balanced-Risk Allocation Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s

consideration of Invesco Advisers’ investment process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

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

B. Fund Performance

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

The Board compared the Fund’s performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Alternative Global Macro Funds Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one and five year periods and the second quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that

29                         Invesco Balanced-Risk Allocation Fund

performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was below the rate of one such mutual fund. The Board also noted how the Fund’s rate compared to the effective sub-adviser fee rate of three funds sub-advised by Invesco Advisers.

The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other client accounts with investment strategies comparable to those of the Fund. The Board noted that Invesco Advisers or the Affiliated Sub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board the significantly greater scope of services it provides to the Invesco Funds relative to certain other types of client accounts. These additional services include provision of administrative services, officers and office space, oversight of service providers, preparation of annual registration statement updates and financial information and regulatory compliance under the Investment Company Act of 1940, as amended.

Invesco Advisers also reviewed generally the higher frequency of shareholder purchases and redemptions in the Invesco Funds relative to the flow of assets for other client accounts. Invesco Advisers advised the Board that advance notice of redemptions is often provided to Invesco Advisers by institutional clients. The Board did note that sub-advisory fee rates charged by the

Affiliated Sub-Advisers to manage the Invesco Funds and to manage other client accounts tended to be more comparable, reflecting a similar scope of services. The information received by the Board demonstrated that the aggregate services provided to the Invesco Funds were sufficiently different from those provided to institutional clients to support the difference in fees.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Lipper and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the

organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

30                         Invesco Balanced-Risk Allocation 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 advisors.

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 October 31, 2015:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	238,503,716
Qualified Dividend Income*		0	%
Corporate Dividends Received Deduction*		0	%
U.S. Treasury Obligations*		50.41	%

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

Non-Resident Alien Shareholders
Qualified Short-Term Gains	$	247,065,364

31                         Invesco Balanced-Risk Allocation Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Balanced-Risk Allocation 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Balanced-Risk Allocation 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Balanced-Risk Allocation 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Balanced-Risk Allocation Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338                         IBRA-AR-1                                                          Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Balanced-Risk Commodity Strategy Fund
	Nasdaq:
	A: BRCAX  n  B: BRCBX  n  C: BRCCX  n  R: BRCRX  n  Y: BRCYX  n  R5: BRCNX  n  R6: IBRFX

Letters to Shareholders

Philip Taylor

Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest. The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European

Central Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.

Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                          Invesco Balanced-Risk Commodity Strategy Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                          Invesco Balanced-Risk Commodity Strategy Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Balanced-Risk Commodity Strategy Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg Commodity 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, 10/31/14 to 10/31/15, 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	-18.66	%
Class B Shares	-19.24
Class C Shares	-19.26
Class R Shares	-18.90
Class Y Shares	-18.45
Class R5 Shares	-18.33
Class R6 Shares	-18.20
Bloomberg Commodity Indexq(Broad Market/Style-Specific Index)	-25.72

Source(s): ^q Bloomberg LP

Market conditions and your Fund

The fiscal year ended October 31, 2015, was a difficult period for commodities with all four complexes – agriculture, energy, precious metals and industrial metals – posting negative results. The Fund’s performance for the reporting period was also negative. The Fund invests with a long bias in these four commodity complexes and makes tactical adjustments on a monthly basis to try and take advantage of short-term market dynamics. Tactical positioning within energy, industrial metals and precious metals obtained through the use of swaps and futures contributed to Fund performance for the reporting period.

    The fiscal year began with a decline in commodity prices led by a sharp fall in oil prices and continued across the four previously mentioned primary commodity complexes. Energy losses intensified through the end of 2014 as OPEC decided to maintain current production levels. Industrial metals fell on weaker Chinese economic data while precious metals struggled against low inflation and the advancing US dollar. Agriculture supply levels remained suficient to keep prices

suppressed through the end of 2014.     Commodities continued to fall in the first quarter of 2015 due to ongoing strength in the US dollar, high oil supply levels and concerns over the outlook for global growth. Prices in three of the four commodity complexes declined, with precious metals being the only contributor to Fund performance for the first quarter of 2015. The uninterrupted advance in the US dollar weighed on demand for US grain exports, which hurt agricultural prices. Energy-related commodities still struggled from surging US oil production and inventories. Industrial metals were weighed down by declining gross domestic product growth in China. Given this backdrop, the Fund’s tactical exposure obtained through the use of derivatives, mainly futures and swaps, benefited Fund results for the first quarter of 2015 due to a defensive posture across all commodity complexes.

    Commodity prices finally generated positive returns during the second quarter of 2015 as the US dollar returned some of its first quarter gains. Results were mixed across the four primary commodity complexes, with energy and

agriculture-related commodities ending the quarter with higher prices, while industrial and precious metals prices declined. Energy-related commodities, which rallied strongly in April 2015, benefited from a slowing rig count in the US and military conflict between Saudi Arabia and Yemen. Agriculture-related commodities advanced on a late-quarter rally driven by a softening supply glut and fears that the El Nino weather phenomenon could have wreaked havoc in the summer, therefore negatively impacting crop yield. Industrial metals were weighed down by concerns over the Chinese economy, while precious metals were pressured by higher interest rates and also failed to benefit from potential safe-haven demand. The Fund’s tactical exposure obtained through the use of derivatives, mainly futures and swaps, detracted from Fund results in the second quarter of 2015 due to strong price reversals inter-quarter across all commodity complexes.

    The bear market in commodities returned in earnest during the third quarter of 2015 as the Bloomberg Commodity Index reached a multi-decade low. Concerns over China’s economy (the biggest consumer of grains) slowing, the decline in energy and industrial and precious metals commodity markets, and the direction of US interest rates put pressure on the commodity asset class. All four complexes finished the third quarter of 2015 with losses. The decline in energy-related commodities was primarily due to bloated inventories and rising production. Agriculture-related commodities were weighed down by US dollar strength and optimistic harvest forecasts, while industrial metals fell in concert with weaker Chinese economic growth and China’s plunging stock market. Precious metals, more specifically gold, failed to deliver on their perceived safe-haven allure and were further pressured by the strength of the US dollar. The Fund’s tactical exposure achieved

Target Risk Allocation and Notional Asset Weights as of 10/31/15
By commodity sector
Commodity Sector	Target Risk Allocation*	Notional Asset   Weights**
Agriculture	34.18%	28.90%
Energy	28.03	18.19
Industrial Metals	16.86	15.01
Precious Metals	20.93	19.57
Total	100.00	81.67

 * Reflects the risk that each commodity sector is expected to contribute to the overall risk of the Fund as measured by standard deviation and estimates of risk based on historical data. Standard deviation measures the annualized fluctuations (volatility) of monthly returns.

** Proprietary models determine the Notional Asset Weights necessary to achieve the Target Risk Allocations. Total Notional Asset Weight greater than 100% is achieved through derivatives and other instruments that create leverage.

Total Net Assets $ 632.8 million

4                          Invesco Balanced-Risk Commodity Strategy Fund

through the use of derivatives, mainly futures and swaps, was favorable for the third quarter of 2015 due to underweight exposures across the four commodity complexes.

    The Fund finished the fiscal year with a modest decline in October 2015. Commodities continued to be weighed down by dollar strength, excess supplies and concerns over the Chinese economy. The Fund’s style-specific index was down 25.72% for the fiscal year ended October 31, 2015, posting the longest slide on record for the index dating to 1991. Results were mixed across the four primary commodity complexes – agriculture, energy, precious metals and industrial metals – in the final month of the Fund’s fiscal year with industrial metals being the primary detractor from Fund performance. Energy-related commodities declined, led by natural gas erasing any positive price performance seen from West Texas Intermediate and Brent crude oil prices that also detracted from Fund performance. Agriculture-related commodity prices were positive due to a rally in sugar and cotton, while precious metals prices were supported by dovish comments from the US Federal Reserve. Strategic positioning in these complexes helped Fund performance.

    Please note that our strategy is principally implemented with derivative instruments that include futures, total return swaps and commodity linked-notes. Therefore, all or most of the performance of the Fund, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued commitment to Invesco Balanced-Risk Commodity Strategy Fund.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	Mark Ahnrud Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco Balanced-Risk
Commodity Strategy Fund. He joined Invesco in 2000. Mr. Ahnrud earned a BS in finance and investments from Babson College and an MBA from Duke University Fuqua School of Business.
	Chris Devine Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Commodity
Strategy Fund. He joined Invesco in 1998. Mr. Devine earned a BA in economics from Wake Forest University and an MBA from the University of Georgia.
	Scott Hixon Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Commodity
Strategy Fund. He joined Invesco in 1994. Mr. Hixon earned a BBA in finance from Georgia Southern University and an MBA from Georgia State University.
	Christian Ulrich Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Commodity
Strategy Fund. He joined Invesco in 2000. Mr. Ulrich earned the equivalent of a BBA from the KV Zurich Business School in Zurich, Switzerland.
	Scott Wolle Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Commodity
Strategy Fund. He joined Invesco in 1999. Mr. Wolle earned a BS in finance from Virginia Polytechnic Institute and State University and an MBA from Duke University Fuqua School of Business.
Assisted by the Invesco Global Asset Allocation Team

5                          Invesco Balanced-Risk Commodity Strategy Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 11/30/10

Past performance cannot guarantee comparable future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical

shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable. 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6                          Invesco Balanced-Risk Commodity Strategy Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (11/30/10)	-9.07	%
1 Year	-23.15
Class B Shares
Inception (11/30/10)	-9.04	%
1 Year	-23.27
Class C Shares
Inception (11/30/10)	-8.70	%
1 Year	-20.07
Class R Shares
Inception (11/30/10)	-8.21	%
1 Year	-18.90
Class Y Shares
Inception (11/30/10)	-7.74	%
1 Year	-18.45
Class R5 Shares
Inception (11/30/10)	-7.71	%
1 Year	-18.33
Class R6 Shares
Inception	-7.82	%
1 Year	-18.20

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

    The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.57%, 2.32%, 2.32%, 1.82%, 1.32%, 1.19% and 1.10%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.62%, 2.37%, 2.37%, 1.87%, 1.37%,

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (11/30/10)	-9.43	%
1 Year	-23.34
Class B Shares
Inception (11/30/10)	-9.40	%
1 Year	-23.63
Class C Shares
Inception (11/30/10)	-9.05	%
1 Year	-20.44
Class R Shares
Inception (11/30/10)	-8.56	%
1 Year	-19.27
Class Y Shares
Inception (11/30/10)	-8.07	%
1 Year	-18.71
Class R5 Shares
Inception (11/30/10)	-8.04	%
1 Year	-18.59
Class R6 Shares
Inception	-8.18	%
1 Year	-18.69

1.24% and 1.15%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. 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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

7                          Invesco Balanced-Risk Commodity Strategy Fund

Invesco Balanced-Risk Commodity Strategy Fund’s investment objective is to provide total return.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

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

About share classes

n Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing

in the Fund

n Commodities tax risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from certain commodity-linked derivatives was treated as non-qualifying income, the Fund might fail to qualify as a regulated investment company and be subject to federal income tax at the Fund level. The Fund has received a private letter ruling from the Internal Revenue Service confirming that income derived from the Fund’s investment in a form of commodity-linked note constitutes qualifying income to the Fund. The Fund also has applied to the IRS for a private letter ruling relating to the Subsidiary. The Internal Revenue Service has issued a number of similar letter rulings, including to another Invesco fund (upon which only the fund that received the private letter ruling can rely), which indicate that income from a mutual fund’s investment in a wholly owned foreign subsidiary that invests in commodity- linked derivatives, such as the Subsidiary, constitutes qualifying income. However, the Internal Revenue Service suspended issuance in July 2011 of any further private letter rulings pending a review of its position. Should the

Internal Revenue Service issue guidance, or Congress enact legislation, that adversely affects the tax treatment of the Fund’s use of commodity-linked notes or the Subsidiary (which guidance might be applied retroactively to the Fund’s investment in the Subsidiary), it could limit the Fund’s ability to pursue its investment strategy and the Fund might not qualify as a regulated investment company for one or more years. In this event, the Fund’s Board of Trustees may authorize a significant change in investment strategy or Fund liquidation. The Fund also may incur transaction and other costs to comply with any new or additional guidance from the Internal Revenue Service.

n Commodity-linked notes risk. The Fund’s investments in commodity-linked notes may involve substantial risks, including risk of loss of a significant portion of their principal value. In addition to risks associated with the underlying commodities, they may be subject to additional special risks, such as the lack of a secondary trading market and temporary price distortions due to speculators and/or the continuous rolling over of futures contracts underlying the notes. Commodity-linked notes are also subject to counterparty risk, which is the risk that the other party to the contract will not fulfill its contractual obligation to complete the transaction with the Fund.

n Commodity risk. The Fund will concentrate its investments in commodities markets. The Fund’s significant investment exposure to the commodities markets and/or a particular sector of the commodities markets, which may subject the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate widely based on a variety of factors, including changes in overall market movements, domestic and foreign political and economic events and policies, war, acts of terrorism, changes in domestic or foreign interest rates and/ or investor expectations concerning interest rates, domestic and foreign inflation rates and investment and trading activities of mutual funds, hedge funds

and commodities funds. Prices of various commodities may also be affected by factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Because the Fund’s performance is linked to the performance of potentially volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of the Fund’s shares.

n Correlation risk. Changes in the value of two investments or asset classes may not track or offset each other in the manner anticipated by the portfolio managers. Because the Fund’s investment strategy seeks to balance risk across the four sectors of the commodities markets and, within each commodity sector, to balance risk across different commodities, to the extent either the four sectors of the commodities markets or the selected commodities are correlated in a way not anticipated by the portfolio managers the Fund’s risk allocation process may not succeed in achieving its investment objective.

n Credit risk. The issuer of instruments in which the Fund invests may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

n Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and

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

8                          Invesco Balanced-Risk Commodity Strategy Fund

increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These risks are greater for the Fund than most other mutual funds because the Fund will implement its investment strategy primarily through derivative instruments rather than direct investments in stocks and bonds.

n Exchange-traded funds risk. An investment by the Fund in exchange-traded funds generally presents the same primary risks as an investment in a mutual fund. In addition, an exchange-traded fund may be subject to the following: (1) a discount of the exchange-traded fund’s shares to its net asset value; (2) failure to develop an active trading market for the exchange-traded fund’s shares; (3) the listing exchange halting trading of the exchange-traded fund’s shares; (4) failure of the exchange-traded fund’s shares to track the referenced asset; and (5) holding troubled securities in the referenced index or basket of investments. Investments in exchange-traded funds may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the exchange-traded funds in which it invests. Further, certain of the exchange-traded funds in which the Fund may invest are leveraged. The more the Fund invests in such leveraged exchange-traded funds, the more this leverage will magnify any losses on those investments.

n Exchange-traded notes risk. Exchange-traded notes are subject to credit risk, including the credit risk of the issuer, and the value of the exchange-traded note may drop due to a downgrade in the issuer’s credit rating, despite the underlying market benchmark or strategy remaining unchanged. The value of

an exchange-traded note may also be influenced by time to maturity, level of supply and demand for the exchange-traded note, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, changes in the issuer’s credit rating, and economic, legal, political, or geographic events that affect the referenced underlying market or strategy. Exchange-traded notes are also subject to the risk that the other party to the contract will not fulfill its contractual obligations, which may cause losses or additional costs to the Fund.

n Interest rate risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.

n Liquidity risk. The Fund may hold illiquid securities that it is unable to sell at the preferred time or price and could lose its entire investment in such securities. The Fund’s significant use of derivative instruments may cause liquidity risk to be greater than other mutual funds that invest in more traditional assets such as stocks and bonds, which trade on markets with more market participants.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results. Because the Fund’s investment process relies heavily on its asset allocation process, market movements that are counter to the portfolio managers’ expectations may have a significant adverse effect on the Fund’s net asset value. Further, the portfolio managers’ use of short derivative positions and instruments that provide economic leverage increases the volatility of the Fund’s net asset value, which increases the potential of greater losses that may cause the Fund to liquidate positions when it may not be advantageous to do so.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Subsidiary risk. By investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary’s

investments. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (1940 Act), and, except as otherwise noted in this prospectus is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and could negatively affect the Fund and its shareholders.

n US government obligations risk. The Fund may invest in obligations issued by US government agencies and instrumentalities that may receive varying levels of support from the government, which could affect the Fund’s ability to recover should they default.

n Volatility risk. The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time.

About indexes used in this report

n The Bloomberg Commodity Index is an unmanaged index designed to be a highly liquid and diversified benchmark for the commodity futures market.

n 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).

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

9                          Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Schedule of Investments

October 31, 2015

	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Securities–65.06%
U.S. Treasury Bills–26.28%(a)
U.S. Treasury Bills(b)(c)		0.08	%		01/07/16	$	8,400,000	$	8,399,075
U.S. Treasury Bills(b)(c)		0.10	%		01/14/16		20,600,000		20,596,863
U.S. Treasury Bills		0.10	%		01/14/16		12,600,000		12,598,082
U.S. Treasury Bills(b)(d)		0.13	%		01/21/16		11,760,000		11,758,299
U.S. Treasury Bills(b)(d)		0.14	%		01/28/16		10,550,000		10,548,086
U.S. Treasury Bills		0.14	%		01/28/16		43,060,000		43,052,187
U.S. Treasury Bills(b)(d)		0.24	%		03/03/16		6,440,000		6,438,034
U.S. Treasury Bills		0.24	%		03/03/16		31,950,000		31,940,246
U.S. Treasury Bills(b)		0.26	%		03/10/16		2,210,000		2,209,286
U.S. Treasury Bills(b)		0.25	%		03/17/16		4,090,000		4,088,531
U.S. Treasury Bills		0.25	%		03/17/16		14,680,000		14,674,727
									166,303,416
U.S. Treasury Notes–38.78%
U.S. Treasury Notes(b)(c)(e)		0.07	%		01/31/16		15,410,000		15,411,004
U.S. Treasury Notes(e)		0.07	%		01/31/16		62,880,000		62,884,095
U.S. Treasury Notes(b)(c)(e)		0.09	%		04/30/16		16,180,000		16,182,004
U.S. Treasury Notes(e)		0.09	%		04/30/16		95,510,000		95,521,830
U.S. Treasury Notes(b)(e)		0.09	%		07/31/16		11,450,000		11,451,056
U.S. Treasury Notes(e)		0.09	%		07/31/16		43,910,000		43,914,049
									245,364,038
Total U.S. Treasury Securities (Cost $411,605,732)									411,667,454
						Shares
Exchange Traded Funds–3.16%
PowerShares DB Gold Fund (Cost $28,384,102)(f)							535,000		20,009,000
				Expiration Date		Principal Amount
Commodity-Linked Securities–2.39%
Barclays Bank PLC (United Kingdom), Series B, U.S. Federal Funds (Effective) rate minus 0.06% (linked to the Barclays Diversified Energy-Metals TR Index, multiplied by 3) (Cost $16,800,000)(g)					09/06/16	$	16,800,000		15,146,112
						Shares
Money Market Funds–29.31%
Liquid Assets Portfolio–Institutional Class, 0.16%(h)							76,179,240		76,179,240
Premier Portfolio–Institutional Class, 0.12%(h)							76,179,240		76,179,240
STIC (Global Series) PLC–U.S. Dollar Liquidity Portfolio (Ireland)–Institutional Class, 0.11%(b)(h)							33,100,637		33,100,637
Total Money Market Funds (Cost $185,459,117)									185,459,117
TOTAL INVESTMENTS–99.92% (Cost $642,248,951)									632,281,683
OTHER ASSETS LESS LIABILITIES–0.08%									481,361
NET ASSETS–100.00%								$	632,763,044

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

10                         Invesco Balanced-Risk Commodity Strategy Fund

Open Futures Contracts
Futures Contracts	Type of Contract			Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation (Depreciation)
Coffee C(b)		Long			152		December-2015	$	6,894,150		$	(936,003	)
Corn(b)		Long			473		December-2015		9,040,212			(729,476	)
Cotton No. 2(b)		Long			726		December-2015		22,985,160			(689,044	)
LME Nickel(b)		Short			109		December-2015		(6,571,719	)		(181,823	)
LME Zinc(b)		Short			186		December-2015		(7,908,488	)		500,761
Natural Gas(b)		Long			1,125		December-2015		6,527,813			(2,116,219	)
NYH RBOB Gasoline (Globex)(b)		Long			550		December-2015		31,683,960			2,075,337
Soybean(b)		Long			865		July-2016		38,935,812			112,890
Wheat(b)		Long			348		December-2015		9,082,800			(789,036	)
Total Futures Contracts — Commodity Risk											$	(2,752,613	)
Open Over-The-Counter Total Return Swap Agreements
Swap Agreements	Type of Contract		Counterparty	Number of Contracts		Termination Date		Notional Value			Unrealized Appreciation (Depreciation)
Receive a return equal to the Barclays Brent Crude Roll Yield Excess Return Index and pay the product of (i) 0.35% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	Barclays Bank PLC		69,200		March-2016	$	21,220,803		$	219,233
Receive a return equal to the Barclays WTI Crude Roll Yield Excess Return Index and pay the product of (i) 0.35% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	Barclays Bank PLC		64,500		March-2016		16,719,600			80,606
Receive a return equal to the Optimum GSCI Heating Oil Roll Yield 9m Excess Return Index and pay the product of (i) 0.37% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	Barclays Bank PLC		18,900		February-2016		4,683,025			4,509
Receive a floating rate equal to the Optimum GSCI Live Cattle Roll Yield Excess Return Index and pay the product of (i) 0.47% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Short	Barclays Bank PLC		30,500		January-2016		(4,163,531	)		(118,965	)
Pay/Receive a return equal to the Enhanced Strategy Cotton AB31 on the S&P GSCI Cotton Excess Return Index and pay the product of (i) 0.45% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	Goldman Sachs International		73,000		October-2016		2,536,270			42,988
Receive a return equal to the Enhanced Strategy Sugar A141 on the S&P GSCI Sugar Excess Return Index and pay the product of (i) 0.37% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	Goldman Sachs International		154,500		March-2016		32,523,749			0
Pay/Receive a floating rate equal to the S&P GSCI Brent Crude 1 Month Forward Index Excess Return and pay the product of (i) 0.12% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Short	Goldman Sachs International		13,600		June-2016		(7,696,028	)		0
Receive a return equal to the S&P GSCI Crude Oil 1 Month Forward Index Excess Return and pay the product of (i) 0.12% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	Goldman Sachs International		62,600		April-2016		17,075,070			0
Receive a return equal to the S&P GSCI Gasoil 1 Month Forward Index Excess Return and pay the product of (i) 0.12% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	Goldman Sachs International		14,450		April-2016		6,667,058			0
Pay/Receive a floating rate equal to the S&P GSCI Heating Oil 1 Month Forward Index Excess Return and pay the product of (i) 0.12% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Short	Goldman Sachs International		46,500		June-2016		(11,037,552	)		0

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

11                         Invesco Balanced-Risk Commodity Strategy Fund

Swap Agreements	Type of Contract		Counterparty	Number of Contracts		Termination Date		Notional Value			Unrealized Appreciation (Depreciation)
Pay/Receive a floating rate equal to the S&P GSCI Unleaded Gasoline 1 Month Forward Index Excess Return and pay the product of (i) 0.12% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Short	Goldman Sachs International		5,800		April-2016	$	(4,612,659	)	$	0
Receive a return equal to the S&P GSCI Soybean Meal Excess Return Index and pay the product of (i) 0.30% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	Goldman Sachs International		37,050		September-2016		41,597,591			(285,025	)
Receive a return equal to the J.P. Morgan Contag Beta Gas Oil Excess Return Index and pay the product of (i) 0.25% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	JPMorgan Chase Bank, N.A.		11,400		April-2016		2,602,596			60,794
Receive a return equal to the S&P GSCI Gold Index Excess Return and pay the product of (i) 0.09% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	JPMorgan Chase Bank, N.A.		464,500		October-2016		45,278,531			(959,100	)
Receive a return equal to the Macquarie Single Commodity Silver type A Excess Return Index and pay the product of (i) 0.16% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	Macquarie Bank Ltd.		205,200		May-2016		39,521,417			(839,863	)
Receive a return equal to the Modified Macquarie Single Commodity Sugar type A Excess Return Index and pay the product of (i) 0.34% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	Macquarie Bank Ltd.		95,700		March-2016		17,954,152			122,640
Receive a return equal to the Merrill Lynch Gold Excess Return Index and pay the product of (i) 0.14% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	Merrill Lynch International		50,300		June-2016		7,521,530			0
Receive a return equal to the MLCX Aluminum Annual Excess Return Index and pay the product of (i) 0.28% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	Merrill Lynch International		487,800		September-2016		42,221,305			0
Receive a return equal to the MLCX Dynamic Enhanced Copper Excess Return Index and pay the product of (i) 0.25% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	Merrill Lynch International		107,850		May-2016		53,852,460			0
Receive a return equal to the MS Soybean Oil Dynamic Roll Index and pay the product of (i) 0.30% of the Notional Amount multiplied by (ii) days in the period divided by 365(b)		Long	Morgan Stanley Capital Services LLC		47,000		April-2016		6,424,374			(65,490	)
Total Swap Agreements — Commodity Risk											$	(1,737,673	)

Index Information:

Barclays Diversified Energy-Metals Total Return Index – a basket of indices that provide exposure to various components of the energy and metals markets. The underlying commodities comprising the indices are: Gold, Silver, Copper, Brent Crude Oil, WTI Crude oil, Gasoil and Unleaded Gasoline.

Notes to Consolidated 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) The investment is owned by the Subsidiary. See Note 5.

^(c) All or a portion of the value was designated as collateral for open swap agreements. See Note 1K and Note 4.

^(d) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J and Note 4.

^(e) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2015.

^(f) Affiliated company during the period. The Investment Company Act of 1940 defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The value of this security as of October 31, 2015 represented 3.16% of the Fund’s Net Assets. See Note 6.

^(g) Security purchased or received in 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 value of this security at October 31, 2015 represented 2.39% of the Fund’s Net Assets.

^(h) The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

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

12                         Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $428,405,732)	$	426,813,566
Investments in affiliates, at value (Cost $213,843,219)		205,468,117
Total investments, at value (Cost $642,248,951)		632,281,683
Receivable for:
Variation margin — futures		2,086,830
Fund shares sold		659,399
Dividends and interest		76,527
Swaps receivables		4,615,808
Investment for trustee deferred compensation and retirement plans		65,461
Unrealized appreciation on swap agreements — OTC		530,770
Other assets		49,099
Total assets		640,365,577
Liabilities:
Payable for:
Fund shares reacquired		355,464
Swaps payable		4,585,856
Accrued fees to affiliates		232,125
Accrued trustees’ and officers’ fees and benefits		2,261
Accrued other operating expenses		20,893
Trustee deferred compensation and retirement plans		137,491
Unrealized depreciation on swap agreements — OTC		2,268,443
Total liabilities		7,602,533
Net assets applicable to shares outstanding	$	632,763,044
Net assets consist of:
Shares of beneficial interest	$	683,402,903
Undistributed net investment income		4,027,493
Undistributed net realized gain (loss)		(40,209,798	)
Net unrealized appreciation (depreciation)		(14,457,554	)
	$	632,763,044

Net Assets:
Class A	$	34,891,605
Class B	$	258,205
Class C	$	2,544,255
Class R	$	362,929
Class Y	$	217,527,537
Class R5	$	259,674,355
Class R6	$	117,504,158
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		5,337,979
Class B		40,754
Class C		402,146
Class R		55,982
Class Y		32,812,396
Class R5		39,113,032
Class R6		17,673,156
Class A:
Net asset value per share	$	6.54
Maximum offering price per share
(Net asset value of $6.54 ¸ 94.50%)	$	6.92
Class B:
Net asset value and offering price per share	$	6.34
Class C:
Net asset value and offering price per share	$	6.33
Class R:
Net asset value and offering price per share	$	6.48
Class Y:
Net asset value and offering price per share	$	6.63
Class R5:
Net asset value and offering price per share	$	6.64
Class R6:
Net asset value and offering price per share	$	6.65

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

13                         Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends from affiliates	$	141,208
Interest		370,775
Total investment income		511,983
Expenses:
Advisory fees		7,000,528
Administrative services fees		186,700
Custodian fees		19,642
Distribution fees:
Class A		98,571
Class B		3,569
Class C		29,316
Class R		1,860
Transfer agent fees — A, B, C, R and Y		707,370
Transfer agent fees — R5		270,115
Trustees’ and officers’ fees and benefits		37,353
Other		215,120
Total expenses		8,570,144
Less: Fees waived and expense offset arrangement(s)		(301,230	)
Net expenses		8,268,914
Net investment income (loss)		(7,756,931	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(21,872,743	)
Futures contracts		(11,235,378	)
Swap agreements		(101,390,388	)
		(134,498,509	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		5,092,501
Futures contracts		(9,694,025	)
Swap agreements		7,051,562
		2,450,038
Net realized and unrealized gain (loss)		(132,048,471	)
Net increase (decrease) in net assets resulting from operations	$	(139,805,402	)

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

14                         Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2015 and 2014

	2015			2014
Operations:
Net investment income (loss)	$	(7,756,931	)	$	(7,753,789	)
Net realized gain (loss)		(134,498,509	)		(73,181,888	)
Change in net unrealized appreciation (depreciation)		2,450,038			(5,977,815	)
Net increase (decrease) in net assets resulting from operations		(139,805,402	)		(86,913,492	)
Share transactions–net:
Class A		(4,063,412	)		(15,519,112	)
Class B		(174,641	)		(497,940	)
Class C		(420,247	)		(814,012	)
Class R		70,412			(84,233	)
Class Y		302,605			49,824,052
Class R5		44,452,063			36,076,794
Class R6		11,895,316			21,545,333
Net increase in net assets resulting from share transactions		52,062,096			90,530,882
Net increase (decrease) in net assets		(87,743,306	)		3,617,390
Net assets:
Beginning of year		720,506,350			716,888,960
End of year (includes undistributed net investment income of $4,027,493 and $10,708,705, respectively)	$	632,763,044		$	720,506,350

Notes to Consolidated Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Balanced-Risk Commodity Strategy Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these consolidated financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund will seek to gain exposure to the commodity markets primarily through investments in the Invesco Cayman Commodity Fund III Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives. The Fund may invest up to 25% of its total assets in the Subsidiary.

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

The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6. 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 R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded.

15                         Invesco Balanced-Risk Commodity Strategy Fund

Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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 Consolidated 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 Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated 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 Consolidated Statement of Operations and the Consolidated 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 Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

16                         Invesco Balanced-Risk Commodity Strategy Fund

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

E. Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated 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 Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

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

G. Accounting Estimates — The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which 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. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

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 consolidated financial statements are released to print.

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

I. Structured Securities — The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”). Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed (i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.

J. Futures Contracts — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. 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 Consolidated 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 Consolidated 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 Consolidated Statement of Assets and Liabilities.

17                         Invesco Balanced-Risk Commodity Strategy Fund

K. 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. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Consolidated 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 Consolidated 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 Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. 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 Consolidated 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. 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.

L. Other Risks — The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in exchange traded funds and commodity-linked derivatives. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange traded notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

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

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		1	.05%
Next $250 million		1	.025%
Next $500 million		1	.00%
Next $1.5 billion		0	.975%
Next $2.5 billion		0	.95%
Next $2.5 billion		0	.925%
Next $2.5 billion		0	.90%
Over $10 billion		0	.875%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 1.03%.

The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary’s average daily net assets as set forth in the table above.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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).

18                         Invesco Balanced-Risk Commodity Strategy Fund

The Adviser has contractually agreed, through at least June 30, 2016, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or reimbursements (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75% of average daily net assets, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees of $298,961.

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 October 31, 2015, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Consolidated 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 B, 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 B, 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 B and Class C shares and 0.50% of the average daily net assets of Class R shares. 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

October 31, 2015, expenses incurred under the Plans are shown in the Consolidated 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 October 31, 2015, IDI advised the Fund that IDI retained $2,484 in front-end sales commissions from the sale of Class A shares and $201, $415 and $479 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

19                         Invesco Balanced-Risk Commodity Strategy Fund

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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
Commodity-Linked Securities	$	—		$	15,146,112		$	—	$	15,146,112
Exchange Traded Fund		20,009,000			—			—		20,009,000
U.S. Treasury Securities		—			411,667,454			—		411,667,454
Money Market Funds		185,459,117			—			—		185,459,117
	$	205,468,117		$	426,813,566		$	—	$	632,281,683
Futures*		(2,752,613	)		—			—		(2,752,613	)
Swap Agreements*		—			(1,737,673	)		—		(1,737,673	)
Total Investments	$	202,715,504		$	425,075,893		$	—	$	627,791,397

* Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

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 October 31, 2015:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Commodity risk:
Futures contracts(a)	$	2,688,988	$	(5,441,601	)
Swap agreements(b)		530,770		(2,268,443	)
Total	$	3,219,758	$	(7,710,044	)

^(a)  Includes cumulative appreciation (depreciation) of futures contracts. Only current day’s variation margin receivable is reported within the Consolidated Statement of Assets and Liabilities.

^(b)  Values are disclosed on the Consolidated Statement of Assets and Liabilities under the caption Unrealized appreciation on swap agreements — OTC and Unrealized depreciation on swap agreements — OTC.

Effect of Derivative Investments for the year ended October 31, 2015

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 Consolidated Statement of Operations
	Futures Contracts			Swap Agreements
Realized Gain (Loss):
Commodity risk	$	(11,235,378	)	$	(101,390,388	)
Change in Net Unrealized Appreciation (Depreciation):
Commodity risk		(9,694,025	)		7,051,562
Total	$	(20,929,403	)	$	(94,338,826	)

The table below summarizes the average notional value of futures contracts and swap agreements outstanding during the period.

	Futures Contracts		Swap Agreements
Average notional value	$	141,167,463	$	464,184,887

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Consolidated Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

20                         Invesco Balanced-Risk Commodity Strategy Fund

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2015.

	Gross amounts of Recognized Assets		Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities								Net Amount
			Financial Instruments			Collateral Received
Counterparty						Non-Cash			Cash
Subsidiary
Barclays Bank PLC	$	305,245	$	(134,956	)	$	—		$	—	$	170,289
Goldman Sachs International		4,478,690		(643,994	)		—			—		3,834,696
JPMorgan Chase Bank, N.A.		60,794		(60,794	)		—			—		—
Macquarie Bank Ltd.		122,640		(122,640	)		—			—		—
Merrill Lynch International		179,205		(179,205	)		—			—		—
Morgan Stanley Capital Services LLC		4		(4	)		—			—		—
Total	$	5,146,578	$	(1,141,593	)	$	—		$	—	$	4,004,985
	Gross amounts of Recognized Liabilities		Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities								Net Amount
			Financial Instruments			Collateral Pledged
Counterparty						Non-Cash			Cash
Subsidiary
Barclays Bank PLC	$	134,956	$	(134,956	)	$	—		$	—	$	—
Goldman Sachs International		643,994		(643,994	)		—			—		—
JPMorgan Chase Bank, N.A.		960,265		(60,794	)		(899,471	)		—		—
Macquarie Bank Ltd.		1,111,205		(122,640	)		(988,565	)		—		—
Merrill Lynch International		3,937,597		(179,205	)		(3,758,392	)		—		—
Morgan Stanley Capital Services LLC		66,282		(4	)		—			—		66,278
Total	$	6,854,299	$	(1,141,593	)	$	(5,646,428	)	$	—	$	66,278

NOTE 5—Subsidiary Information

The Fund’s Consolidated Schedule of Investments includes the holdings, including any investments in derivatives, of both the Fund and the Subsidiary. The Fund’s Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations and Consolidated Statement of Changes in Net Assets include the account balances of both the Fund and the Subsidiary and all interfund transactions have been eliminated.

The table below summarizes the financial information of the Subsidiary recognized in the consolidated financial statements referred to above.

Selected Financial Information	Invesco Cayman Commodity Fund III Ltd. (the “Subsidiary”)
Total assets	$	147,428,817
Total liabilities		(6,858,294	)
Net assets		140,570,523
Total investment income		117,707
Net investment income (loss)		(1,540,592	)
Net realized gain (loss) from:
Investment securities		2,310
Futures contracts		(11,235,377	)
Swap agreements		(101,390,388	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		1,426
Futures contracts		(9,694,025	)
Swap agreements		7,051,561
Increase (decrease) in net assets resulting from operations	$	(116,805,085	)

21                         Invesco Balanced-Risk Commodity Strategy Fund

NOTE 6—Investments in Other Affiliates

The 1940 Act defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The following is a summary of the investments in other affiliates for the year ended October 31, 2015.

	Value 10/31/14		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 10/31/15		Dividend Income
PowerShares DB Gold Fund	$	21,024,180	$	—	$	(280,626	)	$	(610,593	)	$	(123,961	)	$	20,009,000	$	—

NOTE 7—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 October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,269.

NOTE 8—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 9—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Consolidated 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 10—Distributions to Shareholders and Tax Components of Net Assets

There were no ordinary income and long-term gain distributions paid for the years ended October 31, 2014 and October 31, 2015.

Tax Components of Net Assets at Period-End:

	2015
Net unrealized appreciation (depreciation) — investments	$	(2,937,916	)
Net unrealized appreciation — other investments		318,937
Temporary book/tax differences		(136,507	)
Capital loss carryforward		(42,621,346	)
Late-year ordinary loss deferral		(5,263,027	)
Shares of beneficial interest		683,402,903
Total net assets	$	632,763,044

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 partnerships adjustments.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

22                         Invesco Balanced-Risk Commodity Strategy Fund

The Fund has a capital loss carryforward as of October 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
October 31, 2016	$	276,503	$	—	$	276,503
Not subject to expiration		34,888,091		7,456,752		42,344,843
	$	35,164,594	$	7,456,752	$	42,621,346

* Capital loss carryforward as of the date listed above 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 11—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $48,749,000 and $30,628,136, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $40,550,560 and $19,004,224, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	65,185
Aggregate unrealized (depreciation) of investment securities		(3,003,101	)
Net unrealized appreciation (depreciation) of investment securities	$	(2,937,916	)
Cost of investments for tax purposes is $635,219,599.

NOTE 12—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of swap agreement income, net operating losses and net investment losses from subsidiary, on October 31, 2015, undistributed net investment income was increased by $1,075,719, undistributed net realized gain (loss) was increased by $124,749,934 and shares of beneficial interest was decreased by $125,825,653. This reclassification had no effect on the net assets of the Fund.

NOTE 13—Share Information

	Summary of Share Activity
	Years ended October 31,
	2015(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		1,108,280		$	7,837,926			2,976,484		$	26,030,155
Class B		1,605			10,000			904			7,902
Class C		75,087			523,510			95,677			824,090
Class R		11,649			84,240			15,425			135,101
Class Y		37,995,426			284,276,655			33,970,673			301,075,976
Class R5		9,523,280			69,940,562			6,288,265			55,370,590
Class R6		4,086,457			29,552,374			3,104,708			27,058,977
Automatic conversion of Class B shares to Class A shares:
Class A		9,717			68,576			36,589			323,416
Class B		(9,992	)		(68,576	)		(37,280	)		(323,416	)
Reacquired:
Class A		(1,670,209	)		(11,969,914	)		(4,784,440	)		(41,872,683	)
Class B		(16,316	)		(116,065	)		(21,273	)		(182,426	)
Class C		(133,757	)		(943,757	)		(191,231	)		(1,638,102	)
Class R		(2,039	)		(13,828	)		(24,847	)		(219,334	)
Class Y		(38,158,873	)		(283,974,050	)		(28,413,450	)		(251,251,924	)
Class R5		(3,555,024	)		(25,488,499	)		(2,277,011	)		(19,293,796	)
Class R6		(2,526,951	)		(17,657,058	)		(622,491	)		(5,513,644	)
Net increase in share activity		6,738,340		$	52,062,096			10,116,702		$	90,530,882

(a) There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 41% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is 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 Trust has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

    In addition, 18% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are mutual funds that are advised by Invesco.

23                         Invesco Balanced-Risk Commodity Strategy Fund

NOTE 14—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			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 feewaivers 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 10/31/15	$	8.04	$	(0.10	)	$	(1.40	)	$	(1.50	)	$	—		$	6.54		(18.66	)%	$	34,892		1.55	%(d)		1.59	%(d)		(1.47	)%(d)		17	%
Year ended 10/31/14		9.05		(0.11	)		(0.90	)		(1.01	)		—			8.04		(11.16	)		47,339		1.30			1.57			(1.25	)		21
Year ended 10/31/13		10.73		(0.11	)		(1.35	)		(1.46	)		(0.22	)		9.05		(13.89	)		69,350		1.22			1.47			(1.14	)		47
Year ended 10/31/12		10.42		(0.12	)		0.43			0.31			—			10.73		2.97			99,577		1.22			1.46			(1.13	)		152
Year ended 10/31/11(e)		10.00		(0.12	)		0.54			0.42			—			10.42		4.20			7,659		1.22	(f)		1.54	(f)		(1.13	)(f)		0
Class B
Year ended 10/31/15		7.85		(0.16	)		(1.35	)		(1.51	)		—			6.34		(19.24	)		258		2.30	(d)		2.34	(d)		(2.22	)(d)		17
Year ended 10/31/14		8.91		(0.17	)		(0.89	)		(1.06	)		—			7.85		(11.90	)		514		2.05			2.32			(2.00	)		21
Year ended 10/31/13		10.59		(0.18	)		(1.33	)		(1.51	)		(0.17	)		8.91		(14.44	)		1,096		1.97			2.22			(1.89	)		47
Year ended 10/31/12		10.36		(0.20	)		0.43			0.23			—			10.59		2.22			3,773		1.97			2.21			(1.88	)		152
Year ended 10/31/11(e)		10.00		(0.19	)		0.55			0.36			—			10.36		3.60			277		1.97	(f)		2.29	(f)		(1.88	)(f)		0
Class C
Year ended 10/31/15		7.84		(0.15	)		(1.36	)		(1.51	)		—			6.33		(19.26	)		2,544		2.30	(d)		2.34	(d)		(2.22	)(d)		17
Year ended 10/31/14		8.89		(0.17	)		(0.88	)		(1.05	)		—			7.84		(11.81	)		3,612		2.05			2.32			(2.00	)		21
Year ended 10/31/13		10.58		(0.18	)		(1.34	)		(1.52	)		(0.17	)		8.89		(14.55	)		4,948		1.97			2.22			(1.89	)		47
Year ended 10/31/12		10.35		(0.20	)		0.43			0.23			—			10.58		2.22			8,585		1.97			2.21			(1.88	)		152
Year ended 10/31/11(e)		10.00		(0.19	)		0.54			0.35			—			10.35		3.50			1,822		1.97	(f)		2.29	(f)		(1.88	)(f)		0
Class R
Year ended 10/31/15		7.99		(0.12	)		(1.39	)		(1.51	)		—			6.48		(18.90	)		363		1.80	(d)		1.84	(d)		(1.72	)(d)		17
Year ended 10/31/14		9.02		(0.13	)		(0.90	)		(1.03	)		—			7.99		(11.42	)		371		1.55			1.82			(1.50	)		21
Year ended 10/31/13		10.71		(0.13	)		(1.36	)		(1.49	)		(0.20	)		9.02		(14.13	)		504		1.47			1.72			(1.39	)		47
Year ended 10/31/12		10.42		(0.15	)		0.44			0.29			—			10.71		2.78			386		1.47			1.71			(1.38	)		152
Year ended 10/31/11(e)		10.00		(0.14	)		0.56			0.42			—			10.42		4.20			111		1.47	(f)		1.79	(f)		(1.38	)(f)		0
Class Y
Year ended 10/31/15		8.13		(0.09	)		(1.41	)		(1.50	)		—			6.63		(18.45	)		217,528		1.30	(d)		1.34	(d)		(1.22	)(d)		17
Year ended 10/31/14		9.13		(0.09	)		(0.91	)		(1.00	)		—			8.13		(10.95	)		268,106		1.05			1.32			(1.00	)		21
Year ended 10/31/13		10.81		(0.09	)		(1.36	)		(1.45	)		(0.23	)		9.13		(13.69	)		250,463		0.97			1.22			(0.89	)		47
Year ended 10/31/12		10.47		(0.09	)		0.43			0.34			—			10.81		3.25			240,404		0.97			1.21			(0.88	)		152
Year ended 10/31/11(e)		10.00		(0.09	)		0.56			0.47			—			10.47		4.70			59,063		0.97	(f)		1.29	(f)		(0.88	)(f)		0
Class R5
Year ended 10/31/15		8.13		(0.08	)		(1.41	)		(1.49	)		—			6.64		(18.33	)		259,674		1.15	(d)		1.19	(d)		(1.07	)(d)		17
Year ended 10/31/14		9.13		(0.09	)		(0.91	)		(1.00	)		—			8.13		(10.95	)		269,490		1.02			1.19			(0.97	)		21
Year ended 10/31/13		10.80		(0.09	)		(1.35	)		(1.44	)		(0.23	)		9.13		(13.61	)		266,031		0.97			1.20			(0.89	)		47
Year ended 10/31/12		10.47		(0.09	)		0.42			0.33			—			10.80		3.15			238,710		0.97			1.14			(0.88	)		152
Year ended 10/31/11(e)		10.00		(0.09	)		0.56			0.47			—			10.47		4.70			102,857		0.97	(f)		1.21	(f)		(0.88	)(f)		0
Class R6
Year ended 10/31/15		8.13		(0.07	)		(1.41	)		(1.48	)		—			6.65		(18.20	)		117,504		1.05	(d)		1.09	(d)		(0.97	)(d)		17
Year ended 10/31/14		9.13		(0.08	)		(0.92	)		(1.00	)		—			8.13		(10.95	)		131,076		0.99			1.10			(0.94	)		21
Year ended 10/31/13		10.80		(0.08	)		(1.36	)		(1.44	)		(0.23	)		9.13		(13.61	)		124,497		0.97			1.12			(0.89	)		47
Year ended 10/31/12(e)		11.15		(0.01	)		(0.34	)		(0.35	)		—			10.80		(3.14	)		101,349		0.97	(f)		1.15	(f)		(0.88	)(f)		152

^(a)  Calculated using average shares outstanding.

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

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ended October 31, 2012, the portfolio turnover calculation excludes the value of securities purchased of $32,276,528 and sold of $14,234,590 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Commodities Strategy Fund into the Fund.

^(d)  Ratios are based on average daily net assets (000’s omitted) of $39,428, $357, $2,932, $372, $241,126, $270,119 and $126,969 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Commencement date of November 30, 2010 for Class A, Class B, Class C, Class R, Class Y and Class R5 shares. Commencement date of September 24, 2012 for Class R6 shares.

^(f)  Annualized.

24                         Invesco Balanced-Risk Commodity Strategy Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Balanced-Risk Commodity Strategy Fund:

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, and the related consolidated statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the consolidated financial position of Invesco Balanced-Risk Commodity Strategy Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, 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 then ended and the financial highlights for each of the four years in the period then ended and for the period November 30, 2010 (commencement of operations) through October 31, 2011, in conformity with accounting principles generally accepted in the United States of America. These consolidated financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

25                         Invesco Balanced-Risk Commodity Strategy 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 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 May 1, 2015, through October 31, 2015.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. The amount of fees and expenses incurred indirectly by the Fund will vary because the underlying funds have varied expenses and fee levels and the Fund may own different proportions of the underlying funds at different times. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the underlying funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly are included in the Fund’s total return.

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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	887.40	$	7.42	$	1,017.34	$	7.93		1.56	%
B		1,000.00		884.20		10.97		1,013.56		11.72		2.31
C		1,000.00		884.10		10.97		1,013.56		11.72		2.31
R		1,000.00		885.20		8.60		1,016.08		9.20		1.81
Y		1,000.00		887.60		6.23		1,018.60		6.67		1.31
R5		1,000.00		888.90		5.52		1,019.36		5.90		1.16
R6		1,000.00		889.00		5.05		1,019.86		5.40		1.06

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

26                         Invesco Balanced-Risk Commodity Strategy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Balanced-Risk Commodity Strategy Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports form the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s

consideration of Invesco Advisers’ investment process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

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

B. Fund Performance

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

The Board noted that only four calendar years of comparative performance data was available for the Fund. The Board compared the Fund’s performance during the past one, three and four calendar years to the performance of funds in the Lipper performance universe and against the Lipper Commodities General Funds Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and four year periods and the third quintile for the three year period (the first quintile being

27                         Invesco Balanced-Risk Commodity Strategy Fund

the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and four year periods. Invesco Advisers noted that recent performance was helped by being underweight to Energy relative to the Fund’s peers. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was at the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board noted that Invesco Advisers and its affiliates do not manage other mutual funds or client accounts with investment strategies comparable to those of the Fund.

The Board did consider the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other client accounts that are managed using an investment process substantially similar to the investment process use for the Fund. The Board noted that Invesco Advisers or the Affiliated Sub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board the significantly greater scope of services it provides to the Invesco Funds relative to certain other types of client accounts. These additional services include provision of administrative services, officers and office space, oversight of service providers, preparation of annual registration statement updates and financial information and regulatory compliance under the Investment Company Act of 1940, as amended.

Invesco Advisers also reviewed generally the higher frequency of shareholder purchases and redemptions in the Invesco Funds relative to the flow of assets for other client accounts. Invesco Advisers advised the Board that advance notice of redemptions is often provided to Invesco Advisers by institutional clients. The Board did note that sub-advisory fee rates charged by the Affiliated Sub-Advisers to manage the Invesco Funds and to manage other client accounts tended to be more comparable, reflecting a

similar scope of services. The information received by the Board demonstrated that the aggregate services provided to the Invesco Funds were sufficiently different from those provided to institutional clients to support the difference in fees.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Lipper and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund

pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

28                         Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Balanced-Risk Commodity Strategy 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Balanced-Risk Commodity Strategy 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Balanced-Risk Commodity Strategy 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Balanced-Risk Commodity Strategy Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 BRCS-AR-1 Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Greater China Fund
	Nasdaq:
	A: AACFX  n  B: ABCFX  n  C: CACFX  n  Y: AMCYX  n  R5: IACFX

Letters to Shareholders

       Philip Taylor Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.     The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European Central

Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.

Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                         Invesco Greater China Fund

Bruce Crockett	Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
	n	Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.
	n	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                         Invesco Greater China Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Greater China Fund (the Fund), at net asset value (NAV), outperformed the MSCI Golden Dragon 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, 10/31/14 to 10/31/15, 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	6.47	%
Class B Shares	5.69
Class C Shares	5.65
Class Y Shares	6.73
Class R5 Shares	6.93
MSCI Golden Dragon Index▼ (Broad Market/Style-Specific Index)*	-3.32
MSCI EAFE Index▼ (Former Broad Market Index)*	-0.07
MSCI China 10/40 Index▼ (Former Style-Specific Index)*	-0.56
Lipper China Region Funds Index¡ (Peer Group Index)	-4.60

Source(s): ^▼FactSet Research Systems Inc.; ¡Lipper Inc.

* The Fund has elected to use the MSCI Golden Dragon Index to represent its broad market/style-specific benchmark rather than the MSCI EAFE Index and the MSCI China 10/40 Index because the MSCI Golden Dragon Index more closely reflects the performance of the types of securities in which the Fund invests.

Market conditions and your Fund

International markets experienced increased volatility during the fiscal year ended October 31, 2015, driven largely by the continued slowdown in energy markets and the economic downturn in China. Developed markets were generally able to withstand these headwinds, even as more fragile emerging markets began to falter.

Chinese equities had a strong start to the fiscal year and recorded solid gains especially the restricted A-share market. Markets rose as the government unveiled positive measures to reform the financial system combined with policy easing to support growth. For example, the government introduced a local government financing vehicle debt swap program to help de-risk the Chinese banking system, which helped investor sentiment. The People’s Bank of China (PBOC)

also eased monetary policy, which helped to replenish liquidity in the system while also supporting the equity markets. This helped the Greater China markets become the best-performing markets in Asia in the first quarter of 2015, and the liquidity driven rally in China spilled over to Hong Kong and Taiwan.

Chinese equities declined sharply at the beginning of the third quarter in 2015. In the summer of 2015, fears of a potential economic slowdown in China dominated headlines and Chinese markets experienced a sharp downturn. The combination of a slowing Chinese economy, excessive margin financing and the fading impact of monetary policy easing contributed to a sharp sell-off in domestic Chinese equities – particularly in the restricted A-share market. The

Chinese government eventually implemented measures to temper the sell-off including a freeze on initial public offerings and the launch of a stabilization fund backed by brokers. Markets stumbled once more in the third quarter of 2015 as the PBOC adjusted the Chinese renminbi fixing mechanism to allow the market to play a greater role in setting the exchange rate, which led to some volatility of the renminbi against the US dollar.

    The Fund experienced several changes during the fiscal year. Effective March 30, 2015, Mike Shiao replaced Joseph Tang as Portfolio Manager of the Fund. Mr. Shiao is the Chief Investment Officer of Invesco’s Greater China equities team. He joined Invesco in 2002 and has more than 23 years investing experience. In June, the Fund was renamed Invesco Greater China Fund, and it adopted a principal investment strategy under which the Fund invests at least 80% of its net assets in equity or equity-related instruments issued by companies located or operating in Greater China (includes mainland China, Hong Kong, Macau and Taiwan). The Fund also changed its investment process to a bottom-up fundamental analysis with a “sustainable value” investment style and changed its broad market/style-specific benchmark to the MSCI Golden Dragon Index.

    Relative outperformance versus the Fund’s broad market/style-specific benchmark was primarily driven by stock selection and underweight exposure to the financials sector. The Fund’s holdings in the insurance and banking industries led relative performance in the sector. Beijing-based China Life Insurance Company was the largest contributor to performance within the sector. The

Portfolio Composition
By sector	% of total net assets

Information Technology	27.2	%
Consumer Discretionary	24.2
Financials	12.8
Consumer Staples	12.5
Telecommunications Services	8.4
Industrials	8.0
Energy	3.9
Utilities	1.7
Health Care	0.6
Money Market Funds
Plus Other Assets Less Liabilities	0.7

Top 10 Equity Holdings*
	% of total net assets

1.	China Mobile Ltd.	8.4	%
2.	Tencent Holdings Ltd.	6.1
3.	AIA Group Ltd.	5.5
4.	Taiwan Semiconductor Manufacturing Co. Ltd.	5.3
5.	Ping An Insurance (Group) Co. of China Ltd. - Class H	4.8
6.	CK Hutchison Holdings Ltd.	4.6
7.	Minth Group Ltd.	4.2
8.	Sun Art Retail Group Ltd.	4.2
9.	China Petroleum & Chemical Corp. - Class H	3.9
10.	FIH Mobile Ltd.	3.9

Total Net Assets	$73.1 million
Total Number of Holdings*	32

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.

Data presented here are as of October 31, 2015.

4                Invesco Greater China Fund

nation’s largest insurer experienced a significant rise in the first half of the fiscal year as the stock market rally boosted investment returns and its premium income expanded. We sold the holding in the second quarter of 2015 before the company declined along with the rest of the market.

    Stock selection in and overweight exposure to the consumer discretionary sector also contributed to the Fund’s relative performance. Footwear manufacturer Yue Yuen Industrial Holdings was a significant contributor to the Fund’s performance during the reporting period. The company was boosted in the third quarter of 2015 after posting some gains on the back of positive earnings and attractive dividend yields. Pou Sheng International, a sportswear retailer in mainland China, and Hong Kong-based furniture company Man Wah Holdings also contributed to relative performance.

    Stock selection in the consumer staples and information technology sectors also contributed to relative performance. In the consumer staples sector, China Mengniu Dairy, China’s largest producer of milk and ice cream, was one of the leading individual contributors to the Fund’s performance. We sold our holding in China Mengniu Dairy before the close of the fiscal year. Internet and mobile services company Tencent Holdings was the leading contributor to performance in the information technology sector.

    Some of the Fund’s outperformance was offset by stock selection in and underweight exposure to the industrials sector. Beijing Enterprises Holdings was the leading detractor from relative performance within the sector. Not owning several strong-performing companies held in the Fund’s broad market/style-specific index also detracted from relative performance.

    Overweight exposure to the health care and energy sectors also detracted from relative results. In the health care sector, relative underperformance was driven by the Fund’s pharmaceutical holdings, which included Shanghai Pharmaceuticals, Guangzhou Baiyunshan Pharmaceuticals and Luye Pharma Group. We sold our holdings in Shanghai Pharmaceuticals, Guangzhou Baiyunshan Pharmaceuticals and Luye Pharma Group before the close of the reporting period. Within the energy sector, oil and gas companies PetroChina, China Shenua Energy and CNOOC detracted from both absolute and relative results. PetroChina, China Shenua Energy and CNOOC were no longer held by the Fund at the close of the fiscal year.

    China’s economy continues to transition to a “new normal” level of more sustainable growth – moving away from a manufacturing dominant economic model to one with greater dependence placed on consumer demand. In monitoring the progress in China’s transformation, we focus on how the government simultaneously manages two key challenges: first, unwinding the accumulated imbalances in debt and capacity while preventing growth from slowing too sharply, and second, continuing to advance structural reforms to improve markets and growth opportunities. With our bottom-up approach, we continue to look for companies that have earnings visibility, a long-term competitive advantage, sound balance sheets and reasonable valuations.

    Thank you for your continued investment in Invesco Greater China Fund.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

Mike Shiao Portfolio Manager and Chief Investment Officer of Invesco’s Greater China equities team, is manager of

Invesco Greater China Fund. He joined Invesco in 2002. Mr. Shiao earned a bachelor’s degree from National Chung Hsing University, Taiwan and an MS in finance from Drexel University.

5                Invesco Greater China Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 3/31/06

Past performance cannot guarantee comparable future results.

    During the reporting period, the Fund elected to use the MSCI Golden Dragon Index to represent its broad market/style-specific benchmark rather than the MSCI EAFE Index and the MSCI China 10/40 Index because the MSCI Golden Dragon Index more closely reflects the performance of the types of securities in which the Fund invests. Because this is the first reporting period since we have adopted

the new index, SEC guidelines require that we compare performance to both the old and new indexes.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable.

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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

subject to the creditworthiness of the issuing bank or broker-dealer.

n Preferred securities risk. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If the Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received this income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments.

n Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record

of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

n Unique economic and political risks of investing in China. China remains a totalitarian country with the following risks: nationalization, expropriation, or confiscation of property; difficulty in obtaining and/or enforcing judgments; alteration or discontinuation of economic reforms; military conflicts, either

internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of China; and China’s dependency on the economies of other Asian countries, many of which are developing countries.

About indexes used in this report

n The MSCI Golden Dragon Index is an unmanaged index considered representative of equity market performance of large- and mid-cap China securities and non-domestic China securities listed in Hong Kong and Taiwan. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

continued on page 7

6                         Invesco Greater China Fund

Average Annual Total Returns

As of 10/31/15, including maximum applicable sales charges

Class A Shares
Inception (3/31/06)	8.37	%
5 Years	-1.31
1 Year	0.61
Class B Shares
Inception (3/31/06)	8.34	%
5 Years	-1.32
1 Year	0.69
Class C Shares
Inception (3/31/06)	8.19	%
5 Years	-0.93
1 Year	4.65
Class Y Shares
Inception	9.20	%
5 Years	0.07
1 Year	6.73
Class R5 Shares
Inception (3/31/06)	9.52	%
5 Years	0.28
1 Year	6.93

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit

Average Annual Total Returns

As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (3/31/06)	7.57	%
5 Years	-1.84
1 Year	-1.85
Class B Shares
Inception (3/31/06)	7.54	%
5 Years	-1.86
1 Year	-1.90
Class C Shares
Inception (3/31/06)	7.40	%
5 Years	-1.46
1 Year	2.11
Class Y Shares
Inception	8.41	%
5 Years	-0.46
1 Year	4.17
Class R5 Shares
Inception (3/31/06)	8.72	%
5 Years	-0.26
1 Year	4.38

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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The total annual Fund operating

expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y and Class R5 shares was 1.85%, 2.60%, 2.60%, 1.60% and 1.39%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R5 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.

continued from page 6

n The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

n The MSCI China 10/40 Index is a free float-adjusted market-capitalization index that measures equity market performance in China, taking into consideration concentration constraints applicable to funds registered for sale in Europe pursuant to the UCITS III Directive. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

n The Lipper China Region Funds Index is an unmanaged index considered representative of China region funds tracked by Lipper.

n 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).

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

n Industry 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.

7                Invesco Greater China Fund

Invesco Greater China Fund’s investment objective is long-term growth of capital.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

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

About share classes

n Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

n Active trading risk. The Fund engages in frequent trading of portfolio securities. Active trading results in added expenses and may result in a lower return and increased tax liability.

n Changing fixed income market conditions risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates at or near zero. There is a risk that interest rates will rise when the FRB and central banks raise these rates. This risk is heightened due to the FRB’s quantitative easing program and the “tapering” of other similar foreign central bank actions. This eventual increase in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

n Convertible securities risk. The Fund may own convertible securities, the value of which may be affected by market interest rates, the risk that the issuer

will default, the value of the underlying stock or the right of the issuer to buy back the convertible securities.

n Credit risk. The issuer of instruments in which the Fund invests may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

n Depositary receipts risk. Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities.

n Developing/emerging markets securities risk. The prices of securities issued by foreign companies and governments located in developing/emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

n Foreign government debt risk. Investments in foreign government debt obligations involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

n Geographic focus risk. From time to time the Fund may invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. If the Fund focuses its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund’s investment performance may also be more volatile if it focuses its investments in certain countries, especially emerging markets countries.

n Interest rate risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Participation notes risk. Investments in participation notes involve the same risks associated with a direct investment in the underlying security, currency or market they seek to replicate. In addition, the Fund has no rights under participation notes against the issuer of the underlying security and is

continued on page 6

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

8                Invesco Greater China Fund

Schedule of Investments^(a)

October 31, 2015

	Shares		Value
Common Stocks & Other Equity Interests–99.32%(b)
Apparel Retail–1.37%
Pou Sheng International (Holdings) Ltd. (Hong Kong)(c)		6,303,000	$	1,004,459
Auto Parts & Equipment–4.21%
Minth Group Ltd.		1,492,000		3,081,951
Automobile Manufacturers–0.27%
Jiangling Motors Corp., Ltd.–Class B	��	61,500		197,058
Electronic Components–3.17%
Chin-Poon Industrial Co., Ltd. (Taiwan)		932,000		1,241,313
Largan Precision Co., Ltd. (Taiwan)		14,000		1,076,956
				2,318,269
Electronic Manufacturing Services–6.30%
FIH Mobile Ltd.		5,924,000		2,817,095
Hon Hai Precision Industry Co., Ltd. (Taiwan)		677,150		1,788,244
				4,605,339
Food Retail–2.77%
President Chain Store Corp. (Taiwan)		307,000		2,025,125
Footwear–5.31%
Stella International Holdings Ltd.		761,500		1,879,525
Yue Yuen Industrial (Holdings) Ltd. (Hong Kong)		550,000		2,004,912
				3,884,437
Gas Utilities–1.72%
Towngas China Co. Ltd. (Hong Kong)		1,849,000		1,257,151
Health Care Equipment–0.56%
MicroPort Scientific Corp.(c)		988,000		411,461
Home Furnishings–2.71%
Man Wah Holdings Ltd. (Hong Kong)		1,743,600		1,981,822
Hotels, Resorts & Cruise Lines–1.56%
Shanghai Jinjiang International Hotels Development Co., Ltd.–Class B		356,891		1,139,910
Hypermarkets & Super Centers–4.20%
Sun Art Retail Group Ltd. (Hong Kong)		3,752,000		3,068,166
Industrial Conglomerates–7.97%
Beijing Enterprises Holdings Ltd.		395,500		2,494,892
CK Hutchison Holdings Ltd. (Hong Kong)		244,000		3,333,219
				5,828,111
Integrated Oil & Gas–3.93%
China Petroleum & Chemical Corp.–Class H		3,990,000		2,877,676
Internet Retail–4.05%
E-commerce China Dangdang, Inc.–Class A,–ADR(c)		121,640		823,503

	Shares		Value
Internet Retail–(continued)
Vipshop Holdings Ltd.–ADR(c)		104,311	$	2,140,462
				2,963,965
Internet Software & Services–12.49%
Baidu, Inc.–ADR(c)		9,955		1,866,264
Tencent Holdings Ltd.		238,000		4,466,586
Weibo Corp.–ADR(c)		173,677		2,799,673
				9,132,523
Life & Health Insurance–10.26%
AIA Group Ltd. (Hong Kong)		683,600		3,991,751
Ping An Insurance (Group) Co. of China Ltd.–Class H		627,500		3,509,951
				7,501,702
Packaged Foods & Meats–2.17%
Uni-President China Holdings Ltd.		1,940,000		1,587,271
Personal Products–3.31%
Hengan International Group Co. Ltd.		224,500		2,420,052
Property & Casualty Insurance–2.57%
PICC Property and Casualty Co. Ltd.–Class H		830,080		1,880,628
Restaurants–2.40%
Ajisen China Holdings Ltd. (Hong Kong)		3,673,000		1,753,017
Semiconductors–5.26%
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		913,000		3,843,286
Specialty Stores–2.34%
Chow Tai Fook Jewellery Group Ltd. (Hong Kong)		2,003,400		1,713,744
Wireless Telecommunication Services–8.42%
China Mobile Ltd.		517,500		6,156,250
Total Common Stocks & Other Equity Interests (Cost $75,918,626)				72,633,373
Money Market Funds–0.88%
Liquid Assets Portfolio–Institutional Class, 0.16%(d)		322,958		322,958
Premier Portfolio–Institutional Class, 0.12%(d)		322,957		322,957
Total Money Market Funds (Cost $645,915)				645,915
TOTAL INVESTMENTS–100.20% (Cost $76,564,541)				73,279,288
OTHER ASSETS LESS LIABILITIES–(0.20)%				(145,977	)
NET ASSETS–100.00%			$	73,133,311

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

9                         Invesco Greater China Fund

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

^(b) Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be China unless otherwise noted.

^(c) Non-income producing security.

^(d) The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

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

10                         Invesco Greater China Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $75,918,626)	$	72,633,373
Investments in affiliated money market funds, at value and cost		645,915
Total investments, at value (Cost $76,564,541)		73,279,288
Receivable for:
Fund shares sold		183,529
Dividends		29,163
Investment for trustee deferred compensation and retirement plans		47,742
Other assets		17,943
Total assets		73,557,665
Liabilities:
Payable for:
Investments purchased		197,949
Fund shares reacquired		39,017
Accrued fees to affiliates		69,207
Accrued trustees’ and officers’ fees and benefits		1,454
Accrued other operating expenses		63,780
Trustee deferred compensation and retirement plans		52,947
Total liabilities		424,354
Net assets applicable to shares outstanding	$	73,133,311
Net assets consist of:
Shares of beneficial interest	$	110,633,462
Undistributed net investment income		539,600
Undistributed net realized gain (loss)		(34,754,495	)
Net unrealized appreciation (depreciation)		(3,285,256	)
	$	73,133,311

Net Assets:
Class A	$	53,087,021
Class B	$	2,599,906
Class C	$	13,921,555
Class Y	$	3,449,495
Class R5	$	75,334
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		2,516,243
Class B		127,289
Class C		682,716
Class Y		163,199
Class R5		3,559
Class A:
Net asset value per share	$	21.10
Maximum offering price per share
(Net asset value of $21.10 ¸ 94.50%)	$	22.33
Class B:
Net asset value and offering price per share	$	20.43
Class C:
Net asset value and offering price per share	$	20.39
Class Y:
Net asset value and offering price per share	$	21.14
Class R5:
Net asset value and offering price per share	$	21.17

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

11                         Invesco Greater China Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends (net of foreign withholding taxes of $216,581)	$	2,284,418
Dividends from affiliated money market funds		1,310
Total investment income		2,285,728
Expenses:
Advisory fees		781,926
Administrative services fees		50,000
Custodian fees		60,916
Distribution fees:
Class A		150,259
Class B		41,491
Class C		154,668
Transfer Agent Fees — A, B, C and Y		266,206
Transfer agent fees — R5		67
Trustees’ and officers’ fees and benefits		20,773
Other		185,848
Total expenses		1,712,154
Less: Fees waived and expense offset arrangement(s)		(3,686	)
Net expenses		1,708,468
Net investment income		577,260
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		7,049,823
Foreign currencies		(15,669	)
		7,034,154
Change in net unrealized appreciation (depreciation) of:
Investment securities		(2,934,575	)
Foreign currencies		28
		(2,934,547	)
Net realized and unrealized gain		4,099,607
Net increase in net assets resulting from operations	$	4,676,867

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

12                         Invesco Greater China Fund

Statement of Changes in Net Assets

For the years ended October 31, 2015 and 2014

	2015			2014
Operations:
Net investment income (loss)	$	577,260		$	(318,816	)
Net realized gain		7,034,154			12,285,009
Change in net unrealized appreciation (depreciation)		(2,934,547	)		(13,395,379	)
Net increase (decrease) in net assets resulting from operations		4,676,867			(1,429,186	)
Distributions to shareholders from net investment income:
Class A		(268,684	)		(846,845	)
Class B		—			(16,420	)
Class C		—			(47,698	)
Class Y		(25,936	)		(59,852	)
Class R5		(865	)		(5,462	)
Total distributions from net investment income		(295,485	)		(976,277	)
Share transactions–net:
Class A		(13,093,503	)		(11,916,527	)
Class B		(3,019,590	)		(2,003,637	)
Class C		(2,861,129	)		(4,995,375	)
Class Y		(1,077,083	)		52,909
Class R5		(31,944	)		(307,144	)
Net increase (decrease) in net assets resulting from share transactions		(20,083,249	)		(19,169,774	)
Net increase (decrease) in net assets		(15,701,867	)		(21,575,237	)
Net assets:
Beginning of year		88,835,178			110,410,415
End of year (includes undistributed net investment income of $539,600 and $234,405, respectively)	$	73,133,311		$	88,835,178

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Greater China Fund, formerly Invesco China Fund, (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of five different classes of shares: Class A, Class B, Class C, Class Y and Class R5. 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 and Class R5 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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

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

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

13                         Invesco Greater China Fund

asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

14                         Invesco Greater China Fund

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

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

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

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

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

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

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

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

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

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

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

K. Other Risks — Investing in a single-country mutual fund involves greater risk than investing in a more diversified fund due to lack of exposure to other countries. The political and economic conditions and changes in regulatory, tax or economic policy in a single country could significantly affect the market in that country and in surrounding or related countries.

Investing in developing countries can add additional risk, such as high rates of inflation or sharply devalued currencies against the U.S. dollar.

Transaction costs are often higher and there may be delays in settlement procedures.

Certain securities issued by companies in China may be less liquid, harder to sell or more volatile than U.S. securities.

15                         Invesco Greater China Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0	.935%
Next $250 million		0	.91%
Next $500 million		0	.885%
Next $1.5 billion		0	.86%
Next $2.5 billion		0	.835%
Next $2.5 billion		0	.81%
Next $2.5 billion		0	.785%
Over $10 billion		0	.76%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.94%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc., and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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, 2016, 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 B, Class C, Class Y and Class R5 shares to 2.25%, 3.00%, 3.00%, 2.00% and 2.00% of average daily net assets, respectively. 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, 2016. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees of $2,768.

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 October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, 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 B, Class C, Class Y and Class R5 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 B and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class B and Class C shares. 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 October 31, 2015, 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 October 31, 2015, IDI advised the Fund that IDI retained $16,809 in front-end sales commissions from the sale of Class A shares and $487, $4,881 and $1,693 from Class A, Class B and Class C 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.

16                         Invesco Greater China Fund

NOTE 3—Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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.

During the year ended October 31, 2015, there were transfers from Level 1 to Level 2 of $6,347,214, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Consumer Discretionary	$	5,817,619	$	11,902,744	$	—	$	17,720,363
Consumer Staples		—		9,100,614		—		9,100,614
Energy		—		2,877,676		—		2,877,676
Financials		—		9,382,330		—		9,382,330
Health Care		—		411,461		—		411,461
Industrials		—		5,828,111		—		5,828,111
Information Technology		4,665,937		15,233,480		—		19,899,417
Telecommunication Services		—		6,156,250		—		6,156,250
Utilities		—		1,257,151		—		1,257,151
Money Market Funds		645,915		—		—		645,915
Total Investments	$	11,129,471	$	62,149,817	$	—	$	73,279,288

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $918.

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 State Street Bank and Trust Company, 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.

17                         Invesco Greater China Fund

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2015 and 2014:

	2015		2014
Ordinary income	$	295,485	$	976,277

Tax Components of Net Assets at Period-End:

	2015
Undistributed ordinary income	$	591,297
Net unrealized appreciation (depreciation) — investments		(3,310,263	)
Net unrealized appreciation (depreciation) — other investments		(3	)
Temporary book/tax differences		(51,697	)
Capital loss carryforward		(34,729,485	)
Shares of beneficial interest		110,633,462
Total net assets	$	73,133,311

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

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of October 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
October 31, 2016	$	23,381,627	$	—	$	23,381,627
October 31, 2017		11,347,858		—		11,347,858
	$	34,729,485	$	—	$	34,729,485

* Capital loss carryforward as of the date listed above 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 Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $105,406,284 and $124,676,441, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	3,059,732
Aggregate unrealized (depreciation) of investment securities		(6,369,995	)
Net unrealized appreciation (depreciation) of investment securities	$	(3,310,263	)

Cost of investments for tax purposes is $76,589,551.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies, on October 31, 2015, undistributed net investment income was increased by $23,420 and undistributed net realized gain (loss) was decreased by $23,420. This reclassification had no effect on the net assets of the Fund.

18                         Invesco Greater China Fund

NOTE 10—Share Information

	Summary of Share Activity
	Years ended October 31,
	2015(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		544,471		$	12,200,811			720,306		$	14,781,137
Class B		2,757			54,843			10,113			199,431
Class C		101,802			2,205,552			55,095			1,084,665
Class Y		135,375			3,100,738			105,131			2,148,178
Class R5		1,144			22,484			998			19,651
Issued as reinvestment of dividends:
Class A		13,413			255,787			36,522			773,530
Class B		—			—			736			15,234
Class C		—			—			2,087			43,148
Class Y		1,259			24,002			2,588			54,829
Class R5		37			721			242			5,129
Automatic conversion of Class B shares to Class A shares:
Class A		69,008			1,476,447			28,520			569,466
Class B		(71,079	)		(1,476,447	)		(29,290	)		(569,466	)
Reacquired:
Class A		(1,269,798	)		(27,026,548	)		(1,401,485	)		(28,040,660	)
Class B		(78,472	)		(1,597,986	)		(83,442	)		(1,648,836	)
Class C		(246,214	)		(5,066,681	)		(315,673	)		(6,123,188	)
Class Y		(198,394	)		(4,201,823	)		(105,289	)		(2,150,098	)
Class R5		(2,801	)		(55,149	)		(16,233	)		(331,924	)
Net increase (decrease) in share activity		(997,492	)	$	(20,083,249	)		(989,074	)	$	(19,169,774	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 18% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

19                         Invesco Greater China Fund

NOTE 11—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			Net asset value, end of  period(b)		Total return(c)			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(d)
Class A
Year ended 10/31/15	$	19.93	$	0.18		$	1.08		$	1.26		$	(0.09	)	$	21.10		6.36	%	$	53,087		1.88	%(e)		1.88	%(e)		0.85	%(e)		130	%
Year ended 10/31/14		20.31		(0.03	)		(0.13	)		(0.16	)		(0.22	)		19.93		(0.87	)		62,957		1.85			1.85			(0.15	)		124
Year ended 10/31/13		17.90		0.09			2.44			2.53			(0.12	)		20.31		14.18			76,691		1.78			1.78			0.50			148
Year ended 10/31/12		17.52		0.11			0.37			0.48			(0.10	)		17.90		2.79			82,713		1.80			1.80			0.64			109
Year ended 10/31/11		21.93		0.12			(4.49	)		(4.37	)		(0.04	)		17.52		(19.96	)		102,248		1.67			1.67			0.57			97
Class B
Year ended 10/31/15		19.35		0.02			1.06			1.08			—			20.43		5.58			2,600		2.63	(e)		2.63	(e)		0.10	(e)		130
Year ended 10/31/14		19.71		(0.18	)		(0.14	)		(0.32	)		(0.04	)		19.35		(1.61	)		5,303		2.60			2.60			(0.90	)		124
Year ended 10/31/13		17.39		(0.05	)		2.37			2.32			—			19.71		13.34			7,411		2.53			2.53			(0.25	)		148
Year ended 10/31/12		17.05		(0.02	)		0.36			0.34			—			17.39		1.99			9,703		2.55			2.55			(0.11	)		109
Year ended 10/31/11		21.46		(0.04	)		(4.37	)		(4.41	)		—			17.05		(20.55	)		13,988		2.42			2.42			(0.18	)		97
Class C
Year ended 10/31/15		19.32		0.02			1.05			1.07			—			20.39		5.54			13,922		2.63	(e)		2.63	(e)		0.10	(e)		130
Year ended 10/31/14		19.68		(0.18	)		(0.14	)		(0.32	)		(0.04	)		19.32		(1.62	)		15,978		2.60			2.60			(0.90	)		124
Year ended 10/31/13		17.36		(0.05	)		2.37			2.32			—			19.68		13.36			21,366		2.53			2.53			(0.25	)		148
Year ended 10/31/12		17.02		(0.02	)		0.36			0.34			—			17.36		2.00			24,728		2.55			2.55			(0.11	)		109
Year ended 10/31/11		21.43		(0.04	)		(4.37	)		(4.41	)		—			17.02		(20.58	)		32,319		2.42			2.42			(0.18	)		97
Class Y
Year ended 10/31/15		19.98		0.23			1.08			1.31			(0.15	)		21.14		6.62			3,449		1.63	(e)		1.63	(e)		1.10	(e)		130
Year ended 10/31/14		20.36		0.02			(0.13	)		(0.11	)		(0.27	)		19.98		(0.62	)		4,494		1.60			1.60			0.10			124
Year ended 10/31/13		17.95		0.14			2.44			2.58			(0.17	)		20.36		14.43			4,531		1.53			1.53			0.75			148
Year ended 10/31/12		17.58		0.15			0.38			0.53			(0.16	)		17.95		3.08			4,384		1.55			1.55			0.89			109
Year ended 10/31/11		22.01		0.17			(4.51	)		(4.34	)		(0.09	)		17.58		(19.78	)		6,483		1.42			1.42			0.82			97
Class R5
Year ended 10/31/15		20.01		0.28			1.08			1.36			(0.20	)		21.17		6.88			75		1.41	(e)		1.41	(e)		1.32	(e)		130
Year ended 10/31/14		20.38		0.06			(0.14	)		(0.08	)		(0.29	)		20.01		(0.46	)		104		1.39			1.39			0.31			124
Year ended 10/31/13		17.97		0.18			2.45			2.63			(0.22	)		20.38		14.71			411		1.33			1.33			0.95			148
Year ended 10/31/12		17.61		0.20			0.37			0.57			(0.21	)		17.97		3.29			757		1.30			1.30			1.14			109
Year ended 10/31/11		22.04		0.21			(4.51	)		(4.30	)		(0.13	)		17.61		(19.61	)		770		1.23			1.23			1.01			97

^(a)  Calculated using average shares outstanding.

^(b)  Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share for the fiscal years ended October 31, 2012 and prior.

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

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

^(e)  Ratios are based on average daily net assets (000’s omitted) of $60,104, $4,149, $15,467, $3,842 and $67 for Class A, Class B, Class C, Class Y and Class R5 shares, respectively.

20                         Invesco Greater China Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Greater China Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Greater China Fund (formerly known as Invesco China Fund; one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

21                         Invesco Greater China 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 May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	866.90	$	9.08	$	1,015.48	$	9.80		1.93	%
B		1,000.00		863.90		12.59		1,011.70		13.59		2.68
C		1,000.00		863.70		12.59		1,011.70		13.59		2.68
Y		1,000.00		868.20		7.91		1,016.74		8.54		1.68
R5		1,000.00		869.10		6.93		1,017.80		7.48		1.47

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, 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 by184/365 to reflect the most recent fiscal half year.

22                         Invesco Greater China Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Greater China Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ investment

process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

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

B. Fund Performance

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

The Board compared the Fund’s performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper China Region Funds Index. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and five year periods and the fourth quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. Invesco Advisers advised the Board

23                         Invesco Greater China Fund

that further changes to the management team is being considered. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board also noted how the Fund’s rate compared to the effective sub-adviser fee rate of two funds sub-advised by Invesco Advisers.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other client accounts with investment strategies comparable to those of the Fund.

The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers

based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be

invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and were advised such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

24                         Invesco Greater China 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 advisors.

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 October 31, 2015:

Federal and State Income Tax
Qualified Dividend Income*		100	%
Corporate Dividends Received Deduction*		0.41	%
U.S. Treasury Obligations*		0	%
Foreign Taxes	$	0.0609	per share
Foreign Source Income	$	0.7114	per share

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

25                         Invesco Greater China Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Greater China 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Greater China 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Greater China 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Greater China Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 CHI-AR-1 Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Developing Markets Fund
	Nasdaq:
	A: GTDDX  n  B: GTDBX  n  C: GTDCX  n  Y: GTDYX  n  R5: GTDIX  n  R6: GTDFX

Letters to Shareholders

Philip Taylor

Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.     The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European

Central Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.

Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                         Invesco Developing Markets Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds. As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                         Invesco Developing Markets Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Developing Markets Fund (the Fund), at net asset value (NAV), underperformed the MSCI Emerging Markets 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, 10/31/14 to 10/31/15, 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	-21.18	%
Class B Shares	-21.77
Class C Shares	-21.77
Class Y Shares	-21.00
Class R5 Shares	-20.89
Class R6 Shares	-20.84
MSCI Emerging Markets Indexq (Broad Market/Style-Specific Index)*	-14.53
MSCI EAFE Indexq (Former Broad Market Index)*	-0.07
Lipper Emerging Market Funds Indexn (Peer Group Index)	-15.26

Source(s): ^qFactSet Research Systems Inc.; ⁿLipper Inc.

* The Fund has elected to use the MSCI Emerging Markets Index to represent its broad market/style-specific benchmark rather than the MSCI EAFE Index because the MSCI Emerging Markets Index more closely reflects the performance of the types of securities in which the Fund invests.

Market conditions and your Fund

International markets experienced increased volatility during the fiscal year ended October 31, 2015, driven largely by the continued slowdown in energy markets and the economic downturn in China. Developed markets were generally able to withstand these headwinds, even as more fragile emerging markets began to falter.

    Emerging markets were very volatile during the fiscal year. Many were particularly weakened early in the reporting period due to the lower commodity prices and the strengthening US dollar. Coupled with soft exports, weak commodity prices made emerging markets vulnerable to increased current account deficits. Weak currencies also led to higher inflation and interest rates. Most economies were not robust enough to offset this weakness in commodities and exports and needed to enact monetary easing policy to help

their economies. Most notably, China, Korea, India and Thailand began to cut interest rates or initiate others forms of monetary easing in order to support their economies.

    Market volatility increased in the summer of 2015 as fears of a potential economic slowdown in China dominated headlines. The combination of a slowing Chinese economy, a sharp sell-off in domestic Chinese equities and the devaluation of China’s currency, the renminbi, contributed to a strong correction in global equity markets.

    The third quarter of 2015 was particularly difficult for emerging markets as stocks and currencies tumbled even further. Much of the currency weakness was a byproduct of foreign investors selling their fixed income investments in emerging markets. Several currencies, including the Brazilian real, the Turkish lira and the Malaysian ringgit were at all-time lows or close to all-time lows.

    Tremendous volatility across

equities, commodities and currencies led to declines across almost all benchmark index sectors during the reporting period. The Fund was not immune to this broad-based decline.

    At the sector level, Fund holdings in the energy sector and underweight exposure to the materials sector were the most significant contributors to relative performance versus the broad market/style-specific benchmark. The Fund’s modest cash position was also a contributor to relative performance during the reporting period as markets were quite volatile. Conversely, Fund holdings in the financials, consumer discretionary, information technology, utilities and consumer staples sectors were significant detractors from relative performance.

    From a geographic perspective, Fund holdings in Turkmenistan, Mexico and Poland were the largest contributors to relative performance versus the MSCI Emerging Markets Index. In contrast, overweight exposure to the Brazilian and Chinese markets were the largest detractors from relative performance. Not having any exposure in India dragged on relative performance, as well. The Indian market is quite small and valuations were expensive; during the fiscal year, the market traded at much higher valuations than other markets around the globe.

    In Brazil, the economy fell into recession in the third quarter of 2015, largely due to a sharp drop in oil and commodity prices; the economy remained weak since then. Furthermore, Brazil’s sovereign debt was downgraded to junk status by Standard & Poor’s in the third quarter of 2015 due to political chaos and the weak economic backdrop. Brazil’s currency, the real, also fell due to the macroeconomic

Portfolio Composition
By sector	% of total net assets

Financials	33.1	%
Information Technology	14.3
Consumer Staples	13.2
Consumer Discretionary	9.5
Telecommunications Services	8.0
Health Care	6.0
Materials	4.1
Energy	3.0
Utilities	2.2
Industrials	1.4
Money Market Funds Plus Other Assets Less Liabilities	5.2

Top 10 Equity Holdings*
	% of total net assets

1.	Industrial & Commercial Bank of China Ltd.–Class H	4.0	%
2.	Kasikornbank PCL	3.4
3.	BM&FBOVESPA S.A.	3.3
4.	Grupo Televisa S.A.B.–ADR	3.2
5.	Haci Omer Sabanci Holding A.S.	3.0
6.	Samsung Electronics Co., Ltd.	2.8
7.	Taiwan Semiconductor Manufacturing Co. Ltd.	2.7
8.	Fomento Economico Mexicano, S.A.B. de C.V.–ADR	2.7
9.	PT Telekomunikasi Indonesia Persero Tbk	2.5
10.	China Mobile Ltd.	2.5

Total Net Assets	$2.4 billion
Total Number of Holdings*	61

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.

Data presented here are as of October 31, 2015.

4                         Invesco Developing Markets Fund

backdrop. The real depreciated over 20% in the third quarter of 2015 alone,¹ and inflation in Brazil was higher than it’s been in the past decade.

    In China, monetary policy produced a low-quality rally early in the fiscal year, but the combination of a slowing Chinese economy, excessive margin financing and the fading impact of monetary policy easing contributed to a sharp sell-off in domestic Chinese equities – particularly in the restricted A-share market. The Chinese government eventually implemented measures to temper the sell-off including a freeze on initial public offerings and the launch of a stabilization fund backed by brokers, but most of the early market gains were wiped out. At the tail-end of the fiscal year, the devaluation of the renminbi spooked investors and caused Chinese markets to decline once again.

    Despite the current weakness in Brazil and China, the Fund remained overweight in these countries relative to its broad market/style-specific index. This is because we believe in the long-term strength and quality of the companies we own, which we believe offer attractive business models, balance sheets, management teams and valuations.

    From an individual securities perspective, Dragon Oil was the most significant contributor to the Fund’s relative performance versus the broad market/style-specific index. Dragon Oil is an oil, gas and mineral exploration and production company based in Turkmenistan. The company’s share price was positively impacted earlier in the calendar year when Emirate National Oil Company (not a Fund holding) agreed to acquire the company. NetEase, an Internet and video game company in China, also contributed to the Fund’s relative performance. South Korean technology giant Samsung Electronics was a significant contributor to relative performance, as well.

    In contrast, due to the economic recession in Brazil, many of the largest individual detractors from the Fund’s relative performance versus the MSCI Emerging Markets Index were based in Brazil. Banco Bradesco was largest detractor from the Fund’s relative results during the reporting period. This well-run Brazilian bank was impacted by a weak macroeconomic environment and a sharp depreciation in the Brazilian real. Banco Bradesco is conservatively managed and it has a strong competitive position with a well-managed loan book. BR Malls Participacoes, a mall operator in Brazil, was also a detractor from the Fund’s relative performance. Indonesia’s largest natural gas and distribution company,

Perusahaan Gas Negara, was a detractor during the reporting period, as well.

    As bottom-up investors, our primary focus is on finding high-quality growth companies that are trading at attractive valuations through a process we call earnings, quality and valuation (EQV). Macroeconomic and political movements are not our primary concern and do not drive our stock selection decisions.

    Over the reporting period, we continued to look for opportunities to improve the growth potential and quality of the Fund’s portfolio by adding companies based on our earnings, quality and valuation outlook for each company. As disconcerting as volatility may be, we believe it tends to create long-term opportunities for our shareholders. It’s rare to find a thriving business at a compelling valuation when everything is going right; those valuations typically occur when fear dominates the market. On a stock-by-stock basis, we saw the decline over the past fiscal year in broad global equities as a buying opportunity.

    As always, regardless of the macroeconomic environment, we remain focused on a bottom-up investment approach of identifying attractive companies that fit our EQV-focused investment process. We continue to look for high-quality growth companies that exhibit the following characteristics: strong organic revenue growth; high returns on capital; pricing power; strong balance sheets; cash generation; and reasonable valuations. In addition, we continue to favor companies that are able to consistently generate cash during weak economic environments. We believe that this balanced EQV-focused approach may help deliver attractive returns over the long term.

    We thank you for your continued investment in Invesco Developing Markets Fund.

1 Source: Bloomberg LP

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	Shuxin (Steve) Cao Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco Developing Markets Fund. He joined
Invesco in 1997. Mr. Cao earned a BA in English from the Tianjin Foreign Language Institute and an MBA from Texas A&M University. He is also a Certified Public Accountant.
	Borge Endresen Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco Developing Markets Fund. He joined
Invesco in 1999. Mr. Endresen earned a BS in finance from the University of Oregon and an MBA from The University of Texas at Austin.
	Brent Bates Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Developing Markets Fund. He joined Invesco in
1996. Mr. Bates earned a BBA from Texas A&M University and is a Certified Public Accountant.
	Mark Jason Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Developing Markets Fund. He joined Invesco in
2001. Mr. Jason earned a BS in finance and a BS in real estate from California State University, Northridge.

5                         Invesco Developing Markets Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/05

Past performance cannot guarantee comparable future results.

    During the reporting period, the Fund elected to use the MSCI Emerging Markets Index to represent its broad market/ style-specific benchmark rather than the MSCI EAFE Index because the MSCI Emerging Markets Index more closely reflects the performance of the types of securities in which the Fund invests.

Because this is the first reporting period since we have adopted the new index, SEC guidelines require that we compare performance to both the old and new indexes.

    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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

About indexes used in this report

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

n The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which with-holds applicable taxes for non-resident investors.

n The Lipper Emerging Market Funds Index is an unmanaged index considered representative of emerging market funds tracked by Lipper.

n 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).

n 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.

Other information

n CPA^® and Certified Public Accountant^® are trademarks owned by the American Institute of Certified Public Accountants.

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those

NAVs may differ from the NAVs and returns reported in the Financial Highlights.

n Industry 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.

6                         Invesco Developing Markets Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (1/11/94)	4.25	%
10 Years	5.92
5 Years	-4.32
1 Year	-25.52
Class B Shares
Inception (11/3/97)	5.28	%
10 Years	5.89
5 Years	-4.32
1 Year	-25.60
Class C Shares
Inception (3/1/99)	8.42	%
10 Years	5.73
5 Years	-3.95
1 Year	-22.53
Class Y Shares
10 Years	6.71	%
5 Years	-2.99
1 Year	-21.00
Class R5 Shares
Inception (10/25/05)	7.09	%
10 Years	6.98
5 Years	-2.85
1 Year	-20.89
Class R6 Shares
10 Years	6.66	%
5 Years	-2.97
1 Year	-20.84

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    Class R5 shares incepted on October 25, 2005. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

    The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (1/11/94)	3.86	%
10 Years	4.33
5 Years	-5.37
1 Year	-30.66
Class B Shares
Inception (11/3/97)	4.80	%
10 Years	4.30
5 Years	-5.38
1 Year	-30.73
Class C Shares
Inception (3/1/99)	7.92	%
10 Years	4.15
5 Years	-5.01
1 Year	-27.88
Class Y Shares
10 Years	5.11	%
5 Years	-4.06
1 Year	-26.44
Class R5 Shares
10 Years	5.38	%
5 Years	-3.91
1 Year	-26.31
Class R6 Shares
10 Years	5.07	%
5 Years	-4.05
1 Year	-26.30

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

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares was 1.41%, 2.16%, 2.16%, 1.16%, 1.01% and 0.99%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares was 1.43%, 2.18%, 2.18%, 1.18%, 1.03% and 1.01%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent

deferred sales charge (CDSC) for the period involved. The CDSC on

Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

7                         Invesco Developing Markets Fund

Invesco Developing Markets Fund’s investment objective is long-term growth of capital.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

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

About share classes

n Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

n Class Y shares are available to only certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing

in the Fund

n Depositary receipts risk. Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities.

n Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns

more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

n Developing/emerging markets securities risk. The prices of securities issued by foreign companies and governments located in developing/emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

n Geographic focus risk. From time to time the Fund may invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. If the Fund focuses its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant

impact on its investment performance. The Fund’s investment performance may also be more volatile if it focuses its investments in certain countries, especially emerging markets countries.

n Growth investing risk. Growth stocks tend to be more expensive relative to their earnings or assets compared with other types of stock. As a result they tend to be more sensitive to changes in their earnings and can be more volatile.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Preferred securities risk. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If the Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received this income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments.

n Small-and mid-capitalization risks. Stocks of small-and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small-and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

continued on page 6

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

8                         Invesco Developing Markets Fund

Schedule of Investments

October 31, 2015

	Shares		Value
Common Stocks & Other Equity Interests–94.82%
Brazil–15.71%
Arcos Dorados Holdings, Inc.–Class A		5,024,709	$	15,476,104
Banco Bradesco S.A.–ADR		6,438,439		35,025,108
BM&FBOVESPA S.A.		26,972,120		79,770,188
BR Malls Participacoes S.A.		9,696,600		28,174,628
BRF S.A.		1,277,040		19,911,302
CETIP S.A.–Mercados Organizados		6,683,986		59,130,369
Cielo S.A.		4,950,056		47,014,359
Diagnosticos da America S.A.		3,877,300		9,042,943
Duratex S.A.		12,013,544		19,946,734
Fleury S.A.(a)		8,702,000		37,001,448
Totvs S.A.		2,764,600		24,507,441
Wilson Sons Ltd.–BDR		962,600		8,241,011
				383,241,635
China–20.78%
Baidu, Inc.–ADR(b)		275,889		51,720,911
Belle International Holdings Ltd.		38,056,000		37,021,939
China Mobile Ltd.		5,075,500		60,378,832
CNOOC Ltd.		17,186,000		19,546,901
Golden Eagle Retail Group Ltd.		16,533,000		21,267,258
Industrial & Commercial Bank of China Ltd.–Class H		152,644,000		96,861,392
Kweichow Moutai Co., Ltd.–Class A		1,151,061		38,850,290
Lee & Man Paper Manufacturing Ltd.		80,495,000		50,059,386
NetEase, Inc.–ADR		382,337		55,259,167
Stella International Holdings Ltd.		11,189,000		27,616,559
Want Want China Holdings Ltd.		58,470,000		48,539,402
				507,122,037
Egypt–0.28%
Egyptian Financial Group-Hermes Holding Co.(b)		6,185,376		6,936,957
France–1.10%
Bollore S.A.		5,436,306		26,914,332
Hong Kong–3.17%
Galaxy Entertainment Group Ltd.		6,518,000		22,179,275
WH Group Ltd.(b)(c)		99,909,000		55,110,560
				77,289,835
Hungary–2.30%
Richter Gedeon Nyrt		3,354,462		55,998,736
Indonesia–5.35%
PT Bank Central Asia Tbk		24,641,600		23,138,906
PT Bank Mandiri Persero Tbk		43,158,100		27,298,581
PT Perusahaan Gas Negara Persero Tbk		88,499,600		19,273,168
PT Telekomunikasi Indonesia Persero Tbk		307,341,700		60,811,577
				130,522,232

	Shares		Value
Israel–3.01%
Israel Chemicals Ltd.		5,210,384	$	28,827,641
Teva Pharmaceutical Industries Ltd.–ADR		755,127		44,695,967
				73,523,608
Malaysia–1.93%
Public Bank Berhad		11,209,800		47,057,055
Mexico–7.99%
America Movil S.A.B. de C.V.–Series L–ADR		1,145,257		20,397,027
Fomento Economico Mexicano, S.A.B. de C.V.–ADR		666,070		66,000,876
Grupo Televisa S.A.B.–ADR		2,663,649		77,618,703
Kimberly-Clark de Mexico, S.A.B. de C.V.–Class A		12,925,370		30,926,879
				194,943,485
Nigeria–1.60%
Zenith Bank PLC		440,176,509		38,922,360
Peru–2.37%
Credicorp Ltd.		510,856		57,818,682
Philippines–4.76%
Energy Development Corp.		246,329,900		34,752,488
Philippine Long Distance Telephone Co.		872,360		41,120,276
SM Prime Holdings Inc.		87,603,800		40,221,675
				116,094,439
Poland–0.94%
Eurocash S.A.		1,695,093		22,860,662
Russia–6.41%
Gazprom PAO–ADR		3,731,713		15,710,512
Mobile TeleSystems PJSC–ADR		1,836,494		12,910,553
Sberbank PAO(b)		37,218,144		52,768,666
Sberbank PAO–Preference Shares(b)		35,854,175		38,458,801
Yandex N.V.–Class A(b)		2,272,126		36,581,229
				156,429,761
South Africa–0.54%
Sasol Ltd.		413,584		13,169,207
South Korea–4.02%
Hyundai Department Store Co., Ltd.		269,109		29,480,124
Samsung Electronics Co., Ltd.		57,290		68,598,048
				98,078,172
Taiwan–2.72%
Taiwan Semiconductor Manufacturing Co. Ltd.		15,781,000		66,430,345
Thailand–4.17%
Kasikornbank PCL		16,970,800		82,128,293

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

9                         Invesco Developing Markets Fund

	Shares		Value
Thailand–(continued)
Siam Commercial Bank PCL (The)		5,282,100	$	19,708,168
				101,836,461
Turkey–5.67%
Anadolu Efes Biracilik ve Malt Sanayii A.S.		3,642,001		28,730,286
Eczacibasi Ilac Sanayi ve Ticaret A.S.		12,359,196		10,300,743
Haci Omer Sabanci Holding A.S.		23,428,223		74,286,146
Tupras-Turkiye Petrol Rafinerileri A.S.(b)		950,357		25,098,604
				138,415,779
Total Common Stocks & Other Equity Interests (Cost $2,568,016,438)				2,313,605,780

	Shares		Value
Money Market Funds–4.91%
Liquid Assets Portfolio–Institutional Class, 0.16%(d)		59,968,737	$	59,968,737
Premier Portfolio–Institutional Class, 0.12%(d)		59,968,738		59,968,738
Total Money Market Funds (Cost $119,937,475)				119,937,475
TOTAL INVESTMENTS–99.73% (Cost $2,687,953,913)				2,433,543,255
OTHER ASSETS LESS LIABILITIES–0.27%				6,537,080
NET ASSETS–100.00%			$	2,440,080,335

Investment Abbreviations:

ADR	– American Depositary Receipt
BDR	– Brazilian Depositary Receipt

Notes to Schedule of Investments:

^(a)  Affiliated company during the period. The Investment Company Act of 1940 defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The value of this security as of October 31, 2015 represented 1.52% of the Fund’s Net Assets. See Note 4.

^(b)  Non-income producing security.

^(c)  Security purchased or received in 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 value of this security at October 31, 2015 represented 2.26% of the Fund’s Net Assets.

^(d)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

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

10                         Invesco Developing Markets Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $2,491,337,811)	$	2,276,604,332
Investments in affiliates, at value (Cost $196,616,102)		156,938,923
Total investments, at value (Cost $2,687,953,913)		2,433,543,255
Foreign currencies, at value (Cost $1,052,675)		900,149
Receivable for:
Investments sold		15,183,943
Fund shares sold		6,427,922
Dividends		1,191,769
Investment for trustee deferred compensation and retirement plans		318,740
Other assets		64,202
Total assets		2,457,629,980
Liabilities:
Payable for:
Fund shares reacquired		8,094,383
Accrued foreign taxes		7,271,552
Accrued fees to affiliates		1,272,845
Accrued trustees’ and officers’ fees and benefits		4,169
Accrued other operating expenses		538,971
Trustee deferred compensation and retirement plans		367,725
Total liabilities		17,549,645
Net assets applicable to shares outstanding	$	2,440,080,335
Net assets consist of:
Shares of beneficial interest	$	2,824,778,757
Undistributed net investment income		26,487,068
Undistributed net realized gain (loss)		(156,457,736	)
Net unrealized appreciation (depreciation)		(254,727,754	)
	$	2,440,080,335

Net Assets:
Class A	$	795,041,725
Class B	$	12,710,429
Class C	$	82,394,732
Class Y	$	1,016,382,019
Class R5	$	352,778,510
Class R6	$	180,772,920
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		30,762,575
Class B		507,101
Class C		3,291,286
Class Y		39,211,951
Class R5		13,620,934
Class R6		6,980,628
Class A:
Net asset value per share	$	25.84
Maximum offering price per share
(Net asset value of $25.84 ¸ 94.50%)	$	27.34
Class B:
Net asset value and offering price per share	$	25.06
Class C:
Net asset value and offering price per share	$	25.03
Class Y:
Net asset value and offering price per share	$	25.92
Class R5:
Net asset value and offering price per share	$	25.90
Class R6:
Net asset value and offering price per share	$	25.90

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

11                         Invesco Developing Markets Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends (net of foreign withholding taxes of $7,506,195)	$	72,637,001
Dividends from affiliates		2,545,123
Total investment income		75,182,124
Expenses:
Advisory fees		27,306,844
Administrative services fees		569,291
Custodian fees		2,771,873
Distribution fees:
Class A		2,440,020
Class B		198,372
Class C		1,083,918
Transfer agent fees — A, B, C and Y		4,599,547
Transfer agent fees — R5		197,676
Transfer agent fees — R6		7,068
Trustees’ and officers’ fees and benefits		69,666
Other		752,664
Total expenses		39,996,939
Less: Fees waived and expense offset arrangement(s)		(316,525	)
Net expenses		39,680,414
Net investment income		35,501,710
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $1,605,181)		(84,413,670	)
Foreign currencies		(6,908,555	)
		(91,322,225	)
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes on holdings of $8,776,170)		(689,734,981	)
Foreign currencies		512,802
		(689,222,179	)
Net realized and unrealized gain (loss)		(780,544,404	)
Net increase (decrease) in net assets resulting from operations	$	(745,042,694	)

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

12                         Invesco Developing Markets Fund

Statement of Changes in Net Assets

For the years ended October 31, 2015 and 2014

	2015			2014
Operations:
Net investment income	$	35,501,710		$	46,413,399
Net realized gain (loss)		(91,322,225	)		82,011,550
Change in net unrealized appreciation (depreciation)		(689,222,179	)		(152,864,896	)
Net increase (decrease) in net assets resulting from operations		(745,042,694	)		(24,439,947	)
Distributions to shareholders from net investment income:
Class A		(11,257,345	)		(12,047,271	)
Class B		(46,124	)		(2,825	)
Class C		(226,637	)		(10,919	)
Class Y		(20,165,279	)		(12,316,478	)
Class R5		(9,883,834	)		(7,997,307	)
Class R6		(2,640,173	)		(1,920,886	)
Total distributions from net investment income		(44,219,392	)		(34,295,686	)
Distributions to shareholders from net realized gains:
Class A		(18,963,500	)		(4,079,975	)
Class B		(466,766	)		(122,369	)
Class C		(2,293,467	)		(472,989	)
Class Y		(26,008,645	)		(3,205,244	)
Class R5		(11,459,346	)		(1,883,230	)
Class R6		(3,014,719	)		(437,629	)
Total distributions from net realized gains		(62,206,443	)		(10,201,436	)
Share transactions–net:
Class A		(191,882,572	)		(216,412,571	)
Class B		(10,229,125	)		(14,987,379	)
Class C		(26,078,129	)		(26,665,246	)
Class Y		(72,994,311	)		312,954,650
Class R5		(200,072,110	)		30,137,043
Class R6		46,374,190			27,066,204
Net increase (decrease) in net assets resulting from share transactions		(454,882,057	)		112,092,701
Net increase (decrease) in net assets		(1,306,350,586	)		43,155,632
Net assets:
Beginning of year		3,746,430,921			3,703,275,289
End of year (includes undistributed net investment income of $26,487,068 and $43,759,663, respectively)	$	2,440,080,335		$	3,746,430,921

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Developing Markets Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class Y, Class R5 and Class R6. 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, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be

13                         Invesco Developing Markets Fund

able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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

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

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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.

14                         Invesco Developing Markets Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the

15                         Invesco Developing Markets Fund

contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0	.935%
Next $250 million		0	.91%
Next $500 million		0	.885%
Next $1.5 billion		0	.86%
Next $2.5 billion		0	.835%
Next $2.5 billion		0	.81%
Next $2.5 billion		0	.785%
Over $10 billion		0	.76%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.87%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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, 2016, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or reimbursements (excluding certain items discussed below) of Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 3.00%, 2.00%, 2.00% and 2.00% of average daily net assets, respectively. 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 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, 2016. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees of $312,001.

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 October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, 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 B, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class B and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class B and Class C shares. 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 October 31, 2015, 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 October 31, 2015, IDI advised the Fund that IDI retained $25,668 in front-end sales commissions from the sale of Class A shares and $2,459, $12,406 and $3,386 from Class A, Class B and Class C 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.

16                         Invesco Developing Markets Fund

NOTE 3—Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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.

During the year ended October 31, 2015, there were transfers from Level 1 to Level 2 of $323,038,199 and from Level 2 to Level 1 of $143,904,146, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Brazil	$	383,241,635	$	—	$	—	$	383,241,635
China		165,269,275		341,852,762		—		507,122,037
Egypt		6,936,957		—		—		6,936,957
France		26,914,332		—		—		26,914,332
Hong Kong		—		77,289,835		—		77,289,835
Hungary		55,998,736		—		—		55,998,736
Indonesia		—		130,522,232		—		130,522,232
Israel		73,523,608		—		—		73,523,608
Malaysia		—		47,057,055		—		47,057,055
Mexico		194,943,485		—		—		194,943,485
Nigeria		38,922,360		—		—		38,922,360
Peru		57,818,682		—		—		57,818,682
Philippines		—		116,094,439		—		116,094,439
Poland		—		22,860,662		—		22,860,662
Russia		65,202,294		91,227,467		—		156,429,761
South Africa		—		13,169,207		—		13,169,207
South Korea		—		98,078,172		—		98,078,172
Taiwan		—		66,430,345		—		66,430,345
Thailand		82,128,293		19,708,168		—		101,836,461
Turkey		64,129,633		74,286,146		—		138,415,779
United States		119,937,475		—		—		119,937,475
Total Investments	$	1,334,966,765	$	1,098,576,490	$	—	$	2,433,543,255

NOTE 4—Investments in Other Affiliates

The 1940 Act defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The following is a summary of the investments in other affiliates for the year ended October 31, 2015.

	Value 10/31/14		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value 10/31/15		Dividend Income
Fleury S.A.	$	57,697,280	$	—	$	—	$	(20,695,832	)	$	—	$	37,001,448	$	2,415,212

17                         Invesco Developing Markets Fund

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,524.

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2015 and 2014:

	2015		2014
Ordinary income	$	44,260,569	$	34,295,686
Long-term capital gain		62,165,266		10,201,436
Total distributions	$	106,425,835	$	44,497,122

Tax Components of Net Assets at Period-End:

	2015
Undistributed ordinary income	$	26,857,845
Net unrealized appreciation (depreciation) — investments		(258,714,437	)
Net unrealized appreciation (depreciation) — other investments		(317,096	)
Temporary book/tax differences		(370,777	)
Capital loss carryforward		(152,153,957	)
Shares of beneficial interest		2,824,778,757
Total net assets	$	2,440,080,335

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

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of October 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
October 31, 2017	$	69,160,296	$	—	$	69,160,296
No expiration		17,215,587		65,778,074		82,993,661
	$	86,375,883	$	65,778,074	$	152,153,957

* Capital loss carryforward as of the date listed above 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.

18                         Invesco Developing Markets Fund

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $259,358,834 and $525,613,012, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	367,547,057
Aggregate unrealized (depreciation) of investment securities		(626,261,494	)
Net unrealized appreciation (depreciation) of investment securities	$	(258,714,437	)

Cost of investments for tax purposes is $2,692,257,692.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and foreign capital gain taxes, on October 31, 2015, undistributed net investment income was decreased by $8,554,913 and undistributed net realized gain (loss) was increased by $8,554,913. This reclassification had no effect on the net assets of the Fund.

NOTE 11—Share Information

	Summary of Share Activity
	Years ended October 31,
	2015(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		5,164,688		$	150,282,799			8,257,632		$	273,541,592
Class B		5,133			146,970			10,861			347,856
Class C		125,838			3,571,339			226,474			7,313,496
Class Y		22,922,032			689,193,614			22,344,096			748,475,518
Class R5		4,254,113			125,236,418			5,637,496			186,296,539
Class R6		2,249,248			63,230,870			1,385,050			46,296,571
Issued as reinvestment of dividends:
Class A		895,102			26,763,551			486,238			15,549,891
Class B		15,823			462,034			3,822			119,198
Class C		78,547			2,290,442			13,377			416,707
Class Y		935,688			28,005,135			424,903			13,609,646
Class R5		510,501			15,243,554			218,548			6,984,793
Class R6		189,444			5,654,891			73,819			2,358,515
Automatic conversion of Class B shares to Class A shares:
Class A		209,759			6,203,277			236,223			7,818,467
Class B		(215,577	)		(6,203,277	)		(243,026	)		(7,818,467	)
Reacquired:
Class A		(12,551,420	)		(375,132,199	)		(15,350,377	)		(513,322,521	)
Class B		(163,634	)		(4,634,852	)		(239,213	)		(7,635,966	)
Class C		(1,131,871	)		(31,939,910	)		(1,079,625	)		(34,395,449	)
Class Y		(27,825,234	)		(790,193,060	)		(13,596,039	)		(449,130,514	)
Class R5		(11,400,501	)		(340,552,082	)		(4,914,751	)		(163,144,289	)
Class R6		(757,305	)		(22,511,571	)		(631,854	)		(21,588,882	)
Net increase (decrease) in share activity		(16,489,626	)	$	(454,882,057	)		3,263,654		$	112,092,701

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 46% 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, 6% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds that are also advised by Invesco.

19                         Invesco Developing Markets Fund

NOTE 12—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)(b)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(c)			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(d)
Class A
Year ended 10/31/15	$	33.77	$	0.28	$	(7.32	)	$	(7.04	)	$	(0.33	)	$	(0.56	)	$	(0.89	)	$	25.84		(21.20	)%	$	795,042		1.43	%(e)		1.44	%(e)		0.96	%(e)		9	%
Year ended 10/31/14		34.42		0.38		(0.65	)		(0.27	)		(0.28	)		(0.10	)		(0.38	)		33.77		(0.73	)		1,251,018		1.39			1.41			1.13			13
Year ended 10/31/13		32.70		0.30		1.66			1.96			(0.24	)		—			(0.24	)		34.42		6.03			1,494,412		1.38			1.40			0.89			14
Year ended 10/31/12		30.38		0.29		2.86			3.15			(0.23	)		(0.60	)		(0.83	)		32.70		10.72			1,371,476		1.44			1.45			0.93			19
Year ended 10/31/11		33.15		0.36		(2.87	)		(2.51	)		(0.23	)		(0.03	)		(0.26	)		30.38		(7.62	)		1,388,008		1.45			1.47			1.11			17
Class B
Year ended 10/31/15		32.72		0.06		(7.11	)		(7.05	)		(0.05	)		(0.56	)		(0.61	)		25.06		(21.80	)		12,710		2.18	(e)		2.19	(e)		0.21	(e)		9
Year ended 10/31/14		33.31		0.12		(0.61	)		(0.49	)		(0.00	)		(0.10	)		(0.10	)		32.72		(1.46	)		28,314		2.14			2.16			0.38			13
Year ended 10/31/13		31.66		0.04		1.61			1.65			—			—			—			33.31		5.21			44,403		2.13			2.15			0.14			14
Year ended 10/31/12		29.42		0.06		2.78			2.84			—			(0.60	)		(0.60	)		31.66		9.89			59,539		2.19			2.20			0.18			19
Year ended 10/31/11		32.16		0.11		(2.78	)		(2.67	)		(0.04	)		(0.03	)		(0.07	)		29.42		(8.30	)		71,066		2.20			2.22			0.36			17
Class C
Year ended 10/31/15		32.68		0.06		(7.10	)		(7.04	)		(0.05	)		(0.56	)		(0.61	)		25.03		(21.80	)		82,395		2.18	(e)		2.19	(e)		0.21	(e)		9
Year ended 10/31/14		33.27		0.12		(0.61	)		(0.49	)		(0.00	)		(0.10	)		(0.10	)		32.68		(1.47	)		137,867		2.14			2.16			0.38			13
Year ended 10/31/13		31.62		0.04		1.61			1.65			—			—			—			33.27		5.22			168,313		2.13			2.15			0.14			14
Year ended 10/31/12		29.38		0.06		2.78			2.84			—			(0.60	)		(0.60	)		31.62		9.90			189,142		2.19			2.20			0.18			19
Year ended 10/31/11		32.12		0.11		(2.78	)		(2.67	)		(0.04	)		(0.03	)		(0.07	)		29.38		(8.31	)		213,879		2.20			2.22			0.36			17
Class Y
Year ended 10/31/15		33.90		0.36		(7.35	)		(6.99	)		(0.43	)		(0.56	)		(0.99	)		25.92		(21.00	)		1,016,382		1.18	(e)		1.19	(e)		1.21	(e)		9
Year ended 10/31/14		34.55		0.46		(0.64	)		(0.18	)		(0.37	)		(0.10	)		(0.47	)		33.90		(0.47	)		1,463,586		1.14			1.16			1.38			13
Year ended 10/31/13		32.83		0.38		1.66			2.04			(0.32	)		—			(0.32	)		34.55		6.27			1,175,003		1.13			1.15			1.14			14
Year ended 10/31/12		30.50		0.37		2.87			3.24			(0.31	)		(0.60	)		(0.91	)		32.83		11.01			729,007		1.19			1.20			1.18			19
Year ended 10/31/11		33.26		0.44		(2.88	)		(2.44	)		(0.29	)		(0.03	)		(0.32	)		30.50		(7.39	)		364,320		1.20			1.22			1.36			17
Class R5
Year ended 10/31/15		33.87		0.40		(7.33	)		(6.93	)		(0.48	)		(0.56	)		(1.04	)		25.90		(20.87	)		352,779		1.03	(e)		1.04	(e)		1.36	(e)		9
Year ended 10/31/14		34.52		0.51		(0.66	)		(0.15	)		(0.40	)		(0.10	)		(0.50	)		33.87		(0.35	)		686,180		0.99			1.01			1.53			13
Year ended 10/31/13		32.80		0.42		1.67			2.09			(0.37	)		—			(0.37	)		34.52		6.43			666,769		1.01			1.03			1.26			14
Year ended 10/31/12		30.48		0.42		2.86			3.28			(0.36	)		(0.60	)		(0.96	)		32.80		11.19			513,884		1.03			1.04			1.34			19
Year ended 10/31/11		33.22		0.49		(2.87	)		(2.38	)		(0.33	)		(0.03	)		(0.36	)		30.48		(7.24	)		472,161		1.02			1.04			1.54			17
Class R6
Year ended 10/31/15		33.87		0.41		(7.33	)		(6.92	)		(0.49	)		(0.56	)		(1.05	)		25.90		(20.84	)		180,773		1.00	(e)		1.01	(e)		1.39	(e)		9
Year ended 10/31/14		34.52		0.52		(0.65	)		(0.13	)		(0.42	)		(0.10	)		(0.52	)		33.87		(0.31	)		179,467		0.97			0.99			1.55			13
Year ended 10/31/13		32.81		0.44		1.66			2.10			(0.39	)		—			(0.39	)		34.52		6.46			154,375		0.97			0.99			1.30			14
Year ended 10/31/12(f)		32.73		0.05		0.03			0.08			—			—			—			32.81		0.24			122,749		0.96	(g)		0.98	(g)		1.41	(g)		19

^(a)  Calculated using average shares outstanding.

^(b)  Includes redemption fees added to shares of beneficial interest for Class A, Class B, Class C, Class Y and Class R5 shares, which were less than $0.005 per share for the fiscal years ended October 31, 2012 and prior.

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

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $179,562,130 and sold of $23,686,059 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Van Kampen Emerging Markets Fund into the Fund.

^(e)  Ratios are based on average daily net assets (000’s omitted) of $976,008, $19,837, $108,392, $1,338,805, $525,309 and $174,684 for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of September 24, 2012.

^(g)  Annualized.

20                         Invesco Developing Markets Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Developing Markets Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Developing Markets Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

21                         Invesco Developing Markets 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 May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	832.00	$	6.60	$	1,018.00	$	7.27		1.43	%
B		1,000.00		828.80		10.05		1,014.22		11.07		2.18
C		1,000.00		828.90		10.05		1,014.22		11.07		2.18
Y		1,000.00		832.90		5.45		1,019.26		6.01		1.18
R5		1,000.00		833.30		4.76		1,020.01		5.24		1.03
R6		1,000.00		833.90		4.62		1,020.16		5.09		1.00

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

22                         Invesco Developing Markets Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Developing Markets Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ investment

process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

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

B. Fund Performance

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

The Board compared the Fund’s performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Emerging Markets Funds Index. The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the

23                         Invesco Developing Markets Fund

performance of the Index for the one and three year periods and above the performance of the Index for the five year period. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was below the rate of one such mutual fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other client accounts with investment strategies comparable to those of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory

and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although

Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

24                         Invesco Developing Markets 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 advisors.

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 October 31, 2015:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	62,165,266
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%

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

25                         Invesco Developing Markets Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Developing Markets 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Developing Markets 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Developing Markets 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Developing Markets Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 DVM-AR-1 Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Emerging Market Local Currency Debt Fund
	Nasdaq:
	A: IAEMX  n  B: IBEMX  n  C: ICEMX  n  R: IREMX  n  Y: IYEMX  n  R5: IIEMX  n  R6: IFEMX

Letters to Shareholders

Philip Taylor

Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest. The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European

Central Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.

Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                         Invesco Emerging Market Local Currency Debt Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                         Invesco Emerging Market Local Currency Debt Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Emerging Market Local Currency Debt Fund (the Fund), at net asset value (NAV), outper-formed the JP Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified Index, the Fund’s broad market/style-specific index.

    Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 10/31/14 to 10/31/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-16.20	%
Class B Shares	-16.72
Class C Shares	-16.82
Class R Shares	-16.43
Class Y Shares	-15.99
Class R5 Shares	-15.89
Class R6 Shares	-15.89
JP Morgan Government Bond Index–Emerging Markets (GBI-EM) Global Diversified Indexq (Broad Market/Style-Specific Index)	-17.42
Lipper Emerging Markets Debt Funds Indexn (Peer Group Index)	-5.26

Source(s): ^qFactSet Research Systems Inc.; ⁿLipper Inc.

Market conditions and your Fund

During the fiscal year ended October 31, 2015, emerging market local currency bonds continued to exhibit volatility. Local currency bond carry was more than offset by depreciation of bond prices and emerging market currencies versus the US dollar. Heading into the fiscal year, the emerging market local debt asset class, as measured by the Fund’s broad market/style-specific index, was yielding 6.41%,¹ and for the fiscal year, it returned 3.94%¹ in local currency terms. However, emerging market currencies depreciated substantially leading to a -17.42%¹ fiscal year return for the Fund’s broad market/style-specific index in US dollar terms.

Emerging market local-currency bonds spent the majority of the fiscal year under pressure from a number of forces

including dollar strength, slower global growth, falling commodity prices and a rebalancing China. Returns for the asset class were negative for nine months of the fiscal year, in large part due to the currency component of performance. Over the prior decade, emerging market currencies had broadly strengthened versus the US dollar. Currency appreciation was driven by higher growth rates in emerging markets as well as low interest rates in the US following the financial crisis. As a result, emerging market local currency debt had outperformed emerging market hard currency sovereign and corporate debt over the past decade.

However, emerging markets gradually became less competitive because of their higher real exchange rates, coupled with declining productivity and increased domestic debt. Many emerging markets

developed macroeconomic imbalances as a result. Currency depreciation often serves as the escape valve for making necessary adjustments to rebalance the economy and restore economic health in emerging markets. This theme played out in large part during the fiscal year as currencies sold off significantly versus the US dollar. While the impact on returns for US dollar-based investors was clearly negative, improved currency valuations led to tighter domestic financial conditions, which in turn may reduce domestic demand and help restore macro balance for these economies.

  For the reporting period, the primary contributors to the Fund’s performance versus its broad market/style-specific index were its off-index position in US dollars, its off-index position in India, and security selection in Brazil. Underweight positions in Nigera and Turkey versus the Fund’s broad market/style-specific index, and security selection in Russia and South Africa were the largest detractors from Fund performance.

  As of the end of the reporting period, we were at a seeming inflection point in markets. There were initial signs of upward growth momentum for the global economy, as reflected in higher Purchasing Managers Index. Market technicals were at the same time favorable. This mix could be potentially powerful for risk markets going into year-end 2015. However at the close of the reporting period, financial conditions in many countries remained strained and we did not see confirmation of a change in trend in some markets. We therefore await confirmation of these signals before turning more directionally bullish. We continue to believe the emerging markets external adjustment – via currency depreciation – is relatively mature, whereas the

Portfolio Composition
By industry	% of total net assets

Sovereign Debt	63.0	%
Diversified Banks	18.3
Wireless Telecommunication Services	3.6
Diversified Capital Markets	2.7
Investment Banking & Brokerage	2.6
Diversified REITs	2.4
Independent Power Producers & Energy Traders	1.5
Multi-Sector Holdings	1.4
Electric Utilities	0.8
Integrated Oil & Gas	0.4
Money Market Funds Plus Other Assets Less Liabilities	3.3

Top 10 Debt Issuers*
	% of total net assets

1.	Standard Chartered Bank	10.4	%
2.	Turkey Government Bond	9.5
3.	Malaysia Government Bond	7.1
4.	Poland Government Bond	7.0
5.	Mexican Bonos	6.9
6.	South Africa Government Bond	5.9
7.	Russian Federal Bond–OFZ	4.5
8.	Thailand Government Bond	4.4
9.	Hungary Government Bond	3.8
10.	America Movil S.A.B. de C.V.	3.6

Total Net Assets	$46.0 million
Total Number of Holdings*	62

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.

Data presented here are as of October 31, 2015.

4                         Invesco Emerging Market Local Currency Debt Fund

domestic adjustment – via impairment in the credit channel – is relatively nascent.

At the close of the reporting period, for local currency bonds, differentiation within the universe remained a critical consideration. We continue to favor countries with stronger credit profiles and where there is considerable risk premia and scope for further monetary policy easing. In emerging markets currencies, economic rebalancing via currency markets reached an inflection point. The significant emerging market currency depreciation that has occurred since 2011 made emerging market countries more externally competitive, and as a result, trade balances are starting to improve. This may act to stabilize emerging market currencies. However, the prospect of further capital outflows prevents us from becoming more constructive on emerging market currencies at this time. Therefore, volatility in emerging market currencies may likely persist for the time being. But as domestic economic rebalancing in emerging market countries may take place, we expect emerging market currencies may begin to stabilize. We believe this may occur as soon as the latter half of 2016.

Thank you for placing your trust in Invesco and for your investment in Invesco Emerging Market Local Currency Debt Fund.

1 Source: J.P. Morgan

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	Avi Hooper Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Emerging Market Local Currency
Debt Fund. He joined Invesco in 2010. Mr. Hooper earned a BAS with a focus in accounting and finance from York University.
	Jorge Ordonez Portfolio Manager, is manager of Invesco Emerging Market Local Currency Debt Fund. He joined Invesco in
2015. Mr. Ordonez earned a BA in economics from Haverford College and an MBA with a concentration in finance from the Tuck School of Business at Dartmouth.
	Joseph Portera Portfolio Manager, is manager of Invesco Emerging Market Local Currency Debt Fund.
He joined Invesco in 2012. Mr. Portera earned BA and MA degrees in Soviet studies and an MA in international political economy and development from Fordham University.
	Rashique Rahman Portfolio Manager, is manager of Invesco Emerging Market Local Currency Debt Fund.
Mr. Rahman is the Head of Emerging Markets for Invesco Fixed Income. He joined Invesco in 2014. Mr. Rahman earned a BA in economics and political science from the University of California, Los Angeles, and an MA in international affairs, as well as an MBA, from Columbia University.

5                         Invesco Emerging Market Local Currency Debt Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 6/16/10

Past performance cannot guarantee comparable future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical

shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable. 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6                         Invesco Emerging Market Local Currency Debt Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (6/16/10)	-1.67	%
5 Years	-4.15
1 Year	-19.79
Class B Shares
Inception (6/16/10)	-1.75	%
5 Years	-4.32
1 Year	-20.72
Class C Shares
Inception (6/16/10)	-1.62	%
5 Years	-4.03
1 Year	-17.62
Class R Shares
Inception (6/16/10)	-1.15	%
5 Years	-3.59
1 Year	-16.43
Class Y Shares
Inception (6/16/10)	-0.64	%
5 Years	-3.08
1 Year	-15.99
Class R5 Shares
Inception (6/16/10)	-0.63	%
5 Years	-3.06
1 Year	-15.89
Class R6 Shares
Inception	-0.74	%
5 Years	-3.17
1 Year	-15.89

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

    The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.24%, 1.99%,

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (6/16/10)	-2.45	%
5 Years	-4.64
1 Year	-22.17
Class B Shares
Inception (6/16/10)	-2.55	%
5 Years	-4.84
1 Year	-23.26
Class C Shares
Inception (6/16/10)	-2.39	%
5 Years	-4.53
1 Year	-20.14
Class R Shares
Inception (6/16/10)	-1.93	%
5 Years	-4.07
1 Year	-18.99
Class Y Shares
Inception (6/16/10)	-1.41	%
5 Years	-3.57
1 Year	-18.56
Class R5 Shares
Inception (6/16/10)	-1.41	%
5 Years	-3.56
1 Year	-18.46
Class R6 Shares
Inception	-1.54	%
5 Years	-3.69
1 Year	-18.58

1.99%, 1.49%, 0.99%, 0.99% and 0.99%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.84%, 2.59%, 2.59%, 2.09%, 1.59%, 1.31% and 1.30%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 4.25% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. 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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2017. See current prospectus for more information.

7                         Invesco Emerging Market Local Currency Debt Fund

Invesco Emerging Market Local Currency Debt Fund’s investment objective is total return through growth of capital and current income.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

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

About share classes

n Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing

in the Fund

n Cash/cash equivalents risk. Holding cash or cash equivalents may negatively affect performance.

n Changing fixed income market conditions risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates at or near zero. There is a risk that interest rates will rise when the FRB and central banks raise these rates. This risk is heightened due to the FRB’s quantitative easing program and the “tapering” of other similar foreign central bank actions. This eventual increase in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase

portfolio turnover and the Fund’s transaction costs.

n Credit linked notes risk. Risks of credit linked notes include those risks associated with the underlying reference obligation including but not limited to market risk, interest rate risk, credit risk, default risk and foreign currency risk. In the case of a credit linked note created with credit default swaps, the structure will be “funded” such that the par amount of the security will represent the maximum loss that could be incurred on the investment and no leverage is introduced. An investor in a credit linked note bears counterparty risk or the risk that the issuer of the credit linked note will default or become bankrupt and not make timely payment of principal and interest of the structured security.

n Credit risk. The issuer of instruments in which the Fund invests may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

n Currency/exchange rate risk. The dollar value of the Fund’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.

n Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is

substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

n Developing/emerging markets securities risk. The prices of securities issued by foreign companies and governments located in developing/emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

n Foreign currency tax risk. If the U.S. Treasury Department were to exercise its authority to issue regulations that exclude from the definition of “qualifying income” foreign currency gains not directly related to the Fund’s business of investing in securities (which it has not done since such authority was granted to it in 1986, but has the right to do at any time), the Fund may be unable to qualify as a regulated investment company for one or more years. In this event, the Fund’s Board of Trustees may authorize a significant change in investment strategy or other action.

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

8                         Invesco Emerging Market Local Currency Debt Fund

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

n Geographic focus risk. From time to time an underlying fund may invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. If an underlying fund focuses its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. An underlying fund’s investment performance may also be more volatile if it focuses its investments in certain countries, especially emerging market countries.

n High yield bond (junk bond) risk. Junk bonds involve a greater risk of default or price changes due to changes in the credit quality of the issuer. The values of junk bonds fluctuate more than those of high- quality bonds in response to company, political, regulatory or economic developments. Values of junk bonds can decline significantly over short periods of time.

n Interest rate risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Non-diversification risk. The Fund is non-diversified and can invest a greater portion of its assets in a small number of issuers or a single issuer. A change in the value of the issuer could affect the value of the Fund more than if it was a diversified fund.

n Reinvestment risk. Reinvestment risk is the risk that a bond’s cash flows (coupon income and principal repayment) will be reinvested at an interest rate below that on the original bond.

n Sovereign debt risk. Investments in foreign sovereign debt obligations involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

About indexes used in this report

n The JP Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified Index is a comprehensive global local emerging markets index comprising liquid, fixed-rate domestic currency government bonds.

n The Lipper Emerging Markets Debt Funds Index is an unmanaged index considered representative of emerging market debt funds tracked by Lipper.

n 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).

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

n Industry 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.

9                         Invesco Emerging Market Local Currency Debt Fund

Schedule of Investments

October 31, 2015

	Principal Amount		Value
Non U.S. Dollar Denominated Bonds & Notes–76.52%(a)
Brazil–7.83%
Banco Safra S.A., Sr. Unsec. Notes, 10.25%, 08/08/16(b)	BRL	956,000	$	238,095
REGS, Sr. Unsec. Euro Notes,
10.25%, 08/08/16(b)	BRL	680,000		169,356
Brazil Letras do Tesouro Nacional, Unsec. Bonds, 0.00%, 07/01/16(c)	BRL	4,600,000		1,088,224
Brazil Notas do Tesouro Nacional,
Series F, Unsec. Notes, 10.00%, 01/01/21	BRL	4,758,000		997,834
10.00%, 01/01/23	BRL	200,000		39,726
Itau Unibanco Holding S.A.,
Sr. Unsec. Notes, 10.50%, 11/23/15(b)	BRL	1,150,000		296,853
REGS, Sr. Unsec. Euro Notes, 10.50%, 11/23/15(b)	BRL	2,992,000		772,334
				3,602,422
Colombia–5.37%
Colombian Titulos De Tesoreria, Class B, Sr. Unsec. Bonds, 10.00%, 07/24/24	COP	478,200,000		187,982
Unsec. Bonds, 7.75%, 09/18/30	COP	3,800,000,000		1,247,067
Empresas Publicas de Medellin ESP,
Sr. Unsec. Notes, 8.38%, 02/01/21(b)	COP	1,000,000,000		345,923
REGS, Sr. Unsec. Euro Notes, 8.38%, 02/01/21(b)	COP	2,000,000,000		691,846
				2,472,818
Hungary–3.84%
Hungary Government Bond,
Series 20/B, Unsec. Bonds, 3.50%, 06/24/20	HUF	130,000,000		481,972
Series 24/B, Unsec. Bonds, 3.00%, 06/26/24	HUF	130,000,000		445,268
Series 25/B, Unsec. Bonds, 5.50%, 06/24/25	HUF	201,500,000		837,990
				1,765,230
Malaysia–7.14%
Malaysia Government Bond,
Series 0111, Sr. Unsec. Bonds, 4.16%, 07/15/21	MYR	5,100,000		1,195,794
Series 0112, Sr. Unsec. Bonds, 3.42%, 08/15/22	MYR	2,000,000		447,782
Series 0902, Sr. Unsec. Bonds, 4.38%, 11/29/19	MYR	6,900,000		1,643,346
				3,286,922

	Principal Amount		Value
Mexico–10.53%
America Movil S.A.B. de C.V., Sr. Unsec. Euro Notes, 7.13%, 12/9/24	MXN	27,500,000	$	1,648,578
Mexican Bonos,
Series M, Sr. Unsec. Bonds, 7.75%, 11/13/42	MXN	30,500,000		2,076,592
Series M20, Sr. Unsec. Bonds, 10.00%, 12/05/24	MXN	14,451,100		1,121,838
				4,847,008
Peru–1.25%
Peruvian Government International Bond,
Sr. Unsec. Notes, 5.70%, 08/12/24(b)	PEN	300,000		84,617
8.20%, 08/12/26(b)	PEN	1,496,000		492,243
				576,860
Philippines–0.46%
Philippine Government International Bond, Sr. Unsec. Global Bonds, 3.90%, 11/26/22	PHP	10,000,000		211,531
Poland–6.98%
Poland Government Bond,
Series 0725, Unsec. Bonds, 3.25%, 07/25/25	PLN	4,400,000		1,196,554
Series 1020, Unsec. Bonds, 5.25%, 10/25/20	PLN	800,000		237,892
Series 1021, Unsec. Bonds, 5.75%, 10/25/21	PLN	1,015,000		313,633
Series 1023, Unsec. Bonds, 4.00%, 10/25/23	PLN	5,122,000		1,463,126
				3,211,205
Romania–2.07%
Romania Government Bond,
Series 10Y, Unsec. Bonds, 4.75%, 02/24/25	RON	1,800,000		495,192
Series 5Y, Unsec. Bonds, 5.90%, 07/26/17	RON	1,700,000		456,376
				951,568
Russia–4.46%
Russian Federal Bond — OFZ,
Series 5080, Unsec. Bonds, 7.40%, 04/19/17	RUB	11,500,000		174,162
Series 6206, Unsec. Bonds, 7.40%, 06/14/17	RUB	37,000,000		557,788
Series 6208, Unsec. Bonds, 7.50%, 02/27/19	RUB	40,000,000		585,371
Series 6212, Unsec. Bonds, 7.05%, 01/19/28	RUB	47,916,000		606,774
Series 6215, Unsec. Bonds, 7.00%, 08/16/23	RUB	9,615,000		128,487
				2,052,582

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

10                         Invesco Emerging Market Local Currency Debt Fund

	Principal Amount			Value
South Africa–5.90%
South Africa Government Bond, Series R214, Sr. Unsec. Bonds, 6.50%, 02/28/41	ZAR	50,000,000		$	2,715,228
Supranational–4.20%
European Bank for Reconstruction & Development, Sr. Unsec. Medium-Term Euro Notes, 0.00%, 12/31/18(c)	ZAR	5,600,000			321,243
European Investment Bank, REGS, Sr. Unsec. Medium-Term Euro Notes, 7.20%, 07/9/19(b)	IDR	3,080,000,000			199,238
International Bank for Reconstruction & Development,
Sr. Unsec. Medium-Term Euro Notes, 7.00%, 06/07/23	ZAR	17,000,000			1,102,761
Series GDIF, Sr. Unsec. Medium-Term Euro Notes, 7.68%, 08/10/16	ZAR	4,250,000			307,054
					1,930,296
Thailand–4.36%
Thailand Government Bond,
Sr. Unsec. Bonds, 3.65%, 12/17/21	THB	43,600,000			1,307,152
3.88%, 06/13/19	THB	23,290,000			698,427
					2,005,579
Turkey–9.48%
Turkey Government Bond,
Unsec. Bonds, 7.10%, 03/08/23	TRY	2,030,000			606,090
8.00%, 03/12/25	TRY	1,010,000			314,369
8.20%, 11/16/16	TRY	4,850,000			1,636,850
8.50%, 07/10/19	TRY	499,989			165,057
8.80%, 09/27/23	TRY	1,079,000			352,870
9.00%, 07/24/24	TRY	1,250,000			411,364
Series 5Y, Unsec. Bonds, 6.30%, 02/14/18	TRY	1,637,811			522,419
Series CPI, Unsec. Bonds, 4.00%, 04/01/20	TRY	967,591	(d)		350,406
					4,359,425
United States–2.65%
Morgan Stanley, Series G, Sr. Unsec. Medium-Term Euro Notes, 8.44%, 12/28/15	MXN	20,000,000			1,217,531
Total Non U.S. Dollar Denominated Bonds & Notes (Cost $44,470,880)					35,206,205
U.S. Dollar Denominated Bonds & Notes–4.06%
Argentina–1.02%
Argentina Bonar Bonds, Series X, Sr. Unsec. Bonds, 7.00%, 04/17/17	$	470,000			466,841

	Principal Amount		Value
Colombia–1.35%
SUAM Finance B.V., REGS, Sr. Unsec. Gtd. Euro Notes, 4.88%, 04/17/24(b)	$	600,000	$	619,500
Peru–1.26%
Peruvian Government International Bond, Sr. Unsec. Global Bonds, 4.13%, 08/25/27		574,000		580,636
Russia–0.43%
Gazprom OAO Via Gaz Capital S.A., Sr. Unsec. Notes, 4.30%, 11/12/15(b)		200,000		199,750
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,835,307)				1,866,727
Credit-Linked Securities–16.01%
Barclays Bank PLC, Series FR52, Sr. Unsec. Medium-Term Euro Notes, 10.50%, 08/19/30 (Credit-Linked to Indonesia Government Bonds, 10.50%, 08/15/30) (Cost $1,572,496)	IDR	13,200,000,000		1,075,077
Deutsche Bank A.G., Sr. Unsec. Medium-Term Euro Notes, 8.38%, 03/17/34 (Credit-Linked to Indonesia Government Bonds, 8.38%, 03/15/34) (Cost $1,350,670)(b)	IDR	18,300,000,000		1,250,750
JP Morgan Chase Bank N.A., Unsec. Medium-Term Euro Notes, 8.25%, 06/17/32 (Credit-Linked to Indonesia Government Bonds, 8.25%, 06/15/32) (Cost $494,363)(b)	IDR	4,000,000,000		270,791
Standard Chartered Bank, Sr. Unsec. Medium-Term Euro Notes, 7.80%, 05/05/20 (Credit-Linked to India Government Bonds, 7.80%, 05/03/20) (Cost $539,040)	INR	33,600,000		517,944
Standard Chartered Bank, Sr. Unsec. Medium-Term Euro Notes, 8.12%, 12/14/20 (Credit-Linked to India Government Bonds, 8.12%, 12/10/20) (Cost $666,137)	INR	40,000,000		624,240
Standard Chartered Bank, Sr. Unsec. Medium-Term Euro Notes, 8.28%, 09/23/27 (Credit-Linked to India Government Bonds, 8.28%, 09/21/27) (Cost $929,244)	INR	58,000,000		918,130

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

11                         Invesco Emerging Market Local Currency Debt Fund

	Principal Amount		Value
Standard Chartered Bank, Sr. Unsec. Medium-Term Euro Notes, 8.38%, 03/17/34 (Credit-Linked to Indonesia Government Bonds, 8.38%, 03/15/34) (Cost $1,421,791)	IDR	16,304,000,000	$	1,114,341
Standard Chartered Bank, Sr. Unsec. Medium-Term Euro Notes, 8.40%, 07/30/24 (Credit-Linked to India Government Bonds, 8.40%, 07/28/24) (Cost $1,646,306)(b)	INR	100,000,000		1,593,810
Total Credit-Linked Securities (Cost $8,620,047)				7,365,083

	Shares		Value
Money Market Funds–1.57%
Liquid Assets Portfolio–Institutional Class, 0.16%(e)		361,606	$	361,606
Premier Portfolio–Institutional Class, 0.12%(e)		361,605		361,605
Total Money Market Funds (Cost $723,211)				723,211
TOTAL INVESTMENTS–98.16% (Cost $55,649,445)				45,161,226
OTHER ASSETS LESS LIABILITIES–1.84%				848,469
NET ASSETS–100.00%			$	46,009,695

Investment Abbreviations:

BRL	– Brazilian Real
COP	– Colombian Peso
CPI.	– Consumer Price Index
Gtd.	– Guaranteed
HUF	– Hungary Forint
IDR	– Indonesian Rupiah
INR	– Indian Rupee
MXN	– Mexican Peso
MYR	– Malaysian Ringgit
PEN	– Peru Nuevo Sol
PHP	– Philippines Peso
PLN	– Poland Zloty
REGS	– Regulation S
RON	– Romanian Leu
RUB	– Russian Rouble
Sr.	– Senior
THB	– Thailand Baht
TRY	– New Turkish Lire
Unsec.	– Unsecured
ZAR	– South African Rand

Notes to Schedule of Investments:

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

^(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 October 31, 2015 was $7,225,106, which represented 15.70% of the Fund’s Net Assets.

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

^(d)  Principal amount of security and interest payments are adjusted for inflation. See Note 1J.

^(e)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

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

12                         Invesco Emerging Market Local Currency Debt Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $54,926,234)	$	44,438,015
Investments in affiliated money market funds, at value and cost		723,211
Total investments, at value (Cost $55,649,445)		45,161,226
Foreign currencies, at value (Cost $3,219)		3,046
Receivable for:
Fund shares sold		963
Dividends and interest		860,628
Investment for trustee deferred compensation and retirement plans		23,305
Unrealized appreciation on forward foreign currency contracts outstanding		269,981
Other assets		23,684
Total assets		46,342,833
Liabilities:
Payable for:
Fund shares reacquired		19,600
Accrued foreign taxes		16,933
Accrued fees to affiliates		4,812
Accrued trustees’ and officers’ fees and benefits		1,667
Accrued other operating expenses		58,354
Trustee deferred compensation and retirement plans		24,306
Unrealized depreciation on forward foreign currency contracts outstanding		207,466
Total liabilities		333,138
Net assets applicable to shares outstanding	$	46,009,695
Net assets consist of:
Shares of beneficial interest	$	57,549,690
Undistributed net investment income		(261,153	)
Undistributed net realized gain (loss)		(828,790	)
Net unrealized appreciation (depreciation)		(10,450,052	)
	$	46,009,695

Net Assets:
Class A	$	6,281,813
Class B	$	295,584
Class C	$	1,385,252
Class R	$	363,075
Class Y	$	303,672
Class R5	$	6,925
Class R6	$	37,373,374
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		927,228
Class B		43,684
Class C		204,498
Class R		53,677
Class Y		44,835
Class R5		1,023
Class R6		5,522,787
Class A:
Net asset value per share	$	6.77
Maximum offering price per share
(Net asset value of $6.77 ¸ 95.75%)	$	7.07
Class B:
Net asset value and offering price per share	$	6.77
Class C:
Net asset value and offering price per share	$	6.77
Class R:
Net asset value and offering price per share	$	6.76
Class Y:
Net asset value and offering price per share	$	6.77
Class R5:
Net asset value and offering price per share	$	6.77
Class R6:
Net asset value and offering price per share	$	6.77

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

13                         Invesco Emerging Market Local Currency Debt Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Interest (net of foreign withholding taxes of $1,239)	$	3,313,863
Dividends from affiliated money market funds		1,124
Total investment income		3,314,987
Expenses:
Advisory fees		371,197
Administrative services fees		50,000
Custodian fees		41,181
Distribution fees:
Class A		18,700
Class B		3,382
Class C		16,531
Class R		2,065
Transfer agent fees — A, B, C, R and Y		33,112
Transfer agent fees — R5		3
Transfer agent fees — R6		132
Trustees’ and officers’ fees and benefits		19,699
Registration and filing fees		83,901
Professional services fees		53,099
Other		39,695
Total expenses		732,697
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(205,835	)
Net expenses		526,862
Net investment income		2,788,125
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(4,924,576	)
Foreign currencies		(428,646	)
Forward foreign currency contracts		498,906
		(4,854,316	)
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes on holdings of $3,827)		(6,705,700	)
Foreign currencies		43,232
Forward foreign currency contracts		(11,892	)
		(6,674,360	)
Net realized and unrealized gain (loss)		(11,528,676	)
Net increase (decrease) in net assets resulting from operations	$	(8,740,551	)

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

14                         Invesco Emerging Market Local Currency Debt Fund

Statement of Changes in Net Assets

For the years ended October 31, 2015 and 2014

	2015			2014
Operations:
Net investment income	$	2,788,125		$	2,928,911
Net realized gain (loss)		(4,854,316	)		(3,886,953	)
Change in net unrealized appreciation (depreciation)		(6,674,360	)		(647,735	)
Net increase (decrease) in net assets resulting from operations		(8,740,551	)		(1,605,777	)
Distributions to shareholders from net investment income:
Class A		—			(94,246	)
Class B		—			(2,855	)
Class C		—			(9,449	)
Class R		—			(6,808	)
Class Y		—			(717	)
Class R5		—			(3,164	)
Class R6		—			(241,187	)
Total distributions from net investment income		—			(358,426	)
Return of capital:
Class A		(368,524	)		(337,513	)
Class B		(14,244	)		(12,582	)
Class C		(68,983	)		(80,754	)
Class R		(19,363	)		(16,593	)
Class Y		(39,924	)		(104,758	)
Class R5		(2,106	)		(6,694	)
Class R6		(2,025,139	)		(1,427,178	)
Total return of capital		(2,538,283	)		(1,986,072	)
Share transactions–net:
Class A		(1,355,045	)		(2,698,730	)
Class B		26,014			(182,834	)
Class C		(469,716	)		(1,043,278	)
Class R		(2,139	)		(268,622	)
Class Y		(2,338,926	)		1,522,783
Class R5		(163,230	)		(87,031	)
Class R6		6,445,058			9,033,125
Net increase in net assets resulting from share transactions		2,142,016			6,275,413
Net increase (decrease) in net assets		(9,136,818	)		2,325,138
Net assets:
Beginning of year		55,146,513			52,821,375
End of year (includes undistributed net investment income of $(261,153) and $(19,724), respectively)	$	46,009,695		$	55,146,513

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Emerging Market Local Currency Debt Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

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

15                         Invesco Emerging Market Local Currency Debt Fund

The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6. 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 R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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

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

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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.

16                         Invesco Emerging Market Local Currency Debt Fund

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

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

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

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

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

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

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

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

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

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

I. Structured Securities — The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”). Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed (i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument. Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Statement of Operations.

J. 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 included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

K. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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

17                         Invesco Emerging Market Local Currency Debt Fund

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

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

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

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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		0.75%
Next $500 million		0.70%
Next $500 million		0.67%
Over $1.5 billion		0.65%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.75%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 February 28, 2017, 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 B, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.24%, 1.99%, 1.99%, 1.49%, 0.99%, 0.99% and 0.99% of average daily net assets, respectively. 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 February 28, 2017. The fee waiver agreement cannot be terminated during its term.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees of $172,588 and reimbursed class level expenses of $23,003, $1,040, $5,083, $1,270, $2,583, $3 and $132 of Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund,

18                         Invesco Emerging Market Local Currency Debt Fund

subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, 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 B, 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 B, 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 B and Class C shares and 0.50% of the average daily net assets of Class R shares. 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 October 31, 2015, 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 October 31, 2015, IDI advised the Fund that IDI retained $713 in front-end sales commissions from the sale of Class A shares and $475 and $99 from Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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
Money Market Funds	$	723,211	$	—	$	—	$	723,211
Credit-Linked Securities		—		7,365,083		—		7,365,083
Foreign Debt Securities		—		8,480,468		—		8,480,468
Foreign Sovereign Debt Securities		—		28,592,464		—		28,592,464
	$	723,211	$	44,438,015	$	—	$	45,161,226
Forward Foreign Currency Contracts*		—		62,515		—		62,515
Total Investments	$	723,211	$	44,500,530	$	—	$	45,223,741

* Unrealized appreciation.

NOTE 4—Derivative Investments

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 October 31, 2015:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Currency risk:
Forward foreign currency contracts(a)	$	269,981	$	(207,466	)

^(a)  Values are disclosed on the Statement of Assets and Liabilities under the captions Unrealized appreciation on forward foreign currency contracts outstanding and Unrealized depreciation on forward foreign currency contracts outstanding.

19                         Invesco Emerging Market Local Currency Debt Fund

Effect of Derivative Investments for the year ended October 31, 2015

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
	Forward Foreign Currency Contracts
Realized Gain:
Currency risk	$	498,906
Change in Unrealized Appreciation (Depreciation):
Currency risk		(11,892	)
Total	$	487,014

The table below summarizes the average notional value of forward foreign currency contracts outstanding during the period.

	Forward Foreign Currency Contracts
Average notional value	$	10,156,783

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver			Receive
11/04/15	Barclays Bank PLC		EUR	860,000		USD	951,127	$	945,809	$	5,318
11/04/15	Goldman Sachs International		USD	967,672		EUR	860,000		945,808		(21,864	)
11/09/15	Goldman Sachs International		HUF	199,580,500		USD	705,544		706,282		(738	)
11/09/15	Deutsche Bank Securities Inc.		USD	931,695		PLN	3,589,100		928,530		(3,165	)
11/09/15	Goldman Sachs International		USD	700,000		HUF	199,580,500		706,282		6,282
11/09/15	Goldman Sachs International		PLN	3,589,100		USD	956,756		928,530		28,226
11/20/15	Deutsche Bank Securities Inc.		USD	488,201		ZAR	6,400,000		460,681		(27,520	)
11/20/15	Deutsche Bank Securities Inc.		MXN	12,000,000		USD	717,424		725,235		(7,811	)
11/20/15	Goldman Sachs International		USD	1,379,156		MXN	23,500,000		1,420,253		41,097
11/20/15	Goldman Sachs International		USD	1,339,549		PLN	5,000,000		1,293,079		(46,470	)
11/20/15	Goldman Sachs International		USD	472,602		ZAR	6,300,000		453,483		(19,119	)
12/02/15	Goldman Sachs International		BRL	920,000		USD	231,098		236,031		(4,933	)
12/02/15	Goldman Sachs International		BRL	1,100,000		USD	277,708		282,211		(4,503	)
12/02/15	Goldman Sachs International		USD	966,798		BRL	3,800,000		974,909		8,111
12/04/15	Goldman Sachs International		HUF	40,000,000		USD	141,343		141,473		(130	)
12/04/15	Goldman Sachs International		PLN	1,700,000		USD	448,194		439,470		8,724
12/04/15	Goldman Sachs International		PLN	4,300,000		USD	1,134,176		1,111,601		22,575
12/04/15	Goldman Sachs International		RON	2,200,000		USD	565,378		545,378		20,000
12/04/15	Goldman Sachs International		TRY	1,400,000		USD	471,396		475,222		(3,826	)
12/04/15	Goldman Sachs International		TRY	1,400,000		USD	476,353		475,223		1,130
12/04/15	Goldman Sachs International		USD	1,163,951		COP	3,500,000,000		1,203,380		39,429
12/04/15	Goldman Sachs International		USD	275,293		IDR	4,000,000,000		288,040		12,747
12/04/15	Goldman Sachs International		USD	461,017		IDR	6,800,000,000		489,667		28,650
12/04/15	Goldman Sachs International		USD	276,498		RUB	18,000,000		278,833		2,335
12/04/15	Goldman Sachs International		USD	912,548		RUB	60,000,000		929,441		16,893
12/04/15	Goldman Sachs International		USD	562,905		THB	20,000,000		559,635		(3,270	)
12/04/15	Goldman Sachs International		USD	229,787		TRY	700,000		237,611		7,824
12/04/15	Goldman Sachs International		USD	361,298		ZAR	5,000,000		358,992		(2,306	)
12/04/15	Goldman Sachs International		ZAR	5,000,000		USD	378,544		358,992		19,552
12/04/15	Goldman Sachs International		COP	2,200,000,000		USD	750,085		756,410		(6,325	)
01/27/16	Goldman Sachs International		PLN	3,560,000		MXN	15,300,168		928,318		1,088
02/19/16	Goldman Sachs International		CNY	4,500,000		USD	685,976		703,564		(17,588	)
09/02/16	Deutsche Bank Securities Inc.		CNY	10,200,000		USD	1,537,302		1,575,200		(37,898	)
Total open forward foreign currency contracts — Currency Risk										$	62,515

20                         Invesco Emerging Market Local Currency Debt Fund

Currency Abbreviations:

BRL	– Brazilian Real
IDR	– Indonesian Rupiah
THB	– Thai Baht
CNY	– Chinese Yuan Renminbi
MXN	– Mexican Peso

TRY	– Turkish Lira
COP	– Colombian Peso
PLN	– Poland Zloty
USD	– U.S. Dollar
EUR	– EURO

RON	– Romanian Leu
ZAR	– South African Rand
HUF	– Hungarian Forint
RUB	– Russian Ruble

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2015.

	Gross amounts of Recognized Assets		Gross Amounts Not Offset in the Statement of Assets and Liabilities							Net Amount
			Financial Instruments			Collateral Received
Counterparty						Non-Cash		Cash
Barclays Bank PLC	$	5,318	$	—		$	—	$	—	$	5,318
Goldman Sachs International		264,663		(131,072	)		—		—		133,591
Total	$	269,981	$	(131,072	)	$	—	$	—	$	138,909
	Gross amounts of Recognized Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities							Net Amount
			Financial Instruments			Collateral Pledged
Counterparty						Non-Cash		Cash
Deutsche Bank Securities Inc.	$	76,394	$	—		$	—	$	—	$	76,394
Goldman Sachs International		131,072		(131,072	)		—		—		—
Total	$	207,466	$	(131,072	)	$	—	$	—	$	76,394

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 October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $133.

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 State Street Bank and Trust Company, 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.

21                         Invesco Emerging Market Local Currency Debt Fund

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2015 and 2014:

	2015		2014
Ordinary income	$	—	$	358,426
Return of capital		2,538,283		1,986,072
Total distributions	$	2,538,283	$	2,344,498

Tax Components of Net Assets at Period-End:

	2015
Net unrealized appreciation (depreciation) — investments	$	(10,760,540	)
Net unrealized appreciation — other investments		66,882
Temporary book/tax differences		(23,001	)
Capital loss carryforward		(823,336	)
Shares of beneficial interest		57,549,690
Total net assets	$	46,009,695

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

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of October 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	270,312	$	553,024	$	823,336

* Capital loss carryforward as of the date listed above 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 Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $27,109,419 and $23,739,212, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	90,015
Aggregate unrealized (depreciation) of investment securities		(10,850,555	)
Net unrealized appreciation (depreciation) of investment securities	$	(10,760,540	)

Cost of investments for tax purposes is $55,921,766.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, return of capital distributions and net operating loss, on October 31, 2015, undistributed net investment income was decreased by $491,271, undistributed net realized gain (loss) was increased by $4,895,750 and shares of beneficial interest was decreased by $4,404,479. This reclassification had no effect on the net assets of the Fund.

22                         Invesco Emerging Market Local Currency Debt Fund

NOTE 11—Share Information

	Summary of Share Activity
	Years ended October 31,
	2015(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		171,421		$	1,323,790			321,070		$	2,828,536
Class B		23,303			179,312			1,439			12,454
Class C		25,413			192,441			45,525			401,566
Class R		3,719			27,958			4,893			42,740
Class Y		48,034			372,122			431,545			3,732,173
Class R5		—			—			10,888			94,010
Class R6		1,007,671			7,589,645			1,094,766			9,395,035
Issued as reinvestment of dividends:
Class A		38,573			288,494			37,699			329,768
Class B		1,855			13,761			1,571			13,739
Class C		6,510			48,750			8,028			70,247
Class R		2,549			19,004			2,638			23,048
Class Y		2,763			20,882			3,740			32,713
Class R5		213			1,707			1,081			9,459
Class R6		272,414			2,025,139			191,001			1,668,365
Automatic conversion of Class B shares to Class A shares:
Class A		12,487			90,553			5,777			50,624
Class B		(12,503	)		(90,553	)		(5,783	)		(50,624	)
Reacquired:
Class A		(399,796	)		(3,057,882	)		(677,777	)		(5,907,658	)
Class B		(10,146	)		(76,506	)		(18,311	)		(158,403	)
Class C		(91,702	)		(710,907	)		(174,584	)		(1,515,091	)
Class R		(6,892	)		(49,101	)		(37,933	)		(334,410	)
Class Y		(348,793	)		(2,731,930	)		(259,214	)		(2,242,103	)
Class R5		(21,098	)		(164,937	)		(21,876	)		(190,500	)
Class R6		(427,880	)		(3,169,726	)		(231,999	)		(2,030,275	)
Net increase in share activity		298,115		$	2,142,016			734,184		$	6,275,413

^(a) 81% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds that are also advised by Invesco.

NOTE 12—Subsequent Event

Effective December 4, 2015, the Board of Trustees recently approved changes to the Fund’s investment strategies to reposition the Fund as an unconstrained emerging markets debt securities fund, including changing the Fund’s name to Invesco Emerging Markets Flexible Bond Fund. These changes are scheduled to take effect on or about February 26, 2016.

23                         Invesco Emerging Market Local Currency Debt Fund

NOTE 13—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(b)		Total return(c)			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(d)
Class A
Year ended 10/31/15	$	8.49		$	0.41	$	(1.76	)	$	(1.35	)	$	—		$	—		$	(0.37	)	$	(0.37	)	$	6.77		(16.20	)%	$	6,282		1.24	%(e)		1.89	%(e)		5.46	%(e)		50	%
Year ended 10/31/14		9.17			0.46		(0.77	)		(0.31	)		(0.06	)		—			(0.31	)		(0.37	)		8.49		(3.44	)		9,379		1.24			1.84			5.29			69
Year ended 10/31/13		9.88			0.48		(0.79	)		(0.31	)		(0.29	)		—			(0.11	)		(0.40	)		9.17		(3.25	)		12,998		1.24			1.77			4.96			31
Year ended 10/31/12		10.36	��		0.50		0.17			0.67			(0.88	)		(0.24	)		(0.03	)		(1.15	)		9.88		7.50			14,549		1.24			1.79			5.17			30
Year ended 10/31/11		11.11			0.53		(0.49	)		0.04			(0.63	)		(0.16	)		—			(0.79	)		10.36		0.34			12,886		1.23			1.86			4.97			106
Class B
Year ended 10/31/15		8.48			0.35		(1.75	)		(1.40	)		—			—			(0.31	)		(0.31	)		6.77		(16.72	)		296		1.99	(e)		2.64	(e)		4.71	(e)		50
Year ended 10/31/14		9.16			0.40		(0.78	)		(0.38	)		(0.05	)		—			(0.25	)		(0.30	)		8.48		(4.17	)		349		1.99			2.59			4.54			69
Year ended 10/31/13		9.87			0.41		(0.79	)		(0.38	)		(0.22	)		—			(0.11	)		(0.33	)		9.16		(3.98	)		570		1.99			2.52			4.21			31
Year ended 10/31/12		10.35			0.43		0.17			0.60			(0.81	)		(0.24	)		(0.03	)		(1.08	)		9.87		6.70			856		1.99			2.54			4.42			30
Year ended 10/31/11		11.10			0.45		(0.49	)		(0.04	)		(0.55	)		(0.16	)		—			(0.71	)		10.35		(0.42	)		843		1.98			2.61			4.22			106
Class C
Year ended 10/31/15		8.49			0.35		(1.75	)		(1.40	)		—			—			(0.32	)		(0.32	)		6.77		(16.82	)		1,385		1.99	(e)		2.64	(e)		4.71	(e)		50
Year ended 10/31/14		9.17			0.40		(0.78	)		(0.38	)		(0.05	)		—			(0.25	)		(0.30	)		8.49		(4.16	)		2,244		1.99			2.59			4.54			69
Year ended 10/31/13		9.88			0.41		(0.79	)		(0.38	)		(0.22	)		—			(0.11	)		(0.33	)		9.17		(3.97	)		3,532		1.99			2.52			4.21			31
Year ended 10/31/12		10.36			0.43		0.17			0.60			(0.81	)		(0.24	)		(0.03	)		(1.08	)		9.88		6.70			3,938		1.99			2.54			4.42			30
Year ended 10/31/11		11.10			0.45		(0.48	)		(0.03	)		(0.55	)		(0.16	)		—			(0.71	)		10.36		(0.33	)		3,079		1.98			2.61			4.22			106
Class R
Year ended 10/31/15		8.48			0.39		(1.76	)		(1.37	)		—			—			(0.35	)		(0.35	)		6.76		(16.43	)		363		1.49	(e)		2.14	(e)		5.21	(e)		50
Year ended 10/31/14		9.17			0.44		(0.78	)		(0.34	)		(0.06	)		—			(0.29	)		(0.35	)		8.48		(3.79	)		460		1.49			2.09			5.04			69
Year ended 10/31/13		9.87			0.46		(0.78	)		(0.32	)		(0.27	)		—			(0.11	)		(0.38	)		9.17		(3.39	)		776		1.49			2.02			4.71			31
Year ended 10/31/12		10.36			0.48		0.16			0.64			(0.86	)		(0.24	)		(0.03	)		(1.13	)		9.87		7.13			946		1.49			2.04			4.92			30
Year ended 10/31/11		11.11			0.49		(0.48	)		0.01			(0.60	)		(0.16	)		—			(0.76	)		10.36		0.09			386		1.48			2.11			4.72			106
Class Y
Year ended 10/31/15		8.49			0.45		(1.78	)		(1.33	)		—			—			(0.39	)		(0.39	)		6.77		(15.99	)		304		0.99	(e)		1.64	(e)		5.71	(e)		50
Year ended 10/31/14		9.17			0.49		(0.78	)		(0.29	)		(0.06	)		—			(0.33	)		(0.39	)		8.49		(3.20	)		2,911		0.99			1.59			5.54			69
Year ended 10/31/13		9.88			0.51		(0.79	)		(0.28	)		(0.32	)		—			(0.11	)		(0.43	)		9.17		(3.01	)		1,529		0.99			1.52			5.21			31
Year ended 10/31/12		10.37			0.52		0.17			0.69			(0.91	)		(0.24	)		(0.03	)		(1.18	)		9.88		7.67			1,867		0.99			1.54			5.42			30
Year ended 10/31/11		11.11			0.56		(0.49	)		0.07			(0.65	)		(0.16	)		—			(0.81	)		10.37		0.69			1,131		0.98			1.61			5.22			106
Class R5
Year ended 10/31/15		8.48			0.45		(1.77	)		(1.32	)		—			—			(0.39	)		(0.39	)		6.77		(15.89	)		7		0.99	(e)		1.34	(e)		5.71	(e)		50
Year ended 10/31/14		9.16			0.49		(0.78	)		(0.29	)		(0.06	)		—			(0.33	)		(0.39	)		8.48		(3.20	)		186		0.99			1.31			5.54			69
Year ended 10/31/13		9.87			0.51		(0.79	)		(0.28	)		(0.32	)		—			(0.11	)		(0.43	)		9.16		(3.01	)		291		0.99			1.36			5.21			31
Year ended 10/31/12		10.35			0.52		0.18			0.70			(0.91	)		(0.24	)		(0.03	)		(1.18	)		9.87		7.78			457		0.99			1.28			5.42			30
Year ended 10/31/11		11.11			0.56		(0.51	)		0.05			(0.65	)		(0.16	)		—			(0.81	)		10.35		0.50			28,952		0.98			1.36			5.22			106
Class R6
Year ended 10/31/15		8.48			0.43		(1.75	)		(1.32	)		—			—			(0.39	)		(0.39	)		6.77		(15.89	)		37,373		0.99	(e)		1.33	(e)		5.71	(e)		50
Year ended 10/31/14		9.16			0.49		(0.78	)		(0.29	)		(0.06	)		—			(0.33	)		(0.39	)		8.48		(3.21	)		39,617		0.99			1.30			5.54			69
Year ended 10/31/13		9.87			0.50		(0.78	)		(0.28	)		(0.32	)		—			(0.11	)		(0.43	)		9.16		(3.01	)		33,125		0.99			1.29			5.21			31
Year ended 10/31/12(f)		9.83			0.06		0.01			0.07			(0.00	)		—			(0.03	)		(0.03	)		9.87		0.66			30,375		0.99	(g)		1.26	(g)		5.42	(g)		30

^(a)  Calculated using average shares outstanding.

^(b)  Includes redemption fees added to shares of beneficial interest for Class A, Class B, Class C, Class R, Class Y and Class R5 shares, which were less than $0.005 per share, for fiscal years ended October 31, 2012 and prior.

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

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

^(e)  Ratios are based on average daily net assets (000’s omitted) of $7,480, $338, $1,653, $413, $840, $38 and $38,730 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of September 24, 2012 for Class R6 shares.

^(g)  Annualized.

24                         Invesco Emerging Market Local Currency Debt Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Emerging Market Local Currency Debt Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Emerging Market Local Currency Debt Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

25                         Invesco Emerging Market Local Currency Debt 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 May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	901.30	$	5.94	$	1,018.95	$	6.31		1.24	%
B		1,000.00		898.00		9.52		1,015.17		10.11		1.99
C		1,000.00		897.90		9.52		1,015.17		10.11		1.99
R		1,000.00		900.00		7.14		1,017.69		7.58		1.49
Y		1,000.00		902.40		4.75		1,020.21		5.04		0.99
R5		1,000.00		903.60		4.75		1,020.21		5.04		0.99
R6		1,000.00		902.40		4.75		1,020.21		5.04		0.99

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

26                         Invesco Emerging Market Local Currency Debt Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Emerging Market Local Currency Debt Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ investment

process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

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

B. Fund Performance

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

The Board noted that only four calendar years of comparative performance data was available for the Fund. The Board compared the Fund’s performance during the past one, three, and four calendar years to the performance of funds in the Lipper performance universe and against the Lipper Emerging Markets Local Currency Debt Funds Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one and four year periods and the third quintile for the three year period (the first quintile being the best performing funds

27                         Invesco Emerging Market Local Currency Debt Fund

and the fifth quintile being the worst performing funds. The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period (there being no three or four year performance data for the Index). The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least July 31, 2015 in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board also noted how the Fund’s rate compared to the effective sub-adviser fee rate of five mutual funds sub-advised by Invesco Advisers.

The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other client accounts with investment strategies comparable to those of the Fund. The Board noted that Invesco Advisers or the Affiliated Sub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board the significantly greater scope of services it provides to the Invesco Funds relative to certain other types of client accounts. These additional services include provision of administrative services, officers and office space, oversight of service providers, preparation of annual registration statement updates and financial information and regulatory compliance under

the Investment Company Act of 1940, as amended.

Invesco Advisers also reviewed generally the higher frequency of shareholder purchases and redemptions in the Invesco Funds relative to the flow of assets for other client accounts. Invesco Advisers advised the Board that advance notice of redemptions is often provided to Invesco Advisers by institutional clients. The Board did note that sub-advisory fee rates charged by the Affiliated Sub-Advisers to manage the Invesco Funds and to manage other client accounts tended to be more comparable, reflecting a similar scope of services. The information received by the Board demonstrated that the aggregate services provided to the Invesco Funds were sufficiently different from those provided to institutional clients to support the difference in fees.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board noted that although Invesco Advisers received a minimal amount of revenues from advising the Fund, Invesco Advisers and its subsidiaries did not make a profit from managing the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

28                         Invesco Emerging Market Local Currency Debt 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 advisors.

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 October 31, 2015:

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

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

29                         Invesco Emerging Market Local Currency Debt Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Emerging Market Local Currency Debt 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Emerging Market Local Currency Debt 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Emerging Market Local Currency Debt 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Emerging Market Local Currency Debt Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 EMLCD-AR-1 Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Emerging Markets Equity Fund
	Nasdaq:
	A: IEMAX  n  C: IEMCX  n  R: IEMRX  n  Y: IEMYX  n  R5: IEMIX  n  R6: EMEFX

Letters to Shareholders

       Philip Taylor Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.     The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European Central

Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.

    Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

    Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                         Invesco Emerging Markets Equity Fund

Bruce Crockett	Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
	n	Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.
	n	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                         Invesco Emerging Markets Equity Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Emerging Markets Equity Fund (the Fund), at net asset value (NAV), outperformed the Fund’s style-specific benchmark, the MSCI Emerging Markets Index.

    Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 10/31/14 to 10/31/15, 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	-13.57	%
Class C Shares	-14.27
Class R Shares	-13.71
Class Y Shares	-13.40
Class R5 Shares	-13.40
Class R6 Shares	-13.38
MSCI EAFE Index▼ (Broad Market Index)	-0.07
MSCI Emerging Markets Index▼ (Style-Specific Index)	-14.53
Lipper Emerging Market Funds Index¡ (Peer Group Index)	-15.26

Source(s): ^▼FactSet Research Systems Inc. ¡Lipper Inc.

Market conditions and your Fund

International markets experienced increased volatility during the fiscal year ended October 31, 2015, driven largely by the continued slowdown in energy markets and the economic downturn in China. Developed markets were generally able to withstand these headwinds, even as more fragile emerging markets began to falter.

As the reporting period began in late 2014, international equity markets moved higher, although economic growth appeared to be somewhat stronger in the US than in the rest of the world. Equity markets globally were recovering from the initial crash of oil prices when OPEC added additional uncertainty by deciding to maintain high production despite low prices and slowing global growth. In this environment, commodity-based economies and most currencies underperformed those of the US.

Global markets were rattled again

amid growing concerns that Greece and the eurozone would fail to reach an agreement on a financial bailout plan. However, those fears subsided when a bailout was ultimately approved. The eurozone also benefited from generally positive economic data, which helped markets weather subsequent economic volatility.

In the summer of 2015, fears of a potential economic slowdown in China dominated headlines. The combination of a slowing Chinese economy, a sharp sell-off in domestic Chinese equities and the devaluation of China’s currency, the renminbi, contributed to a strong correction in global equity markets. Emerging markets, in particular, were hard hit by events in China and by continued weak commodity prices – as well as by the US Federal Reserve’s decision to delay raising interest rates, which increased investor uncertainty and market volatility.

The Fund stayed true to its process by emphasizing its quality

orientation in stock selection. Our stock selection in the materials, energy, consumer discretionary and industrials sectors made the largest contribution to the Fund’s results versus its style-specific benchmark. Holdings in the financials, telecommunication services, consumer staples, health care and information technology (IT) sectors detracted from performance for the reporting period.

    From a geographic perspective, all geographic regions posted negative absolute returns for the reporting period. Stock selection in the Asia/Pacific region and Europe positively affected the Fund’s performance relative to its style-specific benchmark. Conversely, stock selection in Africa/Mideast and Latin America detracted from relative performance.

    Within the Asia/Pacific region, Zhuzhou CSR Times Electric, a locomotive technology specialist, benefited from increased investment in Chinese infrastructure during the reporting period. Also within the region, Shenzhou International Group, a Chinese exporter and textile company, benefited from strong sales of its top customers, including Nike (not a Fund holding). Chinese currency weakness also helped boost Shenzhou’s results.

    Within the financials sector, China Construction Bank (not held at the end of the reporting period), one of the largest banks in China, benefited from declining Chinese interest rates. The bank experienced increased volumes and lower non-performing loan provisions, which boosted the company’s stock price.

    Conversely, Samsung Electronics detracted from Fund performance. The company’s stock was hurt by the difficult and competitive smartphone market. Also detracting from Fund performance was BB Seguridade Participacoes,

Portfolio Composition
By sector	% of total net assets

Financials	29.0	%
Information Technology	21.5
Consumer Discretionary	18.9
Consumer Staples	17.0
Industrials	7.0
Health Care	4.4
Money Market Funds Plus Other Assets Less Liabilities	2.2

Top 10 Equity Holdings*
	% of total net assets

1.	Tencent Holdings Ltd.	5.4	%
2.	Taiwan Semiconductor Manufacturing Co. Ltd.	5.2
3.	Samsung Electronics Co., Ltd.	4.4
4.	Ping An Insurance (Group) Co. of China Ltd.-Class H	3.2
5.	President Chain Store Corp.	3.2
6.	Shenzhou International Group Holdings Ltd.	2.7
7.	Industrial & Commercial Bank of China Ltd.-Class H	2.7
8.	Baidu, Inc.-ADR	2.6
9.	Mr. Price Group Ltd.	2.6
10.	Bank of China Ltd.-Class H	2.5

Total Net Assets	$25.9 million
Total Number of Holdings*	49

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.

Data presented here are as of October 31, 2015.

4                Invesco Emerging Markets Equity Fund

Brazilian insurance broker. The weak local economy and depreciating currency negatively affected the stock’s performance. The stock price of retailer Via Varejo (not held at the end of the reporting period), declined due to continued weakness in the Brazilian economy.

    Relative to its style-specific benchmark, the Fund ended the reporting period with overweight positions in the consumer discretionary, health care, industrials and IT sectors; and underweight positions in the energy, financials, materials, and telecommunication services sectors.

    Geographically, the Fund maintained overweight positions in Brazil, China and Indonesia, and underweight positions in Hong Kong, South Korea, Malaysia, Russia, South Africa, Taiwan, Thailand and Turkey throughout the reporting period.

    Market volatility continued from the last reporting period. While there are segments of the market that we continue to find attractive, particularly with a long-term perspective, valuations for the broader market are not inexpensive. We remain cautious, mindful of our mandate to provide protection in challenging markets, and are focused on high-quality companies with attractive valuations.

    Thank you for your investment in Invesco Emerging Markets Equity Fund.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

Ingrid Baker Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Emerging Markets Equity Fund.

She joined Invesco in 1999. Ms. Baker earned a BA in international politics from Oberlin College and an MBA in finance from the University of Navarra.

Assisted by Invesco’s Global Core Equity Team

5                Invesco Emerging Markets Equity Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 5/31/11

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

n Industry 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.

6                         Invesco Emerging Markets Equity Fund

Average Annual Total Returns

As of 10/31/15, including maximum applicable sales charges

Class A Shares
Inception (5/31/11)	-9.61	%
1 Year	-18.30
Class C Shares
Inception (5/31/11)	-9.14	%
1 Year	-15.12
Class R Shares
Inception (5/31/11)	-8.69	%
1 Year	-13.71
Class Y Shares
Inception (5/31/11)	-8.26	%
1 Year	-13.40
Class R5 Shares
Inception (5/31/11)	-8.26	%
1 Year	-13.40
Class R6 Shares
Inception	-8.30	%
1 Year	-13.38

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

    The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.87%, 2.62%, 2.12%, 1.62%, 1.62% and 1.62%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 2.59%, 3.34%, 2.84%, 2.34%, 2.04% and 2.02%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses

Average Annual Total Returns

As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (5/31/11)	-10.90	%
1 Year	-21.58
Class C Shares
Inception (5/31/11)	-10.38	%
1 Year	-18.37
Class R Shares
Inception (5/31/11)	-9.94	%
1 Year	-17.10
Class Y Shares
Inception (5/31/11)	-9.54	%
1 Year	-16.81
Class R5 Shares
Inception (5/31/11)	-9.50	%
1 Year	-16.68
Class R6 Shares
Inception	-9.57	%
1 Year	-16.79

incurred during the period covered by this report.

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2017. See current prospectus for more information.

7                Invesco Emerging Markets Equity Fund

Invesco Emerging Markets Equity Fund’s investment objective is long-term growth of capital.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

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

About share classes

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing

in the Fund

n Depositary receipts risk. Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities.

n Developing/emerging markets securities risk. The prices of securities issued by foreign companies and governments located in developing/emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less

regulation resulting in less publicly available information about the companies.

n Geographic focus risk. From time to time the Fund may invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. If the Fund focuses its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund’s investment performance may also be more volatile if it focuses its investments in certain countries, especially emerging markets countries.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Preferred securities risk. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If the Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received this income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments.

n Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available

information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

n Value investing style risk. The Fund emphasizes a value style of investing, which focuses on undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on value equity securities are less than returns on other styles of investing or the overall stock market. Value stocks also may decline in price, even though in theory they are already underpriced.

About indexes used in this report

n The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

n The Lipper Emerging Market Funds Index is an unmanaged index considered representative of emerging market funds tracked by Lipper.

n 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).

n 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.

continued on page 6

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

8                Invesco Emerging Markets Equity Fund

Schedule of Investments

October 31, 2015

	Shares		Value
Common Stocks & Other Equity Interests–97.76%
Brazil–6.66%
BB Seguridade Participacoes S.A.		76,400	$	527,225
Grendene S.A.		94,800		443,922
Multiplus S.A.		32,400		288,646
Raia Drogasil S.A.		45,100		467,895
				1,727,688
China–23.80%
Baidu, Inc.–ADR(a)		3,656		685,390
Bank of China Ltd.–Class H		1,382,000		650,936
Industrial & Commercial Bank of China Ltd.–Class H		1,082,000		686,591
Phoenix Healthcare Group Co. Ltd.		263,500		400,489
Ping An Insurance (Group) Co. of China Ltd.–Class H		146,500		819,455
Shenzhou International Group Holdings Ltd.		143,000		702,633
Sinopharm Group Co. Ltd.–Class H		107,200		441,525
Tencent Holdings Ltd.		75,100		1,409,414
Zhuzhou CSR Times Electric Co., Ltd.–Class H		58,000		375,795
				6,172,228
Hong Kong–5.42%
AIA Group Ltd.		103,400		603,784
Standard Chartered PLC		20,250		222,307
Techtronic Industries Co. Ltd.		159,000		580,308
				1,406,399
India–11.06%
Axis Bank Ltd.		69,744		506,285
Britannia Industries Ltd.		6,414		316,983
Eicher Motors Ltd.		1,356		367,731
Emami Ltd.		20,900		343,162
LIC Housing Finance Ltd.		51,728		378,909
Maruti Suzuki India Ltd.		4,956		337,024
Tata Consultancy Services Ltd.		16,220		619,239
				2,869,333
Indonesia–4.73%
PT Bank Rakyat Indonesia Persero Tbk		764,300		583,866
PT Matahari Department Store Tbk		533,200		642,261
				1,226,127
Malaysia–0.98%
Berjaya Auto Berhad		526,240		253,607
Mexico–5.50%
Fomento Economico Mexicano, S.A.B. de C.V.–ADR		6,265		620,799
Grupo Financiero Inbursa, S.A.B. de C.V.–Class O		270,900		542,754
Kimberly-Clark de Mexico, S.A.B. de C.V.–Class A		110,400		264,157
				1,427,710

	Shares		Value
Peru–1.93%
Credicorp Ltd.		2,740	$	310,113
Intercorp Financial Services Inc.		7,606		190,150
				500,263
Russia–3.06%
Magnit PJSC–REGS–GDR(b)		8,518		386,889
Sberbank PAO–ADR		66,723		407,711
				794,600
South Africa–4.06%
Clicks Group Ltd.		51,732		377,835
Mr. Price Group Ltd.		44,110		676,188
				1,054,023
South Korea–14.08%
AMOREPACIFIC Corp.		1,373		451,777
AMOREPACIFIC Group		2,621		366,934
CJ CGV Co., Ltd.		5,148		466,247
Hanssem Co., Ltd.		2,462		501,649
KEPCO Plant Service & Engineering Co., Ltd.		4,824		439,876
Medy-Tox Inc.		672		284,719
Samsung Electronics Co., Ltd.		952		1,139,908
				3,651,110
Taiwan–10.72%
King Slide Works Co., Ltd.		48,000		624,884
President Chain Store Corp.		124,000		817,966
Taiwan Semiconductor Manufacturing Co. Ltd.		318,000		1,338,626
				2,781,476
Thailand–4.05%
Delta Electronics (Thailand) PCL		165,400		390,729
Kasikornbank PCL		81,800		395,862
Thanachart Capital PCL		280,500		263,621
				1,050,212
United States–1.71%
Market Vectors® Vietnam ETF		26,100		442,656
Total Common Stocks & Other Equity Interests (Cost $25,927,415)				25,357,432
Money Market Funds–1.03%
Liquid Assets Portfolio–Institutional Class, 0.16%(c)		133,179		133,179
Premier Portfolio–Institutional Class, 0.12%(c)		133,179		133,179
Total Money Market Funds (Cost $266,358)				266,358
TOTAL INVESTMENTS–98.79% (Cost $26,193,773)				25,623,790
OTHER ASSETS LESS LIABILITIES–1.21%				315,092
NET ASSETS–100.00%			$	25,938,882

Investment Abbreviations:

ADR	– American Depositary Receipt
ETF	– Exchange-Traded Fund

GDR	– Global Depositary Receipt
REGS	– Regulation S

Notes to Schedule of Investments:

^(a) Non-income producing security.

^(b) Security purchased or received in 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 value of this security at October 31, 2015 represented 1.49% of the Fund’s Net Assets.

^(c) The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

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

9                         Invesco Emerging Markets Equity Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $25,927,415)	$	25,357,432
Investments in affiliated money market funds, at value and cost		266,358
Total investments, at value (Cost $26,193,773)		25,623,790
Foreign currencies, at value (Cost $175,480)		173,837
Receivable for:
Investments sold		287,404
Fund shares sold		69,504
Dividends		11,450
Fund expenses absorbed		8,036
Investment for trustee deferred compensation and retirement plans		16,630
Other assets		19,394
Total assets		26,210,045
Liabilities:
Payable for:
Investments purchased		167,293
Fund shares reacquired		22,228
Accrued fees to affiliates		14,367
Accrued trustees’ and officers’ fees and benefits		1,451
Accrued other operating expenses		48,450
Trustee deferred compensation and retirement plans		17,374
Total liabilities		271,163
Net assets applicable to shares outstanding	$	25,938,882
Net assets consist of:
Shares of beneficial interest	$	32,250,697
Undistributed net investment income		(16,270	)
Undistributed net realized gain (loss)		(5,722,402	)
Net unrealized appreciation (depreciation)		(573,143	)
	$	25,938,882

Net Assets:
Class A	$	10,516,181
Class C	$	2,571,635
Class R	$	1,188,024
Class Y	$	3,606,752
Class R5	$	884,990
Class R6	$	7,171,300
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		1,611,517
Class C		399,901
Class R		182,869
Class Y		552,406
Class R5		135,481
Class R6		1,097,158
Class A:
Net asset value per share	$	6.53
Maximum offering price per share
(Net asset value of $6.53 ¸ 94.50%)	$	6.91
Class C:
Net asset value and offering price per share	$	6.43
Class R:
Net asset value and offering price per share	$	6.50
Class Y:
Net asset value and offering price per share	$	6.53
Class R5:
Net asset value and offering price per share	$	6.53
Class R6:
Net asset value and offering price per share	$	6.54

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

10                         Invesco Emerging Markets Equity Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends (net of foreign withholding taxes of $65,840)	$	576,493
Dividends from affiliated money market funds		456
Total investment income		576,949
Expenses:
Advisory fees		258,989
Administrative services fees		50,000
Custodian fees		57,293
Distribution fees:
Class A		28,796
Class C		27,372
Class R		6,091
Transfer agent fees — A, C, R, and Y		66,936
Transfer agent fees — R5		34
Transfer agent fees — R6		51
Trustees’ and officers’ fees and benefits		19,078
Registration and filing fees		74,344
Professional services fees		52,092
Other		36,003
Total expenses		677,079
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(172,775	)
Net expenses		504,304
Net investment income		72,645
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(3,103,414	)
Foreign currencies		(45,417	)
		(3,148,831	)
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes on holdings of $7,555)		(703,920	)
Foreign currencies		(1,892	)
		(705,812	)
Net realized and unrealized gain (loss)		(3,854,643	)
Net increase (decrease) in net assets resulting from operations	$	(3,781,998	)

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

11                         Invesco Emerging Markets Equity Fund

Statement of Changes in Net Assets

For the years ended October 31, 2015 and 2014

	2015			2014
Operations:
Net investment income	$	72,645		$	202,600
Net realized gain (loss)		(3,148,831	)		(270,741	)
Change in net unrealized appreciation (depreciation)		(705,812	)		122,931
Net increase (decrease) in net assets resulting from operations		(3,781,998	)		54,790
Distributions to shareholders from net investment income:
Class A		(44,461	)		(121,978	)
Class C		—			(8,695	)
Class R		(2,660	)		(5,311	)
Class Y		(24,019	)		(4,449	)
Class R5		(6,406	)		(3,472	)
Class R6		(59,556	)		(81,720	)
Total distributions from net investment income		(137,102	)		(225,625	)
Share transactions–net:
Class A		1,351,218			(4,506,049	)
Class C		163,778			640,555
Class R		35,294			588,496
Class Y		854,056			2,890,104
Class R5		141,935			516,559
Class R6		183,789			(472,445	)
Net increase (decrease) in net assets resulting from share transactions		2,730,070			(342,780	)
Net increase (decrease) in net assets		(1,189,030	)		(513,615	)
Net assets:
Beginning of year		27,127,912			27,641,527
End of year (includes undistributed net investment income of $(16,270) and $122,868, respectively)	$	25,938,882		$	27,127,912

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Emerging Markets Equity Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. 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 R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

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

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

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

12                         Invesco Emerging Markets Equity Fund

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

E. Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s

13                         Invesco Emerging Markets Equity Fund

taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

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

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

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

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

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

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

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

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

14                         Invesco Emerging Markets Equity Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0	.935%
Next $250 million		0	.91%
Next $500 million		0	.885%
Next $1.5 billion		0	.86%
Next $2.5 billion		0	.835%
Next $2.5 billion		0	.81%
Next $2.5 billion		0	.785%
Over $10 billion		0	.76%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.94%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 February 28, 2017, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.85%, 2.60%, 2.10%, 1.60%, 1.60% and 1.60% of average daily net assets, respectively. 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 February 28, 2017. The fee waiver agreement cannot be terminated during its term.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees of $105,755 and reimbursed class level expenses of $40,458, $9,615, $4,279, $12,338, $34 and $51 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. 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 October 31, 2015, 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 October 31, 2015, IDI advised the Fund that IDI retained $8,221 in front-end sales commissions from the sale of Class A shares and $37 and $659 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.

15                         Invesco Emerging Markets Equity Fund

NOTE 3—Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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.

During the year ended October 31, 2015, there were transfers from Level 1 to Level 2 of $2,231,957 due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Brazil	$	1,727,688	$	—	$	—	$	1,727,688
China		1,085,879		5,086,349		—		6,172,228
Hong Kong		—		1,406,399		—		1,406,399
India		343,162		2,526,171		—		2,869,333
Indonesia		—		1,226,127		—		1,226,127
Malaysia		—		253,607		—		253,607
Mexico		1,427,710		—		—		1,427,710
Peru		500,263		—		—		500,263
Russia		—		794,600		—		794,600
South Africa		377,835		676,188		—		1,054,023
South Korea		439,876		3,211,234		—		3,651,110
Taiwan		—		2,781,476		—		2,781,476
Thailand		659,483		390,729		—		1,050,212
United States		709,014		—		—		709,014
Total Investments	$	7,270,910	$	18,352,880	$	—	$	25,623,790

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $245.

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 State Street Bank and Trust Company, 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.

16                         Invesco Emerging Markets Equity Fund

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2015 and 2014:

	2015		2014
Ordinary income	$	137,102	$	225,625

Tax Components of Net Assets at Period-End:

	2015
Net unrealized appreciation (depreciation) — investments	$	(599,582	)
Net unrealized appreciation (depreciation) — other investments		(3,160	)
Temporary book/tax differences		(16,270	)
Capital loss carryforward		(5,692,803	)
Shares of beneficial interest		32,250,697
Total net assets	$	25,938,882

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

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of October 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	3,523,545	$	2,169,258	$	5,692,803

* Capital loss carryforward as of the date listed above 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 Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $28,947,374 and $26,055,902, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	1,748,201
Aggregate unrealized (depreciation) of investment securities		(2,347,783	)
Net unrealized appreciation (depreciation) of investment securities	$	(599,582	)

Cost of investments for tax purposes is $26,223,372.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and foreign capital gain, on October 31, 2015, undistributed net investment income was decreased by $74,681, undistributed net realized gain (loss) was increased by $82,255 and shares of beneficial interest was decreased by $7,574. This reclassification had no effect on the net assets of the Fund.

17                         Invesco Emerging Markets Equity Fund

NOTE 10—Share Information

	Summary of Share Activity
	Years ended October 31,
	2015(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		1,104,682		$	7,871,597			826,496		$	6,210,865
Class C		141,652			995,838			179,248			1,317,911
Class R		69,316			486,729			97,020			714,181
Class Y		134,043			961,871			391,758			3,010,217
Class R5		27,217			210,117			69,420			513,251
Class R6		115,002			814,045			51,867			386,284
Issued as reinvestment of dividends:
Class A		6,447			44,096			13,876			100,046
Class C		—			—			1,162			8,339
Class R		387			2,645			730			5,260
Class Y		3,508			23,965			607			4,377
Class R5		918			6,282			459			3,308
Class R6		8,707			59,556			11,319			81,720
Reacquired:
Class A		(904,652	)		(6,564,475	)		(1,443,468	)		(10,816,960	)
Class C		(118,737	)		(832,060	)		(93,773	)		(685,695	)
Class R		(64,467	)		(454,080	)		(17,429	)		(130,945	)
Class Y		(19,136	)		(131,780	)		(16,439	)		(124,490	)
Class R5		(10,622	)		(74,464	)		—			—
Class R6		(94,195	)		(689,812	)		(125,987	)		(940,449	)
Net increase (decrease) in share activity		400,070		$	2,730,070			(53,134	)	$	(342,780	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 26% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

    In addition, 28% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds that are also advised by Invesco.

18                         Invesco Emerging Markets Equity Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Year ended 10/31/15	$	7.58	$	0.02		$	(1.04	)	$	(1.02	)	$	(0.03	)	$	—		$	(0.03	)	$	6.53		(13.45	)%	$	10,516		1.85	%(d)		2.58	%(d)		0.23	%(d)		97	%
Year ended 10/31/14		7.61		0.06			(0.03	)		0.03			(0.06	)		—			(0.06	)		7.58		0.44			10,654		1.85			2.57			0.74			94
Year ended 10/31/13		7.61		0.05			0.03			0.08			(0.08	)		—			(0.08	)		7.61		1.06			15,284		1.85			2.75			0.68			41
Year ended 10/31/12		8.07		0.11			(0.47	)		(0.36	)		(0.07	)		(0.03	)		(0.10	)		7.61		(4.51	)		10,187		1.85			3.44			1.36			34
Year ended 10/31/11(e)		10.00		0.03			(1.96	)		(1.93	)		—			—			—			8.07		(19.30	)		4,019		1.84	(f)		5.28	(f)		0.87	(f)		16
Class C
Year ended 10/31/15		7.49		(0.04	)		(1.02	)		(1.06	)		—			—			—			6.43		(14.15	)		2,572		2.60	(d)		3.33	(d)		(0.52	)(d)		97
Year ended 10/31/14		7.55		—			(0.03	)		(0.03	)		(0.03	)		—			(0.03	)		7.49		(0.40	)		2,825		2.60			3.32			(0.01	)		94
Year ended 10/31/13		7.55		(0.01	)		0.04			0.03			(0.03	)		—			(0.03	)		7.55		0.40			2,191		2.60			3.50			(0.07	)		41
Year ended 10/31/12		8.05		0.04			(0.47	)		(0.43	)		(0.04	)		(0.03	)		(0.07	)		7.55		(5.28	)		1,150		2.60			4.19			0.61			34
Year ended 10/31/11(e)		10.00		0.00			(1.95	)		(1.95	)		—			—			—			8.05		(19.50	)		236		2.59	(f)		6.03	(f)		0.12	(f)		16
Class R
Year ended 10/31/15		7.55		(0.00	)		(1.03	)		(1.03	)		(0.02	)		—			(0.02	)		6.50		(13.71	)		1,188		2.10	(d)		2.83	(d)		(0.02	)(d)		97
Year ended 10/31/14		7.59		0.04			(0.03	)		0.01			(0.05	)		—			(0.05	)		7.55		0.17			1,341		2.10			2.82			0.49			94
Year ended 10/31/13		7.58		0.03			0.04			0.07			(0.06	)		—			(0.06	)		7.59		0.97			739		2.10			3.00			0.43			41
Year ended 10/31/12		8.06		0.08			(0.47	)		(0.39	)		(0.06	)		(0.03	)		(0.09	)		7.58		(4.86	)		76		2.10			3.69			1.11			34
Year ended 10/31/11(e)		10.00		0.02			(1.96	)		(1.94	)		—			—			—			8.06		(19.40	)		9		2.09	(f)		5.53	(f)		0.62	(f)		16
Class Y
Year ended 10/31/15		7.59		0.03			(1.04	)		(1.01	)		(0.05	)		—			(0.05	)		6.53		(13.28	)		3,607		1.60	(d)		2.33	(d)		0.48	(d)		97
Year ended 10/31/14		7.62		0.08			(0.04	)		0.04			(0.07	)		—			(0.07	)		7.59		0.60			3,295		1.60			2.32			0.99			94
Year ended 10/31/13		7.61		0.07			0.04			0.11			(0.10	)		—			(0.10	)		7.62		1.42			442		1.60			2.50			0.93			41
Year ended 10/31/12		8.07		0.12			(0.47	)		(0.35	)		(0.08	)		(0.03	)		(0.11	)		7.61		(4.31	)		281		1.60			3.19			1.61			34
Year ended 10/31/11(e)		10.00		0.04			(1.97	)		(1.93	)		—			—			—			8.07		(19.30	)		38		1.59	(f)		5.03	(f)		1.12	(f)		16
Class R5
Year ended 10/31/15		7.60		0.03			(1.05	)		(1.02	)		(0.05	)		—			(0.05	)		6.53		(13.40	)		885		1.60	(d)		1.98	(d)		0.48	(d)		97
Year ended 10/31/14		7.62		0.07			(0.02	)		0.05			(0.07	)		—			(0.07	)		7.60		0.74			896		1.60			2.02			0.99			94
Year ended 10/31/13		7.61		0.07			0.04			0.11			(0.10	)		—			(0.10	)		7.62		1.42			366		1.60			2.26			0.93			41
Year ended 10/31/12		8.07		0.12			(0.47	)		(0.35	)		(0.08	)		(0.03	)		(0.11	)		7.61		(4.31	)		118		1.60			2.90			1.61			34
Year ended 10/31/11(e)		10.00		0.04			(1.97	)		(1.93	)		—			—			—			8.07		(19.30	)		7,720		1.59	(f)		4.86	(f)		1.12	(f)		16
Class R6
Year ended 10/31/15		7.60		0.03			(1.04	)		(1.01	)		(0.05	)		—			(0.05	)		6.54		(13.26	)		7,171		1.60	(d)		1.98	(d)		0.48	(d)		97
Year ended 10/31/14		7.62		0.07			(0.02	)		0.05			(0.07	)		—			(0.07	)		7.60		0.73			8,116		1.60			2.00			0.99			94
Year ended 10/31/13		7.62		0.07			0.03			0.10			(0.10	)		—			(0.10	)		7.62		1.28			8,619		1.60			2.21			0.93			41
Year ended 10/31/12(e)		7.85		0.01			(0.24	)		(0.23	)		—			—			—			7.62		(2.93	)		7,488		1.60	(f)		1.79	(f)		1.61	(f)		34

^(a)  Calculated using average shares outstanding.

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

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

^(d) Ratios are based on average daily net assets (000’s omitted) of $11,518, $2,737, $1,218, $3,513, $881 and $7,831 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Commencement date of May 31, 2011 for Class A, Class C, Class R, Class Y and Class R5 shares and September 24, 2012 for Class R6 shares.

^(f) Annualized.

19                         Invesco Emerging Markets Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Emerging Markets Equity Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Emerging Markets Equity Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, 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 then ended and the financial highlights for each of the four years in the period then ended and for the period May 31, 2011 (commencement of operations) through October 31, 2011, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

20                         Invesco Emerging Markets Equity 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 May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	850.30	$	8.63	$	1,015.88	$	9.40		1.85	%
C		1,000.00		846.10		12.10		1,012.10		13.19		2.60
R		1,000.00		848.60		9.78		1,014.62		10.66		2.10
Y		1,000.00		850.30		7.46		1,017.14		8.13		1.60
R5		1,000.00		850.30		7.46		1,017.14		8.13		1.60
R6		1,000.00		851.60		7.47		1,017.14		8.13		1.60

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

21                         Invesco Emerging Markets Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Emerging Markets Equity Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports form the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s

consideration of Invesco Advisers’ investment process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

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

B. Fund Performance

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

The Board noted that the Fund recently began operations and that comparative performance data for only the past three calendar years was available. The Board compared the Fund’s performance during the past three calendar years to the performance of funds in the Lipper performance universe and against the Lipper Emerging Markets Funds Index. The Board noted that the Fund’s performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and in the fifth

22                         Invesco Emerging Markets Equity Fund

quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and three year periods. Invesco Advisers noted that the portfolio management team had been reorganized in February 2014. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least February 29, 2016 in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was above the rate of one such mutual fund. The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other client accounts with investment strategies comparable to those of the Fund.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco

Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund as a result of fee and expense waivers. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures

approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

23                         Invesco Emerging Markets Equity 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 advisors.

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 October 31, 2015:

Federal and State Income Tax
Qualified Dividend Income*	99.39	%
Corporate Dividends Received Deduction*	0.05	%
U.S. Treasury Obligations*	0	%

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

24                         Invesco Emerging Markets Equity Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Emerging Markets Equity 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Emerging Markets Equity 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Emerging Markets Equity 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Emerging Markets Equity Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 EME-AR-1 Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Endeavor Fund
	Nasdaq:
	A: ATDAX  n  B: ATDBX  n  C: ATDCX   n  R: ATDRX   n  Y: ATDYX   n  R5: ATDIX   n  R6: ATDFX

Letters to Shareholders

       Philip Taylor Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.     The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European Central

Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.

Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                         Invesco Endeavor Fund

Bruce Crockett	Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
	n	Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.
	n	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                         Invesco Endeavor Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Endeavor Fund (the Fund), at net asset value (NAV), underperformed the Fund’s broad market, style-specific and peer group indexes, the S&P 500 Index, the Russell Midcap Index and the Lipper Mid-Cap Core Funds Index, respectively.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 10/31/14 to 10/31/15, 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	-5.80	%
Class B Shares	-6.50
Class C Shares	-6.49
Class R Shares	-6.04
Class Y Shares	-5.61
Class R5 Shares	-5.46
Class R6 Shares	-5.36
S&P 500 Index▼ (Broad Market Index)	5.20
Russell Midcap Index▼ (Style-Specific Index)	2.77
Lipper Mid-Cap Core Funds Index¢ (Peer Group Index)	1.19
Source(s): ▼FactSet Research Systems Inc.; ¢Lipper Inc.

Market conditions and your Fund

The US economy improved slowly, but steadily, during the fiscal year ended October 31, 2015 – although the health of individual economic sectors varied dramatically. The headline story was the continued slowdown in energy markets, as oil prices plummeted when too much supply overwhelmed slowing global demand. However, the more subtle story, which drove the economy forward during the year, was the improved position of the US consumer.

    As the reporting period began in late 2014, economic growth appeared to be stronger in the US than in the rest of the world. US equity markets were recovering from the initial crash of oil prices when OPEC added additional uncertainty by deciding to maintain high production despite low prices and slowing global growth. In this environment, commodity-based economies and most currencies underperformed those of the US. The

continued strengthening of the US consumer led US equity markets higher through the spring. Continued low interest rates, the increasing availability of credit from lenders and an improving employment picture all contributed to higher consumer confidence. This strength also helped the market overcome fears that Greece and the eurozone would fail to reach an agreement on a financial bailout plan. In the summer of 2015, however, US equity markets moved sharply lower. A significant downturn in China’s financial markets and weak global economic growth led the US Federal Reserve to delay raising interest rates, which, in turn, increased investor uncertainty and market volatility. In October, however, the US market marched higher and recovered from its earlier decline, finishing higher for the fiscal year.

    We view ourselves as business people buying businesses, and we consider the purchase of a stock as an ownership

interest in a business. We strive to develop a proprietary view of a business through in-depth, fundamental research that includes careful financial statement analysis and meetings with company management. We then seek to purchase businesses whose stock prices are below what we have calculated to be the true value of the company based on its future free cash flows.

    Our investment approach focuses on individual businesses rather than market sectors. Therefore, your Fund shares little in common with sector weightings of the Fund’s indexes. However, if we were to broadly categorize businesses with which we had the most success during the reporting period, select information technology (IT) and industrials stocks were among the largest contributors to Fund performance. Select holdings in the energy and industrials sectors were among the largest detractors from Fund performance.

    IT companies Activision Blizzard and CDW were the largest contributors to Fund performance during the fiscal year. Activision Blizzard is one of the world’s largest third-party game publishers and owns some of the largest and most well-known video game franchises including Call of Duty. The company was added to the S&P 500 Index during the third quarter of 2015 and reported success with some of its new video games, which boosted its share price. We sold some of our position in the company on this strength. CDW is the largest national IT value-added reseller in the US. Shares of the company rose after it reported better-than-expected earnings for the second quarter of 2015. We took some profits by selling part of our position in CDW toward the end of the reporting period.

    Industrials sector company DCC was also a large contributor to Fund performance during the fiscal year. DCC is the

Portfolio Composition

By sector % of total net assets

Industrials	30.7	%
Financials	17.9
Information Technology	13.3
Health Care	8.9
Energy	8.4
Consumer Discretionary	7.8
Money Market Funds Plus Other Assets Less Liabilities	13.0

Top 10 Equity Holdings*
	% of total net assets

1.	Brookfield Property Partners L.P.	5.4	%
2.	DCC PLC	3.9
3.	Encore Capital Group, Inc.	3.8
4.	Zimmer Biomet Holdings, Inc.	3.8
5.	Cognizant Technology Solutions Corp.-Class A	3.5
6.	Ross Stores, Inc.	3.3
7.	Echo Global Logistics, Inc.	3.3
8.	Unum Group	3.2
9.	Oaktree Capital Group LLC	3.2
10.	Titan Machinery, Inc.	3.2

Total Net Assets	$383.0 million
Total Number of Holdings*	31

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.

Data presented here are as of October 31, 2015.

4                Invesco Endeavor Fund

largest distributor of heating oil in the UK. Shares of the company rose on the announcement of the acquisition of a large French gas distributor that further diversifies DCC’s energy distribution business outside the UK; this is expected to be accretive to earnings. DCC has a strong balance sheet and operates in highly fragmented industries, and thus should have the opportunity to continue to make more value-creating acquisitions for the business.

    Also in the industrials sector, Orion Marine Group was one of the largest detractors from Fund performance. The company is a leading heavy civil marine contractor that provides a broad range of turnkey marine construction and specialty services along the Gulf Coast, Atlantic Seaboard, West Coast, Canada and Caribbean Basin. Shares of Orion Marine Group fell as a weak demand environment for dredging services and specific project delays hurt performance.

    Several of the Fund’s energy sector holdings were among the largest detractors from performance during the fiscal year including Ultra Petroleum and Newalta. Ultra Petroleum is a low-cost US natural gas producer with some exposure to oil assets. The company’s share price declined in sympathy with oil prices. Though Ultra Petroleum focuses mainly on natural gas, there is a link with oil prices because they are substitutable commodities. We still have confidence in the company’s long-term fundamentals because it has over 25 years of reserves from its existing land base, giving it the flexibility to wait out low energy prices for an extended period. We added to the Fund’s position in Ultra Petroleum on price weakness. Newalta is a leading provider of waste management services across Canada, including the recycling and sale of oil products. Shares of the company fell as investors continued to be concerned about Newalta’s operating exposure to the energy sector at a time when energy prices are weakening.

    During the fiscal year, we made some new investments and added to some of our existing holdings. We also sold several holdings based on valuations and other factors. The Fund’s large cash position was a result of existing holdings being acquired by other companies not held by the Fund over the past few years and therefore removed or sold from the portfolio as well as a lack of opportunities as markets continued to rise. We believe the cash may act as a shock absorber in the next market correction, while

providing us with the ability to invest in attractive opportunities as they present themselves.

    We continued to focus on finding quality businesses trading at attractive values relative to what we believe are their long-term prospects. In contrast, the market is often driven by short-term events or outlooks in both good times and bad. Market volatility during the reporting period allowed us to take advantage of investment opportunities we believe may benefit the Fund in the long term.

    While we can never predict future Fund performance, we pledge that we will adhere to our discipline of being business people who buy businesses – and we will continually strive to upgrade the quality of the Fund’s portfolio.

    As always, we thank you for your investment in Invesco Endeavor Fund and for sharing our long-term investment perspective.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	Mark Uptigrove Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco Endeavor Fund.
He joined Invesco in 2005. Mr. Uptigrove earned a BA in finance from the University of Western Ontario and an MBA from the Richard Ivey School of Business.

	Clayton Zacharias Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Endeavor Fund. He joined
Invesco in 2002. Mr. Zacharias earned a BBA from Simon Fraser University.

5                Invesco Endeavor Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/05

Past performance cannot guarantee comparable future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical

shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable. 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6                         Invesco Endeavor Fund

Average Annual Total Returns

As of 10/31/15, including maximum applicable sales charges

Class A Shares
Inception (11/4/03)	8.67	%
10 Years	8.02
5 Years	9.50
1 Year	-10.97
Class B Shares
Inception (11/4/03)	8.66	%
10 Years	7.99
5 Years	9.66
1 Year	-10.70
Class C Shares
Inception (11/4/03)	8.40	%
10 Years	7.83
5 Years	9.93
1 Year	-7.33
Class R Shares
Inception (4/30/04)	8.53	%
10 Years	8.38
5 Years	10.48
1 Year	-6.04
Class Y Shares
10 Years	8.83	%
5 Years	11.03
1 Year	-5.61
Class R5 Shares
Inception (4/30/04)	9.31	%
10 Years	9.16
5 Years	11.20
1 Year	-5.46
Class R6 Shares
10 Years	8.79	%
5 Years	11.06
1 Year	-5.36

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

    The performance data quoted represent past performance and cannot guarantee comparable 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. Investment

Average Annual Total Returns

As of 9/30/15, the most recent calendar quarter end,including maximum applicable sales charges

Class A Shares
Inception (11/4/03)	8.58	%
10 Years	7.69
5 Years	9.88
1 Year	-11.34
Class B Shares
Inception (11/4/03)	8.56	%
10 Years	7.66
5 Years	10.02
1 Year	-11.07
Class C Shares
Inception (11/4/03)	8.31	%
10 Years	7.50
5 Years	10.30
1 Year	-7.72
Class R Shares
Inception (4/30/04)	8.44	%
10 Years	8.05
5 Years	10.85
1 Year	-6.41
Class Y Shares
10 Years	8.50	%
5 Years	11.41
1 Year	-5.92
Class R5 Shares
Inception (4/30/04)	9.21	%
10 Years	8.83
5 Years	11.58
1 Year	-5.86
Class R6 Shares
10 Years	8.45	%
5 Years	11.43
1 Year	-5.75

return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.30%, 2.05%, 2.05%, 1.55%, 1.05%, 0.94% and 0.85%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.33%, 2.08%, 2.08%, 1.58%, 1.08%, 0.97% and 0.88%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are

based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. 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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

7                          Invesco Endeavor Fund

Invesco Endeavor Fund’s investment objective is long-term growth of capital.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

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

About share classes

n Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

n Cash/cash equivalents risk. Holding cash or cash equivalents may negatively affect performance.

n Debt securities risk. The Fund may invest in debt securities that are affected by changing interest rates and changes in their effective maturities and credit quality.

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

n US government obligations risk. The Fund may invest in obligations issued by US government agencies and instrumentalities that may receive varying levels of support from the government, which could affect the Fund’s ability to recover should they default.

n Value investing style risk. The Fund emphasizes a value style of investing, which focuses on undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on value equity securities are less than returns on other styles of investing or the overall stock market. Value stocks also may decline in price, even though in theory they are already underpriced.

About indexes used in this report

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

n The Russell Midcap^® Index is an unmanaged index considered representative of mid-cap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

n The Lipper Mid-Cap Core Funds Index is an unmanaged index considered representative of mid-cap core funds tracked by Lipper.

n 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).

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

n Industry 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.

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

8                         Invesco Endeavor Fund

Schedule of Investments^(a)

October 31, 2015

	Shares		Value
Common Stocks & Other Equity Interests–87.04%
Aerospace & Defense–2.71%
Precision Castparts Corp.		45,000	$	10,386,450
Agricultural & Farm Machinery–2.48%
Deere & Co.		121,955		9,512,490
Air Freight & Logistics–3.25%
Echo Global Logistics, Inc.(b)		523,511		12,454,327
Airlines–2.96%
Ryanair Holdings PLC–ADR (Ireland)		145,080		11,343,805
Apparel Retail–5.54%
Francesca’s Holdings Corp.(b)		601,006		8,540,295
Ross Stores, Inc.		250,515		12,671,049
				21,211,344
Asset Management & Custody Banks–3.21%
Oaktree Capital Group LLC		246,549		12,292,933
Communications Equipment–3.12%
Plantronics, Inc.		223,115		11,963,426
Construction & Engineering–5.06%
Orion Marine Group, Inc.(b)(c)		2,813,162		10,999,464
Quanta Services, Inc.(b)		416,722		8,380,279
				19,379,743
Consumer Finance–3.84%
Encore Capital Group, Inc.(b)		361,613		14,717,649
Education Services–2.30%
Capella Education Co.		195,491		8,826,419
Health Care Distributors–1.93%
Patterson Cos. Inc.		155,922		7,390,703
Health Care Equipment–3.80%
Zimmer Biomet Holdings, Inc.		139,130		14,548,824
Home Entertainment Software–1.90%
Activision Blizzard, Inc.		209,842		7,294,108
Industrial Conglomerates–3.91%
DCC PLC (United Kingdom)		186,624		14,958,298
Integrated Oil & Gas–3.04%
Cenovus Energy Inc. (Canada)		781,807		11,646,097
IT Consulting & Other Services–3.46%
Cognizant Technology Solutions Corp.– Class A(b)		194,619		13,255,500

	Shares		Value
Life & Health Insurance–3.23%
Unum Group		357,374	$	12,383,009
Managed Health Care–3.17%
UnitedHealth Group Inc.		102,992		12,130,398
Multi-Line Insurance–2.16%
Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria)		258,042		8,263,347
Oil & Gas Drilling–0.93%
Patterson-UTI Energy, Inc.		239,118		3,560,467
Oil & Gas Equipment & Services–1.93%
Newalta Corp. (Canada)		1,294,156		7,382,736
Oil & Gas Exploration & Production–4.44%
Devon Energy Corp.		189,984		7,966,029
Ultra Petroleum Corp.(b)		1,653,175		9,059,399
				17,025,428
Real Estate Operating Companies–5.43%
Brookfield Property Partners L.P.		883,377		20,794,695
Research & Consulting Services–2.66%
FTI Consulting, Inc.(b)		299,260		10,177,833
Semiconductor Equipment–2.14%
Ultratech, Inc.(b)		523,867		8,188,041
Technology Distributors–2.66%
CDW Corp.		228,099		10,193,744
Trading Companies & Distributors–5.78%
Grafton Group PLC (United Kingdom)(d)		954,395		9,898,616
Titan Machinery, Inc.(b)		999,522		12,224,154
				22,122,770
Total Common Stocks & Other Equity Interests (Cost $314,666,224)				333,404,584
Money Market Funds–12.43%
Liquid Assets Portfolio–Institutional Class, 0.16%(e)		23,804,953		23,804,953
Premier Portfolio–Institutional Class, 0.12%(e)		23,804,954		23,804,954
Total Money Market Funds (Cost $47,609,907)				47,609,907
TOTAL INVESTMENTS–99.47% (Cost $362,276,131)				381,014,491
OTHER ASSETS LESS LIABILITIES–0.53%				2,024,117
NET ASSETS–100.00%			$	383,038,608

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) Affiliated company during the period. The Investment Company Act of 1940 defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The value of this security as of October 31, 2015 represented 2.87% of the Fund’s Net Assets. See Note 4.

^(d) Each unit represents one ordinary share, seventeen Class A shares and one Class C share.

^(e) The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

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

9                         Invesco Endeavor Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $290,988,261)	$	322,405,120
Investments in affiliates, at value (Cost $71,287,870)		58,609,371
Total investments, at value (Cost $362,276,131)		381,014,491
Foreign currencies, at value (Cost $184)		182
Receivable for:
Investments sold		3,918,158
Fund shares sold		220,186
Dividends		522,200
Investment for trustee deferred compensation and retirement plans		61,912
Other assets		40,092
Total assets		385,777,221
Liabilities:
Payable for:
Investments purchased		1,161,398
Fund shares reacquired		1,225,362
Accrued fees to affiliates		228,865
Accrued trustees’ and officers’ fees and benefits		1,949
Accrued other operating expenses		51,415
Trustee deferred compensation and retirement plans		69,624
Total liabilities		2,738,613
Net assets applicable to shares outstanding	$	383,038,608
Net assets consist of:
Shares of beneficial interest	$	320,288,570
Undistributed net investment income		12,384
Undistributed net realized gain		44,018,755
Net unrealized appreciation		18,718,899
	$	383,038,608

Net Assets:
Class A	$	147,503,937
Class B	$	2,160,723
Class C	$	42,965,440
Class R	$	24,854,784
Class Y	$	40,425,233
Class R5	$	33,853,625
Class R6	$	91,274,866
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		7,643,978
Class B		123,358
Class C		2,451,306
Class R		1,323,140
Class Y		2,055,759
Class R5		1,685,991
Class R6		4,534,593
Class A:
Net asset value per share	$	19.30
Maximum offering price per share
(Net asset value of $19.30 ¸ 94.50%)	$	20.42
Class B:
Net asset value and offering price per share	$	17.52
Class C:
Net asset value and offering price per share	$	17.53
Class R:
Net asset value and offering price per share	$	18.78
Class Y:
Net asset value and offering price per share	$	19.66
Class R5:
Net asset value and offering price per share	$	20.08
Class R6:
Net asset value and offering price per share	$	20.13

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

10                         Invesco Endeavor Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends (net of foreign withholding taxes of $223,952)	$	5,605,824
Dividends from affiliates		60,862
Total investment income		5,666,686
Expenses:
Advisory fees		3,441,032
Administrative services fees		137,235
Custodian fees		25,670
Distribution fees:
Class A		442,283
Class B		36,956
Class C		504,768
Class R		155,309
Transfer agent fees — A, B, C, R and Y		703,860
Transfer agent fees — R5		42,411
Transfer agent fees — R6		5,965
Trustees’ and officers’ fees and benefits		25,834
Other		204,053
Total expenses		5,725,376
Less: Fees waived and expense offset arrangement(s)		(137,880	)
Net expenses		5,587,496
Net investment income		79,190
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		44,384,483
Foreign currencies		(64,070	)
		44,320,413
Change in net unrealized appreciation (depreciation) of:
Investment securities		(68,626,707	)
Foreign currencies		(12,988	)
		(68,639,695	)
Net realized and unrealized gain (loss)		(24,319,282	)
Net increase (decrease) in net assets resulting from operations	$	(24,240,092	)

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

11                         Invesco Endeavor Fund

Statement of Changes in Net Assets

For the years ended October 31, 2015 and 2014

	2015			2014
Operations:
Net investment income (loss)	$	79,190		$	(1,867,193	)
Net realized gain		44,320,413			48,486,410
Change in net unrealized appreciation (depreciation)		(68,639,695	)		5,744,705
Net increase (decrease) in net assets resulting from operations		(24,240,092	)		52,363,922
Distributions to shareholders from net investment income:
Class A		—			(102,781	)
Class Y		—			(236,467	)
Class R5		—			(102,797	)
Class R6		—			(360,531	)
Total distributions from net investment income		—			(802,576	)
Distributions to shareholders from net realized gains:
Class A		(16,971,372	)		(7,305,132	)
Class B		(453,713	)		(250,992	)
Class C		(5,169,171	)		(2,092,673	)
Class R		(3,063,577	)		(1,486,839	)
Class Y		(6,396,326	)		(3,765,978	)
Class R5		(4,210,075	)		(1,275,689	)
Class R6		(8,572,104	)		(3,726,638	)
Total distributions from net realized gains		(44,836,338	)		(19,903,941	)
Share transactions–net:
Class A		(18,245,220	)		(772,225	)
Class B		(2,074,219	)		(1,354,164	)
Class C		(2,285,842	)		1,283,102
Class R		(5,006,283	)		(2,178,156	)
Class Y		(22,528,058	)		(24,722,768	)
Class R5		(9,336,329	)		15,279,456
Class R6		4,570,049			3,074,206
Net increase (decrease) in net assets resulting from share transactions		(54,905,902	)		(9,390,549	)
Net increase (decrease) in net assets		(123,982,332	)		22,266,856
Net assets:
Beginning of year		507,020,940			484,754,084
End of year (includes undistributed net investment income (loss) of $12,384 and $(25,096), respectively)	$	383,038,608		$	507,020,940

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Endeavor Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6. 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 R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B

12                         Invesco Endeavor Fund

shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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

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

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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

13                         Invesco Endeavor Fund

investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

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

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

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

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

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

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

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

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

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

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

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are

14                         Invesco Endeavor Fund

measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0	.745%
Next $250 million		0	.73%
Next $500 million		0	.715%
Next $1.5 billion		0	.70%
Next $2.5 billion		0	.685%
Next $2.5 billion		0	.67%
Next $2.5 billion		0	.655%
Over $10 billion		0	.64%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.74%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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, 2016, 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 B, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75% of average daily net assets, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees of $136,528.

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 October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, 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 B, 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 B, 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 B and Class C shares and 0.50% of the average daily net assets of Class R shares. 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 October 31, 2015, 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 October 31, 2015, IDI advised the Fund that IDI retained $48,587 in front-end sales commissions from the sale of Class A shares and $2,622, $2,470 and $3,222 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

15                         Invesco Endeavor Fund

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

NOTE 3—Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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
Equity Securities	$	356,157,577	$	24,856,914	$	—	$	381,014,491

NOTE 4—Investments in Other Affiliates

The 1940 Act defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The following is a summary of the investments in other affiliates for the year ended October 31, 2015.

	Value 10/31/14		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value 10/31/15		Interest/ Dividend Income
Orion Marine Group, Inc.	$	20,653,835	$	6,398,609	$	—		$	(16,052,980	)	$	—	$	10,999,464	$	—
Pike Corp.		21,536,680		—		(21,644,904	)		(5,149,332	)		5,257,556		—		—
Total	$	42,190,515	$	6,398,609	$	(21,644,904	)	$	(21,202,312	)	$	5,257,556	$	10,999,464	$	—

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 October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,352.

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 State Street Bank and Trust Company, 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.

16                         Invesco Endeavor Fund

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2015 and 2014:

	2015		2014
Ordinary income	$	3,648,252	$	3,605,339
Long-term capital gain		41,188,086		17,101,178
Total distributions	$	44,836,338	$	20,706,517

Tax Components of Net Assets at Period-End:

	2015
Undistributed ordinary income	$	8,302,568
Undistributed long-term gain		36,040,038
Net unrealized appreciation — investments		18,495,250
Net unrealized appreciation (depreciation) — other investments		(19,461	)
Temporary book/tax differences		(68,357	)
Shares of beneficial interest		320,288,570
Total net assets	$	383,038,608

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 difference is attributable primarily to wash sales.

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of October 31, 2015.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $100,888,941 and $153,919,248, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	86,917,615
Aggregate unrealized (depreciation) of investment securities		(68,422,365	)
Net unrealized appreciation of investment securities	$	18,495,250

Cost of investments for tax purposes is $362,519,241.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, partnerships and net operating loss, on October 31, 2015, undistributed net investment income was decreased by $41,710 and undistributed net realized gain was increased by $41,710. This reclassification had no effect on the net assets of the Fund.

17                         Invesco Endeavor Fund

NOTE 11—Share Information

	Summary of Share Activity
	Years ended October 31,
	2015(a)							2014
	Shares				Amount			Shares			Amount
Sold:
Class A		1,272,962			$	26,412,566			2,202,819		$	47,616,201
Class B		9,544				186,297			16,309			322,237
Class C		314,817				5,940,578			625,657			12,500,340
Class R		373,372				7,499,961			563,317			11,918,520
Class Y		845,439				17,788,622			1,372,425			30,187,144
Class R5		447,301				9,680,718			1,479,829			33,518,859
Class R6		466,434				9,759,478			612,303			13,557,403
Issued as reinvestment of dividends:
Class A		804,187				15,947,033			337,777			6,877,134
Class B		23,396				423,933			12,504			236,332
Class C		269,529				4,886,566			105,401			1,993,123
Class R		158,224				3,061,643			74,491			1,486,839
Class Y		248,068				5,001,049			106,184			2,189,519
Class R5		177,190				3,644,799			54,806			1,149,279
Class R6		416,122				8,572,104			194,812			4,087,168
Automatic conversion of Class B shares to Class A shares:
Class A		86,498				1,786,311			45,124			978,925
Class B		(94,907	)			(1,786,311	)		(48,729	)		(978,925	)
Reacquired:
Class A		(3,041,053	)			(62,391,130	)		(2,589,180	)		(56,244,485	)
Class B		(47,852	)			(898,138	)		(46,881	)		(933,808	)
Class C		(703,371	)			(13,112,986	)		(659,583	)		(13,210,361	)
Class R		(777,312	)			(15,567,887	)		(732,292	)		(15,583,515	)
Class Y		(2,176,314	)			(45,317,729	)		(2,646,470	)		(57,099,431	)
Class R5		(1,054,881	)			(22,661,846	)		(864,925	)		(19,388,682	)
Class R6		(647,593	)	��		(13,761,533	)		(637,396	)		(14,570,365	)
Net increase (decrease) in share activity		(2,630,200	)		$	(54,905,902	)		(421,698	)	$	(9,390,549	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 13% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

    In addition, 21% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds that are also advised by Invesco.

18                         Invesco Endeavor Fund

NOTE 12—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Year ended 10/31/15	$	22.57	$	(0.01	)	$	(1.25	)	$	(1.26	)	$	—		$	(2.01	)	$	(2.01	)	$	19.30		(5.80	)%	$	147,504		1.26	%(d)		1.29	%(d)		(0.04	)%(d)		27	%
Year ended 10/31/14		21.18		(0.09	)		2.35			2.26			(0.01	)		(0.86	)		(0.87	)		22.57		11.13			192,326		1.26			1.29			(0.43	)		27
Year ended 10/31/13		18.19		(0.00	)		4.78			4.78			(0.06	)		(1.73	)		(1.79	)		21.18		28.78			180,568		1.26			1.30			(0.02	)		20
Year ended 10/31/12		16.36		(0.08	)		1.98			1.90			—			(0.07	)		(0.07	)		18.19		11.70			102,508		1.34			1.37			(0.41	)		37
Year ended 10/31/11		14.78		(0.08	)		1.66			1.58			—			—			—			16.36		10.69			91,975		1.34			1.37			(0.49	)		30
Class B
Year ended 10/31/15		20.82		(0.15	)		(1.14	)		(1.29	)		—			(2.01	)		(2.01	)		17.52		(6.50	)		2,161		2.01	(d)		2.04	(d)		(0.79	)(d)		27
Year ended 10/31/14		19.74		(0.24	)		2.18			1.94			—			(0.86	)		(0.86	)		20.82		10.27			4,855		2.01			2.04			(1.18	)		27
Year ended 10/31/13		17.16		(0.14	)		4.49			4.35			(0.04	)		(1.73	)		(1.77	)		19.74		27.89			5,921		2.01			2.05			(0.77	)		20
Year ended 10/31/12		15.55		(0.19	)		1.87			1.68			—			(0.07	)		(0.07	)		17.16		10.89			6,195		2.09			2.12			(1.16	)		37
Year ended 10/31/11		14.16		(0.20	)		1.59			1.39			—			—			—			15.55		9.82			7,542		2.09			2.12			(1.24	)		30
Class C
Year ended 10/31/15		20.83		(0.15	)		(1.14	)		(1.29	)		—			(2.01	)		(2.01	)		17.53		(6.49	)		42,965		2.01	(d)		2.04	(d)		(0.79	)(d)		27
Year ended 10/31/14		19.75		(0.24	)		2.18			1.94			—			(0.86	)		(0.86	)		20.83		10.27			53,542		2.01			2.04			(1.18	)		27
Year ended 10/31/13		17.17		(0.14	)		4.49			4.35			(0.04	)		(1.73	)		(1.77	)		19.75		27.87			49,344		2.01			2.05			(0.77	)		20
Year ended 10/31/12		15.56		(0.19	)		1.87			1.68			—			(0.07	)		(0.07	)		17.17		10.88			26,513		2.09			2.12			(1.16	)		37
Year ended 10/31/11		14.17		(0.20	)		1.59			1.39			—			—			—			15.56		9.81			20,710		2.09			2.12			(1.24	)		30
Class R
Year ended 10/31/15		22.08		(0.06	)		(1.23	)		(1.29	)		—			(2.01	)		(2.01	)		18.78		(6.09	)		24,855		1.51	(d)		1.54	(d)		(0.29	)(d)		27
Year ended 10/31/14		20.77		(0.14	)		2.31			2.17			—			(0.86	)		(0.86	)		22.08		10.89			34,634		1.51			1.54			(0.68	)		27
Year ended 10/31/13		17.91		(0.05	)		4.69			4.64			(0.05	)		(1.73	)		(1.78	)		20.77		28.43			34,556		1.51			1.55			(0.27	)		20
Year ended 10/31/12		16.14		(0.11	)		1.95			1.84			—			(0.07	)		(0.07	)		17.91		11.49			23,412		1.59			1.62			(0.66	)		37
Year ended 10/31/11		14.63		(0.12	)		1.63			1.51			—			—			—			16.14		10.32			14,721		1.59			1.62			(0.74	)		30
Class Y
Year ended 10/31/15		22.91		0.04			(1.28	)		(1.24	)		—			(2.01	)		(2.01	)		19.66		(5.61	)		40,425		1.01	(d)		1.04	(d)		0.21	(d)		27
Year ended 10/31/14		21.48		(0.04	)		2.38			2.34			(0.05	)		(0.86	)		(0.91	)		22.91		11.39			71,898		1.01			1.04			(0.18	)		27
Year ended 10/31/13		18.38		0.05			4.84			4.89			(0.06	)		(1.73	)		(1.79	)		21.48		29.15			92,483		1.01			1.05			0.23			20
Year ended 10/31/12		16.49		(0.03	)		1.99			1.96			—			(0.07	)		(0.07	)		18.38		11.97			22,529		1.09			1.12			(0.16	)		37
Year ended 10/31/11		14.86		(0.04	)		1.67			1.63			—			—			—			16.49		10.97			5,802		1.09			1.12			(0.24	)		30
Class R5
Year ended 10/31/15		23.32		0.07			(1.30	)		(1.23	)		—			(2.01	)		(2.01	)		20.08		(5.46	)		33,854		0.89	(d)		0.92	(d)		0.33	(d)		27
Year ended 10/31/14		21.84		(0.02	)		2.43			2.41			(0.07	)		(0.86	)		(0.93	)		23.32		11.51			49,356		0.90			0.93			(0.07	)		27
Year ended 10/31/13		18.65		0.07			4.92			4.99			(0.07	)		(1.73	)		(1.80	)		21.84		29.24			31,593		0.91			0.95			0.33			20
Year ended 10/31/12		16.69		0.01			2.02			2.03			—			(0.07	)		(0.07	)		18.65		12.25			16,677		0.87			0.90			0.06			37
Year ended 10/31/11		15.01		0.00			1.68			1.68			—			—			—			16.69		11.19			87,733		0.85			0.88			0.00			30
Class R6
Year ended 10/31/15		23.35		0.09			(1.30	)		(1.21	)		—			(2.01	)		(2.01	)		20.13		(5.36	)		91,275		0.80	(d)		0.83	(d)		0.42	(d)		27
Year ended 10/31/14		21.86		0.01			2.42			2.43			(0.08	)		(0.86	)		(0.94	)		23.35		11.62			100,410		0.81			0.84			0.02			27
Year ended 10/31/13		18.65		0.08			4.93			5.01			(0.07	)		(1.73	)		(1.80	)		21.86		29.37			90,291		0.82			0.86			0.42			20
Year ended 10/31/12(e)		18.97		0.00			(0.32	)		(0.32	)		—			—			—			18.65		(1.69	)		74,513		0.83	(f)		0.86	(f)		0.10	(f)		37

^(a) Calculated using average shares outstanding.

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

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

^(d)  Ratios are based on average daily net assets (000’s omitted) of $176,913, $3,696, $50,477, $31,062, $62,303, $42,519 and $99,267 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Commencement date of September 24, 2012.

^(f)  Annualized.

19                         Invesco Endeavor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Endeavor Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Endeavor Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

20                         Invesco Endeavor 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 May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	914.70	$	6.08	$	1,018.85	$	6.41		1.26	%
B		1,000.00		911.10		9.68		1,015.07		10.21		2.01
C		1,000.00		911.10		9.68		1,015.07		10.21		2.01
R		1,000.00		913.50		7.28		1,017.59		7.68		1.51
Y		1,000.00		915.30		4.88		1,020.11		5.14		1.01
R5		1,000.00		916.00		4.30		1,020.72		4.53		0.89
R6		1,000.00		916.70		3.86		1,021.17		4.08		0.80

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

21                         Invesco Endeavor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Endeavor Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s

consideration of Invesco Advisers’ investment process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

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

B. Fund Performance

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

The Board compared the Fund’s performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Mid-Cap Core Funds Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one and three year periods and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and

22                         Invesco Endeavor Fund

five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was below the rate of one off-shore fund advised by Invesco Advisers.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other client accounts with investment strategies comparable to those of the Fund.

The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management other than day-to-day portfolio management. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco

Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds

attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

23                         Invesco Endeavor 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 advisors.

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 October 31, 2015:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	41,188,086
Qualified Dividend Income*		99.91	%
Corporate Dividends Received Deduction*		66.46	%
U.S. Treasury Obligations*		0.00	%

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

Non-Resident Alien Shareholders
Qualified Short-Term Gains	$	3,648,252

24                         Invesco Endeavor Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Endeavor 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Endeavor 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Endeavor 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Endeavor Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 END-AR-1 Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Global Health Care Fund
	Nasdaq:
	A: GGHCX  n  B: GTHBX  n  C: GTHCX  n  Y: GGHYX  n  Investor: GTHIX:

Letters to Shareholders

       Philip Taylor Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.     The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European Central

Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.

Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                         Invesco Global Health Care Fund

Bruce Crockett	Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
	n	Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.
	n	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                         Invesco Global Health Care Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Global Health Care Fund (the Fund), at net asset value (NAV), underperformed the MSCI World Health Care Index, the Fund’s style-specific benchmark.

    Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 10/31/14 to 10/31/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	3.59	%
Class B Shares	2.82
Class C Shares	2.78
Class Y Shares	3.82
Investor Class Shares	3.59
MSCI World Index▼ (Broad Market Index)	1.77
MSCI World Health Care Index▼ (Style-Specific Index)	6.29
Lipper Global Health/Biotechnology Funds Index¡ (Peer Group Index)	9.23
Source(s): ▼FactSet Research Systems Inc.; ¡Lipper Inc.

Market conditions and your Fund

Global markets experienced increased volatility during the fiscal year ended October 31, 2015, driven largely by the continued slowdown in energy markets and the economic downturn in China. Developed markets were generally able to withstand these headwinds as more fragile emerging markets began to falter.

    As the reporting period began in late 2014, global equity markets moved higher, although economic growth appeared to be somewhat stronger in the US than in the rest of the world. Equity markets globally were recovering from the initial crash of oil prices when OPEC added additional uncertainty by deciding to maintain high production despite low prices and slowing global growth. In this environment, commodity-based economies and most currencies underperformed those of the US.

    Global markets were rattled amid growing concerns that Greece and the eurozone would fail to reach an agreement on a financial bailout plan. However, those fears subsided when a bailout was ultimately approved.

The eurozone also benefited from generally positive economic data, which helped markets weather subsequent economic volatility.

    In the summer of 2015, fears of a potential economic slowdown in China dominated headlines. The combination of a slowing Chinese economy, a sharp sell-off in domestic Chinese equities and the devaluation of China’s currency contributed to a strong correction in global equity markets. Emerging markets, in particular, were significantly hit by events in China and by continued weak commodity prices – as well as by the US Federal Reserve’s decision to delay raising interest rates, which increased investor uncertainty and market volatility.

    Though most of the major US equity market indexes delivered gains, global indexes were mixed, as developed market equities outperformed emerging market equities. Six of the 10 sectors of the MSCI World Index, the Fund’s broad market benchmark, had positive returns. The consumer discretionary sector had the highest return, while the energy sector had a double-digit loss for the reporting period. Within the broad market index, the health care sector also posted gains.

    In the fall of 2015, the health care sector experienced significant pressure as US presidential candidates and a series of press articles focused attention on drug pricing and price increases. This caused a selloff particularly in the biotechnology and specialty pharmaceutical industries. Relative to the Fund’s style-specific index and on an absolute basis, the biotechnology and pharmaceuticals industries were the largest contributors to Fund performance. The Fund’s drug retail holdings also benefited Fund performance.

    The top individual contributor to the Fund’s return was Incyte, a biopharmaceutical firm focused primarily on oncology drugs. During the reporting period, the company reported strong sales of Jakafi, its drug used to treat a rare bone marrow disorder.

    Another strong contributor to Fund results was Salix Pharmaceuticals (not held at the end of the reporting period), a company that specializes in developing and marketing products for the prevention and treatment of gastrointestinal disorders. Reflecting an ongoing trend towards consolidation within the health care sector, Valeant (not a fund holding) acquired Salix in April for approximately $11 billion.

    On the negative side, the Fund’s underperformance was largely attributable to stock selection and an overweight position in the health care facilities industry versus its style-specific benchmark. Within the industry, a number of holdings were among the Fund’s largest detractors, including hospital operators, Community Health Systems and Tenet Healthcare. Both companies reported declining profits and weaker earnings as the initial benefits from the Affordable Care Act waned, and the rate of uninsured admissions increased.

    Stock selection in the health care equipment industry, and stock selection

Portfolio Composition
By sector	% of total net assets

Health Care	97.3	%
Consumer Staples	1.2
Industrials	0.1
Money Market Funds Plus Other Assets Less Liabilities	1.4

Top 10 Equity Holdings*
	% of total net assets

1.	Allergan PLC	5.3	%
2.	Shire PLC-ADR	4.5
3.	Biogen Inc.	4.1
4.	Roche Holding AG	4.1
5.	Merck & Co., Inc.	3.8
6.	Celgene Corp.	3.0
7.	AbbVie Inc.	2.8
8.	Bristol-Myers Squibb Co.	2.7
9.	Sanofi-ADR	2.5
10.	Incyte Corp.	2.5

Total Net Assets $1.9 billion

Total Number of Holdings*   77

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.

Data presented here are as of October 31, 2015.

4                Invesco Global Health Care Fund

and an underweight allocation in the health care services and managed care industries also detracted from Fund results during the reporting period.

    During the reporting period, we used currency forward contracts to hedge currency exposure of non-US-based companies held in the Fund. We used derivatives solely for hedging and not for speculative purposes or leverage. The use of currency forward contracts had a positive impact on the Fund’s performance relative to the Fund’s style-specific benchmark. This was primarily due to the continued strength of the US dollar relative to many major foreign currencies.

    During the reporting period, we reduced our exposure to the health care facilities, health care equipment, and health care distributors industries, and we increased our exposure to the biotechnology and pharmaceutical industries. The large-cap pharmaceuticals industry was the Fund’s largest industry exposure, but we maintained an underweight allocation in the industry compared to the Fund’s style-specific benchmark. The Fund’s largest overweight position was in the biotechnology industry.

    We continue to emphasize specialty pharmaceuticals and biotechnology stocks based on generally robust product portfolios, strong development pipelines and our view that many of these companies could be targets for acquisition. We remain primarily focused on companies with new product cycles, less reimbursement risk and less competition.

    At the end of the reporting period, the Fund was primarily invested in US stocks, and the Fund’s non-US allocation was focused mainly on European large-cap pharmaceuticals, which had fewer patent expiration concerns than their US counterparts.

    As always, thank you for your continued investment in Invesco Global Health Care Fund.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	Derek Taner Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Global Health Care Fund. He joined Invesco in 2005.
Mr. Taner earned a BS in business administration with an emphasis in accounting and finance and an MBA from the University of California, Berkeley Haas School of Business.

5                Invesco Global Health Care Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/05

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

About indexes used in this report

n The MSCI World Index 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.

n The MSCI World Health Care Index is an unmanaged index considered representative of health care stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

n The Lipper Global Health/Biotechnology Funds Index is an unmanaged index considered representative of global health/biotechnology funds tracked by Lipper.

n 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).

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

n Industry 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.

6                         Invesco Global Health Care Fund

Average Annual Total Returns

As of 10/31/15, including maximum applicable sales charges

Class A Shares
Inception (8/7/89)	11.21	%
10 Years	9.20
5 Years	16.26
1 Year	-2.11
Class B Shares
Inception (4/1/93)	11.50	%
10 Years	9.16
5 Years	16.47
1 Year	-1.65
Class C Shares
Inception (3/1/99)	8.86	%
10 Years	8.99
5 Years	16.69
1 Year	1.89
Class Y Shares
10 Years	10.01	%
5 Years	17.87
1 Year	3.82
Investor Class Shares
Inception (7/15/05)	9.77	%
10 Years	9.82
5 Years	17.57
1 Year	3.59

Average Annual Total Returns

As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (8/7/89)	11.04	%
10 Years	8.43
5 Years	15.68
1 Year	-3.56
Class B Shares
Inception (4/1/93)	11.31	%
10 Years	8.39
5 Years	15.90
1 Year	-3.13
Class C Shares
Inception (3/1/99)	8.60	%
10 Years	8.23
5 Years	16.12
1 Year	0.39
Class Y Shares
10 Years	9.23	%
5 Years	17.29
1 Year	2.30
Investor Class Shares
Inception (7/15/05)	9.34	%
10 Years	9.04
5 Years	17.00
1 Year	2.05

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y and Investor Class shares was 1.08%,1.83%, 1.83%, 0.83% and 1.08%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y and Investor Class shares was

1.09%,1.84%, 1.84%, 0.84% and 1.09%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y shares and Investor Class 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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

7                Invesco Global Health Care Fund

Invesco Global Health Care Fund’s investment objective is long-term growth of capital.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

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

About share classes

n Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Investor Class shares are closed to new investors. Contact your financial adviser about purchasing our other share classes. Please see the prospectus for more information.

Principal risks of investing in the Fund

n Convertible securities risk. The Fund may own convertible securities, the value of which may be affected by market interest rates, the risk that the issuer will default, the value of the underlying stock or the right of the issuer to buy back the convertible securities.

n Depositary receipts risk. Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities.

n Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counter-party risk is the risk that the counter-party to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the

Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

n Developing/emerging markets securities risk. The prices of securities issued by foreign companies and governments located in developing/emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

n Geographic focus risk. From time to time the Fund may invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. If the Fund focuses its investments in this manner,

it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund’s investment performance may also be more volatile if it focuses its investments in certain countries, especially emerging markets countries.

n Health care sector risk. The Fund will concentrate its investments in the securities of domestic and foreign issuers in the health care industry. The Fund’s performance is vulnerable to factors affecting the health care industry, including government regulation, obsolescence caused by scientific advances and technological innovations.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Preferred securities risk. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If the Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received this income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments.

n Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and

continued on page 6

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

8                Invesco Global Health Care Fund

Schedule of Investments^(a)

October 31, 2015

	Shares		Value
Common Stocks & Other Equity Interests–98.56%
Biotechnology–32.39%
AbbVie Inc.		863,687	$	51,432,561
ACADIA Pharmaceuticals Inc.(b)		322,242		11,220,467
Alder Biopharmaceuticals, Inc.(b)		378,389		12,100,880
Alexion Pharmaceuticals, Inc.(b)		167,191		29,425,616
AMAG Pharmaceuticals, Inc.(b)		206,470		8,258,800
Amgen Inc.		289,502		45,793,427
Atara Biotherapeutics Inc.(b)		73,921		1,904,944
Biogen Inc. (b)		259,318		75,334,472
BioMarin Pharmaceutical Inc.(b)		347,028		40,616,157
Bluebird Bio, Inc.(b)		149,755		11,550,603
Celgene Corp. (b)		450,131		55,235,575
DBV Technologies S.A.–ADR (France)(b)		525,061		18,203,865
Dyax Corp.(b)		425,368		11,710,381
Evolutionary Genomics, Inc.(b)(c)		9,944		29,060
Flexion Therapeutics, Inc.(b)		270,244		4,453,621
Gilead Sciences, Inc.		275,056		29,741,805
Heron Therapeutics, Inc.(b)		604,076		16,563,764
Incyte Corp.(b)		393,175		46,209,858
Medivation Inc.(b)		453,814		19,087,417
Neurocrine Biosciences, Inc.(b)		246,537		12,102,501
Prothena Corp. PLC (Ireland)(b)		174,016		8,963,564
REGENXBIO Inc.(b)		201,684		3,118,035
Sarepta Therapeutics, Inc.(b)		297,865		7,166,632
Spark Therapeutics, Inc.(b)		234,287		12,628,069
Synergy Pharmaceuticals, Inc.(b)		1,432,859		9,184,626
United Therapeutics Corp.(b)		71,093		10,424,367
Vanda Pharmaceuticals Inc.(b)		217,399		2,334,865
Vertex Pharmaceuticals Inc.(b)		368,457		45,961,326
				600,757,258
Drug Retail–1.16%
Raia Drogasil S.A. (Brazil)		945,978		9,814,160
Rite Aid Corp.(b)		1,473,665		11,612,480
				21,426,640
Health Care Distributors–1.85%
Cardinal Health, Inc.		226,456		18,614,683
McKesson Corp.		88,248		15,778,743
				34,393,426
Health Care Equipment–3.79%
Olympus Corp. (Japan)		717,200		24,095,215
ResMed Inc.		418,830		24,128,796
Wright Medical Group N.V.(b)		1,140,738		22,050,466
				70,274,477
Health Care Facilities–4.08%
Brookdale Senior Living Inc.(b)		723,058		15,119,143
Community Health Systems Inc.(b)		252,125		7,069,585
HCA Holdings, Inc.(b)		412,007		28,341,961

	Shares		Value
Health Care Facilities–(continued)
Tenet Healthcare Corp.(b)		147,173	$	4,616,817
Universal Health Services, Inc.–Class B		167,720		20,476,935
				75,624,441
Health Care Services–2.43%
Air Methods Corp.(b)		309,568		12,670,618
Express Scripts Holding Co.(b)		364,270		31,465,643
InnovaCare Inc. (Puerto Rico) (Acquired 12/12/2012; Cost $2,123,434)(b)(e)		805,748		1,007,185
				45,143,446
Life Sciences Tools & Services–2.06%
Agilent Technologies, Inc.		292,823		11,056,997
Thermo Fisher Scientific, Inc.		208,222		27,231,273
				38,288,270
Managed Health Care–4.09%
Aetna Inc.		319,666		36,691,263
Qualicorp S.A. (Brazil)		674,900		2,836,450
UnitedHealth Group Inc.		308,879		36,379,769
				75,907,482
Pharmaceuticals–46.71%
Agile Therapeutics, Inc.(b)		453,601		3,601,592
Akorn, Inc.(b)		343,364		9,181,553
Allergan PLC(b)		321,475		99,165,393
AstraZeneca PLC–ADR (United Kingdom)		1,149,396		36,654,238
Bayer AG (Germany)		212,721		28,387,319
Bristol-Myers Squibb Co.		755,180		49,804,121
Cempra, Inc.(b)		281,479		6,248,834
Dermira, Inc.(b)		481,189		12,987,291
Eli Lilly and Co.		477,760		38,970,883
Endo International PLC(b)		461,956		27,712,740
GlaxoSmithKline PLC–ADR (United Kingdom)		483,354		20,813,223
Hikma Pharmaceuticals PLC (Jordan)		556,147		18,555,596
Jazz Pharmaceuticals PLC(b)		172,512		23,682,447
Johnson & Johnson		267,322		27,007,542
Lipocine Inc.(b)		722,936		8,646,315
Locus Pharmaceuticals, Inc. Cost (Acquired 11/21/2000-05/09/2007; Cost $6,852,940)(b)(d)(e)		258,824		0
Medicines Co. (The)(b)		362,503		12,412,103
Merck & Co., Inc.		1,279,027		69,911,616
Mylan N.V.(b)		447,005		19,708,450
Nippon Shinyaku Co., Ltd. (Japan)		568,000		22,202,391
Novartis AG–ADR (Switzerland)		496,245		44,875,435
Pfizer Inc.		912,864		30,873,061
Roche Holding AG (Switzerland)		277,079		75,061,584
Sanofi–ADR (France)		921,663		46,396,515
Shire PLC–ADR (Ireland)		369,410		83,874,541

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

9                         Invesco Global Health Care Fund

	Shares		Value
Pharmaceuticals–(continued)
Supernus Pharmaceuticals Inc.(b)		795,389	$	13,123,919
Teva Pharmaceutical Industries Ltd.–ADR (Israel)		510,192		30,198,264
Zogenix, Inc.(b)		547,363		6,453,410
				866,510,376
Total Common Stocks & Other Equity Interests (Cost $1,305,159,665)				1,828,325,816
Preferred Stock–0.00%
Health Care Equipment–0.00%
Intact Medical Corp.,–Series C, Pfd. (Acquired 03/26/2001; Cost $2,000,001)(d)(e)		2,439,026		0

	Shares		Value
Money Market Funds–2.80%
Liquid Assets Portfolio–Institutional Class, 0.16%(f)		25,932,630	$	25,932,630
Premier Portfolio–Institutional Class, 0.12%(f)		25,932,631		25,932,631
Total Money Market Funds (Cost $51,865,261)				51,865,261
TOTAL INVESTMENTS–101.36% (Cost $1,359,024,927)				1,880,191,077
OTHER ASSETS LESS LIABILITIES–(1.36)%				(25,195,718	)
NET ASSETS–100.00%			$	1,854,995,359

Investment Abbreviations:

ADR	– American Depositary Receipt
Pfd.	– Preferred

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  Affiliated company during the period. The Investment Company Act of 1940 defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The value of this security as of October 31, 2015 represented less than 1% of the Fund’s Net Assets. See Note 4.

^(d)  Security is considered venture capital. See Note 1K.

^(e)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2015 was $1,007,185, which represented less than 1% of the Fund’s Net Assets.

^(f)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

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

10                         Invesco Global Health Care Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $1,306,751,176)	$	1,828,296,756
Investments in affiliates, at value (Cost $52,273,751)		51,894,321
Total investments, at value (Cost $1,359,024,927)		1,880,191,077
Foreign currencies, at value (Cost $411,888)		379,874
Receivable for:
Investments sold		28,065,572
Fund shares sold		1,079,598
Dividends		1,734,271
Unrealized appreciation on forward foreign currency contracts outstanding		1,130,867
Investment for trustee deferred compensation and retirement plans		257,071
Other assets		529,928
Total assets		1,913,368,258
Liabilities:
Payable for:
Investments purchased		55,229,764
Fund shares reacquired		1,621,664
Accrued fees to affiliates		1,047,808
Accrued trustees’ and officers’ fees and benefits		3,315
Accrued other operating expenses		116,966
Trustee deferred compensation and retirement plans		353,382
Total liabilities		58,372,899
Net assets applicable to shares outstanding	$	1,854,995,359
Net assets consist of:
Shares of beneficial interest	$	1,087,098,979
Undistributed net investment income		(351,837	)
Undistributed net realized gain		246,049,726
Net unrealized appreciation		522,198,491
	$	1,854,995,359

Net Assets:
Class A	$	981,963,331
Class B	$	11,261,745
Class C	$	107,975,892
Class Y	$	39,443,068
Investor Class	$	714,351,323
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		22,470,084
Class B		336,022
Class C		3,217,424
Class Y		891,596
Investor Class		16,342,103
Class A:
Net asset value per share	$	43.70
Maximum offering price per share
(Net asset value of $43.70 ¸ 94.50%)	$	46.24
Class B:
Net asset value and offering price per share	$	33.51
Class C:
Net asset value and offering price per share	$	33.56
Class Y:
Net asset value and offering price per share	$	44.24
Investor Class:
Net asset value and offering price per share	$	43.71

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

11                         Invesco Global Health Care Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends (net of foreign withholding taxes of $1,082,339)	$	21,084,414
Dividends from affiliates		35,903
Total investment income		21,120,317
Expenses:
Advisory fees		11,736,201
Administrative services fees		422,583
Custodian fees		103,632
Distribution fees:
Class A		2,550,915
Class B		139,167
Class C		1,018,822
Investor Class		1,919,438
Transfer agent fees		2,913,505
Trustees’ and officers’ fees and benefits		58,178
Other		348,080
Total expenses		21,210,521
Less: Fees waived and expense offset arrangement(s)		(116,560	)
Net expenses		21,093,961
Net investment income		26,356
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		244,384,894
Foreign currencies		(123,192	)
Forward foreign currency contracts		3,064,000
		247,325,702
Change in net unrealized appreciation (depreciation) of:
Investment securities		(191,902,232	)
Foreign currencies		(44,855	)
Forward foreign currency contracts		755,022
		(191,192,065	)
Net realized and unrealized gain		56,133,637
Net increase in net assets resulting from operations	$	56,159,993

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

12                         Invesco Global Health Care Fund

Statement of Changes in Net Assets

For the years ended October 31, 2015 and 2014

	2015			2014
Operations:
Net investment income	$	26,356		$	58,178
Net realized gain		247,325,702			188,397,887
Change in net unrealized appreciation (depreciation)		(191,192,065	)		192,207,160
Net increase in net assets resulting from operations		56,159,993			380,663,225
Distributions to shareholders from net investment income:
Class A		—			(230,447	)
Class Y		(10,150	)		(38,777	)
Investor Class		—			(188,300	)
Total distributions from net investment income		(10,150	)		(457,524	)
Distributions to shareholders from net realized gains:
Class A		(96,831,067	)		(63,185,146	)
Class B		(1,886,195	)		(1,740,995	)
Class C		(11,181,210	)		(6,192,771	)
Class Y		(3,429,565	)		(1,299,385	)
Investor Class		(76,198,284	)		(51,630,115	)
Total distributions from net realized gains		(189,526,321	)		(124,048,412	)
Share transactions–net:
Class A		145,018,935			37,141,167
Class B		(1,629,291	)		(4,813,537	)
Class C		37,253,754			14,047,592
Class Y		10,969,883			11,863,196
Investor Class		32,925,819			14,818,302
Net increase in net assets resulting from share transactions		224,539,100			73,056,720
Net increase in net assets		91,162,622			329,214,009
Net assets:
Beginning of year		1,763,832,737			1,434,618,728
End of year (includes undistributed net investment income of $(351,837) and $(330,610), respectively)	$	1,854,995,359		$	1,763,832,737

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Global Health Care Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of five different classes of shares: Class A, Class B, Class C, Class Y and Investor Class. Investor Class shares of the Fund are offered only to certain grandfathered 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 and Investor Class shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

13                         Invesco Global Health Care Fund

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

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

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

14                         Invesco Global Health Care Fund

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

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

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

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

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

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

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

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

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

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

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

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

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

15                         Invesco Global Health Care Fund

K. Other Risks — The Fund’s performance is vulnerable to factors affecting the health care industry, including government regulation, obsolescence caused by scientific advances and technological innovations.

The Fund has invested in non-publicly traded companies, some of which are in the startup or development stages. These investments are inherently risky, as the market for the technologies or products these companies are developing are typically in the early stages and may never materialize. The Fund could lose its entire investment in these companies. These investments are valued at fair value as determined in good faith in accordance with procedures approved by the Board of Trustees. Investments in privately held venture capital securities are illiquid.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $350 million		0	.75%
Next $350 million		0	.65%
Next $1.3 billion		0	.55%
Next $2 billion		0	.45%
Next $2 billion		0	.40%
Next $2 billion		0	.375%
Over $8 billion		0	.35%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.60%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc., and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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, 2016, 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 B, Class C, Class Y and Investor Class shares to 2.00%, 2.75%, 2.75%, 1.75% and 2.00% of average daily net assets, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees of $107,644.

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 October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, the 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 B, Class C, Class Y and Investor Class 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 B, 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, 1.00% of the average daily net assets of Class B and Class C shares and 0.25% of the average daily net assets of Investor Class shares. 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 October 31, 2015, 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 October 31, 2015, IDI advised the Fund that IDI retained $348,553 in front-end sales commissions from the sale of Class A shares and $7,559, $1,797 and $10,595 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

16                         Invesco Global Health Care Fund

For the year ended October 31, 2015, the Fund incurred $7,261 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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
Equity Securities	$	1,757,795,642	$	121,359,190	$	1,036,245	$	1,880,191,077
Forward Foreign Currency Contracts*		—		1,130,867		—		1,130,867
Total Investments	$	1,757,795,642	$	122,490,057	$	1,036,245	$	1,881,321,944

* Unrealized appreciation.

NOTE 4—Investments in Other Affiliates

The 1940 Act defines affiliates as those issuances in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The following is a summary of the investments in other affiliates for the year ended October 31, 2015.

	Value 10/31/14		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value 10/31/15		Dividend Income
Evolutionary Genomics, Inc.	$	29,832	$	—	$	—	$	(772	)	$	—	$	29,060	$	—

NOTE 5—Derivative Investments

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 October 31, 2015:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Currency risk:
Forward foreign currency contracts(a)	$	1,130,867	$	—

^(a)  Values are disclosed on the Statement of Assets and Liabilities under the caption Unrealized appreciation on forward foreign currency contracts outstanding.

Effect of Derivative Investments for the year ended October 31, 2015

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

	Location of Gain on Statement of Operations
	Forward Foreign Currency Contracts
Realized Gain:
Currency risk	$	3,064,000
Change in Net Unrealized Appreciation:
Currency risk		755,022
Total	$	3,819,022

17                         Invesco Global Health Care Fund

The table below summarizes the average notional value of forward foreign currency contracts outstanding during the period.

	Forward Foreign Currency Contracts
Average notional value	$	60,648,262

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation
		Deliver			Receive
11/12/2015	Citigroup Global Markets Inc.		CHF	17,504,000		USD	18,395,810	$	17,717,809	$	678,001
11/12/2015	Citigroup Global Markets Inc.		EUR	11,994,000		USD	13,645,059		13,192,193		452,866
Total Open Forward Foreign Currency Contracts — Currency Risk										$	1,130,867

Currency Abbreviations:

CHF	– Swiss Franc
EUR	– Euro
USD	– U.S. Dollar

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2015.

Counterparty	Gross amounts of Recognized Assets		Gross Amounts Not Offset in the Statement of Assets and Liabilities						Net Amount
			Financial Instruments		Collateral Received
					Non-Cash		Cash
Citigroup Global Markets Inc.	$	1,130,867	$	—	$	—	$	—	$	1,130,867
Total	$	1,130,867	$	—	$	—	$	—	$	1,130,867

NOTE 6—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $8,916.

NOTE 7—Trustees’ and Officers’ Fees and Benefits

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

NOTE 8—Cash Balances

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

18                         Invesco Global Health Care Fund

NOTE 9—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2015 and 2014:

	2015		2014
Ordinary income	$	279,221	$	8,906,497
Long-term capital gain		189,257,250		115,599,439
Total distributions	$	189,536,471	$	124,505,936

Tax Components of Net Assets at Period-End:

	2015
Undistributed ordinary income	$	15,091,375
Undistributed long-term gain		232,093,620
Net unrealized appreciation — investments		521,161,748
Net unrealized appreciation (depreciation) — other investments		(98,526	)
Temporary book/tax differences		(351,837	)
Shares of beneficial interest		1,087,098,979
Total net assets	$	1,854,995,359

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 difference is attributable primarily to wash sales.

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of October 31, 2015.

NOTE 10—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $1,008,654,628 and $869,536,625, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	645,642,177
Aggregate unrealized (depreciation) of investment securities		(124,480,429	)
Net unrealized appreciation of investment securities	$	521,161,748

Cost of investments for tax purposes is $1,359,029,329.

NOTE 11—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and net operating loss reclass, on October 31, 2015, undistributed net investment income was decreased by $37,433 and undistributed net realized gain was increased by $37,433. This reclassification had no effect on the net assets of the Fund.

19                         Invesco Global Health Care Fund

NOTE 12—Share Information

	Summary of Share Activity
	Years ended October 31,
	2015(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		4,820,008		$	224,680,172			2,715,150		$	115,916,700
Class B		72,539			2,629,513			35,192			1,190,462
Class C		1,215,711			43,961,950			603,693			20,492,015
Class Y		391,782			18,343,412			450,295			19,762,485
Investor Class		676,871			31,570,967			552,996			23,531,976
Issued as reinvestment of dividends:
Class A		2,356,009			100,342,466			1,509,701			57,549,788
Class B		57,678			1,896,452			54,553			1,667,133
Class C		348,383			11,472,253			191,750			5,865,634
Class Y		79,354			3,413,789			29,989			1,150,983
Investor Class		1,757,199			74,856,681			1,304,978			49,758,810
Automatic conversion of Class B shares to Class A shares:
Class A		93,858			4,317,788			120,598			5,084,757
Class B		(121,735	)		(4,317,788	)		(150,679	)		(5,084,757	)
Reacquired:
Class A		(4,060,530	)		(184,321,491	)		(3,336,720	)		(141,410,078	)
Class B		(52,195	)		(1,837,468	)		(76,661	)		(2,586,375	)
Class C		(516,160	)		(18,180,449	)		(364,711	)		(12,310,057	)
Class Y		(232,396	)		(10,787,318	)		(208,192	)		(9,050,272	)
Investor Class		(1,598,601	)		(73,501,829	)		(1,389,131	)		(58,472,484	)
Net increase in share activity		5,287,775		$	224,539,100			2,042,801		$	73,056,720

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 14% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

20                         Invesco Global Health Care Fund

NOTE 13—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 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(b)		Total return(c)			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(d)
Class A
Year ended 10/31/15	$	47.08	$	0.02		$	1.53		$	1.55	$	—		$	(4.93	)	$	(4.93	)	$	43.70		3.56	%	$	981,963			1.04	%(e)		1.05	%(e)		0.04	%(e)		47	%
Year ended 10/31/14		40.38		0.01			10.15			10.16		(0.01	)		(3.45	)		(3.46	)		47.08		27.20			906,858			1.07			1.08			0.04			24
Year ended 10/31/13		32.09		0.07			10.63			10.70		(0.17	)		(2.24	)		(2.41	)		40.38		35.79			737,071			1.10			1.11			0.21			37
Year ended 10/31/12		27.75		0.12			4.84			4.96		(0.14	)		(0.48	)		(0.62	)		32.09		18.34			563,802			1.17			1.18			0.40			39
Year ended 10/31/11		26.15		(0.03	)		1.63	(f)		1.60		—			—			—			27.75		6.12	(f)		540,451			1.20			1.21			(0.09	)		37
Class B
Year ended 10/31/15		37.50		(0.25	)		1.19			0.94		—			(4.93	)		(4.93	)		33.51		2.76			11,262			1.79	(e)		1.80	(e)		(0.71	)(e)		47
Year ended 10/31/14		33.06		(0.24	)		8.13			7.89		—			(3.45	)		(3.45	)		37.50		26.26			14,239			1.82			1.83			(0.71	)		24
Year ended 10/31/13		26.72		(0.16	)		8.74			8.58		—			(2.24	)		(2.24	)		33.06		34.81			17,101			1.85			1.86			(0.54	)		37
Year ended 10/31/12		23.24		(0.09	)		4.05			3.96		—			(0.48	)		(0.48	)		26.72		17.45			19,765			1.92			1.93			(0.35	)		39
Year ended 10/31/11		22.07		(0.20	)		1.37	(f)		1.17		—			—			—			23.24		5.30	(f)		29,064			1.95			1.96			(0.84	)		37
Class C
Year ended 10/31/15		37.54		(0.25	)		1.20			0.95		—			(4.93	)		(4.93	)		33.56		2.78			107,976			1.79	(e)		1.80	(e)		(0.71	)(e)		47
Year ended 10/31/14		33.09		(0.24	)		8.14			7.90		—			(3.45	)		(3.45	)		37.54		26.26			81,439			1.82			1.83			(0.71	)		24
Year ended 10/31/13		26.75		(0.16	)		8.74			8.58		—			(2.24	)		(2.24	)		33.09		34.76			57,536			1.85			1.86			(0.54	)		37
Year ended 10/31/12		23.26		(0.09	)		4.06			3.97		—			(0.48	)		(0.48	)		26.75		17.48			35,388			1.92			1.93			(0.35	)		39
Year ended 10/31/11		22.09		(0.20	)		1.37	(f)		1.17		—			—			—			23.26		5.30	(f)		32,702			1.95			1.96			(0.84	)		37
Class Y
Year ended 10/31/15		47.51		0.14			1.53			1.67		(0.01	)		(4.93	)		(4.94	)		44.24		3.82			39,443			0.79	(e)		0.80	(e)		0.29	(e)		47
Year ended 10/31/14		40.71		0.13			10.22			10.35		(0.10	)		(3.45	)		(3.55	)		47.51		27.52			31,016			0.82			0.83			0.29			24
Year ended 10/31/13		32.34		0.16			10.70			10.86		(0.25	)		(2.24	)		(2.49	)		40.71		36.10			15,502			0.85			0.86			0.46			37
Year ended 10/31/12		27.96		0.20			4.87			5.07		(0.21	)		(0.48	)		(0.69	)		32.34		18.66			6,769	��		0.92			0.93			0.65			39
Year ended 10/31/11		26.28		0.05			1.63	(f)		1.68		—			—			—			27.96		6.39	(f)		5,628			0.95			0.96			0.16			37
Investor Class
Year ended 10/31/15		47.09		0.02			1.53			1.55		—			(4.93	)		(4.93	)		43.71		3.57			714,351			1.04	(e)		1.05	(e)		0.04	(e)		47
Year ended 10/31/14		40.39		0.01			10.15			10.16		(0.01	)		(3.45	)		(3.46	)		47.09		27.19			730,280			1.07			1.08			0.04			24
Year ended 10/31/13		32.10		0.07			10.63			10.70		(0.17	)		(2.24	)		(2.41	)		40.39		35.78			607,408			1.10			1.11			0.21			37
Year ended 10/31/12		27.76		0.12			4.84			4.96		(0.14	)		(0.48	)		(0.62	)		32.10		18.34			481,385			1.17			1.18			0.40			39
Year ended 10/31/11		26.16		(0.03	)		1.63	(f)		1.60		—			—			—			27.76		6.12	(f)		446,149			1.20			1.21			(0.09	)		37

^(a)  Calculated using average shares outstanding.

^(b)  Includes redemption fees added to shares of beneficial interest for Class A, Class B, Class C, Class Y and Investor Class shares which were less than $0.005 per share, for fiscal years ended October 31, 2012 and prior.

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

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ended October 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $121,012,126 and sold of $51,261,834 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Health Sciences Fund into the Fund.

^(e)  Ratios are based on average daily net assets (000’s omitted) of $1,020,366, $13,917, $101,882, $39,005 and $767,775 for Class A, Class B, Class C, Class Y and Investor Class shares, respectively.

^(f)  Includes litigation proceeds received during the period. Had the litigation proceeds not been received net gains on securities (both realized and unrealized) per share for the year ended October 31, 2011 would have been $1.44, $1.18, $1.18, $1.44 and $1.44 for Class A, Class B, Class C, Class Y and Investor Class shares, respectively and total returns would have been lower.

21                         Invesco Global Health Care Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Global Health Care Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Global Health Care Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

22                         Invesco Global Health Care 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 May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	950.60	$	5.21	$	1,019.86	$	5.40		1.06	%
B		1,000.00		947.20		8.88		1,016.08		9.20		1.81
C		1,000.00		947.00		8.88		1,016.08		9.20		1.81
Y		1,000.00		951.80		3.98		1,021.12		4.13		0.81
Investor		1,000.00		950.60		5.21		1,019.86		5.40		1.06

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

23                         Invesco Global Health Care Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Global Health Care Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports form the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s

consideration of Invesco Advisers’ investment process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

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

B. Fund Performance

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

The Board compared the Fund’s performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Global Health/Biotechnology Funds Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the

24                         Invesco Global Health Care Fund

Fund was below the performance of the Index for the one, three and five year periods. Invesco Advisers noted that the Fund was under allocated to Pharmaceuticals. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was below the effective advisory fee rate of one off-shore fund advised by Invesco Advisers. The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other client accounts with investment strategies comparable to those of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that

Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

25                         Invesco Global Health Care 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 advisors.

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 October 31, 2015:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	189,257,250
Qualified Dividend Income*		100	%
Corporate Dividends Received Deduction*		98.86	%
U.S. Treasury Obligations*		0	%

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

Non-Resident Alien Shareholders
Qualified Short-Term Gains	$	270,009

26                         Invesco Global Health Care Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Global Health Care 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Global Health Care 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Global Health Care 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Global Health Care Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 GHC-AR-1 Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Global Infrastructure Fund
	Nasdaq:
	A: GIZAX  n  C: GIZCX  n  R: GIZRX  n  Y: GIZYX  n  R5: GIZFX  n  R6: GIZSX

Letters to Shareholders

Philip Taylor

Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.     The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European Central

Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.     Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

    Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                         Invesco Global Infrastructure Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                         Invesco Global Infrastructure Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Global Infrastructure Fund (the Fund), at net asset value (NAV), underperformed the Fund’s broad market and style-specific benchmarks, the MSCI World Index and the Dow Jones Brookfield Global Infrastructure Index, respectively.

    Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 10/31/14 to 10/31/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-8.85	%
Class C Shares	-9.56
Class R Shares	-9.18
Class Y Shares	-8.70
Class R5 Shares	-8.70
Class R6 Shares	-8.70
MSCI World Index▼ (Broad Market Index)	1.77
Dow Jones Brookfield Global Infrastructure Index▼ (Style-Specific Index)	-6.72
Lipper Global Infrastructure Funds Classification Average (Peer Group)¢	-6.00
Source(s): ▼FactSet Research Systems Inc.; ¢Lipper Inc.

Market conditions and your Fund

While overall global growth remained positive during the fiscal year ended October 31, 2015, there was a material dispersion in growth sustainability across major economies and world regions. The US economy had been trending relatively well, with strong economic growth and lower unemployment despite the pull-back in crude oil prices and volatility among equities. China, Japan and the eurozone, however, struggled to deliver a consistent growth pattern, and as such, the use of unconventional means of economic stimulus remained necessary. Economic rebalancing and balance sheet repair still remained key themes in many world economies and were reflected in below long-term average gross domestic product growth and very modest inflationary pressures.

In response to weak commodity prices, increased signs of vulnerability in several

emerging market economies and deterioration in the high yield fixed income market, the US Federal Reserve decided to wait before raising interest rates. Rates on 10-year US Treasuries ended the reporting period essentially unchanged.

    Overall, global equities, as measured by the MSCI World Index, were relatively flat for most of the fiscal year, following strong performance in January and February of 2015. However, in August and September of 2015 equity markets across the globe sold off due to weakness in emerging economies, partly caused by persistently low commodity prices. Global equities managed to recover in the final month of the fiscal year, ending the reporting period with a small positive return. At the sector level, the energy, materials, utilities and financials sectors produced negative returns and were the market laggards during the reporting period.

In general, global infrastructure stocks – which have a heavy emphasis within

the energy and utilities sectors – produced negative returns and under-performed broad market global equities during the reporting period, as represented by the MSCI World Index. The Fund also produced negative returns during the reporting period and under-performed its style-specific benchmark, the Dow Jones Brookfield Global Infrastructure Index, primarily as a result of market allocation.

    Energy equities experienced steep losses during the fiscal year as a result of the sharp decline in energy prices. Fracturing technology, which allows for the extraction of hydrocarbons from previously uneconomical locations, brought new life to the US energy industry and resulted in substantial growth in oil and gas production. Unexpected supply from Libya and Iraq, as well as the unwillingness by OPEC to cut production, further increased existing supply. Simultaneously, energy demand expectations were reduced as a result of the weakened outlook for global economic growth. These factors led to imbalances in supply and demand, causing energy prices to decline over 40% during the fiscal year with crude oil falling from $81 to $47 per barrel and natural gas falling from $4.50 to $2.33/thousand cubic feet.¹ Utilities were also under pressure during much of the fiscal year given the volatility in interest rates and following the sector’s strong performance in 2014.

    On an absolute basis, Fund holdings in midstream services were the largest detractors from performance during the fiscal year. Holdings in electric utilities and gas distribution also detracted from absolute returns for the reporting period. Contributors to absolute Fund performance for the reporting period came from several infrastructure sectors including tolls, telecommunications, water, airports, diversified, and ports and rail.

Portfolio Composition

By infrastructure sectors           % of total net assets  

Midstream Services	27.2	%
Gas Distribution	20.6
Telecommunications	12.8
Electric Utilities	12.7
Tolls	6.4
Airports	6.4
Water	6.2
Ports & Rail	3.2
Diversified	2.4
Money Market Funds Plus Other Assets Less Liabilities	2.1

Top 10 Equity Holdings*

% of total net assets  

1. Enbridge Inc.	6.5	%
2. Kinder Morgan Inc.	6.1
3. National Grid PLC	6.0
4. American Tower Corp.	5.2
5. Crown Castle International       Corp.	4.2
6. Atlantia S.p.A.	3.8
7. Williams Cos., Inc. (The)	3.8
8. PG&E Corp.	3.6
9. Eversource Energy	3.6
10. TransCanada Corp.	3.4

Total Net Assets	$7.9 million
Total Number of Holdings*	60

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.

Data presented here are as of October 31, 2015.

4                             Invesco Global Infrastructure Fund

     The top individual detractors from absolute Fund performance for the reporting period were midstream services companies, given the significant volatility in energy prices. Kinder Morgan was the largest detractor from absolute Fund performance, despite a positive relative return for the reporting period. Market sentiment impacted Kinder Morgan’s share price since its reorganization from its master limited partnership structure in 2014. Williams Companies was also a top detractor from absolute performance. During the reporting period, the company received an unsolicited bid from Energy Transfer Equity. While the offer was initially rebuffed, the companies reached an agreement and the deal was awaiting shareholder and regulatory approval at the close of the reporting period. Energy Transfer Equity was no longer held at the end of the reporting period.

    Atlantia S.p.A., an Italian company that owns high quality toll roads primarily connecting major urban centers in Italy, was the largest contributor to the Fund’s absolute performance for the reporting period. The company also owns toll roads in Brazil, Chile, India and Poland, as well as the Roman airport network. We had a favorable view on the long length of the company’s contracts given the potential for prolonged low interest rates in Europe, the company’s diversified asset base, current yield and distribution growth prospects. Crown Castle International, the largest provider of shared wireless infrastructure with approximately 40,000 towers in the US, was another top contributor to absolute Fund performance for the fiscal year.

    Relative to the Fund’s style-specific benchmark, an overweight position in midstream services companies was a significant detractor from relative Fund performance for the fiscal year, although security selection within the sector was positive. Security selection and underweight exposure to the electric utilities and gas distribution sectors also hurt relative Fund performance for the fiscal year.

    Security selection in the midstream services, ports and rail, and diversified infrastructure sectors as well as security selection and overweight exposure to the tolls infrastructure sector contributed the most to relative Fund performance for the reporting period.

    During the reporting period, the Fund had underweight exposure to the more regulated infrastructure sectors – gas distribution, electric utilities and water – while it held an overweight allocation to the more competitive sectors and sectors where users pay for services such as telecommunications, airports, tolls and midstream services, where growth characteristics remained relatively attractive. Diverging trends in the use of economic stimulus are shaping yield demand and leverage characteristics in individual countries. In general, the Fund remained focused on companies with above-average earnings growth characteristics, sound balance sheets and strategic infrastructure assets that provide a relatively stable underlying earnings stream.

    We thank you for your investment in Invesco Global Infrastructure Fund.

1 Source: Bloomberg Finance LP

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	Joe Rodriguez, Jr. Portfolio Manager, is lead manager of Invesco Global Infrastructure Fund. He is Head of Global Securities with Invesco
Real Estate, where he oversees all phases of the unit, including securities research and administration. Mr. Rodriguez joined Invesco in 1990. He earned a BBA in economics and finance and an MBA in finance from Baylor University.
	Mark Blackburn Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Global Infrastructure Fund. He joined Invesco in 1998.
Mr. Blackburn earned a BS in accounting from Louisiana State University and an MBA from Southern Methodist University.
	James Cowen Portfolio Manager, is manager of Invesco Global Infrastructure Fund. He joined Invesco in 2000. Mr. Cowen earned a
Master of Town and Country Planning degree from the University of Manchester and a Master of Philosophy degree in land economy from Cambridge University.
	Paul Curbo Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Global Infrastructure Fund. He joined Invesco in 1998.
Mr. Curbo earned a BBA in finance from The University of Texas at Austin.
	Darin Turner Portfolio Manager, is manager of Invesco Global Infrastructure Fund. He joined Invesco in 2005. Mr. Turner earned a
BBA in finance from Baylor University, an MS in real estate from The University of Texas at Arlington and an MBA specializing in investments from Southern Methodist University.
	Ping-Ying Wang Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Global Infrastructure Fund. She joined Invesco
in 1998. Ms. Wang earned a BS in international finance from the People’s University of China and a PhD in finance from The University of Texas at Dallas.

5                             Invesco Global Infrastructure Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 5/2/14

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6                             Invesco Global Infrastructure Fund

Average Annual Total Returns As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (5/2/14)	-5.22	%
1 Year	-13.86
Class C Shares
Inception (5/2/14)	-2.34	%
1 Year	-10.45
Class R Shares
Inception (5/2/14)	-1.86	%
1 Year	-9.18
Class Y Shares
Inception (5/2/14)	-1.37	%
1 Year	-8.70
Class R5 Shares
Inception (5/2/14)	-1.37	%
1 Year	-8.70
Class R6 Shares
Inception (5/2/14)	-1.37	%
1 Year	-8.70

The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.40%, 2.15%, 1.65%, 1.15%, 1.15% and 1.15%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 8.61%, 9.36%, 8.86%, 8.36%, 8.35% and 8.35%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Average Annual Total Returns As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (5/2/14)	-9.06	%
1 Year	-16.84
Class C Shares
Inception (5/2/14)	-6.08	%
1 Year	-13.54
Class R Shares
Inception (5/2/14)	-5.58	%
1 Year	-12.22
Class Y Shares
Inception (5/2/14)	-5.15	%
1 Year	-11.77
Class R5 Shares
Inception (5/2/14)	-5.15	%
1 Year	-11.77
Class R6 Shares
Inception (5/2/14)	-5.15	%
1 Year	-11.77

    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 class 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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2017. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

7                             Invesco Global Infrastructure Fund

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

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

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

About share classes

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

n Credit risk. The issuer of instruments in which the Fund invests may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

n Currency/exchange rate risk. The dollar value of the Fund’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.

n Depositary receipts risk. Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities.

n Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and

liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

n Emerging markets securities risk. The prices of securities issued by foreign companies and governments located in emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

n Energy sector risk. Certain of the businesses in which the Fund invests may be adversely affected by foreign, federal or state regulations governing energy

production, distribution and sale as well as supply-and-demand for energy resources. Although individual security selection drives the performance of the Fund, short-term fluctuations in energy prices may cause price fluctuations in its shares.

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

n Geographic focus risk. From time to time the Fund may invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. If the Fund focuses its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance.

n High yield bond (junk bond) risk. Junk bonds involve a greater risk of default or price changes due to changes in the credit quality of the issuer. The values of junk bonds fluctuate more than those of high- quality bonds in response to company, political, regulatory or economic developments. Values of junk bonds can decline significantly over short periods of time.

n Infrastructure-related companies risk. The Fund will concentrate its investments in the infrastructure industry. Infrastructure-related companies are subject to a variety of factors that may adversely affect their business or operations, including costs associated with environmental, governmental and other regulations, high interest costs in connection with capital construction programs, high leverage, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies, unfavorable tax laws or accounting policies, and other factors. Infrastructure-related companies are also affected by environmental

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

8                             Invesco Global Infrastructure Fund

damage due to a company’s operations or an accident, difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets, increased susceptibility to terrorist acts or political actions, and general changes in market sentiment towards infrastructure assets.

n Interest rate risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n MLP risk. An MLP is a public limited partnership or limited liability company. Although the characteristics of MLPs closely resemble a traditional limited partnership, a major difference is that MLPs may trade on a public exchange or in the over-the-counter market. The ability to trade on a public exchange or in the over-the-counter market provides a certain amount of liquidity not found in many limited partnership investments. However, MLP interests may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities. The risks of investing in an MLP are similar to those of investing in a partnership and include more flexible governance structures, which could result in less protection for investors than investments in a corporation. Investors in an MLP would normally not be liable for the debts of the MLP beyond the amount that the investor has contributed but investors may not be shielded to the same extent that a shareholder of a corporation would be. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. Additionally, if the Fund were to invest more than 25% of its total assets in

MLPs that are taxed as partnerships this could cause the Fund to lose its status as regulated investment company under Subchapter M of the Internal Revenue Code.

n MLP tax risk. MLPs taxed as partnerships do not pay US federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law, or a change in the underlying business mix of a given MLP, could result in an MLP being treated as a corporation for US federal income tax purposes, which would result in such MLP being required to pay US federal income tax on its taxable income. The classification of an MLP as a corporation for US federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by the Fund were treated as a corporation for US federal income tax purposes, it could result in a reduction of the value of the Fund’s investment, and consequently your investment in the Fund and lower income. MLPs taxed as partnerships file a partnership tax return for US federal, state and local income tax purposes and communicate to each investor in such MLP the investor’s allocable share of the MLP’s income, gains, losses, deductions and expenses via a “Schedule K-1.” Each year, the Fund will send you an annual tax statement (Form 1099) to assist you in completing your federal, state and local tax returns. An MLP might need to amend its partnership tax return and, in turn, send amended Schedules K-1 to investors in the MLP, such as the Fund. When necessary, the Fund will send you a corrected Form 1099 to reflect Schedule K-1 information reclassified by an MLP, which could, in turn, require you to amend your federal, state or local tax returns.

n Non-diversification risk. The Fund is non-diversified and can invest a greater portion of its assets in a small number of issuers or a single issuer. A change in the value of the issuer could affect the value of the Fund more than if it was a diversified fund.

n Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile

due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

About indexes used in this report

n 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.

n The Dow Jones Brookfield Global Infrastructure Index intends to measure all sectors of the infrastructure market and includes companies domiciled globally that qualify as “pure- play” infrastructure companies–companies whose primary business is the ownership and operation of infrastructure assets, activities that generally generate long-term stable cash flows.

n The Lipper Global Infrastructure Funds Classification Average represents an average of all of the funds in the Lipper Global Infrastructure Funds Category classification.

n 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).

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

9                         Invesco Global Infrastructure Fund

Schedule of Investments

October 31, 2015

	Shares		Value
Common Stocks & Other Equity Interests–97.94%
Australia–4.35%
APA Group		19,228	$	126,146
Macquarie Atlas Roads Group		22,076		63,693
Sydney Airport		15,459		71,104
Transurban Group		10,907		81,200
				342,143
Canada–11.25%
Enbridge Inc.		12,020		513,725
Inter Pipeline Ltd.		1,396		26,154
Keyera Corp.		2,653		81,860
TransCanada Corp.		7,824		263,253
				884,992
China–4.02%
Beijing Capital International Airport Co. Ltd.–Class H		52,000		55,696
Beijing Enterprises Holdings Ltd.		3,000		18,925
Beijing Enterprises Water Group Ltd.		60,000		47,608
China Merchants Holdings International Co. Ltd.		26,000		86,067
China Resources Gas Group Ltd.		7,335		20,085
ENN Energy Holdings Ltd.		8,000		45,844
Zhejiang Expressway Co., Ltd.–Class H		34,000		41,716
				315,941
France–4.21%
Aeroports de Paris		1,035		129,964
Eiffage S.A.		313		19,534
Eutelsat Communications S.A.		1,886		62,158
Groupe Eurotunnel SE–REGS(a)		7,135		99,903
Vinci S.A.		293		19,777
				331,336
Hong Kong–1.54%
China Gas Holdings Ltd.		10,000		15,865
Hong Kong & China Gas Co. Ltd.		52,200		105,784
				121,649
Italy–5.92%
Atlantia S.p.A.		10,753		297,992
Snam S.p.A.		28,949		149,739
Societa Iniziative Autostradali e Servizi S.p.A.		1,574		18,053
				465,784
Japan–1.93%
East Japan Railway Co.		200		18,985
Japan Airport Terminal Co., Ltd.		700		37,965
Tokyo Gas Co., Ltd.		15,000		74,064
West Japan Railway Co.		300		20,988
				152,002

	Shares		Value
Mexico–0.59%
Grupo Aeroportuario del Sureste S.A.B. de C.V.–ADR		298	$	46,113
Netherlands–0.33%
Koninklijke Vopak NV		656		26,322
New Zealand–0.50%
Auckland International Airport Ltd.		11,102		39,423
Spain–5.00%
Aena S.A.(b)		1,087		121,330
Ferrovial S.A.		5,947		150,157
Red Electrica Corp. S.A.		1,384		122,063
				393,550
United Kingdom–8.59%
National Grid PLC		33,111		471,323
Pennon Group PLC		3,168		39,530
Severn Trent PLC		2,075		71,673
United Utilities Group PLC		6,136		93,323
				675,849
United States–49.71%
American Tower Corp.		3,996		408,511
American Water Works Co., Inc.		2,178		124,930
Atmos Energy Corp.		2,950		185,850
California Water Service Group		5,034		112,560
Cheniere Energy, Inc.(b)		1,982		98,149
Consolidated Edison, Inc.		746		49,049
Crown Castle International Corp.		3,880		331,585
Eversource Energy		5,508		280,577
InfraREIT Inc.		7,491		178,885
ITC Holdings Corp.		2,555		83,600
Kinder Morgan Inc.		17,629		482,153
NiSource Inc.		7,938		152,092
ONE Gas, Inc.		1,178		57,533
ONEOK, Inc.		1,600		54,272
PG&E Corp.		5,344		285,370
SBA Communications Corp.–Class A(b)		1,728		205,666
SemGroup Corp.–Class A		842		38,353
Sempra Energy		2,394		245,170
Spectra Energy Corp.		7,759		221,675
Targa Resources Corp.		342		19,545
Williams Cos., Inc. (The)		7,500		295,800
				3,911,325
Total Common Stocks & Other Equity Interests (Cost $7,712,127)				7,706,429

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

10                         Invesco Global Infrastructure Fund

	Shares		Value
Money Market Funds–1.09%
Liquid Assets Portfolio–Institutional Class, 0.16%(c)		42,789	$	42,789
Premier Portfolio–Institutional Class, 0.12%(c)		42,790		42,790
Total Money Market Funds (Cost $85,579)				85,579
TOTAL INVESTMENTS–99.03% (Cost $7,797,706)				7,792,008
OTHER ASSETS LESS LIABILITIES–0.97%				76,519
NET ASSETS–100.00%			$	7,868,527

Investment Abbreviations:

ADR	– American Depositary Receipt
REGS	– Regulation S

Notes to Schedule of Investments:

^(a)  Security purchased or received in 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 value of this security at October 31, 2015 represented 1.27% of the Fund’s Net Assets.

^(b)  Non-income producing security.

^(c)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

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

11                         Invesco Global Infrastructure Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $7,712,127)	$	7,706,429
Investments in affiliated money market funds, at value and cost		85,579
Total investments, at value (Cost $7,797,706)		7,792,008
Foreign currencies, at value (Cost $22,903)		22,876
Receivable for:
Investments sold		35,007
Fund shares sold		52,650
Dividends		14,028
Fund expenses absorbed		39,638
Investment for trustee deferred compensation and retirement plans		3,256
Other assets		16,183
Total assets		7,975,646
Liabilities:
Payable for:
Investments purchased		33,908
Fund shares reacquired		6,020
Accrued fees to affiliates		2,778
Accrued trustees’ and officers’ fees and benefits		1,543
Accrued other operating expenses		59,614
Trustee deferred compensation and retirement plans		3,256
Total liabilities		107,119
Net assets applicable to shares outstanding	$	7,868,527
Net assets consist of:
Shares of beneficial interest	$	8,413,588
Undistributed net investment income		1,429
Undistributed net realized gain (loss)		(540,811	)
Net unrealized appreciation (depreciation)		(5,679	)
	$	7,868,527

Net Assets:
Class A	$	3,261,617
Class C	$	279,309
Class R	$	27,025
Class Y	$	4,222,513
Class R5	$	9,512
Class R6	$	68,551
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		343,365
Class C		29,466
Class R		2,847
Class Y		444,374
Class R5		1,001
Class R6		7,215
Class A:
Net asset value per share	$	9.50
Maximum offering price per share
(Net asset value of $9.50 ¸ 94.50%)	$	10.05
Class C:
Net asset value and offering price per share	$	9.48
Class R:
Net asset value and offering price per share	$	9.49
Class Y:
Net asset value and offering price per share	$	9.50
Class R5:
Net asset value and offering price per share	$	9.50
Class R6:
Net asset value and offering price per share	$	9.50

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

12                         Invesco Global Infrastructure Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends (net of foreign withholding taxes of $9,255)	$	202,241
Dividends from affiliated money market funds		98
Total investment income		202,339
Expenses:
Advisory fees		55,100
Administrative services fees		50,000
Custodian fees		56,390
Distribution fees:
Class A		7,628
Class C		3,069
Class R		88
Transfer agent fees — A, C, R and Y		10,412
Transfer agent fees — R5		5
Transfer agent fees — R6		26
Trustees’ and officers’ fees and benefits		18,919
Registration and filing fees		98,863
Professional services fees		80,982
Other		30,065
Total expenses		411,547
Less: Fees waived and expenses reimbursed		(325,523	)
Net expenses		86,024
Net investment income		116,315
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(549,353	)
Foreign currencies		(3,584	)
		(552,937	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(238,158	)
Foreign currencies		290
		(237,868	)
Net realized and unrealized gain (loss)		(790,805	)
Net increase (decrease) in net assets resulting from operations	$	(674,490	)

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

13                         Invesco Global Infrastructure Fund

Statement of Changes in Net Assets

For the year ended October 31, 2015 and the period May 2, 2014 (commencement date) through October 31, 2014

	October 31, 2015			May 2, 2014 (commencement date) through October 31, 2014
Operations:
Net investment income	$	116,315		$	35,336
Net realized gain (loss)		(552,937	)		(3,004	)
Change in net unrealized appreciation (depreciation)		(237,868	)		232,189
Net increase (decrease) in net assets resulting from operations		(674,490	)		264,521
Distributions to shareholders from net investment income:
Class A		(60,858	)		(12,024	)
Class C		(3,618	)		(540	)
Class R		(312	)		(55	)
Class Y		(67,818	)		(12,343	)
Class R5		(240	)		(59	)
Class R6		(1,238	)		(59	)
Total distributions from net investment income		(134,084	)		(25,080	)
Distributions to shareholders from net realized gains:
Class A		(2,842	)		—
Class C		(250	)		—
Class R		(17	)		—
Class Y		(2,396	)		—
Class R5		(11	)		—
Class R6		(50	)		—
Total distributions from net realized gains		(5,566	)		—
Share transactions–net:
Class A		1,132,351			2,397,806
Class C		135,558			184,137
Class R		15,617			12,460
Class Y		2,334,806			2,148,433
Class R5		—			10,010
Class R6		36,561			35,487
Net increase in net assets resulting from share transactions		3,654,893			4,788,333
Net increase in net assets		2,840,753			5,027,774
Net assets:
Beginning of year		5,027,774			—
End of year (includes undistributed net investment income of $1,429 and $39,323, respectively)	$	7,868,527		$	5,027,774

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Global Infrastructure Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class 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 R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

14                         Invesco Global Infrastructure Fund

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

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

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

15                         Invesco Global Infrastructure Fund

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

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

E. Master Limited Partnerships — The Fund invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund invests in MLPs engaged in, among other things, the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

The Fund is non-diversified and will invest in securities of fewer issues than if it were diversified.

F. Return of Capital — Distributions received from the Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

G. 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.

H. 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 to each share class based on relative net assets. 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.

I. 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.

J. 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.

K. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.

16                         Invesco Global Infrastructure Fund

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

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $2.5 billion		0	.84%
Next $2 billion		0	.80%
Next $3.5 billion		0	.785%
Over $8 billion		0	.77%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.84%.

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., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 February 28, 2017, 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%, 2.15%, 1.65%, 1.15%, 1.15% and 1.15%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary 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 February 28, 2017. The fee waiver agreement cannot be terminated during its term.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees and reimbursed fund level expenses of $315,080 and reimbursed class level expenses of $4,891, $492, $28, $5,001, $5 and $26 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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 October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. 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 October 31, 2015, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

17                         Invesco Global Infrastructure Fund

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2015, IDI advised the Fund that IDI retained $2,694 in front-end sales commissions from the sale of Class A shares and $12 and $15 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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.

During the year ended October 31, 2015, there were transfers from Level 1 to Level 2 of $443,440 and from Level 2 to Level 1 of $550,669, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Australia	$	278,450	$	63,693	$	—	$	342,143
Canada		884,992		—		—		884,992
China		—		315,941		—		315,941
France		39,311		292,025		—		331,336
Hong Kong		—		121,649		—		121,649
Italy		316,045		149,739		—		465,784
Japan		—		152,002		—		152,002
Mexico		46,113		—		—		46,113
Netherlands		—		26,322		—		26,322
New Zealand		—		39,423		—		39,423
Spain		393,550		—		—		393,550
United Kingdom		—		675,849		—		675,849
United States		3,996,904		—		—		3,996,904
Total Investments	$	5,955,365	$	1,836,643	$	—	$	7,792,008

NOTE 4—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 5—Cash Balances

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

18                         Invesco Global Infrastructure Fund

NOTE 6—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Year Ended October 31, 2015 and the period May 2, 2014 (commencement date) through October 31, 2014:

	2015		2014
Ordinary income	$	139,650	$	25,080

Tax Components of Net Assets at Period-End:

	2015
Undistributed ordinary income	$	4,473
Net unrealized appreciation (depreciation) — investments		(205,566	)
Net unrealized appreciation — other investments		19
Temporary book/tax differences		(3,044	)
Capital loss carryforward		(340,943	)
Shares of beneficial interest		8,413,588
Total net assets	$	7,868,527

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

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of October 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	339,495	$	1,448	$	340,943

* Capital loss carryforward as of the date listed above 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 7—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $8,926,881 and $5,330,963, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	374,492
Aggregate unrealized (depreciation) of investment securities		(580,058	)
Net unrealized (depreciation) of investment securities	$	(205,566	)

Cost of investments for tax purposes is $7,997,574.

NOTE 8—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnership reclassifications and foreign currency transactions, on October 31, 2015, undistributed net investment income was decreased by $20,125, undistributed net realized gain (loss) was increased by $20,301 and shares of beneficial interest was decreased by $176. This reclassification had no effect on the net assets of the Fund.

19                         Invesco Global Infrastructure Fund

NOTE 9—Share Information

	Summary of Share Activity
	Year ended October 31, 2015(a)						May 2, 2014 (commencement Date) through October 31, 2014
	Shares			Amount			Shares			Amount
Sold:
Class A		143,984		$	1,475,203			314,147		$	3,210,131
Class C		29,868			308,833			21,242			226,573
Class R		1,695			16,483			1,231			12,450
Class Y		240,411			2,436,493			214,947			2,154,251
Class R5		—			—			1,001			10,010
Class R6		4,688			46,838			3,567			35,487
Issued as reinvestment of dividends:
Class A		2,847			28,336			397			4,258
Class C		350			3,495			47			508
Class R		13			129			1			10
Class Y		3,117			30,694			297			3,184
Class R6		105			1,036			—			—
Reacquired:
Class A		(37,680	)		(371,188	)		(80,330	)		(816,583	)
Class C		(17,777	)		(176,770	)		(4,264	)		(42,944	)
Class R		(93	)		(995	)		—			—
Class Y		(13,557	)		(132,381	)		(841	)		(9,002	)
Class R6		(1,145	)		(11,313	)		—			—
Net increase in share activity		356,826		$	3,654,893			471,442		$	4,788,333

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 44% 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, 36% of the outstanding shares of the Fund are owned by the Adviser.

20                         Invesco Global Infrastructure Fund

NOTE 10—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 10/31/15	$	10.66	$	0.17	$	(1.11	)	$	(0.94	)	$	(0.21	)	$	(0.01	)	$	(0.22	)	$	9.50		(8.85	)%	$	3,262		1.40	%(d)		6.36	%(d)		1.68	%(d)		84	%
Year ended 10/31/14(f)		10.00		0.08		0.63			0.71			(0.05	)		—			(0.05	)		10.66		7.12			2,497		1.39	(e)		8.60	(e)		1.51	(e)		19
Class C
Year ended 10/31/15		10.64		0.09		(1.10	)		(1.01	)		(0.14	)		(0.01	)		(0.15	)		9.48		(9.56	)		279		2.15	(d)		7.11	(d)		0.93	(d)		84
Year ended 10/31/14(f)		10.00		0.04		0.63			0.67			(0.03	)		—			(0.03	)		10.64		6.71			181		2.14	(e)		9.35	(e)		0.76	(e)		19
Class R
Year ended 10/31/15		10.66		0.14		(1.11	)		(0.97	)		(0.19	)		(0.01	)		(0.20	)		9.49		(9.18	)		27		1.65	(d)		6.61	(d)		1.43	(d)		84
Year ended 10/31/14(f)		10.00		0.07		0.64			0.71			(0.05	)		—			(0.05	)		10.66		7.05			13		1.64	(e)		8.85	(e)		1.26	(e)		19
Class Y
Year ended 10/31/15		10.67		0.20		(1.12	)		(0.92	)		(0.24	)		(0.01	)		(0.25	)		9.50		(8.70	)		4,223		1.15	(d)		6.11	(d)		1.93	(d)		84
Year ended 10/31/14(f)		10.00		0.09		0.64			0.73			(0.06	)		—			(0.06	)		10.67		7.29			2,287		1.14	(e)		8.35	(e)		1.76	(e)		19
Class R5
Year ended 10/31/15		10.67		0.20		(1.12	)		(0.92	)		(0.24	)		(0.01	)		(0.25	)		9.50		(8.70	)		10		1.15	(d)		6.00	(d)		1.93	(d)		84
Year ended 10/31/14(f)		10.00		0.09		0.64			0.73			(0.06	)		—			(0.06	)		10.67		7.29			11		1.14	(e)		8.34	(e)		1.76	(e)		19
Class R6
Year ended 10/31/15		10.67		0.20		(1.12	)		(0.92	)		(0.24	)		(0.01	)		(0.25	)		9.50		(8.70	)		69		1.15	(d)		6.00	(d)		1.93	(d)		84
Year ended 10/31/14(f)		10.00		0.09		0.64			0.73			(0.06	)		—			(0.06	)		10.67		7.29			38		1.14	(e)		8.34	(e)		1.76	(e)		19

^(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) Ratios are based on average daily net assets (000’s omitted) of $3,051, $307, $18, $3,120, $10 and $54 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e) Annualized.

^(f)  Commencement date of May 2, 2014.

21                         Invesco Global Infrastructure Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Global Infrastructure Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Global Infrastructure Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year then ended and for the period May 2, 2014 (commencement of operations) through October 31, 2014, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

22                         Invesco Global Infrastructure 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 May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	897.60	$	6.70	$	1,018.15	$	7.12		1.40	%
C		1,000.00		894.00		10.26		1,014.37		10.92		2.15
R		1,000.00		896.30		7.89		1,016.89		8.39		1.65
Y		1,000.00		897.90		5.50		1,019.41		5.85		1.15
R5		1,000.00		897.90		5.50		1,019.41		5.85		1.15
R6		1,000.00		898.70		5.50		1,019.41		5.85		1.15

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

23                         Invesco Global Infrastructure Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Global Infrastructure Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Evaluation of Investment Advisory and Sub-Advisory Agreements

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

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s

consideration of Invesco Advisers’ investment process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

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

B. Fund Performance

The Board noted that the Fund recently began operations and that no comparative performance data was available.

C. Advisory and Sub-Advisory Fees

The Board noted that the Fund had not been in operation long enough to become profitable and that Invesco Advisers was continuing to take entrepreneurial risk in operating the Fund.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least February 2016 in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other mutual funds or client accounts with investment strategies comparable to those of the Fund.

24                         Invesco Global Infrastructure Fund

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board noted that although Invesco Advisers received a minimal amount of revenues from advising the Fund, Invesco Advisers and its subsidiaries did not make a profit from managing the Fund. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

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

services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

25                         Invesco Global Infrastructure 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 advisors.

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 October 31, 2015:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	0.00
Qualified Dividend Income*		96.06	%
Corporate Dividends Received Deduction*		55.25	%
U.S. Treasury Obligations*		0.00	%

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

Non-Resident Alien Shareholders
Qualified Short-Term Gains	$	5,050

26                         Invesco Global Infrastructure Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Global Infrastructure 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Global Infrastructure 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Global Infrastructure 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Global Infrastructure Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338                         GBLI-AR-1                                                          Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Global Market Neutral Fund
	Nasdaq:
	A: MKNAX  n   C: MKNCX  n   R: MKNRX  n   Y: MKNYX  n   R5: MKNFX  n   R6: MKNSX

Letters to Shareholders

Philip Taylor Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest. The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European

Central Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.

Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                          Invesco Global Market Neutral Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                          Invesco Global Market Neutral Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Global Market Neutral Fund (the Fund), at net asset value (NAV), outperformed the Citigroup 90-Day Treasury Bill 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, 10/31/14 to 10/31/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	0.16	%
Class C Shares	-0.35
Class R Shares	-0.01
Class Y Shares	0.47
Class R5 Shares	0.47
Class R6 Shares	0.47
Citigroup 90-Day Treasury Bill Indexq (Broad Market/Style-Specific Index)	0.02
Lipper Alternative Equity Market Neutral Indexn (Peer Group Index)	-1.72

 Source(s): ^qFactSet Research Systems Inc.; ⁿLipper Inc.

Market conditions and your Fund

World equity markets delivered modestly positive returns for the fiscal year ended October 31, 2015, with positive returns in the first half and negative returns in the second half. Market-moving headlines during the fiscal year included the rapid decline in oil prices, diverging monetary policies between the US and other developing countries, and slowing economic growth in China, which had negative implications for growth globally.

    As a result of outlooks for global economic growth differing by region, the performance of individual economic sectors

varied during the fiscal year. The information technology (IT) sector performed well, especially the Internet software and services industry. The consumer discretionary sector also performed well, due in part to lower gas prices and continued low interest rates. The worst-performing sector was energy, due to an increased supply/demand imbalance, followed by materials, which was hurt by concerns of slowing global demand.

    The Fund generally follows a market neutral strategy, which is designed to produce a portfolio that experiences minimal

influence from the return patterns of global equity markets. The Fund implements its strategy by purchasing investments (long positions) with equity expo-sure that we believe to be undervalued and selling short investments (short positions) that we believe to be overvalued in the same industry. Stock selection is the primary source of return for the Fund, which uses offsetting long and short positions to generate return and manage risk.

    As part of the investment process, the Fund evaluates fundamental and behavioral factors to forecast individual securities’ returns and risks, and ranks these securities based on their attractiveness relative to industry and country peers. In a market neutral construct, a positive spread between the top- and bottom-ranked stocks (long and short candidates for the portfolio) typically leads to outperformance relative to the Citigroup 90-Day Treasury Bill Index. During the fiscal year, the Fund benefited most from a positive long/short spread in six of 10 sectors. The widest positive spreads (long versus short) were in the industrials, consumer discretionary and energy sectors. The long/short spread was most negative in the health care and IT sectors, and this detracted from Fund performance for the fiscal year.

    In the industrials sector, both long and short holdings contributed to Fund performance for the fiscal year, with the Fund’s long holdings outperforming its short holdings in the capital goods, commercial

Portfolio Composition
By sector, based on total investments
	Equity Securities						Gross			Net
	Long1			Short2			Exposure3			Exposure4
Consumer Discretionary		18.6	%		18.6	%		37.2	%		0.0	%
Industrials		18.2			13.8			32.0			4.4
Information Technology		17.1			16.6			33.7			0.5
Energy		11.5			10.8			22.3			0.7
Health Care		8.6			8.1			16.7			0.5
Consumer Staples		6.8			7.0			13.8			-0.2
Materials		3.9			4.2			8.1			-0.3
Financials		3.6			8.5			12.1			-4.9
Telecommunication Services		2.6			2.2			4.8			0.4
Utilities		2.1			2.9			5.0			-0.8
Money Market Funds
Plus Other Assets Less Liabilities		7.0			–			7.0			7.0
Total		100.0			92.7			192.7			7.3

1 Represents the value of the equity securities in the portfolio.

2 Represents the value of the equity securities underlying the Fund’s equity short portfolio swap.

3 Represents the cumulative exposure of the Fund’s long and short positions.

4 Represents the net exposure of the Fund’s long and short positions.

Total Net Assets $ 19.8 million

Data presented here are as of October 31, 2015.

4                         Invesco Global Market Neutral Fund

and professional services, and non-airline transportation industries. Within the consumer discretionary sector, the Fund’s long holdings in the auto and media industries, and its short holdings in consumer services industries (such as entertainment, restaurants and leisure) were the strongest contributors to Fund performance for the reporting period.

    Conversely, in the health care sector, several short biotechnology holdings increased in price and detracted from Fund performance for the fiscal year. In the IT sector, the Fund’s long holdings in the computer and electronics industry detracted from Fund performance while its short holdings in Internet software and services and IT services and software industries outpaced its long holdings, hindering Fund returns for the reporting period.

    At the end of the reporting period, the Fund’s largest gross sector exposures were in the IT, consumer discretionary and industrials sectors.

    Please note that the Fund may utilize derivative instruments that include equity total return swaps and futures contracts. During the reporting period, the Fund utilized equity total return swaps to efficiently implement its strategy, but did not use future contracts. The implementation impact of using equity total return swaps is a component of transaction costs. Derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your investment in Invesco Global Market Neutral Fund.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	Michael Abata Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Global Market Neutral Fund.
He joined Invesco in 2011. Mr. Abata earned a BA in economics from Binghamton University.
	Uwe Draeger Portfolio Manager, is manager of Invesco Global Market Neutral Fund. He joined Invesco in 2005. Mr. Draeger earned a
Diplom Ökonom degree from Hochschule für Ökonomie Berlin, an MA from City of London Polytechnic and an MBA from Anglia Business School (Cambridge).
	Nils Huter Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Global Market Neutral Fund.
He joined Invesco in 2007. Mr. Huter earned a business administration degree “Diplom Kaufmann (FH)” from the University of Applied Sciences and Arts in Hildesheim.
	Charles Ko Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Global Market Neutral Fund.
He joined Invesco in 2012. Mr. Ko earned a BS from MIT and an MBA from Yale University.
	Jens Langewand Portfolio Manager, is manager of Invesco Global Market Neutral Fund. He joined Invesco in 2007.
Mr. Langewand earned a Diplom Kaufmann degree from the University of Münster and a PhD from the University of Augsburg.
	Andrew Waisburd Portfolio Manager, is manager of Invesco Global Market Neutral Fund. He joined Invesco in 2008.
Mr. Waisburd earned a BS in statistics from Cornell University and an MS and a PhD in finance from Indiana University.

5                          Invesco Global Market Neutral Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/19/13

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

sources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

About indexes used in this report

n The Citigroup 90-Day Treasury Bill Index is an unmanaged index representative of three-month Treasury bills.

n The Lipper Alternative Equity Market Neutral Index is an unmanaged index considered representative of funds that employ portfolio strategies generating consistent returns in both up and down markets by selecting positions with a total net market exposure of zero.

n 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).

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial re-porting purposes, and as such, the NAVs for shareholder transactions and the re-turns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

n Industry 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.

6                          Invesco Global Market Neutral Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	-0.37	%*
1 Year	-5.34
Class C Shares
Inception (12/19/13)	1.99	%*
1 Year	-1.33
Class R Shares
Inception (12/19/13)	2.43	%*
1 Year	-0.01
Class Y Shares
Inception (12/19/13)	2.96	%*
1 Year	0.47
Class R5 Shares
Inception (12/19/13)	2.96	%*
1 Year	0.47
Class R6 Shares
Inception (12/19/13)	2.96	%*
1 Year	0.47

 * Amount includes the effect of the Adviser pay-in for an economic loss of $0.41 per share. Had the pay-in not been made, average annual total returns were estimated at -2.51%, -0.23%, 0.22%, 0.75%, 0.75% and 0.75% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	-0.50	%**
1 Year	-5.70
Class C Shares
Inception (12/19/13)	2.03	%**
1 Year	-1.71
Class R Shares
Inception (12/19/13)	2.44	%**
1 Year	-0.49
Class Y Shares
Inception (12/19/13)	2.94	%**
1 Year	-0.01
Class R5 Shares
Inception (12/19/13)	2.99	%**
1 Year	0.09
Class R6 Shares
Inception (12/19/13)	2.99	%**
1 Year	0.09

** Amount includes the effect of the Adviser pay-in for an economic loss of $0.41 per share. Had the pay-in not been made, average annual total returns were estimated at -2.74%, -0.30%, 0.12%, 0.62%, 0.68% and 0.68% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.62%, 2.37%, 1.87%, 1.37%, 1.37% and 1.37%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 4.62%, 5.37%, 4.87%, 4.37%, 4.34% and 4.34%, respectively. The expense ratios presented

above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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 class 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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2017. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

7                          Invesco Global Market Neutral Fund

Invesco Global Market Neutral Fund’s investment objective is to seek to provide a positive return over a full market cycle from a broadly diversified portfolio of stocks while seeking to limit exposure to the general risks associated with stock market investing.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

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

About share classes

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

n Currency/exchange rate risk. The dollar value of the Fund’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.

n Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also

be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These risks are greater for the Fund than most other mutual funds because the Fund will implement its investment strategy primarily through derivative instruments rather than direct investments in stocks and bonds.

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results. In particular, there is no guarantee that the portfolio manager’s stock selection process will produce a market neutral portfolio that reduces or eliminates the Fund’s exposure to general stock market risk in the jurisdictions in which the Fund invests, sector or industry-specific risk or market capitalization risk. In addition, the Fund’s market neutral investment strategy will likely cause the Fund to underperform the broader equity markets in which the Fund invests during

market rallies. Such underperformance could be significant during sudden or significant market rallies. Although the Fund seeks to provide a positive return, investors may lose money by investing in the Fund.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Preferred securities risk. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If the Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received this income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments.

n Short sales risk. Short sales may cause the Fund to repurchase a security at a higher price, thereby causing the Fund to incur a loss. 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. In order to establish a short position in a security, the Fund must borrow the security from a broker. The Fund may not always be able to borrow a security the Fund seeks to sell short at a particular time or at an acceptable price. The Fund also may not always be able to close out the short position by replacing the borrowed securities at a particular time or at an acceptable price. The Fund will incur increased transaction costs associated with selling securities short. In addition, taking short positions in securities results in a form of leverage which may cause the Fund to be volatile.

n Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial re-

continued on page 6

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

8                 Invesco Global Market Neutral Fund

Schedule of Investments

October 31, 2015

	Shares		Value
Common Stocks & Other Equity Interests–93.02%
Australia–3.26%
Blackmores Ltd.		854	$	102,109
Caltex Australia Ltd.		9,687		216,205
Echo Entertainment Group Ltd.		68,574		249,880
Ramsay Health Care Ltd.		1,775		77,930
				646,124
Canada–3.23%
Barrick Gold Corp.		7,000		53,797
Canadian Tire Corp., Ltd.–Class A		1,000		87,956
Dollarama Inc.		2,700		182,374
Dominion Diamond Corp.		10,200		107,873
Enerplus Corp.		13,100		61,809
Metro Inc.		1,800		51,466
Stantec Inc.		1,200		30,117
Suncor Energy, Inc.		1,500		44,632
Teck Resources Ltd.–Class B		3,600		21,087
				641,111
China–1.76%
Yangzijiang Shipbuilding Holdings Ltd.		392,900		349,094
Denmark–3.44%
Pandora A/S		2,883		331,899
Vestas Wind Systems A/S		6,032		350,541
				682,440
Finland–0.76%
Neste Oyj		6,210		151,239
France–2.80%
Peugeot S.A.(a)		20,554		362,217
Technicolor S.A.		7,992		54,209
Valeo S.A.		902		139,284
				555,710
Germany–4.48%
Aurubis AG		2,106		140,811
Continental AG		320		76,961
Duerr AG		350		29,163
Gerresheimer AG		670		52,291
KUKA AG		1,237		104,596
ProSiebenSat.1 Media SE		7,311		395,483
Salzgitter AG		3,049		88,033
				887,338
Israel–0.46%
Bezeq The Israeli Telecommunication Corp. Ltd.		27,543		59,211
Delek Group Ltd.		133		32,136
				91,347

	Shares		Value
Japan–19.49%
Asahi Glass Co., Ltd.		5,000	$	28,489
Brother Industries, Ltd.		2,500		31,828
Dai Nippon Printing Co., Ltd.		32,000		329,779
Daihatsu Motor Co., Ltd.		8,400		102,458
Daiichi Sankyo Co., Ltd.		9,800		191,024
Daiichikosho Co., Ltd.		2,400		79,663
Daito Trust Construction Co., Ltd.		1,000		108,172
DeNA Co., Ltd.		9,700		155,515
Denka Co. Ltd.		54,000		249,564
FamilyMart Co., Ltd.		3,900		159,190
Ibiden Co., Ltd.		4,500		61,875
Iida Group Holdings Co., Ltd.		14,400		268,948
Kaken Pharmaceutical Co., Ltd.		1,400		96,362
Konica Minolta Inc.		11,000		112,966
Marubeni Corp.		17,400		100,211
Miraca Holdings Inc.		2,000		88,862
Nippon Electric Glass Co., Ltd.		14,000		68,564
Nippon Paper Industries Co., Ltd.		2,500		46,202
Nippon Telegraph & Telephone Corp.		9,400		345,198
Nomura Real Estate Holdings, Inc.		3,900		82,871
Osaka Gas Co., Ltd.		23,000		90,351
Sekisui Chemical Co., Ltd.		3,000		35,255
TDK Corp.		1,800		114,183
Tokyo Gas Co., Ltd.		66,000		325,880
Toppan Printing Co. Ltd.		26,000		232,399
West Japan Railway Co.		5,100		356,796
				3,862,605
Jordan–0.56%
Hikma Pharmaceuticals PLC		3,323		110,870
Macau–0.32%
MGM China Holdings Ltd.		43,600		63,492
Netherlands–0.96%
Heineken N.V.		718		65,469
NXP Semiconductors N.V.(a)		1,600		125,360
				190,829
New Zealand–0.55%
SKYCITY Entertainment Group Ltd.		29,153		78,925
Spark New Zealand Ltd.		13,027		29,642
				108,567
Norway–0.24%
DNB ASA		3,810		48,341
Singapore–0.26%
SATS Ltd.		18,800		50,862
Sweden–1.38%
Hennes & Mauritz AB–Class B		1,659		64,363

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

9                         Invesco Global Market Neutral Fund

	Shares		Value
Sweden–(continued)
Intrum Justitia AB		3,627	$	129,689
Loomis AB–Class B		3,027		78,491
				272,543
Switzerland–1.57%
Forbo Holding AG		78		88,789
Georg Fischer AG		232		142,460
Lonza Group AG		545		79,895
				311,144
United Kingdom–5.75%
AstraZeneca PLC		673		42,963
Fiat Chrysler Automobiles N.V.(a)		10,270		151,007
ITV PLC		90,704		352,049
Moneysupermarket.com Group PLC		60,017		309,249
Next PLC		650		80,010
Royal Dutch Shell PLC–Class B		1,828		47,754
Subsea 7 S.A.		5,792		45,433
WH Smith PLC		4,232		111,076
				1,139,541
United States–41.75%
AbbVie Inc.		2,200		131,010
AECOM(a)		2,000		58,940
Amgen Inc.		800		126,544
Annaly Capital Management Inc.		6,200		61,690
Apple Inc.		3,100		370,450
Archer-Daniels-Midland Co.		7,800		356,148
Best Buy Co., Inc.		4,500		157,635
Brocade Communications Systems, Inc.		9,800		102,116
Bunge Ltd.		3,500		255,360
Cardinal Health, Inc.		800		65,760
Cepheid, Inc.(a)		2,200		73,480
Chesapeake Energy Corp.		20,100		143,313
Cisco Systems, Inc.		5,500		158,675
Citigroup Inc.		6,900		366,873
Community Health Systems Inc.(a)		2,200		61,688
Computer Sciences Corp.		1,200		79,908
Dean Foods Co.		7,900		143,069
Denbury Resources Inc.		9,300		32,922
Devon Energy Corp.		800		33,544
Frontier Communications Corp.		15,800		81,212
GameStop Corp.–Class A		2,700		124,389
General Dynamics Corp.		2,400		356,592
General Electric Co.		6,000		173,520
Gilead Sciences, Inc.		2,800		302,764
Hess Corp.		6,000		337,260

	Shares		Value
United States–(continued)
HollyFrontier Corp.		600	$	29,382
Huntington Ingalls Industries, Inc.		1,000		119,940
Intel Corp.		9,500		321,670
InterDigital, Inc.		3,000		152,220
JetBlue Airways Corp.(a)		3,300		81,972
Leidos Holdings, Inc.		6,700		352,219
Lexmark International, Inc.–Class A		1,800		58,482
LyondellBasell Industries N.V.–Class A		800		74,328
ManpowerGroup Inc.		300		27,534
Marathon Petroleum Corp.		1,200		62,160
Murphy Oil Corp.		1,200		34,116
NetApp, Inc.		2,700		91,800
NeuStar, Inc.–Class A(a)		1,700		46,223
Newfield Exploration Co.(a)		2,500		100,475
Northrop Grumman Corp.		2,100		394,275
NVIDIA Corp.		6,300		178,731
Oracle Corp.		1,800		69,912
Pfizer Inc.		2,100		71,022
Pilgrim’s Pride Corp.		11,700		222,183
Pitney Bowes Inc.		3,700		76,405
Polycom, Inc.(a)		3,100		42,718
Superior Energy Services, Inc.		5,400		76,464
Target Corp.		700		54,026
Tech Data Corp.(a)		1,300		94,627
Tesoro Corp.		800		85,544
Transocean Ltd.		21,400		338,762
United Therapeutics Corp.(a)		900		131,967
Valero Energy Corp.		6,200		408,704
VeriSign, Inc.(a)		1,900		153,140
Voya Financial, Inc.		1,000		40,570
Western Union Co. (The)		6,700		128,975
				8,275,408
Total Common Stocks & Other Equity Interests (Cost $17,971,798)				18,438,605
Money Market Funds–10.32%
Liquid Assets Portfolio–Institutional Class, 0.16%(b)		1,022,522		1,022,522
Premier Portfolio–Institutional Class, 0.12%(b)		1,022,521		1,022,521
Total Money Market Funds (Cost $2,045,043)				2,045,043
TOTAL INVESTMENTS–103.34% (Cost $20,016,841)				20,483,648
OTHER ASSETS LESS LIABILITIES–(3.34)%				(661,820	)
NET ASSETS–100.00%			$	19,821,828

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

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

10                         Invesco Global Market Neutral Fund

Open Total Return Swap Agreements
Reference Entity	Counterparty		Expiration Date		Floating Rate(1)	Notional Value			Unrealized Appreciation (Depreciation)			Net Value of Reference Entities
Australia Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/17	Federal Funds Floating Rate	$	(419,720	)	$	9,196		$	(410,482	)
Canada Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/17	Federal Funds Floating Rate		(604,094	)		18,028			(585,143	)
Denmark Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/17	Federal Funds Floating Rate		(450,418	)		(9,529	)		(459,904	)
Hong Kong Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/17	Federal Funds Floating Rate		(174,692	)		(25,757	)		(200,434	)
Japan Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/17	Federal Funds Floating Rate		(4,093,109	)		(75,924	)		(4,162,703	)
New Zealand Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/17	Federal Funds Floating Rate		(66,094	)		(156	)		(66,244	)
Norway Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/17	Federal Funds Floating Rate		(290,256	)		18,757			(271,476	)
Singapore Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/17	Federal Funds Floating Rate		(403,960	)		24,689			(379,236	)
Spain Equity Securities-Short		Morgan Stanley & Co. LLC		02/13/17	Federal Funds Floating Rate		(129,190	)		7,640			(121,539	)
Supranational Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/17	Federal Funds Floating Rate		(1,933,131	)		(8,951	)		(1,941,905	)
Sweden Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/17	Federal Funds Floating Rate		(276,002	)		1,356			(274,623	)
Switzerland Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/17	Federal Funds Floating Rate		(553,374	)		14,326			(539,000	)
United Kingdom Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/17	Federal Funds Floating Rate		(837,050	)		(15,372	)		(852,373	)
United States Equity Securities-Short		Morgan Stanley & Co. LLC		12/21/15	Federal Funds Floating Rate		(7,995,111	)		(168,486	)		(8,159,734	)
Total Return Swap Agreements — Equity Risk									$	(210,183	)(2)(3)	$	(18,424,796	)

⁽¹⁾ The Fund receives or pays the total return on the short positions underlying the total return swap, and receives a specific Federal Funds Floating Rate. The total return swaps are settled in U.S. Dollar.

⁽²⁾ Amount includes $(8,823) of dividends and financing fees.

⁽³⁾  Swaps are collateralized by $60,477 cash held with the Counterparty.

The following table represents the individual short positions and related values of equity securities underlying the total return swaps with Morgan Stanley & Co. LLC, as of October 31, 2015.

	Shares			Value
Equity Securities — Short
Australia
ALS Ltd.		(14,295	)	$	(52,498	)
Crown Resorts Ltd.		(31,375	)		(256,400	)
Insurance Australia Group Ltd.		(25,393	)		(101,584	)
					(410,482	)
Canada
AltaGas Ltd.		(4,300	)		(111,010	)
Enbridge Inc.		(3,100	)		(132,491	)
Gildan Activewear Inc.		(2,600	)		(74,737	)
Northland Power Inc.		(3,500	)		(45,232	)
Rogers Communications, Inc.–Class B		(2,200	)		(87,532	)
Tahoe Resources Inc.		(5,100	)		(42,588	)
Tourmaline Oil Corp.		(4,400	)		(91,553	)
					(585,143	)
Denmark
Carlsberg AS–Class B		(605	)		(49,600	)
Genmab AS		(3,706	)		(365,583	)
Jyske Bank AS		(916	)		(44,721	)
					(459,904	)
Hong Kong
Esprit Holdings Ltd.		(88,700	)		(99,909	)
Hong Kong & China Gas Co. Ltd.		(49,500	)		(100,525	)
					(200,434	)

	Shares			Value
Japan
Asics Corp.		(8,700	)	$	(242,608	)
Dentsu Inc.		(1,100	)		(62,443	)
Fast Retailing Co., Ltd.		(500	)		(183,890	)
Hamamatsu Photonics K.K.		(1,400	)		(35,966	)
Hulic Co. Ltd.		(13,000	)		(122,383	)
Isetan Mitsukoshi Holdings Ltd.		(7,500	)		(121,509	)
JGC Corp.		(21,000	)		(334,831	)
Kagome Co., Ltd.		(21,500	)		(366,856	)
Keyence Corp.		(700	)		(368,824	)
Kikkoman Corp.		(2,000	)		(63,230	)
Kintetsu Group Holdings Co., Ltd.		(8,000	)		(31,093	)
Kyushu Electric Power Co. Inc.		(11,100	)		(135,036	)
M3 Inc.		(4,200	)		(82,037	)
Mazda Motor Corp.		(4,000	)		(79,705	)
MISUMI Group Inc.		(14,400	)		(189,621	)
MonotaRO Co., Ltd.		(4,600	)		(119,508	)
NGK Spark Plug Co., Ltd.		(2,000	)		(49,242	)
Nintendo Co., Ltd.		(1,900	)		(306,721	)
Nippon Paint Holdings Co., Ltd.		(7,800	)		(166,575	)
Ono Pharmaceutical Co., Ltd.		(1,200	)		(165,874	)
Shimadzu Corp.		(5,000	)		(78,520	)
Shimano Inc.		(400	)		(63,578	)
SoftBank Group Corp.		(600	)		(33,796	)
Sumco Corp.		(8,400	)		(85,483	)
Sumitomo Realty & Development Co., Ltd.		(1,000	)		(33,181	)
Topcon Corp.		(12,600	)		(183,774	)

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

11                         Invesco Global Market Neutral Fund

	Shares			Value
Japan-(continued)
Tsuruha Holdings Inc.		(4,300	)	$	(342,803	)
Yamaha Motor Co., Ltd.		(5,000	)		(113,616	)
					(4,162,703	)
New Zealand
Auckland International Airport Ltd.		(18,597	)		(66,244	)
Norway
Schibsted ASA–Class A		(5,829	)		(195,528	)
Schibsted ASA–Class B		(2,435	)		(75,948	)
					(271,476	)
Singapore
Sembcorp Industries Ltd.		(148,400	)		(379,236	)
Spain
Banco Popular Espanol S.A.		(31,887	)		(121,539	)
Supranational
adidas AG		(1,258	)		(112,818	)
Alstom S.A.		(8,720	)		(284,421	)
Altice NV–A		(1,882	)		(32,597	)
ASML Holding N.V.		(1,498	)		(139,382	)
Bayerische Motoren Werke AG		(1,992	)		(204,515	)
Celesio AG		(4,189	)		(116,548	)
CNH Industrial N.V.		(8,000	)		(54,105	)
Enel Green Power SpA		(31,280	)		(66,217	)
Galp Energia, SGPS, S.A.		(8,754	)		(94,699	)
MorphoSys AG		(4,770	)		(295,168	)
Remy Cointreau S.A.		(2,269	)		(158,172	)
SBM Offshore N.V.		(13,691	)		(187,673	)
Technip S.A.		(893	)		(46,651	)
ThyssenKrupp AG		(1,555	)		(31,371	)
UCB S.A.		(756	)		(65,446	)
United Internet AG		(1,003	)		(52,122	)
					(1,941,905	)
Sweden
Lundin Petroleum AB		(7,585	)		(109,661	)
Saab AB–Class B		(1,714	)		(48,297	)
Volvo AB–Class B		(11,229	)		(116,665	)
					(274,623	)
Switzerland
Aryzta AG		(2,579	)		(116,385	)
Barry Callebaut AG		(49	)		(58,852	)
Basilea Pharmaceutica Ltd.		(783	)		(81,366	)
Chocoladefabriken Lindt & Spruengli AG		(8	)		(48,852	)
Panalpina Welttransport Holding AG		(249	)		(28,470	)
Syngenta AG		(609	)		(205,075	)
					(539,000	)
United Kingdom
Amec Foster Wheeler PLC		(3,836	)		(42,051	)
Diageo PLC		(3,142	)		(91,001	)

	Shares			Value
United Kingdom–(continued)
Dixons Carphone PLC		(28,932	)	$	(205,774	)
Fresnillo PLC		(8,996	)		(101,251	)
Glencore PLC		(26,782	)		(46,454	)
Intertek Group PLC		(2,233	)		(90,375	)
Johnson Matthey PLC		(2,234	)		(89,037	)
Ophir Energy PLC		(58,311	)		(86,263	)
UBM PLC		(12,689	)		(100,167	)
					(852,373	)
United States
ACI Worldwide Inc.		(2,100	)		(50,295	)
Alexander & Baldwin Inc.		(3,900	)		(147,186	)
Allergan PLC		(300	)		(92,541	)
Alphabet Inc.–Class C		(500	)		(355,405	)
Amazon.com Inc.		(600	)		(375,540	)
Anixter International Inc.		(1,200	)		(82,296	)
Ascena Retail Group, Inc.		(3,400	)		(45,288	)
athenahealth, Inc.		(800	)		(121,960	)
Bank of the Ozarks Inc.		(1,100	)		(55,022	)
BioMarin Pharmaceutical Inc.		(300	)		(35,112	)
Bristow Group Inc.		(1,100	)		(38,203	)
Carpenter Technology Corp.		(2,300	)		(76,613	)
Cheniere Energy Inc.		(4,000	)		(198,080	)
Chevron Corp.		(4,100	)		(372,608	)
Colfax Corp.		(5,400	)		(145,584	)
Cooper Cos. Inc. (The)		(500	)		(76,180	)
Cree Inc.		(2,400	)		(60,456	)
Cypress Semiconductor Corp.		(19,400	)		(204,476	)
Diamondback Energy Inc.		(500	)		(36,920	)
Dollar Tree Inc.		(3,100	)		(203,019	)
Duke Energy Corp.		(700	)		(50,029	)
Eagle Materials Inc.		(1,200	)		(79,236	)
Eversource Energy		(2,700	)		(137,538	)
Exxon Mobil Corp.		(2,300	)		(190,302	)
Fastenal Co.		(6,800	)		(266,288	)
Financial Engines Inc.		(2,000	)		(64,320	)
Finisar Corp.		(4,000	)		(45,480	)
Five Below Inc.		(800	)		(27,472	)
Fortune Brands Home & Security Inc.		(7,000	)		(366,310	)
Genesee & Wyoming Inc.–Class A		(1,100	)		(73,810	)
Golar LNG Ltd.		(9,800	)		(284,298	)
Gulfport Energy Corp.		(2,200	)		(67,034	)
Hexcel Corp.		(2,100	)		(97,272	)
Howard Hughes Corp. (The)		(2,800	)		(346,024	)
Intercept Pharmaceuticals Inc.		(200	)		(31,440	)
Kennedy-Wilson Holdings Inc.		(15,000	)		(367,800	)
Liberty Global PLC–Class A		(1,000	)		(44,520	)
Lions Gate Entertainment Corp.		(2,500	)		(97,425	)
Madison Square Garden Co. (The)–Class A		(133	)		(23,800	)
Men’s Wearhouse Inc. (The)		(2,000	)		(79,960	)
National Instruments Corp.		(7,500	)		(228,525	)
NetSuite Inc.		(1,700	)		(144,619	)

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

12                         Invesco Global Market Neutral Fund

	Shares			Value
United States–(continued)
NorthStar Realty Finance Corp.		(12,000	)	$	(144,120	)
Panera Bread Co.–Class A		(200	)		(35,474	)
Puma Bioechnology Inc.		(900	)		(74,178	)
Reynolds American Inc.		(2,100	)		(101,472	)
salesforce.com, inc.		(400	)		(31,084	)
SBA Communications Corp.–Class A		(1,900	)		(226,138	)
SemGroup Corp.–Class A		(1,300	)		(59,215	)
Spirit Realty Capital Inc.		(8,100	)		(82,458	)
Sprint Corp.		(9,400	)		(44,462	)
SunEdison Inc.		(12,900	)		(94,170	)
SYNNEX Corp.		(1,100	)		(97,284	)
T-Mobile US, Inc.		(1,000	)		(37,890	)
Tesla Motors Inc.		(1,400	)		(289,702	)
Tractor Supply Co.		(600	)		(55,434	)
Trimble Navigation Ltd		(6,200	)		(141,050	)
Ulta Salon Cosmetics & Fragrance, Inc.		(200	)		(34,792	)
Ultimate Software Group, Inc. (The)		(700	)		(143,045	)
ViaSat, Inc.		(5,600	)		(369,376	)
WEC Energy Group Inc.		(900	)		(46,404	)
Western Alliance Bancorp		(1,700	)		(60,775	)
Wynn Resorts Ltd.		(1,500	)		(104,925	)
					(8,159,734	)
Total Equity Securities — Short				$	(18,424,796	)

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

13                         Invesco Global Market Neutral Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $17,971,798)	$	18,438,605
Investments in affiliated money market funds, at value and cost		2,045,043
Total investments, at value (Cost $20,016,841)		20,483,648
Foreign currencies, at value (Cost $31,599)		30,962
Receivable for:
Deposits with brokers for swap agreements		60,477
Investments sold		163,381
Fund shares sold		28
Dividends		48,410
Fund expenses absorbed		4,767
Investment for trustee deferred compensation and retirement plans		4,287
Unrealized appreciation on swap agreements — OTC		93,992
Other assets		3,129
Total assets		20,893,081
Liabilities:
Payable for:
Investments purchased		258,032
Amount due custodian		414,466
Swaps payable		2,314
Accrued fees to affiliates		4,225
Accrued trustees’ and officers’ fees and benefits		1,559
Accrued other operating expenses		82,195
Trustee deferred compensation and retirement plans		4,287
Unrealized depreciation on swap agreements — OTC		304,175
Total liabilities		1,071,253
Net assets applicable to shares outstanding	$	19,821,828
Net assets consist of:
Shares of beneficial interest	$	19,331,488
Undistributed net investment income		206,181
Undistributed net realized gain (loss)		28,246
Net unrealized appreciation		255,913
	$	19,821,828

Net Assets:
Class A	$	5,716,040
Class C	$	602,841
Class R	$	16,779
Class Y	$	12,304,744
Class R5	$	516,927
Class R6	$	664,497
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		554,374
Class C		59,083
Class R		1,634
Class Y		1,190,563
Class R5		50,001
Class R6		64,265
Class A:
Net asset value per share	$	10.31
Maximum offering price per share
(Net asset value of $10.31 ¸ 94.50%)	$	10.91
Class C:
Net asset value and offering price per share	$	10.20
Class R:
Net asset value and offering price per share	$	10.27
Class Y:
Net asset value and offering price per share	$	10.34
Class R5:
Net asset value and offering price per share	$	10.34
Class R6:
Net asset value and offering price per share	$	10.34

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

14                         Invesco Global Market Neutral Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends (net of foreign withholding taxes of $26,764)	$	384,832
Dividends from affiliated money market funds		1,143
Total investment income		385,975
Expenses:
Advisory fees		209,990
Administrative services fees		50,000
Custodian fees		10,468
Distribution fees:
Class A		13,880
Class C		4,150
Class R		76
Transfer agent fees — A, C, R and Y		11,644
Transfer agent fees — R5		57
Transfer agent fees — R6		64
Trustees’ and officers’ fees and benefits		19,163
Registration and filing fees		79,446
Professional services fees		87,569
Other		40,533
Total expenses		527,040
Less: Fees waived and expenses reimbursed		(280,755	)
Net expenses		246,285
Net investment income		139,690
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(389,922	)
Payments by affiliates — See Note 2		210,163
Foreign currencies		22,868
Forward foreign currency contracts		218,650
Swap agreements		(922,448	)
		(860,689	)
Change in net unrealized appreciation of:
Investment securities		243,346
Foreign currencies		3,570
Swap agreements		612,428
		859,344
Net realized and unrealized gain (loss)		(1,345	)
Net increase in net assets resulting from operations	$	138,345

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

15                         Invesco Global Market Neutral Fund

Statement of Changes in Net Assets

For the year ended October 31, 2015 and the period December 19, 2013 (commencement date) through October 31, 2014

	2015			December 19, 2013 (commencement date) through October 31, 2014
Operations:
Net investment income	$	139,690		$	59,226
Net realized gain (loss)		(860,689	)		929,230
Change in net unrealized appreciation (depreciation)		859,344			(603,431	)
Net increase in net assets resulting from operations		138,345			385,025
Distributions to shareholders from net investment income:
Class A		(92,956	)		—
Class C		(1,945	)		—
Class R		(243	)		—
Class Y		(139,674	)		—
Class R5		(13,133	)		—
Class R6		(11,890	)		—
Total distributions from net investment income		(259,841	)		—
Distributions to shareholders from net realized gains:
Class A		(5,778	)		—
Class C		(137	)		—
Class R		(16	)		—
Class Y		(7,752	)		—
Class R5		(729	)		—
Class R6		(660	)		—
Total distributions from net realized gains		(15,072	)		—
Share transactions–net:
Class A		569,256			5,052,983
Class C		485,504			119,366
Class R		2,696			13,770
Class Y		5,054,439			7,129,394
Class R5		(143,311	)		642,586
Class R6		100,158			546,530
Net increase in net assets resulting from share transactions		6,068,742			13,504,629
Net increase in net assets		5,932,174			13,889,654
Net assets:
Beginning of year		13,889,654			—
End of year (includes undistributed net investment income of $206,181 and $1,072,517, respectively)	$	19,821,828		$	13,889,654

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

16                         Invesco Global Market Neutral Fund

Statement of Cash Flows

For the year ended October 31, 2015

Cash provided by (used in) operating activities:
Net increase in net assets resulting from operations	$	138,345
Adjustments to reconcile the change in net assets applicable from operations to net cash provided by (used in) operating activities:
Purchases of investments		(15,696,998	)
Proceeds from disposition of investments		11,610,585
Net change in unrealized appreciation from swap agreements		(612,428	)
Increase in swap agreement payable, net		2,314
Decrease in deposits with broker for swaps		12,683
Decrease in receivables and other assets		615,310
Increase in accrued expenses and other payables		10,496
Net unrealized appreciation on investment securities		(243,346	)
Net realized loss from investment securities		389,922
Net increase from payments by affiliates — see Note 2		(210,163	)
Net cash provided by (used in) operating activities		(3,983,280	)
Cash provided by financing activities:
Distributions paid to shareholders		(206,982	)
Increase in payable for amount due custodian		414,466
Proceeds from shares of beneficial interest sold		10,246,485
Disbursements from shares of beneficial interest reacquired		(4,450,153	)
Net cash provided by financing activities		6,003,816
Net increase in cash and cash equivalents		2,020,536
Cash at beginning of period		55,469
Cash at end of period	$	2,076,005
Non-cash financing activities:
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders	$	67,931

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Global Market Neutral Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is to seek to provide a positive return over a full market cycle from a broadly diversified portfolio of stocks while seeking to limit exposure to the general risks associated with stock market investing.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. 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 R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

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

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

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

17                         Invesco Global Market Neutral Fund

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

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

18                         Invesco Global Market Neutral Fund

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

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

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

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

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

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

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

I. Cash and Cash Equivalents — For the purposes of the Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.

J. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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 settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

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

L. Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, volatility, variance, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, equity, currency or credit risk. Such

19                         Invesco Global Market Neutral Fund

transactions are agreements between two parties (“Counterparties”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, volatility, variance, 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.

A total return swap is an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income generated and capital gains, if any. The unrealized appreciation (depreciation) on total return swaps includes dividends on the underlying equity securities and financing rate payable from the Counterparty. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. 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. 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.

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $10 billion		1.25%
Over $10 billion		1.15%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 1.25%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 February 28, 2017, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.62%, 2.37%, 1.87%, 1.37%, 1.37% and 1.37% of average daily net assets, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2017. The fee waiver agreement cannot be terminated during its term.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees of $268,989 and reimbursed class level expenses of $4,126, $309, $11, $7,199, $57 and $64, of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

For the year ended October 31, 2015 the Adviser reimbursed the Fund for an economic loss of $210,163.

20                         Invesco Global Market Neutral Fund

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. 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 October 31, 2015, 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 October 31, 2015, IDI advised the Fund that IDI retained $803 in front-end sales commissions from the sale of Class A shares and $292 from Class C shares, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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.

During the year ended October 31, 2015, there were transfers from Level 1 to Level 2 of $1,380,446 and from Level 2 to Level 1 of $1,036,027, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Australia	$	351,989	$	294,135	$	—	$	646,124
Canada		641,111		—		—		641,111
China		—		349,094		—		349,094
Denmark		—		682,440		—		682,440
Finland		—		151,239		—		151,239
France		416,426		139,284		—		555,710
Germany		887,338		—		—		887,338
Israel		91,347		—		—		91,347
Japan		—		3,862,605		—		3,862,605
Jordan		110,870		—		—		110,870
Macau		—		63,492		—		63,492
Netherlands		125,360		65,469		—		190,829
New Zealand		29,642		78,925		—		108,567
Norway		—		48,341		—		48,341
Singapore		50,862		—		—		50,862

21                         Invesco Global Market Neutral Fund

	Level 1		Level 2			Level 3		Total
Sweden	$	78,491	$	194,052		$	—	$	272,543
Switzerland		88,789		222,355			—		311,144
United Kingdom		309,249		830,292			—		1,139,541
United States		10,320,451		—			—		10,320,451
		13,501,925		6,981,723			—		20,483,648
Swap Agreements*		—		(210,183	)		—		(210,183	)
Total Investments	$	13,501,925	$	6,771,540		$	—	$	20,273,465

* Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

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 October 31, 2015:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Equity risk:
Swap agreements(a)	$	93,992	$	(304,175	)

^(a)  Values are disclosed on the Statement of Assets and Liabilities under the captions Unrealized appreciation on swap agreements — OTC and Unrealized depreciation on swap agreements — OTC.

Effect of Derivative Investments for the year ended October 31, 2015

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
	Forward Foreign Currency Contracts		Swap Agreements
Realized Gain (Loss):
Currency risk	$	218,650	$	—
Equity risk		—		(922,448	)
Change in Net Unrealized Appreciation:
Currency risk		—		—
Equity risk		—		612,428
Total	$	218,650	$	(310,020	)

The table below summarizes the two month average notional value of forward foreign currency contracts and the twelve month average notional value of swap agreements outstanding during the period.

	Forward Foreign Currency Contracts		Swap Agreements
Average notional value	$	6,067,291	$	15,868,795

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2015.

Counterparty	Gross amounts of Recognized Assets		Gross Amounts Not Offset in the Statement of Assets and Liabilities							Net Amount
			Financial Instruments			Collateral Received
						Non-Cash		Cash
Morgan Stanley & Co. LLC	$	93,992	$	(93,992	)	$	—	$	—	$	—

22                         Invesco Global Market Neutral Fund

Counterparty	Gross amounts of Recognized Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities								Net Amount
			Financial Instruments			Collateral Pledged
						Non-Cash		Cash
Morgan Stanley & Co. LLC	$	306,489	$	(93,992	)	$	—	$	(60,477	)	$	152,020

NOTE 5—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 6—Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2015 and the period December 19, 2013 (commencement date) through October 31, 2014:

	2015		2014
Ordinary income	$	264,268	$	—
Long-term capital gain		10,645		—
Total distributions	$	274,913	$	—

Tax Components of Net Assets at Period-End:

	2015
Undistributed long-term gain	$	90,722
Net unrealized appreciation — investments		404,331
Net unrealized appreciation (depreciation) — other investments		(710	)
Temporary book/tax differences		(4,003	)
Shares of beneficial interest		19,331,488
Total net assets	$	19,821,828

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 difference is attributable primarily to wash sales.

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

The Fund does not have a capital loss carryforward as of October 31, 2015.

23                         Invesco Global Market Neutral Fund

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $15,955,030 and $11,773,966, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	1,778,296
Aggregate unrealized (depreciation) of investment securities		(1,373,965	)
Net unrealized appreciation of investment securities	$	404,331

Cost of investments for tax purposes is $20,079,317.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency gains, net operating loss and swap agreements, on October 31, 2015, undistributed net investment income was decreased by $746,185, undistributed net realized gain (loss) was increased by $891,192 and shares of beneficial interest was decreased by $145,007. This reclassification had no effect on the net assets of the Fund.

NOTE 10—Share Information

	Summary of Share Activity
	Year ended October 31, 2015(a)						December 19, 2013 (commencement date) through October 31, 2014
	Shares			Amount			Shares			Amount
Sold:
Class A		148,554		$	1,522,177			655,765		$	6,691,675
Class C		63,575			648,728			18,382			188,179
Class R		261			2,625			1,366			13,770
Class Y		773,886			7,905,867			716,863			7,349,692
Class R5		—			—			66,552			670,518
Class R6		13,855			142,959			54,557			546,530
Issued as reinvestment of dividends:
Class A		1,092			11,137			—			—
Class C		188			1,908			—			—
Class R		7			71			—			—
Class Y		4,910			50,083			—			—
Class R5		296			3,022			—			—
Class R6		168			1,710			—			—
Reacquired:
Class A		(90,600	)		(964,058	)		(160,437	)		(1,638,692	)
Class C		(16,485	)		(165,132	)		(6,577	)		(68,813	)
Class Y		(283,495	)		(2,901,511	)		(21,601	)		(220,298	)
Class R5		(14,192	)		(146,333	)		(2,655	)		(27,932	)
Class R6		(4,315	)		(44,511	)		—			—
Net increase in share activity		597,705		$	6,068,742			1,322,215		$	13,504,629

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 41% 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, 52% of the outstanding shares of the Fund are owned by the Adviser.

24                         Invesco Global Market Neutral Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Year ended 10/31/15	$	10.49	$	0.07		$	(0.06	)	$	0.01		$	(0.18	)	$	(0.01	)	$	(0.19	)	$	10.31		0.16	%(d)	$	5,716		1.61	%(e)		3.28	%(e)		0.69	%(e)		77	%
Year ended 10/31/14(f)		10.00		0.04			0.45			0.49			—			—			—			10.49		4.90	(g)		5,197		1.61	(h)		4.61	(h)		0.43	(h)		46
Class C
Year ended 10/31/15		10.41		(0.01	)		(0.03	)		(0.04	)		(0.16	)		(0.01	)		(0.17	)		10.20		(0.35	)(d)		603		2.36	(e)		4.03	(e)		(0.06	)(e)		77
Year ended 10/31/14(f)		10.00		(0.03	)		0.44			0.41			—			—			—			10.41		4.10	(g)		123		2.36	(h)		5.36	(h)		(0.32	)(h)		46
Class R
Year ended 10/31/15		10.46		0.05			(0.05	)		(0.00	)		(0.18	)		(0.01	)		(0.19	)		10.27		(0.01	)(d)		17		1.86	(e)		3.53	(e)		0.44	(e)		77
Year ended 10/31/14(f)		10.00		0.02			0.44			0.46			—			—			—			10.46		4.60	(g)		14		1.86	(h)		4.86	(h)		0.18	(h)		46
Class Y
Year ended 10/31/15		10.52		0.10			(0.06	)		0.04			(0.21	)		(0.01	)		(0.22	)		10.34		0.38	(d)		12,305		1.36	(e)		3.03	(e)		0.94	(e)		77
Year ended 10/31/14(f)		10.00		0.06			0.46			0.52			—			—			—			10.52		5.20	(g)		7,311		1.36	(h)		4.36	(h)		0.68	(h)		46
Class R5
Year ended 10/31/15		10.51		0.10			(0.05	)		0.05			(0.21	)		(0.01	)		(0.22	)		10.34		0.47	(d)		517		1.36	(e)		2.97	(e)		0.94	(e)		77
Year ended 10/31/14(f)		10.00		0.06			0.45			0.51			—			—			—			10.51		5.10	(g)		671		1.36	(h)		4.33	(h)		0.68	(h)		46
Class R6
Year ended 10/31/15		10.51		0.10			(0.05	)		0.05			(0.21	)		(0.01	)		(0.22	)		10.34		0.47	(d)		664		1.36	(e)		2.97	(e)		0.94	(e)		77
Year ended 10/31/14(f)		10.00		0.06			0.45			0.51			—			—			—			10.51		5.10	(g)		573		1.36	(h)		4.33	(h)		0.68	(h)		46

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Amount includes the effect of the Adviser pay-in for an economic loss of $0.11 per share. Had the pay-in not been made, the total return would have been (0.91)%, (1.42)%, (1.09)%, (0.69)%, (0.60)%, and (0.60)% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Ratios are based on average daily net assets (000’s omitted) of $5,552, $415, $15, $9,689, $529 and $599 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of December 19, 2013 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g) Amount includes the effect of the Adviser pay-in for an economic loss of $0.41 per share. Had the pay-in not been made, the total return would have been 0.80%, 0.10%, 0.60%, 1.00%, 1.00% and 1.00% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(h)  Annualized.

25                         Invesco Global Market Neutral Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Global Market Neutral Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations, of changes in net assets and of cash flows and the financial highlights present fairly, in all material respects, the financial position of Invesco Global Market Neutral Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, the results of its operations and its cash flows for the year then ended, the changes in its net assets and the financial highlights for the year then ended and for the period December 19, 2013 (commencement of operations) through October 31, 2014, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

26                         Invesco Global Market Neutral 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 May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	1,021.80	$	8.19	$	1,017.10	$	8.17		1.61	%
C		1,000.00		1,018.00		11.99		1,013.32		11.96		2.36
R		1,000.00		1,019.90		9.46		1,015.84		9.44		1.86
Y		1,000.00		1,023.80		6.93		1,018.36		6.91		1.36
R5		1,000.00		1,022.80		6.92		1,018.36		6.91		1.36
R6		1,000.00		1,022.80		6.92		1,018.36		6.91		1.36

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

27                         Invesco Global Market Neutral Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Global Market Neutral Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ investment

process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

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

B. Fund Performance

The Board noted that the Fund recently began operations and that no comparative performance data was available.

C. Advisory and Sub-Advisory Fees

The Board noted that the Fund had not been in operation long enough to become profitable and that Invesco Advisers was continuing to take entrepreneurial risk in operating the Fund.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least February 29, 2016 in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other mutual funds or client accounts with investment strategies comparable to those of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers

28                         Invesco Global Market Neutral Fund

pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board noted that although Invesco Advisers received a minimal amount of revenues from advising the Fund, Invesco Advisers and its subsidiaries did not make a profit from managing the Fund. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers

as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

29                         Invesco Global Market Neutral 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 advisors.

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 October 31, 2015:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	10,645
Qualified Dividend Income*		81.43	%
Corporate Dividends Received Deduction*		26.60	%
U.S. Treasury Obligations*		0	%

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

Non-Resident Alien Shareholders
Qualified Short-Term Gains	$	12,814
Qualified Interest Income**		0	%

** The above percentage is based on income dividends paid to shareholders during the Fund’s fiscal year.

30                         Invesco Global Market Neutral Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Global Market Neutral 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Global Market Neutral 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Global Market Neutral 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Global Market Neutral Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 GMN-AR-1 Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Global Markets Strategy Fund
	Nasdaq:
	A: GMSDX  n  C: GMSEX  n  R: GMSJX  n  Y: GMSHX  n  R5: GMSKX  n  R6: GMSLX

Letters to Shareholders

Philip Taylor

Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.     The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European Central

Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.     Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

    Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                         Invesco Global Markets Strategy Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.     As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                         Invesco Global Markets Strategy Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Global Markets Strategy Fund (the Fund), at net asset value (NAV), underperformed the Barclays 3-Month Treasury Bellwether 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, 10/31/14 to 10/31/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-0.03	%
Class C Shares	-0.73
Class R Shares	-0.20
Class Y Shares	0.33
Class R5 Shares	0.34
Class R6 Shares	0.33
Barclays 3-Month Treasury Bellwether Index▼ (Broad Market/Style-Specific Index)	0.04
Lipper Absolute Return Funds Index¢ (Peer Group Index)	-1.33
Source(s): ▼FactSet Research Systems Inc.; ¢Lipper Inc.

Market conditions and your Fund

The fiscal year ended October 31, 2015 began with government bonds performing well as investors sought refuge in high quality government bonds as volatility returned to equities and cyclical commodity prices softened substantially. The Fund’s tactical overweight exposure to bonds and its short positions in commodities, each obtained through the use of derivatives including swaps and futures, contributed to Fund performance through the end of 2014. The ending of a third round of quantitative easing, similar to previous wind-downs of asset purchase programs, reintroduced volatility into equity markets, resulting in price weakness. The decision by OPEC not to curtail production rates of crude oil led to renewed equity market weakness in December, particularly within the energy space, resulting in equities ending 2014 with a whimper rather than a bang. The Fund’s tactical equity overweight exposures, achieved through the use of futures, helped Fund performance in November but hurt Fund performance in December 2014.

    Equity markets experienced robust gains for the first quarter of 2015 and the Fund’s tactical overweight equity exposures obtained through futures produced positive results, especially in those markets where central banks were still actively involved in quantitative easing. Tactical overweight positions in bonds, obtained through the use of futures, benefited Fund results as most yields declined over the first quarter, continuing the strong price gains from 2014. Factors supporting lower yields included the continued rout in commodity prices, which also tempered fears of an increase in inflationary pressures, renewed geopolitical tensions in the Middle East, and negotiations regarding Greece’s efforts to secure fresh funding from its international creditors. Commodities continued their decline over the first quarter of 2015 in large part due to the ongoing collapse in energy and agricultural prices. Precious metals experienced a strong price increase in January but the Fund’s tactical underweight exposure to gold and silver through the use of derivatives, including swaps and futures, ended up being a drag on Fund performance.

    In the second quarter of 2015, positive equity prices from the beginning of the quarter were largely erased in June as the resurgence of Greek financial troubles and a meaningful correction in Chinese equities triggered a substantial increase in volatility. Tactical overweight exposure to Asian equity markets obtained through the use of futures provided slight gains to the Fund for the quarter. At the same time, European share prices fell and US equities ended the second quarter largely flat. Commodity markets generated mixed results for the second quarter of 2015 with agricultural and energy commodities posting gains, while metals were uniformly weak. Tactical underweight exposure across all commodity complexes through the use of derivatives, including swaps and futures, detracted from overall Fund returns. Government bonds posted large losses for the second quarter of 2015 as threats of an increase in US interest rates, improving economic data out of Europe and rising inflationary readings led to a substantial repricing of the highest quality fixed income markets.

    Bonds rebounded in the third quarter of 2015. Nervous investors sought a perceived safe haven from the continuing decline in commodity prices and renewed volatility in equity prices. During the quarter, economic activity and inflation were weak globally, which enhanced the appeal for bonds and allayed concerns of sustained interest rate hikes across major markets. All of the bond markets in which the Fund invested posted gains for the quarter, with overweight exposure to bond markets obtained through the use of futures contributing to Fund performance. Several factors caused weakness in equities during the third quarter of 2015, including the surprise Chinese renminbi devaluation, disappointing gross domestic product data from Europe and Canada, weak manufacturing data from a host of countries and uncertainty regarding the US Federal Reserve’s policy direction. Tactical shifts to equities in the

Target Risk Allocation and

Notional Asset Weights as of 10/31/15

By asset class
Asset Class	Target Risk Allocation*	Notional Asset   Weights**
Equities	1.27%	22.32%
Fixed Income	67.91	81.76
Commodities	30.82	-23.76
Total	100.00	80.32

* Reflects the risk that each asset class is expected to contribute to the overall risk of the Fund as measured by standard deviation and estimates of risk based on historical data. Standard deviation measures the annualized fluctuations (volatility) of monthly returns.

** Proprietary models determine the Notional Asset Weights necessary to achieve the Target Risk Allocations. Total Notional Asset Weight greater than 100% is achieved through derivatives and other instruments that create leverage.

Total Net Assets $164.1 million

4                             Invesco Global Markets Strategy Fund

Fund’s portfolio detracted from Fund performance due primarily to the Fund’s overweight exposure to all equity markets during August 2015 when volatility returned to equities, outweighing otherwise positive results from equity positioning through the use of futures in July and September 2015. Commodity markets continued to decline during the third quarter of 2015 with energy suffering the steepest price declines, as US stockpiles remained well above the five-year seasonal average and a weakening Chinese economy and an increase in Iranian oil production added to fear of a global oil glut. Given the poor performance of commodities during the quarter, the Fund’s defensive posture toward commodities contributed to Fund performance for the third quarter of 2015.

    The fiscal year ended with a strong rebound in equity prices, dampened enthusiasm for perceived safe haven assets like developed government bond markets, and modest declines in broad commodity benchmarks as they continued to be weighed down by US dollar strength, excess supplies and concerns over the Chinese economy. The Fund’s overweight exposure to equities and its strategic long allocations to commodities and equities provided positive performance while tactical exposure to commodities and fixed income detracted from Fund returns for the fiscal year.

    Over the reporting period, we believe the Fund’s strategy of allocating long and short exposures through the use of derivatives helped us to navigate global markets. The Fund’s systematic monthly rebalance that involves evaluating stocks, bonds and commodities using near-term valuations, economic environment, and investor positioning resulted in the Fund slightly underperforming its style-specific benchmark for the fiscal year.

    Please note that our strategy is principally implemented using derivative instruments, including futures, commodity-linked notes and total return swaps. Therefore, all or most of the performance of the Fund, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your commitment to Invesco Global Markets Strategy Fund.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	Scott Wolle Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco Global Markets Strategy Fund. He
joined Invesco in 1999. Mr. Wolle earned a BS in finance from Virginia Polytechnic Institute and State University and an MBA from Duke University Fuqua School of Business.
	Mark Ahnrud Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco Global Markets Strategy Fund. He
joined Invesco in 2000. Mr. Ahnrud earned a BS in finance and investments from Babson College and an MBA from Duke University Fuqua School of Business.
	Chris Devine Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Global Markets Strategy Fund. He joined
Invesco in 1998. Mr. Devine earned a BA in economics from Wake Forest University and an MBA from the University of Georgia.
	Scott Hixon Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Global Markets Strategy Fund. He joined
Invesco in 1994. Mr. Hixon earned a BBA in finance from Georgia Southern University and an MBA from Georgia State University.
	Christian Ulrich Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Global Markets Strategy Fund. He joined
Invesco in 2000. Mr. Ulrich earned the equivalent of a BBA from the KV Zurich Business School in Zurich, Switzerland.

Assisted by the Invesco Global Asset Allocation Team

5                         Invesco Global Markets Strategy Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 9/26/12

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6                             Invesco Global Markets Strategy Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception	0.32	%
1 Year	-5.50
Class C Shares
Inception	1.44	%
1 Year	-1.70
Class R Shares
Inception	1.96	%
1 Year	-0.20
Class Y Shares
Inception (9/26/12)	2.45	%
1 Year	0.33
Class R5 Shares
Inception	2.49	%
1 Year	0.34
Class R6 Shares
Inception	2.45	%
1 Year	0.33

On August 28, 2013, Class H1 shares converted to Class Y shares.

    Class A shares incepted on August 28, 2013. Performance shown prior to that date is that of Class H1 shares and includes the 12b-1 fees applicable to Class H1 shares.

    Class C shares incepted on August 28, 2013. Performance shown prior to that date is that of Class H1 shares and includes the 12b-1 fees applicable to Class H1 shares.

    Class R shares incepted on August 28, 2013. Performance shown prior to that date is that of Class H1 shares and includes the 12b-1 fees applicable to Class H1 shares.

    Class R5 shares incepted on August 28, 2013. Performance shown prior to that date is that of Class H1 shares and includes the 12b-1 fees applicable to Class H1 shares.

    Class R6 shares incepted on August 28, 2013. Performance shown prior to that date is that of Class H1 shares and includes the 12b-1 fees applicable to Class H1 shares.

    The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance.

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception	-0.02	%
1 Year	-6.03
Class C Shares
Inception	1.16	%
1 Year	-2.23
Class R Shares
Inception	1.70	%
1 Year	-0.83
Class Y Shares
Inception (9/26/12)	2.17	%
1 Year	-0.30
Class R5 Shares
Inception	2.17	%
1 Year	-0.40
Class R6 Shares
Inception	2.17	%
1 Year	-0.30

Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.80%, 2.55%, 2.05%, 1.55%, 1.55% and 1.55%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 2.15%, 2.90%, 2.40%, 1.90%, 1.78% and 1.78%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2017. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

7                         Invesco Global Markets Strategy Fund

Invesco Global Markets Strategy Fund’s investment objective is to seek a positive absolute return over a complete economic and market cycle.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

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

About share classes

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

n Changing fixed income market conditions risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates at or near zero. There is a risk that interest rates will rise when the FRB and central banks raise these rates. This risk is heightened due to the FRB’s quantitative easing program and the “tapering” of other similar foreign central bank actions. This eventual increase in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

n Commodities tax risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a

result of any such adverse action, the income of the Fund from certain commodity-linked derivatives was treated as non-qualifying income, the Fund might fail to qualify as a regulated investment company and be subject to federal income tax at the Fund level. The Internal Revenue Service has issued a number of private letter rulings to other mutual funds, including to another Invesco fund (upon which only the fund that received the private letter ruling can rely), which indicate that income from a fund’s investment in certain commodity linked notes and a wholly owned foreign subsidiary that invests in commodity-linked derivatives, such as the Subsidiary, constitutes qualifying income. However, the Internal Revenue Service suspended issuance of any further private letter rulings in July 2011 pending a review of its position. Should the Internal Revenue Service issue guidance, or Congress enact legislation, that adversely affects the tax treatment of the Fund’s use of commodity-linked notes or the Subsidiary (which guidance might be applied to the Fund retroactively), it could limit the Fund’s ability to pursue its investment strategy and the Fund might not qualify as a regulated investment company for one or more years. In this event, the Fund’s Board of Trustees may authorize a significant change in investment strategy or Fund liquidation. The Fund also may incur transaction and other costs to comply with any new or additional guidance from the Internal Revenue Service.

n Commodity-linked notes risk. The Fund’s investments in commodity-linked notes may involve substantial risks, including risk of loss of a significant portion of their principal value. In addition to risks associated with the underlying commodities, they may be subject to additional special risks, such as the lack of a secondary trading market and temporary price distortions due to speculators and/or the continuous rolling over of futures contracts underlying the notes.

Commodity-linked notes are also subject to counterparty risk, which is the risk that the other party to the contract will not fulfill its contractual obligation to complete the transaction with the Fund.

n Commodity risk. The Fund’s significant investment exposure to the commodities markets and/or a particular sector of the commodities markets, which may subject the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate widely based on a variety of factors, including changes in overall market movements, domestic and foreign political and economic events and policies, war, acts of terrorism, changes in domestic or foreign interest rates and/ or investor expectations concerning interest rates, domestic and foreign inflation rates and investment and trading activities of mutual funds, hedge funds and commodities funds. Prices of various commodities may also be affected by factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Because the Fund’s performance is linked to the performance of potentially volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of the Fund’s shares.

n Correlation risk. Changes in the value of two investments or asset classes may not track or offset each other in the manner anticipated by the portfolio managers. Because the Fund’s investment strategy seeks to balance risk across three asset classes and, within each asset class, to balance risk across different countries and commodities, to the extent either the three asset classes or the selected countries and commodities are correlated in a way not anticipated by the portfolio managers the Fund’s risk allocation process may not succeed in achieving its investment objective.

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

8                             Invesco Global Markets Strategy Fund

n Credit risk. The issuer of instruments in which the Fund invests may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

n Currency/exchange rate risk. The dollar value of the Fund’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.

n Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These

risks are greater for the Fund than most other mutual funds because the Fund will implement its investment strategy primarily through derivative instruments rather than direct investments in stocks and bonds.

n Developing/emerging markets securities risk. The prices of securities issued by foreign companies and governments located in developing/emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

n Exchange-traded funds risk. An investment by the Fund in exchange-traded funds generally presents the same primary risks as an investment in a mutual fund. In addition, an exchange-traded fund may be subject to the following: (1) a discount of the exchange-traded fund’s shares to its net asset value; (2) failure to develop an active trading market for the exchange-traded fund’s shares; (3) the listing exchange halting trading of the exchange-traded fund’s shares; (4) failure of the exchange-traded fund’s shares to track the referenced asset; and (5) holding troubled securities in the referenced index or basket of investments. Investments in exchange-traded funds may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the exchange-traded funds in which it invests. Further, certain of the exchange-traded funds in which the Fund may invest are leveraged. The more the Fund invests in such leveraged exchange-traded funds, the more this leverage will magnify any losses on those investments.

n Exchange-traded notes risk. Exchange-traded notes are subject to credit risk, including the credit risk of the issuer, and the value of the exchange-traded note may drop due to a downgrade in the issuer’s credit rating, despite the underlying market benchmark or strategy remaining unchanged. The value of

an exchange-traded note may also be influenced by time to maturity, level of supply and demand for the exchange-traded note, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, changes in the issuer’s credit rating, and economic, legal, political, or geographic events that affect the referenced underlying market or strategy. Exchange-traded notes are also subject to the risk that the other party to the contract will not fulfill its contractual obligations, which may cause losses or additional costs to the Fund.

n Foreign government debt risk. Investments in foreign government debt obligations involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

n Interest rate risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.

n Liquidity risk. The Fund may hold illiquid securities that it is unable to sell at the preferred time or price and could lose its entire investment in such securities. The Fund’s significant use of derivative

continued on page 10

9                             Invesco Global Markets Strategy Fund

continued from page 9

instruments may cause liquidity risk to be greater than other mutual funds that invest in more traditional assets such as stocks and bonds, which trade on markets with more market participants.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results. Because the Fund’s investment process relies heavily on its asset allocation process, market movements that are counter to the portfolio managers’ expectations may have a significant adverse effect on the Fund’s net asset value. Further, the portfolio managers’ use of short derivative positions and instruments that provide economic leverage increases the volatility of the Fund’s net asset value, which increases the potential of greater losses that may cause the Fund to liquidate positions when it may not be advantageous to do so.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Non-diversification risk. The Fund is non-diversified and can invest a greater portion of its assets in a small number of issuers or a single issuer. A change in the value of the issuer could affect the value of the Fund more than if it was a diversified fund.

n Subsidiary risk. By investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (1940 Act), and, except as otherwise noted in this prospectus is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and could negatively affect the Fund and its shareholders.

n US government obligations risk. The Fund may invest in obligations issued by US government agencies and instrumentalities that may receive varying levels of support from the government, which could affect the Fund’s ability to recover should they default.

n Volatility risk. The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time.

About indexes used in this report

n The Barclays 3-Month Treasury Bellwether Index measures the performance of Treasury bills with maturities of less than three months.

n The Lipper Absolute Return Funds Index is an unmanaged index considered representative of absolute return funds tracked by Lipper.

n 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).

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

10                             Invesco Global Markets Strategy Fund

Consolidated Schedule of Investments

October 31, 2015

	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Securities–36.82%
U.S. Treasury Bills–19.51%(a)
U.S. Treasury Bills		0.08	%		01/07/16	$	5,000,000	$	4,999,449
U.S. Treasury Bills(b)(c)		0.08	%		01/07/16		800,000		799,912
U.S. Treasury Bills(b)		0.10	%		01/14/16		7,500,000		7,498,858
U.S. Treasury Bills(b)(c)		0.10	%		01/14/16		1,200,000		1,199,817
U.S. Treasury Bills(b)		0.13	%		01/21/16		7,000,000		6,998,988
U.S. Treasury Bills(b)(c)		0.13	%		01/21/16		1,120,000		1,119,838
U.S. Treasury Bills		0.14	%		01/28/16		4,640,000		4,639,158
U.S. Treasury Bills(b)(c)		0.14	%		01/28/16		770,000		769,860
U.S. Treasury Bills		0.24	%		03/03/16		3,440,000		3,438,950
U.S. Treasury Bills(c)		0.24	%		03/03/16		560,000		559,829
									32,024,659
U.S. Treasury Notes–17.31%(d)
U.S. Treasury Notes		0.07	%		01/31/16		5,500,000		5,500,358
U.S. Treasury Notes(b)		0.07	%		01/31/16		910,000		910,059
U.S. Treasury Notes		0.09	%		04/30/16		16,380,000		16,382,029
U.S. Treasury Notes(c)(e)		0.09	%		04/30/16		2,695,000		2,695,334
U.S. Treasury Notes		0.09	%		07/31/16		2,500,000		2,500,231
U.S. Treasury Notes(c)		0.09	%		07/31/16		410,000		410,038
									28,398,049
Total U.S. Treasury Securities (Cost $60,415,398)									60,422,708
						Shares
Money Market Funds–63.40%
Liquid Assets Portfolio–Institutional Class, 0.16%(f)							37,067,541		37,067,541
Premier Portfolio–Institutional Class, 0.12%(f)							37,067,542		37,067,542
STIC (Global Series) PLC–U.S. Dollar Liquidity Portfolio (Ireland)–Institutional Class, 0.11%(f)							29,905,570		29,905,570
Total Money Market Funds (Cost $104,040,653)									104,040,653
TOTAL INVESTMENTS–100.22% (Cost $164,456,051)									164,463,361
OTHER ASSETS LESS LIABILITIES–(0.22)%									(358,350	)
NET ASSETS–100.00%								$	164,105,011

Open Futures Contracts
Futures Contracts	Type of Contract	Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation (Depreciation)
Brent Crude(c)	Short		61		March-2016	$	(3,155,530	)	$	65,728
Coffee(c)	Short		81		December-2015		(3,673,856	)		328,544
Corn(c)	Short		13		December-2015		(248,463	)		(5,323	)
Cotton No.2(c)	Short		19		December-2015		(601,540	)		(8,642	)
Gas Oil(c)	Short		78		December-2015		(3,588,000	)		621,793
Gasoline Reformulated Blendstock Oxygenate Blending(c)	Short		4		December-2015		(230,429	)		(14,751	)
Globex Reformulated Blendstock Gasoline Physical(c)	Short		30		December-2015		(1,728,216	)		(113,348	)
Heating Oil(c)	Short		57		April-2016		(3,766,480	)		(46,397	)
Natural Gas(c)	Short		108		December-2015		(2,506,680	)		790,186
Natural Gas(c)	Short		14		December-2016		(400,260	)		20,357
Silver(c)	Short		3		December-2015		(233,505	)		125

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

11                         Invesco Global Markets Strategy Fund

Open Futures Contracts–(continued)
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation (Depreciation)
Soybean(c)	Short			64		July-2016	$	(2,880,800	)	$	(18,918	)
Soybean Oil(c)	Short			226		December-2015		(3,823,920	)		(237,862	)
Wheat(c)	Short			52		December-2015		(1,357,200	)		(64,030	)
WTI Crude(c)	Short			71		December-2015		(3,307,890	)		(115,461	)
Subtotal — Commodity Risk										$	1,202,001
Australia 10 Year Bonds	Long			211		December-2015	$	19,464,287		$	160,257
Canada 10 Year Bonds	Long			229		December-2015		24,603,885			(462,318	)
Euro Bonds	Long			139		December-2015		24,030,853			371,397
Japanese 10 Year Bonds	Long			18		December-2015		22,160,272			114,771
Long Gilt	Long			139		December-2015		25,235,026			(54,524	)
U.S. Treasury 20 Year Bonds	Long			141		December-2015		22,057,688			168,910
Subtotal — Interest Rate Risk										$	298,493
Dow Jones EURO STOXX 50 Index	Long			87		December-2015	$	3,255,783		$	216,224
E-Mini S&P 500 Index	Long			49		December-2015		5,080,565			411,412
FTSE 100 Index	Long			59		December-2015		5,749,064			193,637
Hang Seng Index	Long			42		November-2015		6,146,156			(94,748	)
Russell 2000 Index Mini	Long			90		December-2015		10,424,700			452,540
Tokyo Stock Price Index	Long			63		December-2015		8,136,695			626,027
Subtotal — Equity Risk										$	1,805,092
Total Futures Contracts										$	3,305,586
Open Over-The-Counter Total Return Swap Agreements
Swap Agreements	Type of Contract	Counterparty	Number of Contracts		Termination Date		Notional Value			Unrealized Appreciation (Depreciation)
Pay a floating rate equal to the Barclays Commodity Strategy 1452 Excess Return Index (Copper) and pay the product of (i) 0.33% of the Notional Amount multiplied by (ii) days in the period divided by 365(c)	Short	Barclays Bank PLC		1,700		October-2016	$	(721,401	)	$	7,987
Pay a floating rate equal to the Barclays Capital Soymeal S2 Nearby Excess Return Index and pay the product of (i) 0.30% of the Notional Amount multiplied by (ii) days in the period divided by 365(c)	Short	Barclays Bank PLC		1,160		January-2016		(1,208,230	)		36,939
Pay a floating rate equal to the CIBC Silver Index and pay the product of (i) 0.11% of the Notional Amount multiplied by (ii) days in the period divided by 365(c)	Short	Canadian Imperial Bank of Commerce		9,300		February-2016		(878,871	)		18,785
Receiving a return equal to the S&P GSCI Sugar Excess Return A141 Strategy and pay the product of (i) 0.37% of the Notional Amount multiplied by (ii) days in the period divided by 365(c)	Long	Goldman Sachs International		1,600		March-2016		324,289			12,526
Pay a floating rate equal to the S&P GSCI Corn Excess Return AB44 Strategy and pay the product of (i) 0.15% of the Notional Amount multiplied by (ii) days in the period divided by 365(c)	Short	Goldman Sachs International		8,700		October-2016		(302,096	)		10,305
Pay a floating rate equal to the S&P GSCI Cotton Excess Return AB31 Strategy and pay the product of (i) 0.20% of the Notional Amount multiplied by (ii) days in the period divided by 365(c)	Short	Goldman Sachs International		78,900		October-2016		(2,741,256	)		(46,462	)

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

12                         Invesco Global Markets Strategy Fund

Open Over-The-Counter Total Return Swap Agreements–(continued)
Swap Agreements	Type of Contract	Counterparty	Number of Contracts		Termination Date		Notional Value			Unrealized Appreciation (Depreciation)
Receiving a return equal to the S&P GSCI Gold Index Excess Return and pay the product of (i) 0.09% of the Notional Amount multiplied by (ii) days in the period divided by 365(c)	Long	JPMorgan Chase Bank, N.A.		1,600		October-2016	$	155,965		$	(3,304	)
Receiving a return equal to the S&P GSCI Aluminum Dynamic Roll Excess Return Index and pay the product of (i) 0.38% of the Notional Amount multiplied by (ii) days in the period divided by 365(c)	Short	Morgan Stanley Capital Services LLC		23,050		October-2016		(2,044,693	)		127,064
Total Swap Agreements — Commodity Risk										$	163,840

Notes to Consolidated 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)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K and Note 4.

^(c)  The investment is owned by the Subsidiary. See Note 5.

^(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2015.

^(e)  All or a portion of the value was designated as collateral for swap agreements. See Note 1L and Note 4.

^(f)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

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

13                         Invesco Global Markets Strategy Fund

Consolidated Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $60,415,398)	$	60,422,708
Investments in affiliated money market funds, at value and cost		104,040,653
Total investments, at value (Cost $164,456,051)		164,463,361
Receivable for:
Fund shares sold		195,215
Dividends and interest		18,918
Fund expenses absorbed		17,343
Swaps receivables — OTC		1,101
Investment for trustee deferred compensation and retirement plans		12,192
Unrealized appreciation on swap agreements — OTC		213,606
Other assets		30,497
Total assets		164,952,233
Liabilities:
Payable for:
Fund shares reacquired		303,893
Variation margin — futures		370,145
Swaps payables — OTC		414
Accrued fees to affiliates		41,422
Accrued trustees’ and officers’ fees and benefits		1,785
Accrued other operating expenses		67,028
Trustee deferred compensation and retirement plans		12,769
Unrealized depreciation on swap agreements — OTC		49,766
Total liabilities		847,222
Net assets applicable to shares outstanding	$	164,105,011
Net assets consist of:
Shares of beneficial interest	$	163,585,079
Undistributed net investment income (loss)		3,078,977
Undistributed net realized gain (loss)		(6,035,781	)
Net unrealized appreciation		3,476,736
	$	164,105,011

Net Assets:
Class A	$	7,418,169
Class C	$	8,154,957
Class R	$	24,183
Class Y	$	47,739,637
Class R5	$	9,268
Class R6	$	100,758,797
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		764,874
Class C		847,363
Class R		2,496
Class Y		4,905,063
Class R5		952
Class R6		10,352,203
Class A:
Net asset value per share	$	9.70
Maximum offering price per share
(Net asset value of $9.70 ¸ 94.50%)	$	10.26
Class C:
Net asset value and offering price per share	$	9.62
Class R:
Net asset value and offering price per share	$	9.69
Class Y:
Net asset value and offering price per share	$	9.73
Class R5:
Net asset value and offering price per share	$	9.74
Class R6:
Net asset value and offering price per share	$	9.73

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

14                         Invesco Global Markets Strategy Fund

Consolidated Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends from affiliated money market funds	$	91,287
Interest		26,443
Total investment income		117,730
Expenses:
Advisory fees		2,790,755
Administrative services fees		50,000
Custodian fees		11,233
Distribution fees:
Class A		19,109
Class C		101,518
Class R		121
Transfer agent fees		97,994
Trustees’ and officers’ fees and benefits		21,471
Other		188,246
Total expenses		3,280,447
Less: Fees waived and expenses reimbursed		(471,039	)
Net expenses		2,809,408
Net investment income (loss)		(2,691,678	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		354
Foreign currencies		(358,580	)
Futures contracts		2,868,514
Swap agreements		(1,425,221	)
		1,085,067
Change in net unrealized appreciation (depreciation) of:
Investment securities		(1,378	)
Futures contracts		632,079
Swap agreements		331,023
		961,724
Net realized and unrealized gain		2,046,791
Net increase (decrease) in net assets resulting from operations	$	(644,887	)

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

15                         Invesco Global Markets Strategy Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2015 and 2014

	2015			2014
Operations:
Net investment income (loss)	$	(2,691,678	)	$	(2,505,146	)
Net realized gain		1,085,067			2,656,273
Change in net unrealized appreciation (depreciation)		961,724			(775,658	)
Net increase (decrease) in net assets resulting from operations		(644,887	)		(624,531	)
Distributions to shareholders from net investment income:
Class A		(101,201	)		—
Class C		(82,010	)		—
Class R		(320	)		—
Class Y		(696,170	)		—
Class R5		(175	)		—
Class R6		(2,023,415	)		—
Total distributions from net investment income		(2,903,291	)		—
Distributions to shareholders from net realized gains:
Class A		(119,584	)		(94,210	)
Class C		(196,803	)		(141,449	)
Class R		(455	)		(647	)
Class Y		(705,619	)		(692,741	)
Class R5		(178	)		(647	)
Class R6		(2,050,877	)		(6,922,506	)
Total distributions from net realized gains		(3,073,516	)		(7,852,200	)
Share transactions–net:
Class A		698,619			6,388,685
Class C		(3,677,350	)		11,581,205
Class R		854			14,508
Class Y		13,895,707			30,676,861
Class R6		(8,020,707	)		9,379,796
Net increase in net assets resulting from share transactions		2,897,123			58,041,055
Net increase (decrease) in net assets		(3,724,571	)		49,564,324
Net assets:
Beginning of year		167,829,582			118,265,258
End of year (includes undistributed net investment income (loss) of $3,078,977 and $3,315,908, respectively)	$	164,105,011		$	167,829,582

Notes to Consolidated Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Global Markets Strategy Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these consolidated financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund will seek to gain exposure to the commodity markets primarily through investments in the Invesco Cayman Commodity Fund V Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund’s investment objective is to seek a positive absolute return over a complete economic and market cycle.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. On August 28, 2013, the Fund began offering Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares and the Fund’s existing Class H1 shares were converted to Class Y shares. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waiver

16                         Invesco Global Markets Strategy Fund

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.

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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 Consolidated 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 Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights.

17                         Invesco Global Markets Strategy Fund

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 Consolidated Statement of Operations and the Consolidated 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 Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

E. Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated 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 Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

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

G. Accounting Estimates — The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which 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. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

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 consolidated financial statements are released to print.

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

I. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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 Consolidated 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 Consolidated Statement of Operations.

18                         Invesco Global Markets Strategy Fund

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

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

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

K. Futures Contracts — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between 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 Consolidated 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 Consolidated 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 Consolidated Statement of Assets and Liabilities.

L. Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Consolidated 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 Consolidated 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 Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. 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 Consolidated 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. 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.

M. Other Risks — The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in exchange traded funds and commodity-linked derivatives. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange traded notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

19                         Invesco Global Markets Strategy Fund

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

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $10 billion		1.50%
Over $10 billion		1.25%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 1.50%.

The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary’s average daily net assets as set forth in the table above.

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., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 February 28, 2017, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.80%, 2.55%, 2.05%, 1.55%, 1.55% and 1.55%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause 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. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees, of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2017. The fee waiver agreement cannot be terminated during its term.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees of $373,045 and reimbursed class level expenses of $9,869, $13,108, $31 and $74,986 for Class A, Class C, Class R and Class Y 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 October 31, 2015, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. 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 October 31, 2015, expenses incurred under the Plans are shown in the Consolidated 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 October 31, 2015, IDI advised the Fund that IDI retained $1,882 in front-end sales commissions from the sale of Class A shares and $1,782 from Class C shares 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.

20                         Invesco Global Markets Strategy Fund

NOTE 3—Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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 consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Money Market Funds	$	104,040,653	$	—	$	—	$	104,040,653
U.S. Treasury Securities		—		60,422,708		—		60,422,708
	$	104,040,653	$	60,422,708	$	—	$	164,463,361
Futures Contracts*		3,305,586		—		—		3,305,586
Swap Agreements*		—		163,840		—		163,840
Total Investments	$	107,346,239	$	60,586,548	$	—	$	167,932,787

* Unrealized appreciation.

NOTE 4—Derivative Investments

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 October 31, 2015:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Commodity risk
Futures contracts(a)	$	1,826,733	$	(624,732	)
Swap agreements(b)		213,606		(49,766	)
Interest rate risk:
Futures contracts(a)		815,335		(516,842	)
Market risk:
Futures contracts(a)		1,899,840		(94,748	)
Total	$	4,755,514	$	(1,286,088	)

^(a)  Includes cumulative appreciation (depreciation) of futures contracts. Only current day’s variation margin receivable (payable) is reported within the Consolidated Statement of Assets and Liabilities.

^(b)  Values are disclosed on the Consolidated Statement of Assets and Liabilities under the captions Unrealized appreciation on swap transactions — OTC and Unrealized depreciation on swap transactions — OTC.

21                         Invesco Global Markets Strategy Fund

Effect of Derivative Investments for the year ended October 31, 2015

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 Consolidated Statement of Operations
	Futures Contracts			Swap Agreements
Realized Gain (Loss):
Commodity risk	$	3,240,630		$	(2,133,102	)
Interest rate risk		6,700,363			707,881
Market risk		(7,072,479	)		—
Change in Unrealized Appreciation (Depreciation):
Commodity risk		210,140			592,177
Interest rate risk		(1,675,868	)		(261,154	)
Market risk		2,097,807			—
Total	$	3,500,593		$	(1,094,198	)

The table below summarizes the average notional value of futures contracts and swap agreements outstanding during the period.

	Futures Contracts		Swap Agreements
Average notional value	$	220,548,518	$	18,620,465

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Consolidated Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2015.

Counterparty	Gross amounts of Recognized Assets		Gross Amounts Not Offset in the Consolidated Statement of Assets  and Liabilities								Net Amount
			Financial Instruments			Collateral Received
						Non-Cash			Cash
Subsidiary
Bank of America Merrill Lynch	$	439	$	(16	)	$	—		$	—	$	423
Barclays Bank PLC		45,150		—			—			—		45,150
Canadian Imperial Bank of Commerce		18,833		—			—			—		18,833
Goldman Sachs International		23,221		(23,221	)		—			—		—
Morgan Stanley Capital Services LLC		127,064		(319	)		—			—		126,745
Total	$	214,707	$	(23,556	)	$	—		$	—	$	191,151
Counterparty	Gross amounts of Recognized Liabilities		Gross Amounts Not Offset in the Consolidated Statement of Assets  and Liabilities								Net Amount
			Financial Instruments			Collateral Pledged
						Non-Cash			Cash
Subsidiary
Bank of America Merrill Lynch	$	16	$	(16	)	$	—		$	—	$	—
Goldman Sachs International		46,538		(23,221	)		(23,317	)		—		—
JPMorgan Chase Bank, N.A.		3,307		—			(3,307	)		—		—
Morgan Stanley Capital Services LLC		319		(319	)		—			—		—
Total	$	50,180	$	(23,556	)	$	(26,624	)	$	—	$	—

22                         Invesco Global Markets Strategy Fund

NOTE 5—Subsidiary Information

The Fund’s Consolidated Schedule of Investments includes the holdings, including any investments in derivatives, of both the Fund and the Subsidiary. The Fund’s Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations and Consolidated Statement of Changes in Net Assets include the account balances of both the Fund and the Subsidiary and all interfund transactions have been eliminated.

The table below summarizes the financial information of the Subsidiary recognized in the consolidated financial statements referred to above.

Selected Financial Information	Invesco Cayman Commodity Fund V Ltd. (the “Subsidiary”)
Total assets	$	38,588,918
Total liabilities		415,160
Net assets		38,173,758
Total investment income		14,960
Net investment income (loss)		(654,150	)
Net realized gain (loss) from:
Investment securities		50
Futures contracts		3,240,630
Swap agreements		(2,133,103	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(188	)
Futures contracts		210,140
Swap agreements		592,177
Increase in net assets resulting from operations	$	1,255,556

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2015 and 2014:

	2015		2014
Ordinary income	$	3,868,308	$	3,950,918
Long-term capital gain		2,108,499		3,901,282
Total distributions	$	5,976,807	$	7,852,200

Tax Components of Net Assets at Period-End:

	2015
Undistributed ordinary income	$	3,254,918
Net unrealized appreciation — investments		7,310
Net unrealized appreciation — other investments		343,992
Temporary book/tax differences		(12,102	)
Capital loss carryforward		(3,074,186	)
Shares of beneficial interest		163,585,079
Total net assets	$	164,105,011

23                         Invesco Global Markets Strategy Fund

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of October 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	1,954,857	$	1,119,329	$	3,074,186

* Capital loss carryforward as of the date listed above 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 Securities

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 October 31, 2015 was $3,995,147 and $0, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	7,507,925
Aggregate unrealized (depreciation) of investment securities		(7,500,615	)
Net unrealized appreciation of investment securities	$	7,310

Cost of investments is the same for tax and financial reporting purposes.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of futures contracts, swap agreement income and distributions paid, on October 31, 2015, undistributed net investment income (loss) was increased by $5,358,038 and undistributed net realized gain (loss) was decreased by $5,358,038. This reclassification had no effect on the net assets of the Fund.

24                         Invesco Global Markets Strategy Fund

NOTE 11—Share Information

	Summary of Share Activity
	Years ended October 31,
	2015(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		508,205		$	5,092,092			1,164,747		$	11,592,503
Class C		268,392			2,710,112			1,937,959			19,362,646
Class R		698			7,143			1,458			14,508
Class Y		6,132,600			61,795,855			6,604,938			66,179,795
Class R6		1,322,303			13,256,829			1,088,964			10,710,094
Issued as reinvestment of dividends:
Class A		20,165			199,635			9,489			93,564
Class C		26,559			262,665			14,309			140,802
Class R		48			472			—			—
Class Y		122,360			1,213,811			69,846			689,379
Class R6		410,679			4,073,939			701,303			6,921,859
Reacquired:
Class A		(461,934	)		(4,593,108	)		(532,075	)		(5,297,382	)
Class C		(669,090	)		(6,650,127	)		(806,676	)		(7,922,243	)
Class R		(660	)		(6,761	)		—			—
Class Y		(4,995,636	)		(49,113,959	)		(3,675,067	)		(36,192,313	)
Class R6		(2,525,433	)		(25,351,475	)		(819,568	)		(8,252,157	)
Net increase in share activity		159,256		$	2,897,123			5,759,627		$	58,041,055

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in aggregate own 30% 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 is 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 is also owned beneficially.

    In addition, 61% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are mutual funds that are advised by Invesco.

25                         Invesco Global Markets Strategy Fund

NOTE 12—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Year ended 10/31/15	$	10.02	$	(0.16	)	$	0.18		$	0.02		$	(0.15	)	$	(0.19	)	$	(0.34	)	$	9.70		0.18	%	$	7,418		1.70	%(d)(e)		2.03	%(d)		(1.64	)%(d)		0	%
Year ended 10/31/14		10.78		(0.17	)		0.09			(0.08	)		—			(0.68	)		(0.68	)		10.02		(0.64	)		6,996		1.73			2.06			(1.68	)		0
Year ended 10/31/13(f)		10.52		(0.04	)		0.30			0.26			—			—			—			10.78		2.47			607		1.99	(g)		2.04	(g)		(1.92	)(g)		0
Class C
Year ended 10/31/15		9.94		(0.24	)		0.18			(0.06	)		(0.07	)		(0.19	)		(0.26	)		9.62		(0.63	)		8,155		2.45	(d)(e)		2.78	(d)		(2.39	)(d)		0
Year ended 10/31/14		10.78		(0.24	)		0.08			(0.16	)		—			(0.68	)		(0.68	)		9.94		(1.42	)		12,136		2.48			2.81			(2.43	)		0
Year ended 10/31/13(f)		10.52		(0.05	)		0.31			0.26			—			—			—			10.78		2.47			818		2.74	(g)		2.79	(g)		(2.67	)(g)		0
Class R
Year ended 10/31/15		10.00		(0.19	)		0.20			0.01			(0.13	)		(0.19	)		(0.32	)		9.69		0.00			24		1.95	(d)(e)		2.28	(d)		(1.89	)(d)		0
Year ended 10/31/14		10.78		(0.19	)		0.09			(0.10	)		—			(0.68	)		(0.68	)		10.00		(0.83	)		24		1.98			2.31			(1.93	)		0
Year ended 10/31/13(f)		10.52		(0.04	)		0.30			0.26			—			—			—			10.78		2.47			10		2.24	(g)		2.29	(g)		(2.17	)(g)		0
Class Y
Year ended 10/31/15		10.05		(0.14	)		0.19			0.05			(0.18	)		(0.19	)		(0.37	)		9.73		0.44			47,740		1.45	(d)(e)		1.78	(d)		(1.39	)(d)		0
Year ended 10/31/14		10.79		(0.14	)		0.08			(0.06	)		—			(0.68	)		(0.68	)		10.05		(0.44	)		36,645		1.48			1.81			(1.43	)		0
Year ended 10/31/13		9.91		(0.19	)		1.07			0.88			—			—			—			10.79		8.88			6,972		1.82			1.87			(1.75	)		0
Year ended 10/31/12(f)		10.00		(0.02	)		(0.07	)		(0.09	)		—			—			—			9.91		(0.90	)		10,017		2.00	(g)		6.69	(g)		(1.87	)(g)		0
Class R5
Year ended 10/31/15		10.06		(0.14	)		0.19			0.05			(0.18	)		(0.19	)		(0.37	)		9.74		0.44			9		1.45	(d)(e)		1.65	(d)		(1.39	)(d)		0
Year ended 10/31/14		10.79		(0.14	)		0.09			(0.05	)		—			(0.68	)		(0.68	)		10.06		(0.34	)		10		1.48			1.69			(1.43	)		0
Year ended 10/31/13(f)		10.52		(0.03	)		0.30			0.27			—			—			—			10.79		2.57			10		1.75	(g)		1.80	(g)		(1.68	)(g)		0
Class R6
Year ended 10/31/15		10.05		(0.14	)		0.19			0.05			(0.18	)		(0.19	)		(0.37	)		9.73		0.44			100,759		1.45	(d)(e)		1.65	(d)		(1.39	)(d)		0
Year ended 10/31/14		10.80		(0.14	)		0.07			(0.07	)		—			(0.68	)		(0.68	)		10.05		(0.53	)		112,019		1.48			1.69			(1.43	)		0
Year ended 10/31/13(f)		10.52		(0.03	)		0.31			0.28			—			—			—			10.80		2.66			109,848		1.71	(g)		1.76	(g)		(1.64	)(g)		0

^(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) Ratios are based on average daily net assets (000’s omitted) of $7,643, $10,152, $24, $58,075, $10 and $110,147 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by your Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds your Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in your Fund’s total return. Estimated acquired fund fees from underlying funds were 0.11%.

^(f)  Commencement date of September 26, 2012 for Class Y shares and August 28, 2013 for Class A, Class C, Class R, Class R5 and Class R6 shares, respectively.

^(g) Annualized.

26                         Invesco Global Markets Strategy Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Global Markets Strategy Fund:

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, and the related consolidated statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the consolidated financial position of Invesco Global Markets Strategy Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, 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 then ended and the financial highlights for each of the three years in the period then ended and for the period September 26, 2012 (commencement of operations) through October 31, 2012, in conformity with accounting principles generally accepted in the United States of America. These consolidated financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

27                         Invesco Global Markets Strategy 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 May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	967.00	$	8.43	$	1,016.64	$	8.64		1.70	%
C		1,000.00		963.90		12.13		1,012.85		12.43		2.45
R		1,000.00		966.00		9.66		1,015.38		9.91		1.95
Y		1,000.00		969.10		7.20		1,017.90		7.38		1.45
R5		1,000.00		969.10		7.20		1,017.90		7.38		1.45
R6		1,000.00		969.10		7.20		1,017.90		7.38		1.45

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

28                         Invesco Global Markets Strategy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Global Markets Strategy Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports form the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s

consideration of Invesco Advisers’ investment process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

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

B. Fund Performance

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

The Board noted that the Fund recently began operations and that comparative performance data for only the past two calendar years was available. The Board compared the Fund’s performance during the past two calendar years to the performance of funds in the Lipper performance universe and against the Lipper Absolute Return Funds Index. The Board noted that performance of Class Y shares of the Fund was in the first quintile of its performance universe for the one and two year periods (the first quintile being the best

29                         Invesco Global Markets Strategy Fund

performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was above the performance of the Index for the one and two year periods. Invesco Advisers noted that performance was largely due to a substantial overweight to developed sovereign debt. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class Y shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least February 29, 2016 in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other mutual funds or client accounts with investment strategies comparable to those of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that

Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

30                         Invesco Global Markets Strategy 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 advisors.

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 October 31, 2015:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	2,108,499
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		1.78	%

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

Non-Resident Alien Shareholders
Qualified Short-Term Gains	$	929,069

31                         Invesco Global Markets Strategy Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Global Markets Strategy 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Global Markets Strategy 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Global Markets Strategy 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Global Markets Strategy Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338                         GMS-AR-1                                                          Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Global Targeted Returns Fund
	Nasdaq:
	A: GLTAX  n  C: GLTCX  n  R: GLTRX  n  Y: GLTYX  n  R5: GLTFX  n  R6: GLTSX

Letters to Shareholders

Philip Taylor

Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.     The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European

Central Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.

    Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

    Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                         Invesco Global Targeted Returns Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.     As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                         Invesco Global Targeted Returns Fund

Management’s Discussion of Fund Performance

 Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Global Targeted Returns Fund (the Fund), at net asset value (NAV), outperformed the U.S. Three-Month Treasury Bills 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, 10/31/14 to 10/31/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	0.49	%
Class C Shares	-0.27
Class R Shares	0.17
Class Y Shares	0.72
Class R5 Shares	0.82
Class R6 Shares	0.73
U.S. Three-Month Treasury Bills Indexq (Broad Market/Style-Specific Index)	0.03
Source(s): qLipper Inc.

Market conditions and your Fund

The Fund targets an annual gross return of 5% above three-month US Treasury bills and aims to achieve this with less than half the volatility of global equities (as represented by the MSCI World Index), over a rolling three-year period. The Fund seeks to achieve these targets by investing in good long-term investment ideas (typically 20 -30) that are combined through a robust risk-managed process in a single portfolio. There is no guarantee that the Fund will achieve a

positive return or its target return, and an investor may lose money by investing in the Fund. Each idea reflects a fundamental macroeconomic view with regard to asset classes, geographies, currencies or sectors globally that have the potential to deliver a positive return over a two- to three-year time horizon. We then identify what we believe is the best way to implement these ideas. This can include a wide range of asset types including derivative instruments and underlying investment companies.

    Global equity markets experienced increased volatility during the fiscal year ended October 31, 2015, driven largely by the continued slowdown in energy markets and the economic downturn in China. Developed markets were generally able to withstand these headwinds, even as more fragile emerging markets began to falter.

    As the reporting period began in late 2014, equity markets were processing the fallout from the initial crash in oil prices as OPEC decided to maintain high production despite low prices and slowing global growth. In this environment, commodity-based economies and most currencies underperformed those of the US. The potential positive impact of lower oil prices on consumers and some positive economic data led equity markets higher through the spring of 2015. This strength also helped the markets overcome fears in May and June of 2015 that Greece and the eurozone would fail to reach an agreement on a financial bailout plan.

    In the summer of 2015, fears of a potential economic slowdown in China dominated headlines. The combination of a slowing Chinese economy, a sharp sell-off in domestic Chinese equities and the devaluation of China’s currency, the ren-minbi, contributed to a strong correction in global equity markets. Emerging markets, in particular, were hard hit by

 Portfolio Composition

 By asset type

	Risk Allocation1			Notional Value as % of Total Net Assets2			Value as % of Total Net Assets3
Credit		8.86	%		57.87	%		0.00	%
Equity		33.46			183.92			49.05
Currency		22.19			148.34			2.20
Interest Rate		25.18			229.48			4.99
Volatility4		10.31			2.75			1.15
Money Market Funds Plus Other Assets Less Liabilities		-			-			42.61

Total Net Assets $141.1 million

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 October 31, 2015.

1 The values in this column represent the Adviser’s proprietary measure of risk that each asset type contributes to the Fund. The risk associated with each asset type is calculated by aggregating the independent risk, as of the end of the fiscal period, of each of the Fund’s investment ideas that are included in that asset type. Independent risk is determined by measuring the historical price volatility of the assets or asset classes that comprise the investment idea using a statistical measurement called standard deviation. Standard deviation measures how much historical prices vary from their average over a certain period of time. The risk of each investment idea takes into account the Adviser’s evaluation of the risk dynamics and expected correlation of the components of the investment idea based on historical price movements. Historical price movements may not be representative of future price movements and, therefore, the actual risk of each asset type may be much greater or lower than the values shown. In addition, there are ways to measure risk other than standard deviation which, if used, may have resulted in a different risk allocation.

2 The values in this column represent the gross notional amount of the derivative instruments and other investments held by the Fund, including purchased and written options, futures, forwards, swaps and investment companies. The notional amount of a derivative is the nominal or face amount used to calculate payments made on the instrument. The gross notional amount does not reflect any offsetting or netting of long and short positions. The notional amounts of derivatives and other investments denominated in foreign currencies have been adjusted to the U.S. dollar equivalent using spot exchange rates. See the Consolidated Schedule of Investments for a complete list of derivative instruments held by the Fund as of October 31, 2015.

3 The percentages in this column were calculated by adding the market value of purchased options, the net unrealized appreciation/depreciation of written options, futures, swaps and forwards, and the net asset value of affiliated money market funds held by the Fund. See the Consolidated Schedule of Investments for the complete list of derivative instruments held by the Fund as of October 31, 2015.

4 Includes the volatility and variance swaps held by the Fund, the gains and losses on which are driven by the volatility (i.e., the positive and negative changes in value over time) of a particular asset, such as stocks or currencies, and not by the asset itself.

4                         Invesco Global Targeted Returns Fund

events in China and by continued weak commodity prices – as well as by the US Federal Reserve’s decision to delay raising interest rates, which increased investor uncertainty and market volatility. In October 2015, however, US markets rallied, recovering from their earlier decline and finishing higher for the fiscal year.

    Reflecting some of these macroeconomic developments, the Interest Rates - US Duration idea was the largest contributor to Fund returns during the reporting period. The idea reflected our view that US monetary policy could lead to expectations of higher short-term interest rates while growth and inflation could remain subdued – keeping long-term bond yields low – resulting in a flattening of the yield curve. The idea was implemented through interest rate swaptions. This idea performed well, as long-term interest rates fell, benefiting the Fund’s long duration exposure. We removed the idea during the first quarter of 2015 as we believed it did not have continued return potential (given our economic outlook over the next two to three years) to warrant a place in the Fund.

    The Volatility - Asian Equities vs. US Equities idea reflected our belief that the difference between the implied volatility of US equities versus Asian equities, based on options prices, was historically very low. We believed that Asian equity markets could be inherently more volatile, particularly as their indexes were dominated by financial stocks. We implemented this idea using swaps that isolate the volatility of each market. The idea contributed to Fund performance for the reporting period as equity markets, particularly in Asia, experience sharp movements during the third quarter of 2015.

    The largest detractor from Fund performance for the reporting period was the Currency - Norwegian Krone vs. UK Pound idea. This idea expressed our view that while positive UK economic data had helped strengthen the British pound versus the euro, the potential for higher growth and inflation in Norway could lead to a turn in relative economic drivers, resulting in a strengthening of the Norwe-gian krone versus the UK pound. We implemented this economic view by buying the Norwegian krone and selling the UK pound through currency forwards. A drastic drop in oil prices during the reporting period had a negative impact on the idea as the Fund’s long position in the Nor-wegian krone was hurt by speculation about the potential effect of lower oil revenues on Norway’s economy and by an interest rate cut in December 2014 by the Norwegian central bank.

    Other detractors from Fund performance involved ideas with exposure to emerging markets, which declined significantly during the reporting period. For example, the Interest Rates - Selective Emerging Market (EM) Debt idea reflected our view that there was value in holding selective high yielding EM local currency debt because of their improving economic indicators and fundamentals. To implement this idea, we bought local currency 10-year government bonds in Poland, South Africa, Mexico and Hun-gary. Additionally, we hedged back the local currency exposure to the US dollar and the euro in an attempt to try and protect the idea from additional weakening of local EM currencies. The Equity - EM vs. US idea also created a drag on Fund performance before we removed it in July 2015, due to concerns about the potential impact of a slowdown in China’s economic growth on EM equities.

    While the Fund is focused on the return and risk attributes of each idea individually and its impact on the other ideas in the Fund, there were some shifts in positioning during the reporting period that can be identified more broadly. During the first quarter of 2015, amid concern about the direction of monetary policy, we removed ideas with exposure to interest rates (i.e., long duration) and added ideas that could serve the same defensive role in the Fund but that had the potential to deliver value regardless of market direction. Within equities, we took more specific views in seeking out what we believe are better-valued equity markets such as Japan and Germany, and used options to support the performance of these ideas, in case equity markets faltered.

    At the close of the reporting period, our general outlook called for low but positive global economic growth, with Europe’s recovery challenged by a slowdown in China. We believed global interest rates will remain low as inflation remains subdued, although we recognized the potential for rate increases in the US and the UK, which could negatively affect emerging markets. We remained cautious about equity valuations, although we believed there were select opportunities in equities. In our view, divergent economic policies globally could spur higher levels of market volatility.

    As indicated throughout this report, our investment ideas make significant use of derivative instruments. Therefore, the performance of the Fund can be attributed largely to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional

investment risks through the creation of leverage and may be less liquid than traditional securities.

    We thank you for your investment in Invesco Global Targeted Returns Fund.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	David Millar Portfolio Manager, is lead manager of Invesco Global Targeted Returns Fund. He joined
Invesco in 2013. Mr. Millar earned a BSc (Hons) degree in mathematical statistics from the University of Cape Town. He is a Fellow of the Institute and Faculty of Actuaries.

	Richard Batty Portfolio Manager, is manager of Invesco Global Targeted Returns Fund. He joined Invesco
in 2013. Mr. Batty earned a PhD in financial economics from Brunel University.

	Dave Jubb Portfolio Manager, is manager of Invesco Global Targeted Returns Fund. He joined Invesco
in 2013. Mr. Jubb earned a Bsc (Hons) in mathematics from St. Andrews University. He is a Fellow of the Institute and Faculty of Actuaries.

5                         Invesco Global Targeted Returns Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/19/13

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 10

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

6                         Invesco Global Targeted Returns Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	-0.45%
1 Year	-5.06
Class C Shares
Inception (12/19/13)	1.82%
1 Year	-0.27
Class R Shares
Inception (12/19/13)	2.33%
1 Year	0.17
Class Y Shares
Inception (12/19/13)	2.84%
1 Year	0.72
Class R5 Shares
Inception (12/19/13)	2.89%
1 Year	0.82
Class R6 Shares
Inception (12/19/13)	2.84%
1 Year	0.73

The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.80%, 2.55%, 2.05%, 1.55%, 1.55% and 1.55%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 3.66%, 4.41%, 3.91%, 3.41%, 3.37% and 3.37%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	-0.36	%
1 Year	-4.09
Class C Shares
Inception (12/19/13)	2.07	%
1 Year	-0.29
Class R Shares
Inception (12/19/13)	2.61	%
1 Year	1.25
Class Y Shares
Inception (12/19/13)	3.09	%
1 Year	1.70
Class R5 Shares
Inception (12/19/13)	3.14	%
1 Year	1.79
Class R6 Shares
Inception (12/19/13)	3.09	%
1 Year	1.80

    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 class 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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through February 29, 2016. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

7                         Invesco Global Targeted Returns Fund

Invesco Global Targeted Returns Fund’s investment objective is to seek a positive total return over the long term in all market environments.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

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

About share classes

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

n Changing fixed income market conditions risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates at or near zero. There is a risk that interest rates will rise when the FRB and central banks raise these rates. This risk is heightened due to the completion of the FRB’s quantitative easing program and the “tapering” of other similar foreign central bank actions. This eventual increase in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

n Commodities tax risk. The tax treatment of commodity-linked derivative instruments may be adversely affected

by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from certain commodity-linked derivatives was treated as non-qualifying income, the Fund might fail to qualify as a regulated investment company and be subject to federal income tax at the Fund level. The Internal Revenue Service has issued a number of private letter rulings to other mutual funds, including to another Invesco fund (upon which only the fund that received the private letter ruling can rely), which indicate that income from a fund’s investment in certain commodity linked notes and a wholly owned foreign subsidiary that invests in commodity-linked derivatives, such as the Subsidiary, constitutes qualifying income. However, the Internal Revenue Service suspended issuance of any further private letter rulings in July 2011 pending a review of its position. Should the Internal Revenue Service issue guidance, or Congress enact legislation, that adversely affects the tax treatment of the Fund’s use of commodity-linked notes or the Subsidiary (which guidance might be applied to the Fund retroactively), it could limit the Fund’s ability to pursue its investment strategy and the Fund might not qualify as a regulated investment company for one or more years. In this event, the Fund’s Board of Trustees (the Board) may authorize a significant change in investment strategy or Fund liquidation. The Fund also may incur transaction and other costs to comply with any new or additional guidance from the Internal Revenue Service.

n Commodity-linked notes risk. The Fund’s investments in commodity-linked notes may involve substantial risks, including risk of loss of a significant portion of their principal value. In addition to risks associated with the underlying commodities, they may be subject to additional special risks, such as the lack of a secondary trading market

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

and temporary price distortions due to speculators and/or the continuous rolling over of futures contracts underlying the notes. Commodity-linked notes are also subject to counterparty risk, which is the risk that the other party to the contract will not fulfill its contractual obligation to complete the transaction with the Fund.

n Commodity risk. The Fund may from time to time have significant investment exposure to the commodities markets, and/or a particular sector of the commodities markets, which may subject the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate widely based on a variety of factors, including changes in overall market movements, domestic and foreign political and economic events and policies, war, acts of terrorism, changes in domestic or foreign interest rates and/ or investor expectations concerning interest rates, domestic and foreign inflation rates and investment and trading activities of mutual funds, hedge funds and commodities funds. Prices of various commodities may also be affected by factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Because the Fund’s may be linked to the performance of potentially volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of the Fund’s shares.

n Credit risk. The issuer of instruments in which the Fund invests may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

n Currency/exchange rate risk. The dollar value of the Fund’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.

8                         Invesco Global Targeted Returns Fund

n Debt securities risk. The Fund may invest in debt securities that are affected by changing interest rates and changes in their effective maturities and credit quality.

n Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counter-party risk is the risk that the counter-party to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These risks are greater for the Fund than most other mutual funds because the Fund will implement its investment strategy primarily through derivative instruments rather than direct investments in stocks and bonds.

n Emerging markets securities risk. The prices of securities issued by foreign companies and governments located in emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

n Exchange-traded funds risk. An investment by the Fund in exchange-traded funds generally presents the same primary risks as an investment in a mutual fund. In addition, an exchange-traded fund may be subject to the following: (1) a discount of the exchange-traded fund’s shares to its net asset value; (2) failure to develop an active trading market for the exchange-traded fund’s shares; (3) the listing exchange halting trading of the exchange-traded fund’s shares; (4) failure of the exchange-traded fund’s shares to track the referenced asset; and (5) holding troubled securities in the referenced index or basket of investments. Exchange-traded funds may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the exchange-traded funds in which it invests. Further, certain of the exchange-traded funds in which the Fund may invest are leveraged. The more the Fund invests in such leveraged exchange-traded funds, the more this leverage will magnify any losses on those investments.

n Exchange-traded notes risk. Exchange-traded notes are subject to credit risk, including the credit risk of the issuer, and the value of the exchange-traded note may drop due to a downgrade in the issuer’s credit rating, despite the underlying market benchmark or strategy remaining unchanged. The value of an exchange-traded note may also be influenced by time to maturity, level of supply and demand for the exchange-traded note, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, changes

in the issuer’s credit rating, and economic, legal, political, or geographic events that affect the referenced underlying market or strategy. Exchange-traded notes are also subject to the risk that the other party to the contract will not fulfill its contractual obligations, which may cause losses or additional costs to the Fund.

n Foreign government debt risk. Investments in foreign government debt obligations involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

n Fund of funds risk. The Fund’s performance depends on the underlying funds in which it invests, and it is subject to the risks of the underlying funds. Market fluctuations may change the target weightings in the underlying funds. The underlying funds may change their investment objectives, policies or practices and may not achieve their investment objectives, all of which may cause the Fund to withdraw its investments therein at a disadvantageous time.

n High yield bond (junk bond) risk. Junk bonds involve a greater risk of default or price changes due to changes in the credit quality of the issuer. The values of junk bonds fluctuate more than

continued on page 10

9                         Invesco Global Targeted Returns Fund

continued from page 9

those of high- quality bonds in re- sponse to company, political, regulatory or economic developments. Values of junk bonds can decline significantly over short periods of time.

n Interest rate risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.

n Investing in the European Union risk. Many countries in the European Union are susceptible to high economic risks associated with high levels of debt, notably due to investments in sovereign debts of European countries such as Greece, Italy and Spain. One or more member states might exit the European Union, placing its currency and banking system in jeopardy. The European Union faces major issues involving its membership, structure, procedures and policies, including the adoption, abandonment or adjustment of the new con- stitutional treaty, the European Union’s enlargement to the south and east, and resolution of the European Union’s problematic fiscal and democratic ac- countability. Efforts of the member states to further unify their economic and monetary policies may increase the potential for the downward movement of one member state’s market to cause a similar effect on other member states’ markets. European countries that are part of the European Economic and Monetary Union may be significantly af- fected by the tight fiscal and monetary controls that the union seeks to impose on its members.

n Leverage risk. Leverage exists when the Fund purchases or sells an instrument or enters into a transaction without investing cash in an amount equal to the full economic exposure of the instru- ment or transaction and the Fund could lose more than it invested. Leverage created from borrowing or certain types of transactions or instruments, such as derivatives, may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase volatility or otherwise not achieve its intended objective. The Fund’s significant use of derivatives and leverage could, under certain market conditions, cause the Fund’s losses to be more significant than other mutual funds and, in extreme

market conditions, could cause a complete loss of your investment.

n Liquidity risk. The Fund may hold illiquid securities that it is unable to sell at the preferred time or price and could lose its entire investment in such securities. The Fund’s significant use of derivative instruments may cause liquidity risk to be greater than other mutual funds that invest in more traditional assets such as stocks and bonds, which trade on mar- kets with more market participants.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results. Because the Fund’s investment process relies heavily on its asset allocation process, market movements that are counter to the portfolio managers’ expectations may have a significant adverse effect on the Fund’s net asset value. Further, the portfolio managers’ use of short derivative positions and instruments that provide economic leverage increases the volatility of the Fund’s net asset value, which increases the potential of greater losses that may cause the Fund to liquidate positions when it may not be advantageous to do so.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Non-diversification risk. The Fund is non- diversified and can invest a greater portion of its assets in a small number of issuers or a single issuer. A change in the value of the issuer could affect the value of the Fund more than if it was a diversified fund. Non-diversification may also permit the Fund to invest a greater per- centage of its assets in one particular investment strategy than would be permitted if the Fund was diversified, thereby increasing the risk of losses in the Fund due to a single strategy.

n Short sales risk. Short sales may cause the Fund to repurchase a security at a higher price, thereby causing a loss. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

n Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record

of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

n Subsidiary risk. By investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (1940 Act), and, except as otherwise noted in this prospectus is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and could negatively affect the Fund and its shareholders.

n US government obligations risk. The Fund may invest in obligations issued by US government agencies and instrumentalities that may receive varying levels of support from the government, which could affect the Fund’s ability to recover should they default.

n Volatility risk. The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time.

About indexes used in this report

n The U.S. Three-Month Treasury Bills Index is tracked by Lipper to provide performance for the three-month US Treasury bill.

n 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.

n 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).

continued on page 6

10                         Invesco Global Targeted Returns Fund

Consolidated Schedule of Investments

October 31, 2015

Investments in Affiliated Issuers–82.89%^(a)

	% of Net Assets 10/31/15			Value 10/31/14		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Dividend Income		Shares 10/31/15		Value 10/31/15
Domestic Equity Funds–5.84%
Invesco Comstock Fund–Class R6		—		$	4,320,674	$	1,266,276	$	(5,666,495	)	$	(219,851	)	$	299,396		$	36,276		—	$	—
Invesco Diversified Dividend Fund–Class R6		5.84	%		2,641,686		5,507,869		(67,780	)		162,747			51,383			89,735		438,737		8,243,871
Total Domestic Equity Funds					6,962,360		6,774,145		(5,734,275	)		(57,104	)		350,779			126,011				8,243,871
Fixed-Income Funds–11.78%
Invesco High Yield Fund–Class R6		11.78	%		5,038,366		12,290,188		—			(714,446	)		—			585,373		4,022,786		16,614,108
Foreign Equity Funds–27.93%
Invesco Asia Pacific Growth Fund–Class Y		7.95	%		5,329,933		7,206,347		(230,847	)		(1,060,507	)		123,419			78,956		380,735		11,216,454
Invesco European Growth Fund–Class Y		9.88	%		4,319,208		9,893,847		(270,346	)		43,546			126,894			90,793		379,042		13,933,595
Invesco International Growth Fund–Class R6		10.10	%		4,393,322		10,325,089		—			(477,251	)		139,665			72,591		438,460		14,241,160
Total Foreign Equity Funds					14,042,463		27,425,283		(501,193	)		(1,494,212	)		389,978			242,340				39,391,209
Money Market Funds–37.34%
Liquid Assets Portfolio–Institutional Class, 0.16%(b)		16.64	%		1,983,391		66,555,933		(45,063,362	)		—			—			12,466		23,475,962		23,475,962
Premier Portfolio–Institutional Class, 0.12%(b)		16.64	%		1,983,392		66,555,933		(45,063,362	)		—			—			7,928		23,475,963		23,475,963
STIC (Global Series) PLC–U.S. Dollar Liquidity Portfolio (Ireland)–Institutional Class, 0.10%(b)(c)		4.06	%		—		6,674,065		(949,331	)		—			—			3,253		5,724,734		5,724,734
Total Money Market Funds					3,966,783		139,785,931		(91,076,055	)		—			—			23,647				52,676,659
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $118,569,903)		82.89	%	$	30,009,972	$	186,275,547	$	(97,311,523	)	$	(2,265,762	)	$	740,757	(d)	$	977,371			$	116,925,847

		Principal Amount
Sovereign Debt–4.89(e)
Hungary Government Bond (Hungary), Series 23, Class A, Unsec. Bonds, 6.00%, 11/24/2023	HUF		88,330,000		371,521
Hungary Government Bond (Hungary), Series 25, Class B, Unsec. Bonds, 5.50%, 06/24/2025	HUF		244,410,000		1,016,443
Mexico Government Bond (Mexico), Series M 20, Sr. Unsec. Bonds, 10.00%, 12/05/2024	MXN		17,705,700		1,374,492
Poland Government Bond (Poland), Series 0725, Unsec. Bonds, 3.25%, 07/25/2025	PLN		5,823,000		1,583,324
Poland Government Bond (Poland), Series 1023, Unsec. Bonds, 4.00%, 10/25/2023	PLN		4,124,000		1,178,042
South Africa Government Bond (South Africa), Series R186, Unsec. Bonds, 10.50%, 12/21/2026	ZAR		16,394,000		1,368,085
Total Sovereign Debt (Cost $7,467,145)					6,891,907
OPTIONS PURCHASED–6.07% (Cost $9,042,083)					8,557,537
TOTAL INVESTMENTS–93.85% (Cost $135,079,131)					132,375,291
OTHER ASSETS LESS LIABILITIES–6.15%					8,675,350
NET ASSETS–100.00%				$	141,050,641

Abbreviations:

HUF	– Hungarian Forint
MXN	– Mexican Peso

PLN	– Polish Zloty
Sr.	– Senior

Unsec.	– Unsecured
ZAR	– South African Rand

Notes to Consolidated Schedule of Investments:

^(a)  Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)  The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

^(c)  The investment is owned by the Subsidiary. See Note 5.

^(d)  Includes $52,034, $151,891, $179,554 and $139,665 of capital gains distributions from Invesco Diversified Dividend Fund, Invesco Asia Pacific Growth Fund, Invesco European Growth Fund and Invesco International Growth Fund, respectively.

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

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

11                         Invesco Global Targeted Returns Fund

Open Over-The-Counter Index Options Purchased
Description	Type of Contract		Broker/Counterparty	Expiration Date		Number of Contracts		Strike Price			Notional Value(f)				Value
HS Index		Call	Goldman Sachs International		12/30/15		6		HKD	24,400		HKD	7,320,000		$	5,969
HS Index		Call	HSBC New York		12/30/15		6		HKD	24,800		HKD	7,440,000			3,973
HS Index		Call	Societe Generale		12/30/15		82		HKD	23,800		HKD	97,580,000			146,350
HSCE Index		Call	Goldman Sachs International		12/30/15		180		HKD	11,000		HKD	99,000,000			231,924
HSCE Index		Call	Goldman Sachs International		12/30/15		12		HKD	11,400		HKD	6,840,000			8,585
HSCE Index		Call	HSBC New York		12/30/15		12		HKD	11,800		HKD	7,080,000			4,655
Subtotal — Over-The-Counter Index Call Options Purchased							298								$	401,456
M1EF Index		Put	UBS		03/18/16		14		USD	310		USD	434,000		$	9,001
M1EF Index		Put	UBS		03/18/16		204		USD	310		USD	6,324,000			131,162
M1EF Index		Put	UBS		03/18/16		16		USD	300		USD	480,000			8,204
Subtotal — Over-The-Counter Index Put Options Purchased							234								$	148,367
Total Over-The-Counter Index Options Purchased							532								$	549,823
Open Exchange-Traded Index Options Purchased
FTSE MIB Index		Put	Bank of America Merrill Lynch		03/18/15		356		EUR	20,500		EUR	18,245,000		$	529,494
FTSE MIB Index		Put	Bank of America Merrill Lynch		12/09/15		8		EUR	20,500		EUR	410,000			3,739
Nikkei 225 Index		Put	Bank of America Merrill Lynch		12/09/16		4		JPY	17,750		JPY	71,000,000			39,115
Nikkei 225 Index		Put	Bank of America Merrill Lynch		12/09/16		6		JPY	17,500		JPY	105,000,000	��		54,197
Nikkei 225 Index		Put	Bank of America Merrill Lynch		12/09/16		4		JPY	17,000		JPY	68,000,000			30,496
Nikkei 225 Index		Put	Bank of America Merrill Lynch		12/09/16		4		JPY	16,750		JPY	67,000,000			28,176
Nikkei 225 Index		Put	Bank of America Merrill Lynch		12/09/16		6		JPY	16,250		JPY	97,500,000			35,552
Nikkei 225 Index		Put	Bank of America Merrill Lynch		12/09/16		24		JPY	14,500		JPY	348,000,000			77,567
Nikkei 225 Index		Put	Goldman Sachs International		12/09/16		54		JPY	17,000		JPY	918,000,000			411,701
Nikkei 225 Index		Put	Goldman Sachs International		12/09/16		2		JPY	15,500		JPY	31,000,000			9,199
Nikkei 225 Index		Put	Goldman Sachs International		12/09/16		18		JPY	15,250		JPY	274,500,000			75,329
Nikkei 225 Index		Put	UBS		12/09/16		6		JPY	17,750		JPY	106,500,000			58,672
SX5E Index		Put	Goldman Sachs International		03/18/16		892		EUR	3,150		EUR	2,809,800			838,697
SX7E Index		Put	Bank of America Merrill Lynch		12/16/16		359		EUR	140		EUR	2,513,000			342,482
SX7E Index		Put	Bank of America Merrill Lynch		12/16/15		100		EUR	120		EUR	600,000			47,012
SX7E Index		Put	Bank of America Merrill Lynch		12/16/16		48		EUR	130		EUR	312,000			32,727
SX7E Index		Put	Bank of America Merrill Lynch		12/18/15		505		EUR	140		EUR	3,535,000			177,711
SX7E Index		Put	Bank of America Merrill Lynch		12/18/15		180		EUR	120		EUR	1,080,000			9,402
SX7E Index		Put	Bank of America Merrill Lynch		12/18/15		148		EUR	135		EUR	999,000			32,551
SX7E Index		Put	Bank of America Merrill Lynch		12/18/15		46		EUR	110		EUR	253,000			1,012
SX7E Index		Put	Citigroup Global Markets Inc.		12/16/16		82		EUR	140		EUR	574,000			78,227
SX7E Index		Put	Deutsche Bank Securities Inc.		12/18/15		42		EUR	130		EUR	273,000			5,773
SX7E Index		Put	Goldman Sachs International		12/18/15		24		EUR	140		EUR	168,000			8,446
SX7E Index		Put	Goldman Sachs International		12/16/15		106		EUR	120		EUR	636,000			49,833
SX7E Index		Put	Goldman Sachs International		12/16/16		90		EUR	140		EUR	630,000			85,860
SX7E Index		Put	Morgan Stanley Capital Services LLC		12/16/15		136		EUR	120		EUR	816,000			63,937
SX7E Index		Put	Morgan Stanley Capital Services LLC		12/18/15		7		EUR	130		EUR	45,500			962
SX7E Index		Put	Nomura Securities International Inc.		12/18/15		141		EUR	130		EUR	916,500			96,136
SX7E Index		Put	UBS		12/16/16		166		EUR	140		EUR	1,162,000			158,362
SX7E Index		Put	UBS		12/18/15		105		EUR	140		EUR	735,000			36,950
SX7E Index		Put	UBS		12/18/15		70		EUR	130		EUR	455,000			9,622
UKX Index		Put	Bank of America Merrill Lynch		12/18/15		42		GBP	6,750		GBP	2,835,000			281,363
UKX Index		Put	Bank of America Merrill Lynch		12/18/15		19		GBP	6,900		GBP	1,311,000			170,199
UKX Index		Put	Bank of America Merrill Lynch		12/18/15		15		GBP	6,400		GBP	960,000			38,622
UKX Index		Put	Bank of America Merrill Lynch		12/18/15		14		GBP	6,500		GBP	910,000			48,891
UKX Index		Put	Bank of America Merrill Lynch		12/18/15		5		GBP	6,450		GBP	322,500			15,033
UKX Index		Put	Bank of America Merrill Lynch		12/18/15		2		GBP	6,600		GBP	132,000			9,266

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

12                         Invesco Global Targeted Returns Fund

Open Exchange-Traded Index Options Purchased��(continued)

Description

Type of Contract

Broker/Counterparty

Expiration Date

Number of Contracts

Strike Price

Notional Value(f)

Value

UKX Index

Put

Goldman Sachs International

12/16/15

52

GBP

5,700

GBP

2,964,000

$

219,676

UKX Index

Put

Morgan Stanley Capital Services LLC

12/16/15

22

GBP

6,100

GBP

1,342,000

137,714

UKX Index

Put

Morgan Stanley Capital Services LLC

12/18/15

20

GBP

6,900

GBP

1,380,000

179,157

UKX Index

Put

Nomura Securities International Inc.

12/16/15

3

GBP

6,200

GBP

186,000

20,676

UKX Index

Put

UBS

12/18/15

7

GBP

6,600

GBP

462,000

32,432

Subtotal — Exchange-Traded Index Put Options Purchased

3,940

$

4,581,968

Total Index Options Purchased — Equity Risk

4,472

$

5,131,791

Abbreviations:

EUR	– Euro
GBP	– British Pound Sterling
JPY	– Japanese Yen

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

Open Over-The-Counter Foreign Currency Options Purchased

Description

Type of Contract

Counterparty

Expiration Date

Strike Price

Notional Value

Value

EUR versus USD

Call

Citigroup Global Markets Inc.

01/19/16

USD

1.216

EUR

363,370

$

199

EUR versus USD

Call

Citigroup Global Markets Inc.

01/19/16

USD

1.261

EUR

455,000

46

EUR versus USD

Call

Deutsche Bank Securities Inc.

01/19/16

USD

1.234

EUR

320,544

88

EUR versus USD

Call

Deutsche Bank Securities Inc.

01/19/16

USD

1.247

EUR

8,479,000

1,414

EUR versus USD

Call

Goldman Sachs International

01/19/16

USD

1.231

EUR

422,926

130

USD versus CAD

Call

Barclays Bank PLC

07/15/20

CAD

1.245

USD

4,309,000

416,188

USD versus CAD

Call

Deutsche Bank Securities Inc.

07/15/20

CAD

1.245

USD

4,309,000

416,189

USD versus CAD

Call

Goldman Sachs International

08/25/20

CAD

1.282

USD

648,000

55,105

USD versus CAD

Call

Goldman Sachs International

08/25/20

CAD

1.306

USD

1,020,000

79,412

Subtotal — Over-The-Counter Foreign Currency Call Options Purchased

$

968,771

EUR versus USD

Put

Barclays Bank PLC

01/13/20

USD

1.270

EUR

338,440

$

49,263

EUR versus USD

Put

Barclays Bank PLC

01/27/20

USD

1.222

EUR

640,440

75,022

EUR versus USD

Put

Barclays Bank PLC

03/12/20

USD

1.170

EUR

132,118

11,998

EUR versus USD

Put

Barclays Bank PLC

04/03/20

USD

1.172

EUR

431,984

39,712

EUR versus USD

Put

Barclays Bank PLC

04/22/20

USD

1.172

EUR

351,372

32,301

EUR versus USD

Put

Barclays Bank PLC

05/12/20

USD

1.225

EUR

119,640

14,213

EUR versus USD

Put

Barclays Bank PLC

06/03/20

USD

1.218

EUR

509,824

58,615

EUR versus USD

Put

Barclays Bank PLC

06/26/20

USD

1.220

EUR

578,405

67,039

EUR versus USD

Put

Barclays Bank PLC

07/10/20

USD

1.213

EUR

477,259

53,544

EUR versus USD

Put

Barclays Bank PLC

07/16/20

USD

1.188

EUR

437,856

43,645

EUR versus USD

Put

Citigroup Global Markets Inc.

08/25/20

USD

1.228

EUR

353,889

42,489

EUR versus USD

Put

Citigroup Global Markets Inc.

08/25/20

USD

1.194

EUR

363,370

37,214

EUR versus USD

Put

Deutsche Bank Securities Inc.

07/01/20

USD

1.210

EUR

358,640

39,710

EUR versus USD

Put

Deutsche Bank Securities Inc.

08/25/20

USD

1.205

EUR

320,544

34,650

EUR versus USD

Put

Goldman Sachs International

01/21/20

USD

1.253

EUR

310,284

41,904

EUR versus USD

Put

Goldman Sachs International

02/06/20

USD

1.234

EUR

238,027

29,468

EUR versus USD

Put

Goldman Sachs International

04/15/20

USD

1.159

EUR

618,354

53,227

EUR versus USD

Put

Goldman Sachs International

07/29/20

USD

1.204

EUR

200,000

21,525

EUR versus USD

Put

Goldman Sachs International

08/25/20

USD

1.210

EUR

422,926

46,682

EUR versus USD

Put

Goldman Sachs International

12/12/19

USD

1.350

EUR

2,792,791

560,941

GBP versus NOK

Put

Barclays Bank PLC

06/14/16

NOK

11.504

GBP

385,823

1,588

GBP versus NOK

Put

Barclays Bank PLC

06/14/16

NOK

11.560

GBP

321,453

1,467

GBP versus NOK

Put

Barclays Bank PLC

06/14/16

NOK

11.813

GBP

188,495

1,361

GBP versus NOK

Put

Barclays Bank PLC

06/14/16

NOK

11.858

GBP

150,000

1,173

GBP versus NOK

Put

Barclays Bank PLC

06/14/16

NOK

12.052

GBP

311,141

3,423

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

13                         Invesco Global Targeted Returns Fund

Open Over-The-Counter Foreign Currency Options Purchased—(continued)

Description

Type of Contract

Counterparty

Expiration Date

Strike Price

Notional Value

Value

GBP versus NOK

Put

Citigroup Global Markets Inc.

06/14/16

NOK

11.643

GBP

301,747

$

1,602

GBP versus NOK

Put

Deutsche Bank Securities Inc.

06/14/16

NOK

11.510

GBP

238,538

993

GBP versus NOK

Put

Deutsche Bank Securities Inc.

06/14/16

NOK

11.866

GBP

410,550

3,259

GBP versus NOK

Put

Goldman Sachs International

06/14/16

NOK

11.205

GBP

4,400,000

10,416

USD versus JPY

Put

Barclays Bank PLC

09/09/16

JPY

119.300

USD

7,020,000

220,603

USD versus JPY

Put

Barclays Bank PLC

09/09/16

JPY

119.630

USD

3,017,000

98,943

USD versus JPY

Put

Barclays Bank PLC

09/09/16

JPY

119.650

USD

2,251,800

74,041

USD versus JPY

Put

Citigroup Global Markets Inc.

09/09/16

JPY

119.300

USD

743,000

23,349

USD versus JPY

Put

Deutsche Bank Securities Inc.

09/09/16

JPY

118.050

USD

3,723,000

99,182

USD versus JPY

Put

Goldman Sachs International

09/09/16

JPY

118.050

USD

5,789,000

154,221

USD versus KRW

Put

Deutsche Bank Securities Inc.

09/09/16

KRW

1,170.490

USD

1,727,000

97,961

USD versus KRW

Put

Goldman Sachs International

09/09/16

KRW

1,156.000

USD

4,141,692

201,460

Subtotal — Over-The-Counter Foreign Currency Put Options Purchased

$

2,348,204

Total Over-The-Counter Foreign Currency Options Purchased — Currency Risk

$

3,316,975

Abbreviations:

CAD	– Canadian Dollar
EUR	– Euro
GBP	– British Pound Sterling

JPY	– Japanese Yen
KRW	– South Korean Won

NOK	– Norwegian Krone
USD	– U.S. Dollar

Open Over-The-Counter Swaptions Purchased

Description

Type of Contract

Counterparty

Exercise Rate

Pay/Receive Exercise Rate

Floating Rate Index

Expiration Date

Notional Value

Value

5 Year Interest Rate Swap

Put

Deutsche Bank Securities Inc.

3.06

%

Pay

3 Month USD LIBOR

10/16/17

$

396,000

$

8,580

5 Year Interest Rate Swap

Put

Deutsche Bank Securities Inc.

3.26

Pay

3 Month USD LIBOR

09/18/17

2,320,000

36,721

5 Year Interest Rate Swap

Put

Deutsche Bank Securities Inc.

3.36

Pay

3 Month USD LIBOR

09/15/17

3,000,000

41,285

5 Year Interest Rate Swap

Put

Goldman Sachs International

3.01

Pay

3 Month USD LIBOR

10/27/17

83,000

1,947

5 Year Interest Rate Swap

Put

Goldman Sachs International

3.06

Pay

3 Month USD LIBOR

09/29/17

450,000

9,475

5 Year Interest Rate Swap

Put

Morgan Stanley Capital Services LLC

3.26

Pay

3 Month USD LIBOR

09/18/17

680,000

10,763

Total Swaptions Purchased — Interest Rate Risk

$

108,771

Total Options Purchased (Cost $9,042,083)

$

8,557,537

Abbreviations:

LIBOR	– London Interbank Offered Rate
USD	– U.S. Dollar

Open Over-The-Counter Index Options Written
Description	Type of Contract		Counterparty	Expiration Date		Number of Contracts		Strike Price			Premiums Received		Notional Value(f)			Value		Unrealized Appreciation (Depreciation)
HS Index		Call	Goldman Sachs International		12/30/15		3		HKD	23,000	$	12,276		HKD	3,450,000	$	10,773	$	1,503
HS Index		Call	HSBC New York		12/30/15		3		HKD	23,600		7,452		HKD	3,540,000		6,438		1,014
HS Index		Call	Societe Generale		12/30/15		41		HKD	22,600		190,451		HKD	46,330,000		199,723		(9,272	)
HSCE Index		Call	Goldman Sachs International		12/30/15		6		HKD	10,600		12,942		HKD	3,180,000		13,288		(346	)
HSCE Index		Call	Goldman Sachs International		12/30/15		90		HKD	10,200		271,216		HKD	45,900,000		320,551		(49,335	)
HSCE Index		Call	HSBC New York		12/30/15		6		HKD	11,000		10,258		HKD	3,300,000		7,731		2,527
Subtotal — Over-The-Counter Index Call Options Written							149				$	504,595				$	558,504	$	(53,909	)
DAX Index		Put	Goldman Sachs International		11/20/15		24		EUR	9,800	$	38,583		EUR	1,176,000	$	1,803	$	36,780
DAX Index		Put	Goldman Sachs International		11/20/15		24		EUR	9,900		43,008		EUR	1,188,000		2,216		40,792
DAX Index		Put	Goldman Sachs International		11/20/15		24		EUR	10,000		47,833		EUR	1,200,000		2,752		45,081
DAX Index		Put	Goldman Sachs International		01/15/16		3		EUR	9,500		4,430		EUR	142,500		1,227		3,203
DAX Index		Put	Goldman Sachs International		01/15/16		33		EUR	9,550		41,531		EUR	1,575,750		14,351		27,180
DAX Index		Put	Goldman Sachs International		01/15/16		33		EUR	9,650		46,495		EUR	1,592,250		16,230		30,265

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

14                         Invesco Global Targeted Returns Fund

Open Over-The-Counter Index Options Written—(continued)
Description	Type of Contract		Counterparty	Expiration Date		Number of Contracts		Strike Price			Premiums Received		Notional Value(f)			Value		Unrealized Appreciation (Depreciation)
DAX Index		Put	Goldman Sachs International		01/15/16		32		EUR	9,750	$	50,421		EUR	1,560,000	$	17,814	$	32,607
M1EF Index		Put	UBS		03/21/16		8		USD	340		20,600		USD	272,000		10,025		10,575
M1EF Index		Put	UBS		03/21/16		7		USD	350		19,320		USD	245,000		10,901		8,419
M1EF Index		Put	UBS		03/21/16		102		USD	350		318,584		USD	3,570,000		158,845		159,739
Subtotal — Over-The-Counter Index Put Options Written							290				$	630,805				$	236,164	$	394,641
Total Over-The-Counter Index Options Written							439				$	1,135,400				$	794,668	$	340,732

Open Exchange-Traded Index Options Written(g)
Description	Type of Contract		Counterparty	Expiration Date		Number of Contracts		Strike Price			Premiums Received		Notional Value(f)			Value		Unrealized Appreciation (Depreciation)
DAX Index		Put	Bank of America Merrill Lynch		11/20/15		7		EUR	9,150	$	8,392		EUR	320,250	$	200	$	8,192
DAX Index		Put	Bank of America Merrill Lynch		11/20/15		12		EUR	9,400		21,516		EUR	564,000		508		21,008
DAX Index		Put	Bank of America Merrill Lynch		11/20/15		6		EUR	10,300		2,533		EUR	309,000		1,613		920
DAX Index		Put	Bank of America Merrill Lynch		12/18/15		7		EUR	9,150		10,730		EUR	320,250		997		9,733
DAX Index		Put	Bank of America Merrill Lynch		12/18/15		12		EUR	9,400		26,025		EUR	564,000		2,389		23,636
DAX Index		Put	Bank of America Merrill Lynch		12/18/15		25		EUR	9,500		40,839		EUR	1,187,500		5,732		35,107
DAX Index		Put	Bank of America Merrill Lynch		12/18/15		25		EUR	9,600		45,644		EUR	1,200,000		6,626		39,018
DAX Index		Put	Bank of America Merrill Lynch		12/18/15		25		EUR	9,700		50,427		EUR	1,212,500		7,670		42,757
DAX Index		Put	Bank of America Merrill Lynch		12/18/15		6		EUR	10,300		5,669		EUR	309,000		4,658		1,011
DAX Index		Put	Bank of America Merrill Lynch		01/15/16		6		EUR	10,300		7,806		EUR	309,000		6,691		1,115
DAX Index		Put	Goldman Sachs International		11/20/15		3		EUR	9,500		2,096		EUR	142,500		152		1,944
DAX Index		Put	Goldman Sachs International		12/18/15		3		EUR	9,500		3,483		EUR	142,500		688		2,795
FTSE MIB Index		Put	Bank of America Merrill Lynch		12/18/15		8		EUR	20,500		17,373		EUR	410,000		3,739		13,634
FTSE MIB Index		Put	Bank of America Merrill Lynch		03/18/16		178		EUR	22,500		537,906		EUR	10,012,500		598,495		(60,589	)
Nikkei 225 Index		Put	Bank of America Merrill Lynch		11/13/15		1		JPY	16,000		2,492		JPY	16,000,000		50		2,442
Nikkei 225 Index		Put	Bank of America Merrill Lynch		11/13/15		3		JPY	18,000		3,837		JPY	54,000,000		1,492		2,345
Nikkei 225 Index		Put	Bank of America Merrill Lynch		11/13/15		4		JPY	19,250		11,216		JPY	77,000,000		12,928		(1,712	)
Nikkei 225 Index		Put	Bank of America Merrill Lynch		11/13/15		4		JPY	19,500		12,667		JPY	78,000,000		19,226		(6,559	)
Nikkei 225 Index		Put	Bank of America Merrill Lynch		11/13/15		4		JPY	19,750		14,274		JPY	79,000,000		24,364		(10,090	)
Nikkei 225 Index		Put	Bank of America Merrill Lynch		12/11/15		1		JPY	16,000		3,326		JPY	16,000,000		323		3,003
Nikkei 225 Index		Put	Bank of America Merrill Lynch		12/11/15		4		JPY	17,000		20,695		JPY	68,000,000		2,818		17,877
Nikkei 225 Index		Put	Bank of America Merrill Lynch		12/11/15		4		JPY	17,250		23,182		JPY	69,000,000		3,315		19,867
Nikkei 225 Index		Put	Bank of America Merrill Lynch		12/11/15		4		JPY	17,500		25,835		JPY	70,000,000		4,309		21,526
Nikkei 225 Index		Put	Bank of America Merrill Lynch		01/08/16		1		JPY	18,000		3,895		JPY	18,000,000		2,693		1,202
Nikkei 225 Index		Put	Bank of America Merrill Lynch		12/09/16		12		JPY	16,500		144,936		JPY	198,000,000		77,567		67,369
Nikkei 225 Index		Put	Bank of America Merrill Lynch		12/09/16		3		JPY	18,750		47,870		JPY	56,250,000		40,027		7,843
Nikkei 225 Index		Put	Bank of America Merrill Lynch		12/09/16		2		JPY	19,250		31,489		JPY	38,500,000		30,993		496
Nikkei 225 Index		Put	Bank of America Merrill Lynch		12/09/16		2		JPY	19,500		31,874		JPY	39,000,000		33,314		(1,440	)
Nikkei 225 Index		Put	Bank of America Merrill Lynch		12/09/16		5		JPY	20,250		79,426		JPY	101,250,000		101,931		(22,505	)
Nikkei 225 Index		Put	Goldman Sachs International		11/13/15		1		JPY	16,750		3,391		JPY	16,750,000		99		3,292
Nikkei 225 Index		Put	Goldman Sachs International		11/13/15		2		JPY	17,250		4,162		JPY	34,500,000		348		3,814
Nikkei 225 Index		Put	Goldman Sachs International		12/11/15		1		JPY	16,750		4,225		JPY	16,750,000		580		3,645
Nikkei 225 Index		Put	Goldman Sachs International		12/11/15		4		JPY	17,000		18,114		JPY	68,000,000		2,817		15,297
Nikkei 225 Index		Put	Goldman Sachs International		12/11/15		4		JPY	17,250		20,436		JPY	69,000,000		3,315		17,121
Nikkei 225 Index		Put	Goldman Sachs International		12/11/15		4		JPY	17,500		23,051		JPY	70,000,000		4,309		18,742
Nikkei 225 Index		Put	Goldman Sachs International		01/08/16		5		JPY	17,000		19,329		JPY	85,000,000		6,630		12,699
Nikkei 225 Index		Put	Goldman Sachs International		01/08/16		5		JPY	17,250		22,310		JPY	86,250,000		7,872		14,438
Nikkei 225 Index		Put	Goldman Sachs International		01/08/16		5		JPY	17,500		25,647		JPY	87,500,000		9,323		16,324
Nikkei 225 Index		Put	Goldman Sachs International		12/09/16		9		JPY	17,750		147,663		JPY	159,750,000		88,009		59,654
Nikkei 225 Index		Put	Goldman Sachs International		12/09/16		1		JPY	18,000		15,663		JPY	18,000,000		10,608		5,055

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

15                         Invesco Global Targeted Returns Fund

Open Exchange-Traded Index Options Written(g)—(continued)
Description	Type of Contract		Counterparty	Expiration Date		Number of Contracts		Strike Price			Premiums Received		Notional Value(f)			Value		Unrealized Appreciation (Depreciation)
Nikkei 225 Index		Put	Goldman Sachs International		12/09/16		27		JPY	19,500	$	395,223		JPY	526,500,000	$	449,739	$	(54,516	)
Nikkei 225 Index		Put	Societe Generale		11/13/15		3		JPY	19,250		7,459		JPY	57,750,000		9,696		(2,237	)
Nikkei 225 Index		Put	Societe Generale		11/13/15		4		JPY	19,500		11,908		JPY	78,000,000		19,226		(7,318	)
Nikkei 225 Index		Put	Societe Generale		11/13/15		4		JPY	19,750		14,291		JPY	79,000,000		24,364		(10,073	)
Nikkei 225 Index		Put	Societe Generale		01/08/16		5		JPY	17,000		15,553		JPY	85,000,000		6,630		8,923
Nikkei 225 Index		Put	Societe Generale		01/08/16		5		JPY	17,250		17,924		JPY	86,250,000		7,873		10,051
Nikkei 225 Index		Put	Societe Generale		01/08/16		5		JPY	17,500		20,502		JPY	87,500,000		9,323		11,179
Nikkei 225 Index		Put	UBS		12/09/16		3		JPY	20,500		45,048		JPY	61,500,000		65,136		(20,088	)
SX5E Index		Put	Goldman Sachs International		03/18/16		446		EUR	3,350		702,176		EUR	14,941,000		736,190		(34,014	)
Subtotal — Exchange-Traded Index Put Options Written							920				$	2,771,528				$	2,457,595	$	313,933
Total Index Options Written — Equity Risk							1,359				$	3,906,928				$	3,252,263	$	654,665

Currency Abbreviations:

EUR	– Euro
HKD	– Hong Kong Dollar
JPY	– Japanese Yen
USD	– U.S. Dollar

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

^(g)  Index options written collateralized by $5,375,443 cash held with Bank of America Merrill Lynch.

Open Over-The-Counter Foreign Currency Options Written
Description	Type of Contract		Counterparty	Expiration Date		Strike Price			Premiums Received		Notional Value			Value		Unrealized Appreciation (Depreciation)
CAD versus USD		Call	Barclays Bank PLC		12/08/15		CAD	1.325	$	55,111		USD	2,855,500	$	15,862	$	39,249
CAD versus USD		Call	Deutsche Bank Securities Inc.		11/10/15		CAD	1.316		55,351		USD	2,938,000		10,486		44,865
CAD versus USD		Call	Deutsche Bank Securities Inc.		01/08/16		CAD	1.307		54,377		USD	3,230,000		49,612		4,765
CAD versus USD		Call	Goldman Sachs International		11/10/15		CAD	1.292		1,936		USD	198,000		2,804		(868	)
CAD versus USD		Call	Goldman Sachs International		11/10/15		CAD	1.325		4,000		USD	297,500		510		3,490
CAD versus USD		Call	Goldman Sachs International		12/08/15		CAD	1.292		3,864		USD	288,000		5,138		(1,274	)
CAD versus USD		Call	Goldman Sachs International		12/08/15		CAD	1.326		5,000		USD	297,500		1,646		3,354
CAD versus USD		Call	Goldman Sachs International		01/08/16		CAD	1.292		3,331		USD	198,000		4,305		(974	)
NOK versus GBP		Call	Barclays Bank PLC		06/14/16		NOK	13.236		12,651		GBP	385,823		18,269		(5,618	)
NOK versus GBP		Call	Barclays Bank PLC		06/14/16		NOK	13.300		9,619		GBP	321,453		14,258		(4,639	)
NOK versus GBP		Call	Barclays Bank PLC		06/14/16		NOK	13.590		5,678		GBP	188,495		6,193		(515	)
NOK versus GBP		Call	Barclays Bank PLC		06/14/16		NOK	13.643		4,059		GBP	150,000		4,666		(607	)
NOK versus GBP		Call	Barclays Bank PLC		06/14/16		NOK	13.866		6,368		GBP	311,141		7,667		(1,299	)
NOK versus GBP		Call	Citigroup Global Markets Inc.		06/14/16		NOK	13.396		6,417		GBP	301,747		12,127		(5,710	)
NOK versus GBP		Call	Deutsche Bank Securities Inc.		06/14/16		NOK	13.653		10,868		GBP	410,550		12,632		(1,764	)
NOK versus GBP		Call	Deutsche Bank Securities Inc.		06/14/16		NOK	13.240		7,862		GBP	238,538		11,250		(3,388	)
NOK versus GBP		Call	Goldman Sachs International		06/14/16		NOK	12.895		159,963		GBP	4,400,000		292,178		(132,215	)
USD versus EUR		Call	Barclays Bank PLC		01/13/20		USD	1.270		33,953		EUR	338,440		20,400		13,553
USD versus EUR		Call	Barclays Bank PLC		01/27/20		USD	1.222		66,630		EUR	640,440		50,237		16,393
USD versus EUR		Call	Barclays Bank PLC		03/12/20		USD	1.170		13,404		EUR	132,118		13,789		(385	)
USD versus EUR		Call	Barclays Bank PLC		04/03/20		USD	1.172		44,779		EUR	431,984		45,496		(717	)
USD versus EUR		Call	Barclays Bank PLC		04/22/20		USD	1.172		36,888		EUR	351,372		37,006		(118	)
USD versus EUR		Call	Barclays Bank PLC		05/12/20		USD	1.225		12,182		EUR	119,640		10,024		2,158
USD versus EUR		Call	Barclays Bank PLC		06/03/20		USD	1.218		52,930		EUR	509,824		44,879		8,051
USD versus EUR		Call	Barclays Bank PLC		06/26/20		USD	1.220		57,422		EUR	578,405		51,319		6,103
USD versus EUR		Call	Barclays Bank PLC		07/10/20		USD	1.213		48,840		EUR	477,259		44,167		4,673
USD versus EUR		Call	Barclays Bank PLC		07/16/20		USD	1.188		42,457		EUR	437,856		45,533		(3,076	)
USD versus EUR		Call	Citigroup Global Markets Inc.		08/25/20		USD	1.194		36,552		EUR	363,370		37,788		(1,236	)

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

16                         Invesco Global Targeted Returns Fund

Open Over-The-Counter Foreign Currency Options Written—(continued)
Description	Type of Contract		Counterparty	Expiration Date		Strike Price			Premiums Received		Notional Value			Value		Unrealized Appreciation (Depreciation)
USD versus EUR		Call	Citigroup Global Markets Inc.		08/25/20		USD	1.228	$	36,638		EUR	353,889	$	31,565	$	5,073
USD versus EUR		Call	Deutsche Bank Securities Inc.		07/01/20		USD	1.210		36,515		EUR	358,640		33,419		3,096
USD versus EUR		Call	Deutsche Bank Securities Inc.		08/25/20		USD	1.205		32,515		EUR	320,544		31,690		825
USD versus EUR		Call	Goldman Sachs International		12/12/19		USD	1.350		283,731		EUR	2,792,791		104,223		179,508
USD versus EUR		Call	Goldman Sachs International		01/21/20		USD	1.253		30,213		EUR	310,284		20,624		9,589
USD versus EUR		Call	Goldman Sachs International		02/06/20		USD	1.234		22,003		EUR	238,027		17,715		4,288
USD versus EUR		Call	Goldman Sachs International		04/15/20		USD	1.159		63,718		EUR	618,354		69,211		(5,493	)
USD versus EUR		Call	Goldman Sachs International		07/29/20		USD	1.204		19,856		EUR	200,000		19,514		342
USD versus EUR		Call	Goldman Sachs International		08/25/20		USD	1.210		42,970		EUR	422,926		40,986		1,984
Subtotal — Over-The-Counter Foreign Currency Call Options Written									$	1,420,651				$	1,239,188	$	181,463
EUR versus USD		Put	Citigroup Global Markets Inc.		11/17/15		USD	1.122	$	604		EUR	126,389	$	3,043	$	(2,439	)
EUR versus USD		Put	Citigroup Global Markets Inc.		12/17/15		USD	1.082		339		EUR	113,553		354		(15	)
EUR versus USD		Put	Citigroup Global Markets Inc.		12/17/15		USD	1.082		1,066		EUR	113,553		1,014		52
EUR versus USD		Put	Citigroup Global Markets Inc.		12/17/15		USD	1.123		789		EUR	78,993		2,301		(1,512	)
EUR versus USD		Put	Citigroup Global Markets Inc.		01/15/16		USD	1.123		1,634		EUR	126,389		4,301		(2,667	)
EUR versus USD		Put	Deutsche Bank Securities Inc.		11/17/15		USD	1.098		1,007		EUR	100,170		838		169
EUR versus USD		Put	Deutsche Bank Securities Inc.		12/17/15		USD	1.099		1,679		EUR	100,170		1,516		163
EUR versus USD		Put	Deutsche Bank Securities Inc.		12/17/15		USD	1.100		11,179		EUR	900,000		14,035		(2,856	)
EUR versus USD		Put	Deutsche Bank Securities Inc.		12/17/15		USD	1.111		14,288		EUR	900,000		19,386		(5,098	)
EUR versus USD		Put	Deutsche Bank Securities Inc.		12/17/15		USD	1.122		18,179		EUR	900,000		25,960		(7,781	)
EUR versus USD		Put	Goldman Sachs International		11/17/15		USD	1.078		8,482		EUR	860,000		2,055		6,427
EUR versus USD		Put	Goldman Sachs International		11/17/15		USD	1.084		1,136		EUR	70,000		259		877
EUR versus USD		Put	Goldman Sachs International		11/17/15		USD	1.089		11,166		EUR	860,000		4,255		6,911
EUR versus USD		Put	Goldman Sachs International		11/17/15		USD	1.095		1,447		EUR	132,164		948		499
EUR versus USD		Put	Goldman Sachs International		11/17/15		USD	1.100		14,539		EUR	860,000		8,003		6,536
EUR versus USD		Put	Goldman Sachs International		12/17/15		USD	1.096		2,115		EUR	132,164		1,830		285
EUR versus USD		Put	Goldman Sachs International		01/15/16		USD	1.105		9,585		EUR	1,001,592		23,592		(14,007	)
EUR versus USD		Put	Goldman Sachs International		01/15/16		USD	1.116		12,734		EUR	1,001,593		29,790		(17,056	)
EUR versus USD		Put	Goldman Sachs International		01/15/16		USD	1.128		16,540		EUR	1,001,593		36,978		(20,438	)
USD versus CAD		Put	Barclays Bank PLC		07/15/20		CAD	1.245		361,346		USD	4,309,000		272,301		89,045
USD versus CAD		Put	Deutsche Bank Securities Inc.		07/15/20		CAD	1.245		369,791		USD	4,309,000		272,300		97,491
USD versus CAD		Put	Goldman Sachs International		08/25/20		CAD	1.282		55,009		USD	648,000		51,255		3,754
USD versus CAD		Put	Goldman Sachs International		08/25/20		CAD	1.306		88,000		USD	1,020,000		91,217		(3,217	)
USD versus KRW		Put	Barclays Bank PLC		09/09/16		KRW	1,200.050		160,194		USD	3,305,000		247,181		(86,987	)
USD versus KRW		Put	Citigroup Global Markets Inc.		09/09/16		KRW	1,195.250		10,158		USD	205,000		14,704		(4,546	)
USD versus KRW		Put	Deutsche Bank Securities Inc.		09/09/16		KRW	1,205.800		472,006		USD	9,410,000		738,871		(266,865	)
USD versus KRW		Put	Goldman Sachs International		09/09/16		KRW	1,205.800		306,123		USD	6,222,000		488,550		(182,427	)
Subtotal – Over-The-Counter Foreign Currency Put Options Written									$	1,951,135				$	2,356,837	$	(405,702	)
Total Foreign Currency Options Written — Currency Risk									$	3,371,786				$	3,596,025	$	(224,239	)

Currency Abbreviations:

CAD	– Canadian Dollar
EUR	– Euro
GBP	– British Pound Sterling
NOK	– Norwegian Krone
KRW	– South Korean Won
USD	– United States Dollar

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

17                         Invesco Global Targeted Returns Fund

Open Over-The-Counter Swaptions Written
Description	Type of Contract		Counterparty	Exercise Rate			Pay/Receive Exercise Rate		Floating Rate Index	Expiration Date		Premiums Received		Notional Value			Value		Unrealized Appreciation (Depreciation)
5 Year Interest Rate Swap		Call	Barclays Bank PLC		1.72	%		Receive	3 Month USD LIBOR		11/18/15	$	758		USD	950,000	$	103	$	655
5 Year Interest Rate Swap		Call	Barclays Bank PLC		1.84			Receive	3 Month USD LIBOR		11/16/15		1,200		USD	950,000		410		790
5 Year Interest Rate Swap		Call	Barclays Bank PLC		1.55			Receive	3 Month USD LIBOR		12/14/15		150		USD	150,000		38		112
5 Year Interest Rate Swap		Call	Barclays Bank PLC		1.86			Receive	3 Month USD LIBOR		12/15/15		2,527		USD	950,000		2,367		160
5 Year Interest Rate Swap		Call	Barclays Bank PLC		1.74			Receive	3 Month USD LIBOR		12/18/15		2,274		USD	950,000		1,181		1,093
5 Year Interest Rate Swap		Call	Barclays Bank PLC		1.88			Receive	3 Month USD LIBOR		01/15/16		3,790		USD	950,000		4,595		(805	)
5 Year Interest Rate Swap		Call	Barclays Bank PLC		1.76			Receive	3 Month USD LIBOR		01/19/16		3,221		USD	950,000		2,848		373
5 Year Interest Rate Swap		Call	Barclays Bank PLC		1.57			Receive	3 Month USD LIBOR		01/14/16		345		USD	150,000		160		185
5 Year Interest Rate Swap		Call	Barclays Bank PLC		1.59			Receive	3 Month USD LIBOR		02/16/16		525		USD	150,000		334		191
5 Year Interest Rate Swap		Call	Deutsche Bank Securities Inc.		1.55			Receive	3 Month USD LIBOR		11/30/15		155		USD	144,000		11		144
5 Year Interest Rate Swap		Call	Deutsche Bank Securities Inc.		1.57			Receive	3 Month USD LIBOR		12/31/15		346		USD	144,000		99		247
5 Year Interest Rate Swap		Call	Deutsche Bank Securities Inc.		1.59			Receive	3 Month USD LIBOR		01/29/16		536		USD	144,000		237		299
5 Year Interest Rate Swap		Call	Goldman Sachs International		1.49			Receive	3 Month USD LIBOR		12/29/15		25		USD	22,000		9		16
5 Year Interest Rate Swap		Call	Goldman Sachs International		1.51			Receive	3 Month USD LIBOR		01/27/16		40		USD	22,000		24		16
5 Year Interest Rate Swap		Call	Goldman Sachs International		1.53			Receive	3 Month USD LIBOR		02/29/16		70		USD	22,000		46		24
Subtotal — Over-The-Counter Call Swaptions Written												$	15,962				$	12,462	$	3,500
5 Year Interest Rate Swap		Put	Morgan Stanley Capital Services LLC		2.32			Pay	6 Month GBP LIBOR		08/25/20	$	119,068		GBP	2,329,187	$	123,316	$	(4,248	)
5 Year Interest Rate Swap		Put	Morgan Stanley Capital Services LLC		2.28			Pay	6 Month GBP LIBOR		10/16/20		884,511		GBP	17,350,000		955,835		(71,324	)
5 Year Interest Rate Swap		Put	Morgan Stanley Capital Services LLC		2.73			Pay	6 Month GBP LIBOR		07/16/20		76,795		GBP	1,500,000		59,053		17,742
5 Year Interest Rate Swap		Put	Royal Bank of Scotland Securities Inc.		2.75	%		Pay	6 Month GBP LIBOR		07/10/20		87,817		GBP	1,700,000		65,817		22,000
Subtotal — Over-The-Counter Put Swaptions Written												$	1,168,191				$	1,204,021	$	(35,830	)
Total Swaptions Written — Interest Rate Risk												$	1,184,153				$	1,216,483	$	(32,330	)
Total — Options Written												$	8,462,867				$	8,064,771	$	398,096

Abbreviations:

GBP	– British Pound Sterling
LIBOR	– London Interbank Offered Rate
USD	– U.S. Dollar

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

18                         Invesco Global Targeted Returns Fund

Options Written Transactions
	Call Options
	Number of Contracts*				Notional Value				Notional Value				Notional Value				Notional Value			Notional Value			Premiums Received
Beginning of period		127		CHF		4,212,000		EUR		3,431,000		GBP		22,441,000		HKD		—	USD		2,130,000		$	1,638,111
Written		313		CHF		78,000		EUR		18,237,163		GBP		101,547,747		HKD		105,700,000	USD		48,559,902			6,207,763
Closed		(291	)	CHF		(4,290,000	)	EUR		(11,672,000	)	GBP		(117,281,000	)	HKD		—	USD		(23,273,016	)		(5,794,191	)
Exercised		—				—				—				—				—			—			—
Expired		—				—				—				—				—	USD		(10,466,386	)		(110,475	)
End of period		149		CHF		—		EUR		9,996,163		GBP		6,707,747		HKD		105,700,000	USD		16,950,500		$	1,941,208

	Put Options
	Number of Contracts*				Notional Value			Notional Value			Notional Value				Notional Value				Premiums Received
Beginning of period		582		EUR		10,154,250			GBP	—		JPY	—			USD	5,527,000		$	706,900
Written		3,888		EUR		168,103,898			GBP	22,879,187		JPY	5,712,500,000			USD	86,666,103			13,678,985
Closed		(2,376	)	EUR		(83,943,547	)			—		JPY	(1,351,250,000	)		USD	(51,602,103	)		(6,629,018	)
Exercised		—				—				—			—				—			—
Expired		(884	)	EUR		(44,557,778	)			—		JPY	(1,610,250,000	)		USD	(7,076,000	)		(1,235,208	)
End of period		1,210		EUR		49,756,823			GBP	22,879,187		JPY	2,751,000,000			USD	33,515,000		$	6,521,659

* Does not include swaptions written and foreign currency options written.

Open Futures Contracts(h)
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation (Depreciation)
CAA Index		Long		914		December-2015	$	6,895,163		$	194,423
E-Mini Consumer Staples Sector		Long		140		December-2015		6,995,800			458,330
FTSE 100 Index		Long		136		December-2015		13,252,080			486,753
E-Mini Consumer Discretionary Sector		Short		90		December-2015		(7,315,200	)		(574,042	)
E-Mini S&P 500 Index		Short		11		December-2015		(1,140,535	)		(73,042	)
MSCI AC Asia Index		Short		169		December-2015		(5,922,757	)		(315,839	)
Nikkei 225		Short		18		December-2015		(1,422,309	)		(113,516	)
Russell 2000 Index Mini		Short		71		December-2015		(8,223,930	)		(117,999	)
SPI 200 Index		Short		35		December-2015		(3,267,068	)		(112,706	)
STOXX Europe 600 Index		Short		633		December-2015		(13,024,220	)		(680,453	)
Total — Futures Contracts — Equity Risk										$	(848,091	)

^(h)  Futures contracts collateralized by $2,363,148 cash held with Bank of America Merrill Lynch, the futures commission merchant.

Open Centrally Cleared Credit Default Swap Agreements(i)(j)
Counterparty/Clearinghouse	Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Implied Credit Spread(g)			Expiration Date			Notional Value		Upfront Payments Paid (Received)			Unrealized Appreciation (Depreciation)
Credit Suisse First Boston/CME	Markit CDX NA IG Index		Sell		1.00	%		0.79	%		December-2020	USD		6,953,000	$	43,575		$	28,298
Credit Suisse First Boston/ICE	Markit iTraxx Europe Index		Sell		1.00			1.08			December-2025	EUR		31,393,485		(535,116	)		300,531
Credit Suisse First Boston/ICE	Markit iTraxx Europe Index		Buy		(1.00	)		0.71			December-2020	EUR		31,393,485		(365,533	)		(145,517	)
Credit Suisse First Boston/CME	Markit CDX NA HY Index		Buy		(5.00	)		4.27			December-2020	USD		5,628,000		2,275			(183,626	)
Total — Credit Default Swap Agreements — Credit Risk															$	(854,799	)	$	(314	)

Abbreviations:

CME	– Chicago Mercantile Exchange
EUR	– Euro

ICE	– Intercontinental Exchange
USD	– U.S. Dollar

⁽ⁱ⁾  Implied credit spreads represent the current level as of October 31, 2015 at which protection could be bought or sold given the terms of the existing credit default swap contract and serve as an indicator of the current status of the payment/performance risk of the credit default swap contract. An implied credit 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 spread markets generally.

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

19                         Invesco Global Targeted Returns Fund

Open Centrally Cleared Interest Rate Swap Agreements(j)
Counterparty/Clearinghouse	Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Termination Date		Notional Value			Unrealized Appreciation (Depreciation)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.724	%		February-2025		EUR	4,051,000	$	53,107
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.728			February-2025		EUR	384,000		5,338
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.704			February-2025		EUR	536,000		8,761
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.687			February-2025		EUR	121,000		2,235
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.623			March-2025		EUR	470,000		11,988
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.552			April-2025		EUR	557,000		18,605
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.487			April-2025		EUR	773,000		31,083
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.466			April-2025		EUR	439,000		18,723
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.860			May-2025		EUR	3,722,000		7,448
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.943			May-2025		EUR	167,000		(1,096	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.971			May-2025		EUR	213,000		(2,034	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.042			June-2025		EUR	637,000		(10,567	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.176			June-2025		EUR	330,000		(10,155	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.267			June-2025		EUR	723,000		(28,916	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.270			June-2025		EUR	380,000		(15,320	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.201			July-2025		EUR	276,000		(9,039	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.208			July-2025		EUR	448,000		(15,026	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.717			July-2025		EUR	4,275,000		(45,649	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.727			July-2025		EUR	1,414,000		(15,671	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.221			July-2025		EUR	597,000		(20,766	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.259			July-2025		EUR	310,000		(12,027	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		2.057			July-2025		EUR	4,464,432		(128,398	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.970			July-2025		EUR	5,135,000		(123,579	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.894			July-2025		EUR	2,232,000		(44,697	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.156			July-2025		EUR	220,000		(6,119	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.192			July-2025		EUR	547,000		(17,287	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.804			July-2025		EUR	2,213,568		(33,578	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.051			July-2025		EUR	140,000		(2,338	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.052			July-2025		EUR	150,000		(2,528	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.700			July-2025		EUR	1,500,000		(14,152	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.963			September-2025		EUR	275,000		(1,658	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.004			September-2025		EUR	453,000		(4,778	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.635			September-2025		EUR	1,208,000		(5,276	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.965			October-2025		EUR	208,000		(1,248	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.966			October-2025		EUR	401,000		(2,450	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.600			October-2025		EUR	801,000		(1,760	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.931			October-2025		EUR	202,000		(364	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.944			October-2025		EUR	632,000		(2,019	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.558			October-2025		EUR	506,000		302
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.825			October-2025		EUR	161,000		1,601
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		0.838			October-2025		EUR	353,000		3,037
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.484			October-2025		EUR	1,211,000		5,930
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.825			July-2049		EUR	3,971,379		(79,695	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.880			July-2049		EUR	5,895,621		(202,347	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		2.014			July-2049		EUR	547,000		(38,071	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.819			July-2049		EUR	270,000		(5,149	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.800			September-2049		EUR	446,000		(5,792	)
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.740			October-2049		EUR	401,000		1,379
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.738			October-2049		EUR	506,000		2,243
Credit Suisse First Boston/CME	Receive		6 Month EUR LIBOR		1.702			October-2049		EUR	505,000		7,115

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

20                         Invesco Global Targeted Returns Fund

Open Centrally Cleared Interest Rate Swap Agreements(j)—(continued)

Counterparty/Clearinghouse

Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate

Termination Date

Notional Value

Unrealized Appreciation (Depreciation)

Credit Suisse First Boston/CME

Receive

6 Month GBP LIBOR

2.463

%

May-2025

GBP

8,364,000

$

(37,617

)

Credit Suisse First Boston/CME

Receive

6 Month GBP LIBOR

2.680

June-2025

GBP

350,000

(6,769

)

Credit Suisse First Boston/CME

Receive

6 Month GBP LIBOR

2.807

June-2025

GBP

772,000

(21,555

)

Credit Suisse First Boston/CME

Receive

6 Month GBP LIBOR

2.795

July-2025

GBP

477,000

(12,840

)

Credit Suisse First Boston/CME

Receive

6 Month GBP LIBOR

2.750

July-2025

GBP

850,000

(20,026

)

Credit Suisse First Boston/CME

Receive

6 Month GBP LIBOR

2.761

July-2025

GBP

643,000

(15,648

)

Credit Suisse First Boston/CME

Receive

6 Month GBP LIBOR

2.710

July-2025

GBP

427,000

(8,812

)

Credit Suisse First Boston/CME

Receive

6 Month GBP LIBOR

2.730

July-2025

GBP

750,000

(16,527

)

Credit Suisse First Boston/CME

Receive

6 Month GBP LIBOR

2.550

July-2025

GBP

280,000

(2,602

)

Credit Suisse First Boston/CME

Receive

6 Month GBP LIBOR

2.320

August-2025

GBP

1,164,594

8,263

Credit Suisse First Boston/CME

Receive

6 Month GBP LIBOR

2.358

September-2025

GBP

821,000

3,897

Credit Suisse First Boston/CME

Receive

6 Month GBP LIBOR

2.300

September-2025

GBP

622,000

5,448

Credit Suisse First Boston/CME

Receive

6 Month GBP LIBOR

2.293

October-2025

GBP

639,000

6,086

Credit Suisse First Boston/CME

Receive

6 Month GBP LIBOR

2.280

October-2025

GBP

7,634,000

79,522

Credit Suisse First Boston/CME

Receive

6 Month GBP LIBOR

2.283

October-2025

GBP

136,000

1,406

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

2.723

February-2025

AUD

6,058,400

(52,867

)

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

2.752

February-2025

AUD

683,600

(4,701

)

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

2.773

February-2025

AUD

783,000

(4,852

)

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

2.872

March-2025

AUD

296,000

30

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

2.672

April-2025

AUD

815,000

(10,753

)

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

2.670

April-2025

AUD

1,082,000

(14,651

)

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

2.795

April-2025

AUD

607,000

(3,286

)

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

3.365

May-2025

AUD

301,000

10,045

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

3.225

June-2025

AUD

912,000

21,494

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

3.373

June-2025

AUD

550,000

18,330

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

3.465

June-2025

AUD

1,052,000

41,428

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

3.413

July-2025

AUD

550,000

19,688

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

3.353

July-2025

AUD

885,000

28,177

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

3.345

July-2025

AUD

807,000

25,304

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

3.170

July-2025

AUD

821,000

16,410

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

3.666

September-2025

AUD

4,096,000

26,562

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

3.683

September-2025

AUD

8,185,000

57,063

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

3.666

September-2025

AUD

5,513,000

35,747

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

3.019

September-2025

AUD

1,188,000

11,158

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

2.898

October-2025

AUD

1,289,000

2,358

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

3.474

October-2025

AUD

644,000

346

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

2.870

October-2025

AUD

383,000

(103

)

Credit Suisse First Boston/CME

Pay

6 Month AUD LIBOR

3.445

October-2025

AUD

690,000

(444

)

Credit Suisse First Boston/CME

Pay

6 Month EUR LIBOR

0.974

October-2025

EUR

2,372,000

16,338

Credit Suisse First Boston/CME

Pay

6 Month EUR LIBOR

1.831

July-2029

EUR

9,928,446

176,120

Credit Suisse First Boston/CME

Pay

6 Month EUR LIBOR

1.881

July-2029

EUR

14,738,554

326,402

Credit Suisse First Boston/CME

Pay

6 Month EUR LIBOR

1.998

July-2029

EUR

1,368,000

47,501

Credit Suisse First Boston/CME

Pay

6 Month EUR LIBOR

1.805

July-2029

EUR

700,000

10,241

Credit Suisse First Boston/CME

Pay

6 Month EUR LIBOR

1.770

September-2029

EUR

1,114,000

9,944

Credit Suisse First Boston/CME

Pay

6 Month EUR LIBOR

1.721

October-2029

EUR

1,002,000

3,385

Credit Suisse First Boston/CME

Pay

6 Month EUR LIBOR

1.693

October-2029

EUR

1,264,000

(387

)

Credit Suisse First Boston/CME

Pay

6 Month EUR LIBOR

1.622

October-2029

EUR

1,262,000

(10,332

)

Credit Suisse First Boston/CME

Pay

3 Month SEK LIBOR

2.290

July-2025

SEK

45,000,000

8,786

Credit Suisse First Boston/CME

Pay

3 Month SEK LIBOR

2.260

July-2025

SEK

14,892,000

275

Credit Suisse First Boston/CME

Pay

3 Month SEK LIBOR

2.578

July-2025

SEK

44,676,719

78,007

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

21                         Invesco Global Targeted Returns Fund

Open Centrally Cleared Interest Rate Swap Agreements(j)—(continued)
Counterparty/Clearinghouse	Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Termination Date		Notional Value			Unrealized Appreciation (Depreciation)
Credit Suisse First Boston/CME	Pay		3 Month SEK LIBOR		2.476	%		July-2025		SEK	44,677,000	$	53,149
Credit Suisse First Boston/CME	Pay		3 Month SEK LIBOR		2.395			July-2025		SEK	16,680,000		12,504
Credit Suisse First Boston/CME	Pay		3 Month SEK LIBOR		2.305			July-2025		SEK	18,514,281		4,770
Credit Suisse First Boston/CME	Pay		3 Month SEK LIBOR		2.260			July-2025		SEK	17,000,000		(194	)
Credit Suisse First Boston/CME	Pay		3 Month SEK LIBOR		2.236			September-2025		SEK	7,042,000		(2,171	)
Credit Suisse First Boston/CME	Pay		3 Month SEK LIBOR		2.275			October-2025		SEK	10,606,000		(1,258	)
Credit Suisse First Boston/CME	Pay		3 Month SEK LIBOR		2.265			October-2025		SEK	8,198,000		(1,782	)
Credit Suisse First Boston/CME	Pay		3 Month SEK LIBOR		2.205			October-2025		SEK	8,526,000		(4,832	)
Subtotal — Centrally Cleared Interest Rate Swap Agreements												$	180,521

Abbreviations:

AUD	– Australian Dollar
EUR	– Euro

LIBOR	– London Interbank Offered Rate
CME	– Chicago Mercantile Exchange

GBP	– British Pound Sterling
SEK	– Swedish Krona

^(j)  Centrally cleared swap agreements collateralized by $2,197,251 cash held with Credit Suisse First Boston.

Open Over-The-Counter Inflation Swap Agreements(k)
Counterparty	Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Termination Date		Notional Value			Unrealized Appreciation (Depreciation)
Citigroup Global Markets Inc.(c)	Receive		United Kingdom RPI		2.988	%		May-2020		GBP	319,719	$	(11,070	)
Citigroup Global Markets Inc.(c)	Receive		United Kingdom RPI		2.880			July-2020		GBP	550,000		(9,723	)
Citigroup Global Markets Inc.(c)	Receive		United Kingdom RPI		2.955			July-2020		GBP	854,000		(20,363	)
Citigroup Global Markets Inc.(c)	Receive		United Kingdom RPI		3.065			July-2020		GBP	954,000		(31,417	)
Citigroup Global Markets Inc.(c)	Receive		United Kingdom RPI		2.658			September-2020		GBP	1,245,000		549
Deutsche Bank Securities Inc.(c)	Receive		United Kingdom RPI		2.720			January-2020		GBP	1,155,175		(32,081	)
Deutsche Bank Securities Inc.(c)	Receive		United Kingdom RPI		2.675			April-2020		GBP	1,817,000		(24,047	)
Deutsche Bank Securities Inc.(c)	Receive		United Kingdom RPI		2.740			April-2020		GBP	1,954,000		(36,216	)
Deutsche Bank Securities Inc.(c)	Receive		United Kingdom RPI		2.778			April-2020		GBP	1,105,000		(23,863	)
Deutsche Bank Securities Inc.(c)	Receive		United Kingdom RPI		2.612			October-2020		GBP	1,278,000		3,115
Morgan Stanley Capital Services LLC(c)	Receive		United Kingdom RPI		2.690			February-2020		GBP	11,857,170		(263,496	)
Morgan Stanley Capital Services LLC(c)	Receive		United Kingdom RPI		2.650			March-2020		GBP	814,000		(9,623	)
Morgan Stanley Capital Services LLC(c)	Receive		United Kingdom RPI		3.015			July-2020		GBP	1,286,000		(37,026	)
Morgan Stanley Capital Services LLC(c)	Receive		United Kingdom RPI		2.720			September-2020		GBP	1,642,000		(7,587	)
Morgan Stanley Capital Services LLC(c)	Receive		United Kingdom RPI		2.605			October-2020		GBP	272,000		817
Citigroup Global Markets Inc.(c)	Pay		United Kingdom RPI		3.178			May-2025		GBP	319,719		14,195
Citigroup Global Markets Inc.(c)	Pay		United Kingdom RPI		3.130			July-2025		GBP	550,000		14,486
Citigroup Global Markets Inc.(c)	Pay		United Kingdom RPI		3.190			July-2025		GBP	854,000		31,449
Citigroup Global Markets Inc.(c)	Pay		United Kingdom RPI		3.248			July-2025		GBP	954,000		44,796
Citigroup Global Markets Inc.(c)	Pay		United Kingdom RPI		2.949			September-2025		GBP	1,245,000		(7,557	)
Deutsche Bank Securities Inc.(c)	Pay		United Kingdom RPI		2.932			January-2025		GBP	1,155,175		23,073
Deutsche Bank Securities Inc.(c)	Pay		United Kingdom RPI		2.900			April-2025		GBP	1,817,000		2,295
Deutsche Bank Securities Inc.(c)	Pay		United Kingdom RPI		2.965			April-2025		GBP	1,954,000		24,315
Deutsche Bank Securities Inc.(c)	Pay		United Kingdom RPI		3.000			April-2025		GBP	1,105,000		20,424
Deutsche Bank Securities Inc.(c)	Pay		United Kingdom RPI		2.926			October-2025		GBP	1,278,000		(11,215	)
Morgan Stanley Capital Services LLC(c)	Pay		United Kingdom RPI		2.923			February-2025		GBP	11,857,170		172,955
Morgan Stanley Capital Services LLC(c)	Pay		United Kingdom RPI		2.865			March-2025		GBP	814,000		(2,878	)
Morgan Stanley Capital Services LLC(c)	Pay		United Kingdom RPI		3.250			July-2025		GBP	1,286,000		60,917
Morgan Stanley Capital Services LLC(c)	Pay		United Kingdom RPI		3.010			September-2025		GBP	1,642,000		7,239
Morgan Stanley Capital Services LLC(c)	Pay		United Kingdom RPI		2.943			October-2025		GBP	272,000		(1,622	)
Subtotal — Over-The-Counter Inflation Swap Agreements												$	(109,159	)
Total Interest Rate and Inflation Swap Agreements — Interest Rate Risk												$	71,362

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

22                         Invesco Global Targeted Returns Fund

Abbreviations:

GBP	– British Pound Sterling
RPI	– Retail Price Index

^(c)  The investment is owned by the Subsidiary. See Note 5.

^(k)  Inflation swap agreements collateralized by $75,000 cash held with Deutsche Bank Securities Inc. and Morgan Stanley Capital Services, LLC.

Open Over-The-Counter Variance Swap Agreements

Counterparty

Reference Entity

Pay/Receive Variance

Volatility Strike Rate

Expiration Date

Notional Value

Unrealized Appreciation (Depreciation)

Goldman Sachs International

Hang Seng China Enterprise Index

Pay

28.45

%

December-2015

HKD

61,489

$

(22,256

)

Goldman Sachs International

Hang Seng China Enterprise Index

Pay

45.00

December-2016

HKD

146,000

213,066

Goldman Sachs International

Hang Seng China Enterprise Index

Pay

37.00

December-2016

HKD

133,500

74,628

HSBC New York

Hang Seng China Enterprise Index

Pay

43.00

December-2016

HKD

109,500

131,159

HSBC New York

Hang Seng China Enterprise Index

Pay

42.75

December-2016

HKD

54,382

63,769

Societe Generale

Hang Seng China Enterprise Index

Pay

41.40

December-2016

HKD

54,000

59,732

Societe Generale

Hang Seng China Enterprise Index

Pay

35.50

December-2016

HKD

92,000

44,089

Societe Generale

Hang Seng China Enterprise Index

Pay

35.60

December-2016

HKD

133,500

53,088

Goldman Sachs International

Hang Seng Index

Pay

21.33

December-2015

HKD

58,299

(35,919

)

Goldman Sachs International

Hang Seng Index

Pay

33.00

December-2016

HKD

146,000

116,494

Societe Generale

Hang Seng Index

Pay

28.50

December-2016

HKD

83,000

25,886

Societe Generale

Hang Seng Index

Pay

32.50

December-2016

HKD

64,000

47,953

Barclays Bank PLC

S&P 500 Index

Pay

21.00

December-2015

USD

1,870

8,896

Barclays Bank PLC

S&P 500 Index

Pay

21.40

December-2015

USD

1,375

6,876

Goldman Sachs International

S&P 500 Index

Pay

19.90

December-2016

USD

13,845

(3,181

)

Goldman Sachs International

S&P 500 Index

Pay

20.10

December-2016

USD

43,000

(191

)

HSBC New York

S&P 500 Index

Pay

18.75

December-2016

USD

28,000

(64,429

)

HSBC New York

S&P 500 Index

Pay

20.15

December-2016

USD

15,400

(2,623

)

HSBC New York

S&P 500 Index

Pay

20.25

December-2016

USD

27,630

387

Morgan Stanley Capital Services LLC

S&P 500 Index

Pay

18.30

December-2015

USD

6,720

20,576

Morgan Stanley Capital Services LLC

S&P 500 Index

Pay

18.35

December-2015

USD

11,620

34,272

Morgan Stanley Capital Services LLC

S&P 500 Index

Pay

18.40

December-2015

USD

5,790

17,614

Societe Generale

S&P 500 Index

Pay

17.80

December-2015

USD

15,516

(6,348

)

Societe Generale

S&P 500 Index

Pay

19.85

December-2016

USD

8,910

(7,518

)

Societe Generale

S&P 500 Index

Pay

20.60

December-2016

USD

13,052

(4,609

)

Societe Generale

S&P 500 Index

Pay

21.80

December-2016

USD

28,853

29,012

UBS

S&P 500 Index

Pay

18.10

December-2015

USD

2,500

8,199

Barclays Bank PLC

Hang Seng China Enterprise Index

Receive

29.25

December-2015

HKD

10,660

(980

)

Deutsche Bank Securities Inc.

Hang Seng China Enterprise Index

Receive

30.90

December-2015

HKD

158,920

(46,152

)

Goldman Sachs International

Hang Seng China Enterprise Index

Receive

27.20

December-2015

HKD

15,252

2,744

Goldman Sachs International

Hang Seng China Enterprise Index

Receive

28.00

December-2015

HKD

33,372

2,437

Goldman Sachs International

Hang Seng China Enterprise Index

Receive

31.35

December-2015

HKD

15,918

(5,474

)

Goldman Sachs International

Hang Seng China Enterprise Index

Receive

28.85

December-2016

HKD

38,135

18,213

Goldman Sachs International

Hang Seng China Enterprise Index

Receive

29.65

December-2016

HKD

64,185

23,321

Goldman Sachs International

Hang Seng China Enterprise Index

Receive

30.05

December-2016

HKD

9,837

2,168

Goldman Sachs International

Hang Seng China Enterprise Index

Receive

30.20

December-2016

HKD

167,000

32,551

Goldman Sachs International

Hang Seng China Enterprise Index

Receive

30.45

December-2016

HKD

87,000

21,959

Goldman Sachs International

Hang Seng China Enterprise Index

Receive

30.70

December-2016

HKD

29,869

6,523

Goldman Sachs International

Hang Seng China Enterprise Index

Receive

30.97

December-2016

HKD

65,100

11,845

Goldman Sachs International

Hang Seng China Enterprise Index

Receive

30.98

December-2016

HKD

72,579

13,108

Goldman Sachs International

Hang Seng China Enterprise Index

Receive

31.70

December-2016

HKD

21,615

1,839

Goldman Sachs International

Hang Seng China Enterprise Index

Receive

32.40

December-2016

HKD

28,607

(162

)

HSBC New York

Hang Seng China Enterprise Index

Receive

27.00

December-2015

HKD

52,749

10,926

HSBC New York

Hang Seng China Enterprise Index

Receive

27.75

December-2015

HKD

19,066

2,022

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

23                         Invesco Global Targeted Returns Fund

Open Over-The-Counter Variance Swap Agreements—(continued)
Counterparty	Reference Entity	Pay/Receive Variance		Volatility Strike Rate			Expiration Date		Notional Value			Unrealized Appreciation (Depreciation)
HSBC New York	Hang Seng China Enterprise Index		Receive		28.33	%		December-2016		HKD	89,000	$	38,896
HSBC New York	Hang Seng China Enterprise Index		Receive		29.00			December-2016		HKD	38,135		17,386
HSBC New York	Hang Seng China Enterprise Index		Receive		30.25			December-2016		HKD	134,000		26,534
HSBC New York	Hang Seng China Enterprise Index		Receive		30.40			December-2016		HKD	59,722		11,008
HSBC New York	Hang Seng China Enterprise Index		Receive		30.50			December-2016		HKD	44,512		10,931
HSBC New York	Hang Seng China Enterprise Index		Receive		42.60			December-2017		HKD	54,382		(49,074	)
Morgan Stanley Capital Services LLC	Hang Seng China Enterprise Index		Receive		25.25			December-2015		HKD	20,569		6,023
Morgan Stanley Capital Services LLC	Hang Seng China Enterprise Index		Receive		25.70			December-2015		HKD	45,029		10,260
Morgan Stanley Capital Services LLC	Hang Seng China Enterprise Index		Receive		25.80			December-2015		HKD	26,040		4,718
Societe Generale	Hang Seng China Enterprise Index		Receive		26.45			December-2015		HKD	680		193
Societe Generale	Hang Seng China Enterprise Index		Receive		27.50			December-2015		HKD	11,472		1,600
Societe Generale	Hang Seng China Enterprise Index		Receive		28.30			December-2015		HKD	68,408		24,764
Societe Generale	Hang Seng China Enterprise Index		Receive		28.50			December-2016		HKD	10,000		4,175
Societe Generale	Hang Seng China Enterprise Index		Receive		29.15			December-2016		HKD	31,784		13,805
Societe Generale	Hang Seng China Enterprise Index		Receive		29.30			December-2016		HKD	76,488		29,918
Societe Generale	Hang Seng China Enterprise Index		Receive		29.50			December-2016		HKD	51,489		19,798
Societe Generale	Hang Seng China Enterprise Index		Receive		30.20			December-2016		HKD	28,139		4,131
Societe Generale	Hang Seng China Enterprise Index		Receive		31.45			December-2016		HKD	44,521		5,253
Societe Generale	Hang Seng China Enterprise Index		Receive		32.50			December-2016		HKD	158,353		(20,799	)
Societe Generale	Hang Seng China Enterprise Index		Receive		32.60			December-2016		HKD	19,573		(1,764	)
Societe Generale	Hang Seng China Enterprise Index		Receive		33.10			December-2016		HKD	76,725		(7,251	)
Societe Generale	Hang Seng China Enterprise Index		Receive		34.75			December-2016		HKD	43,478		(12,908	)
Societe Generale	Hang Seng China Enterprise Index		Receive		37.50			December-2016		HKD	9,959		(7,028	)
Societe Generale	Hang Seng China Enterprise Index		Receive		35.35			December-2017		HKD	33,179		(2,347	)
Barclays Bank PLC	Hang Seng Index		Receive		23.20			December-2015		HKD	14,498		(1,528	)
Goldman Sachs International	Hang Seng Index		Receive		22.85			December-2016		HKD	20,000		8,802
Goldman Sachs International	Hang Seng Index		Receive		24.35			December-2016		HKD	167,000		33,963
Goldman Sachs International	Hang Seng Index		Receive		25.20			December-2016		HKD	34,138		3,182
HSBC New York	Hang Seng Index		Receive		22.33			December-2016		HKD	84,000		42,999
HSBC New York	Hang Seng Index		Receive		24.00			December-2016		HKD	133,139		34,081
HSBC New York	Hang Seng Index		Receive		24.15			December-2016		HKD	59,722		15,437
Morgan Stanley Capital Services LLC	Hang Seng Index		Receive		21.35			December-2015		HKD	20,569		(2,705	)
Morgan Stanley Capital Services LLC	Hang Seng Index		Receive		21.60			December-2015		HKD	45,029		(7,331	)
Morgan Stanley Capital Services LLC	Hang Seng Index		Receive		22.40			December-2015		HKD	26,040		(7,296	)
Societe Generale	Hang Seng Index		Receive		21.80			December-2015		HKD	67,661		32,660
Societe Generale	Hang Seng Index		Receive		24.00			December-2016		HKD	34,535		11,432
Societe Generale	Hang Seng Index		Receive		26.60			December-2016		HKD	20,981		(1,229	)
Societe Generale	Hang Seng Index		Receive		26.80			December-2016		HKD	81,316		(10,304	)
Societe Generale	Hang Seng Index		Receive		30.75			December-2016		HKD	99,588		(57,461	)
UBS	Hang Seng Index		Receive		21.00			December-2015		HKD	31,007		(6,509	)
Goldman Sachs International	KOSPI 200 Index		Receive		29.00			December-2016		KRW	44,475,000		(272,142	)
Societe Generale	KOSPI 200 Index		Receive		22.70			December-2016		KRW	4,285,384		(6,105	)
Societe Generale	KOSPI 200 Index		Receive		24.75			December-2016		KRW	15,304,350		(49,501	)
Goldman Sachs International	S&P 500 Index		Receive		18.05			December-2015		USD	20,257		14,265
Societe Generale	S&P 500 Index		Receive		25.30			December-2016		USD	3,500		(15,023	)
Total — Variance Swap Agreements — Equity Risk												$	793,419

Currency Abbreviations:

HKD	– Hong Kong Dollar
KRW	– South Korean Won
USD	– United States Dollar

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

24                         Invesco Global Targeted Returns Fund

Open Over-The-Counter Volatility Swap Agreements

Counterparty

Reference Entity

Pay/Receive Volatility

Volatility Strike Rate

Expiration Date

Notional Value

Unrealized Appreciation (Depreciation)

Morgan Stanley Capital Services LLC

Hang Seng China Enterprise Index

Pay

34.50

%

December-2015

HKD

50,750

$

31,622

Societe Generale

Hang Seng China Enterprise Index

Pay

33.00

December-2015

HKD

35,917

19,663

Societe Generale

Hang Seng China Enterprise Index

Pay

35.00

December-2015

HKD

50,750

34,896

Societe Generale

Hang Seng China Enterprise Index

Pay

35.50

December-2015

HKD

24,595

26,602

Societe Generale

Hang Seng China Enterprise Index

Pay

36.50

December-2015

HKD

50,900

46,643

Societe Generale

Hang Seng China Enterprise Index

Pay

36.75

December-2015

HKD

86,517

80,576

Subtotal — Equity Risk

$

240,002

Barclays Bank PLC

AUD/JPY

Pay

14.20

April-2017

AUD

19,000

$

3,622

Deutsche Bank Securities Inc.

AUD/JPY

Pay

14.90

March-2017

AUD

33,728

21,768

Deutsche Bank Securities Inc.

AUD/JPY

Pay

15.275

March-2017

AUD

15,000

11,365

Goldman Sachs International

AUD/JPY

Pay

15.275

March-2017

AUD

6,400

4,849

Goldman Sachs International

AUD/JPY

Pay

15.40

March-2017

AUD

29,772

30,125

Goldman Sachs International

AUD/JPY

Pay

15.55

March-2017

AUD

31,500

33,250

Citigroup Global Markets Inc.

USD/JPY

Pay

9.60

October-2016

USD

6,457

770

Deutsche Bank Securities Inc.

USD/JPY

Pay

9.05

June-2016

USD

2,625

553

Deutsche Bank Securities Inc.

USD/JPY

Pay

9.00

June-2016

USD

1,578

150

Deutsche Bank Securities Inc.

USD/JPY

Pay

8.75

July-2016

USD

4,500

(1,677

)

Deutsche Bank Securities Inc.

USD/JPY

Pay

9.60

August-2016

USD

3,600

1,062

Deutsche Bank Securities Inc.

USD/JPY

Pay

9.45

September-2016

USD

12,450

874

Deutsche Bank Securities Inc.

USD/JPY

Pay

10.525

November-2016

USD

12,800

15,745

Deutsche Bank Securities Inc.

USD/JPY

Pay

12.15

December-2016

USD

3,564

9,903

Deutsche Bank Securities Inc.

USD/JPY

Pay

11.35

January-2017

USD

4,500

9,112

Deutsche Bank Securities Inc.

USD/JPY

Pay

11.55

January-2017

USD

9,000

19,751

Deutsche Bank Securities Inc.

USD/JPY

Pay

11.50

February-2017

USD

6,120

12,955

Deutsche Bank Securities Inc.

USD/JPY

Pay

10.80

February-2017

USD

2,571

3,534

Deutsche Bank Securities Inc.

USD/JPY

Pay

11.00

March-2017

USD

15,000

20,715

Deutsche Bank Securities Inc.

USD/JPY

Pay

10.10

May-2017

USD

13,500

4,109

Deutsche Bank Securities Inc.

USD/JPY

Pay

11.15

June-2017

USD

12,600

16,281

Deutsche Bank Securities Inc.

USD/JPY

Pay

10.10

June-2017

USD

14,580

3,408

Deutsche Bank Securities Inc.

USD/JPY

Pay

10.075

July-2017

USD

11,880

2,417

Deutsche Bank Securities Inc.

USD/JPY

Pay

9.75

July-2017

USD

15,000

(2,209

)

Deutsche Bank Securities Inc.

USD/JPY

Pay

10.40

July-2017

USD

5,500

2,325

Goldman Sachs International

USD/JPY

Pay

9.05

June-2016

USD

36,000

5,217

Goldman Sachs International

USD/JPY

Pay

11.3248

January-2017

USD

13,500

26,717

Goldman Sachs International

USD/JPY

Pay

11.9357

March-2017

USD

6,300

15,155

Goldman Sachs International

USD/JPY

Pay

10.1086

April-2017

USD

14,850

6,971

Goldman Sachs International

USD/JPY

Pay

10.1549

April-2017

USD

8,460

3,975

Goldman Sachs International

USD/JPY

Pay

10.34

June-2017

USD

15,000

7,504

Royal Bank of Scotland Securities Inc.

USD/JPY

Pay

8.90

June-2016

USD

4,000

9

Royal Bank of Scotland Securities Inc.

USD/JPY

Pay

9.20

September-2016

USD

2,585

(410

)

Royal Bank of Scotland Securities Inc.

USD/JPY

Pay

9.75

June-2017

USD

9,000

(1,029

)

Citigroup Global Markets Inc.

AUD/JPY

Receive

10.675

October-2016

AUD

2,984

6,094

Deutsche Bank Securities Inc.

AUD/JPY

Receive

10.90

June-2016

AUD

2,794

2,860

Deutsche Bank Securities Inc.

AUD/JPY

Receive

10.70

June-2016

AUD

4,000

4,935

Deutsche Bank Securities Inc.

AUD/JPY

Receive

10.70

June-2016

AUD

4,107

5,067

Deutsche Bank Securities Inc.

AUD/JPY

Receive

10.25

July-2016

AUD

4,763

8,628

Deutsche Bank Securities Inc.

AUD/JPY

Receive

10.70

September-2016

AUD

13,339

24,011

Deutsche Bank Securities Inc.

AUD/JPY

Receive

11.40

November-2016

AUD

14,700

23,789

Deutsche Bank Securities Inc.

AUD/JPY

Receive

12.70

December-2016

AUD

13,968

11,353

Deutsche Bank Securities Inc.

AUD/JPY

Receive

11.90

January-2017

AUD

3,735

5,855

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

25                         Invesco Global Targeted Returns Fund

Open Over-The-Counter Volatility Swap Agreements—(continued)

Counterparty

Reference Entity

Pay/Receive Volatility

Volatility Strike Rate

Expiration Date

Notional Value

Unrealized Appreciation (Depreciation)

Deutsche Bank Securities Inc.

AUD/JPY

Receive

12.65

%

January-2017

AUD

11,360

$

11,698

Deutsche Bank Securities Inc.

AUD/JPY

Receive

13.45

February-2017

AUD

7,827

3,377

Deutsche Bank Securities Inc.

AUD/JPY

Receive

12.10

February-2017

AUD

13,393

19,606

Deutsche Bank Securities Inc.

AUD/JPY

Receive

12.95

April-2017

AUD

19,718

19,418

Deutsche Bank Securities Inc.

AUD/JPY

Receive

12.30

May-2017

AUD

20,863

30,683

Deutsche Bank Securities Inc.

AUD/JPY

Receive

12.50

June-2017

AUD

16,412

23,449

Deutsche Bank Securities Inc.

AUD/JPY

Receive

12.525

June-2017

AUD

18,942

28,331

Deutsche Bank Securities Inc.

AUD/JPY

Receive

13.70

July-2017

AUD

15,933

10,731

Deutsche Bank Securities Inc.

AUD/JPY

Receive

12.75

July-2017

AUD

20,000

27,048

Deutsche Bank Securities Inc.

AUD/JPY

Receive

13.50

July-2017

AUD

18,000

15,784

Goldman Sachs International

AUD/JPY

Receive

11.00

June-2016

AUD

36,000

36,811

Goldman Sachs International

AUD/JPY

Receive

12.0758

January-2017

AUD

16,580

23,739

Goldman Sachs International

AUD/JPY

Receive

13.3976

March-2017

AUD

12,612

7,813

Goldman Sachs International

AUD/JPY

Receive

12.6407

April-2017

AUD

19,468

24,214

Goldman Sachs International

AUD/JPY

Receive

12.512

April-2017

AUD

10,933

14,372

Goldman Sachs International

AUD/JPY

Receive

12.73

June-2017

AUD

20,000

26,655

Royal Bank of Scotland Securities Inc.

AUD/JPY

Receive

10.90

August-2016

AUD

3,881

6,096

Royal Bank of Scotland Securities Inc.

AUD/JPY

Receive

10.80

September-2016

AUD

2,767

4,764

Royal Bank of Scotland Securities Inc.

AUD/JPY

Receive

12.55

June-2017

AUD

11,719

17,536

Barclays Bank PLC

USD/JPY

Receive

10.30

April-2017

USD

13,000

(8,769

)

Deutsche Bank Securities Inc.

USD/JPY

Receive

10.85

March-2017

USD

17,075

(22,023

)

Deutsche Bank Securities Inc.

USD/JPY

Receive

10.90

March-2017

USD

7,000

(9,519

)

Deutsche Bank Securities Inc.

USD/JPY

Receive

11.00

March-2017

USD

12,000

(17,317

)

Goldman Sachs International

USD/JPY

Receive

11.00

March-2017

USD

7,600

(10,967

)

Goldman Sachs International

USD/JPY

Receive

11.20

March-2017

USD

20,925

(34,264

)

Goldman Sachs International

USD/JPY

Receive

11.5102

March-2017

USD

21,000

(41,289

)

Subtotal — Currency Risk

$

589,435

Total — Volatility Swap Agreements

$

829,437

Currency Abbreviations:

AUD	– Australian Dollar
HKD	– Hong Kong Dollar

JPY	– Japanese Yen
USD	– United States Dollar

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver			Receive
11/16/2015	State Street Bank & Trust Co.		AUD	2,410,646		USD	1,753,500	$	1,717,594	$	35,906
11/16/2015	State Street Bank & Trust Co.		EUR	6,002,069		USD	6,813,030		6,602,040		210,990
11/16/2015	State Street Bank & Trust Co.		GBP	1,152,259		USD	1,756,528		1,776,341		(19,813	)
11/16/2015	State Street Bank & Trust Co.		HKD	11,373,000		USD	1,467,548		1,467,445		103
11/16/2015	State Street Bank & Trust Co.		JPY	288,779,000		USD	2,413,544		2,393,539		20,005
11/16/2015	State Street Bank & Trust Co.		KRW	54,565,000		USD	48,441		47,787		654
11/16/2015	State Street Bank & Trust Co.		USD	203,688		AUD	281,000		200,214		(3,474	)
11/16/2015	State Street Bank & Trust Co.		USD	378,135		EUR	336,000		369,586		(8,549	)
11/16/2015	State Street Bank & Trust Co.		USD	377,557		GBP	245,000		377,696		139
11/16/2015	State Street Bank & Trust Co.		USD	328,794		HKD	2,548,000		328,766		(28	)
11/16/2015	State Street Bank & Trust Co.		USD	359,900		KRW	412,135,000		360,939		1,039
01/08/2016	Deutsche Bank Securities Inc.		CNY	1,136,606		USD	176,876		178,335		(1,459	)
01/08/2016	Deutsche Bank Securities Inc.		THB	30,370,380		USD	823,939		847,508		(23,569	)
01/08/2016	Deutsche Bank Securities Inc.		USD	814,506		INR	53,724,802		812,534		(1,972	)
01/08/2016	Goldman Sachs International		CNY	4,381,171		USD	685,093		687,411		(2,318	)

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

26                         Invesco Global Targeted Returns Fund

Open Forward Foreign Currency Contracts—(continued)
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver			Receive
01/08/2016	State Street Bank & Trust Co.		AUD	2,504,952		USD	1,758,569	$	1,780,052	$	(21,483	)
01/08/2016	State Street Bank & Trust Co.		CAD	1,209,894		USD	913,717		924,829		(11,112	)
01/08/2016	State Street Bank & Trust Co.		CHF	2,803,247		USD	2,886,369		2,843,717		42,652
01/08/2016	State Street Bank & Trust Co.		CNY	66,250,667		USD	10,280,187		10,394,814		(114,627	)
01/08/2016	State Street Bank & Trust Co.		EUR	8,091,525		USD	9,060,969		8,910,638		150,331
01/08/2016	State Street Bank & Trust Co.		GBP	5,249,830		USD	7,949,833		8,091,899		(142,066	)
01/08/2016	State Street Bank & Trust Co.		IDR	10,716,438,096		USD	698,549		761,084		(62,535	)
01/08/2016	State Street Bank & Trust Co.		JPY	109,427,518		USD	916,382		908,181		8,201
01/08/2016	State Street Bank & Trust Co.		KRW	367,755,242		USD	310,507		321,351		(10,844	)
01/08/2016	State Street Bank & Trust Co.		MYR	1,836,854		USD	414,986		426,370		(11,384	)
01/08/2016	State Street Bank & Trust Co.		PHP	48,712,030		USD	1,041,322		1,037,088		4,234
01/08/2016	State Street Bank & Trust Co.		SEK	10,938,844		USD	1,311,874		1,282,932		28,942
01/08/2016	State Street Bank & Trust Co.		SGD	743,524		USD	518,473		529,530		(11,057	)
01/08/2016	State Street Bank & Trust Co.		TWD	10,283,141		USD	311,393		315,492		(4,099	)
01/08/2016	State Street Bank & Trust Co.		USD	10,129,093		INR	666,393,066		10,078,527		(50,566	)
Total Forward Foreign Currency Contracts — Currency Risk										$	2,241

Currency Abbreviations:

AUD	– Australian Dollar
CAD	– Canadian Dollar
CHF	– Swiss Franc
CNY	– Chinese Yuan
EUR	– Euro
GBP	– British Pound Sterling
HKD	– Hong Kong Dollar
IDR	– Indonesian Rupiah
INR	– Indian Rupee
JPY	– Japanese Yen
KRW	– South Korean Won
MYR	– Malaysian Ringgit
PHP	– Philippine Peso
SEK	– Swedish Krona
SGD	– Singapore Dollar
THB	– Thai Baht
TWD	– New Taiwan Dollar
USD	– United States Dollar

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

27                         Invesco Global Targeted Returns Fund

Consolidated Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $16,509,228)	$	15,449,444
Investments in affiliated funds, at value (Cost $118,569,903)		116,925,847
Total investments, at value (Cost $135,079,131)		132,375,291
Foreign currencies, at value (Cost $2,772,521)		2,649,737
Receivable for:
Deposits with brokers		12,340,843
Variation margin — centrally cleared swap agreements		384,413
Variation margin — futures		4,446
Fund shares sold		334,922
Dividends and interest		228,770
Fund expenses absorbed		50,654
Swaps receivables		10
Investment for trustee deferred compensation and retirement plans		4,349
Unrealized appreciation on forward foreign currency contracts outstanding		503,196
Unrealized appreciation on swap agreements — OTC		2,931,101
Other assets		23,390
Total assets		151,831,122
Liabilities:
Payable for:
Investments purchased — affiliated funds		83,439
Fund shares reacquired		151,432
Options written, at value (premiums received $8,462,867)		8,064,771
Forward foreign currency contracts closed		3,159
Swaps payable		12
Accrued fees to affiliates		28,212
Accrued trustees’ and officers’ fees and benefits		1,646
Collateral due to broker		260,000
Amount due custodian		161,930
Accrued other operating expenses		103,172
Trustee deferred compensation and retirement plans		4,349
Unrealized depreciation on forward foreign currency contracts outstanding		500,955
Unrealized depreciation on swap agreements — OTC		1,417,404
Total liabilities		10,780,481
Net assets applicable to shares outstanding	$	141,050,641
Net assets consist of:
Shares of beneficial interest	$	140,905,166
Undistributed net investment income		(75,216	)
Undistributed net realized gain		1,817,533
Net unrealized appreciation (depreciation)		(1,596,842	)
	$	141,050,641

Net Assets:
Class A	$	23,688,196
Class C	$	11,524,292
Class R	$	10,296
Class Y	$	97,702,962
Class R5	$	62,164
Class R6	$	8,062,731
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		2,292,921
Class C		1,130,389
Class R		1,001
Class Y		9,417,235
Class R5		5,989
Class R6		777,313
Class A:
Net asset value per share	$	10.33
Maximum offering price per share
(Net asset value of $10.33 ¸ 94.50%)	$	10.93
Class C:
Net asset value and offering price per share	$	10.19
Class R:
Net asset value and offering price per share	$	10.29
Class Y:
Net asset value and offering price per share	$	10.37
Class R5:
Net asset value and offering price per share	$	10.38
Class R6:
Net asset value and offering price per share	$	10.37

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

28                         Invesco Global Targeted Returns Fund

Consolidated Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends from affiliated funds	$	977,371
Interest		184,399
Total investment income		1,161,770
Expenses:
Advisory fees		1,265,450
Administrative services fees		50,000
Custodian fees		37,232
Distribution fees:
Class A		57,827
Class C		50,350
Class R		52
Transfer agent fees — A, C, R and Y		48,372
Transfer agent fees — R5		47
Transfer agent fees — R6		49
Trustees’ and officers’ fees and benefits		19,690
Professional services fees		98,009
Other		271,552
Total expenses		1,898,630
Less: Fees waived and expenses reimbursed		(878,202	)
Net expenses		1,020,428
Net investment income		141,342
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(2,859,769	)
Sales of affiliated funds		217,613
Distributions of affiliated funds		523,144
Foreign currencies		(394,679	)
Forward foreign currency contracts		1,635,001
Futures contracts		315,879
Option contracts written		770,135
Swap agreements		1,629,866
		1,837,190
Change in net unrealized appreciation (depreciation) of:
Investment securities		(815,142	)
Investment securities — affiliated funds		(2,265,762	)
Foreign currencies		(25,813	)
Forward foreign currency contracts		(469,528	)
Futures contracts		(702,788	)
Option contracts written		596,405
Swap agreements		943,715
		(2,738,913	)
Net realized and unrealized gain (loss)		(901,723	)
Net increase (decrease) in net assets resulting from operations	$	(760,381	)

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

29                         Invesco Global Targeted Returns Fund

Consolidated Statement of Changes in Net Assets

For the year ended October 31, 2015 and the period December 19, 2013 (commencement date) through October 31, 2014

	October 31, 2015			December 19, 2013 (commencement date) through October 31, 2014
Operations:
Net investment income (loss)	$	141,342		$	(9,276	)
Net realized gain		1,837,190			50,163
Change in net unrealized appreciation (depreciation)		(2,738,913	)		1,142,071
Net increase (decrease) in net assets resulting from operations		(760,381	)		1,182,958
Distributions to shareholders from net investment income:
Class A		(77,701	)		—
Class C		(3,526	)		—
Class R		(54	)		—
Class Y		(99,329	)		—
Class R5		(15,936	)		—
Class R6		(54,412	)		—
Total distributions from net investment income		(250,958	)		—
Distributions to shareholders from net realized gains:
Class A		(141,226	)		—
Class C		(7,470	)		—
Class R		(104	)		—
Class Y		(168,145	)		—
Class R5		(26,976	)		—
Class R6		(92,109	)		—
Total distributions from net realized gains		(436,030	)		—
Share transactions–net:
Class A		10,666,445			13,012,317
Class C		11,241,310			443,040
Class R		—			10,014
Class Y		82,057,343			15,803,099
Class R5		(2,648,324	)		2,627,776
Class R6		(1,151,548	)		9,253,580
Net increase in net assets resulting from share transactions		100,165,226			41,149,826
Net increase in net assets		98,717,857			42,332,784
Net assets:
Beginning of period		42,332,784			—
End of period (includes undistributed net investment income (loss) of $(75,216) and $(1,560), respectively)	$	141,050,641		$	42,332,784

Notes to Consolidated Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Global Targeted Returns Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund will seek to gain exposure to the commodity markets primarily through investments in the Invesco Cayman Commodity Fund VII Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives. The Fund may invest up to 25% of its total assets in the Subsidiary.

30                         Invesco Global Targeted Returns Fund

The Fund’s investment objective is to seek a positive total return over the long term in all market environments.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. 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 R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

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

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

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

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

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.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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 Consolidated 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

31                         Invesco Global Targeted Returns Fund

unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated 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 Consolidated Statement of Operations and the Consolidated 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 Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

E. Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated 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 Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

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

G. Accounting Estimates — The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which 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. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

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 consolidated financial statements are released to print.

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

I. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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 Consolidated 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.

32                         Invesco Global Targeted Returns Fund

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 Consolidated Statement of Operations.

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

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

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

K. Futures Contracts — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between 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 Consolidated 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 Consolidated 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 Consolidated Statement of Assets and Liabilities.

L. Call Options Written and Purchased — 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.

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

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated 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 these contracts are included in the Consolidated Statement of Operations. 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 Consolidated 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 these contracts are included in the Consolidated Statement of Operations. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the

33                         Invesco Global Targeted Returns Fund

owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

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

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

Interest rate, total return, volatility, variance, 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.

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index, such as the Consumer Price Index, over the term of the swap, and the other party pays a compounded fixed rate.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund will initially 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 Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated 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 Consolidated 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.

A volatility swap involves an exchange between the Fund and a Counterparty of periodic payments based on the measured volatility of an underlying security, currency, commodity, interest rate, index or other reference asset over a specified time frame. Depending on the structure of the swap, either the Fund’s or the Counterparty’s payment obligation will typically be based on the realized volatility of the reference asset as measured by changes in its price or level over a specified time period, while the other party’s payment obligation will be based on a specified rate

34                         Invesco Global Targeted Returns Fund

representing expected volatility for the reference asset at the time the swap is executed, or the measured volatility of a different reference asset over a specified time period. The Fund will typically make or lose money on a volatility swap depending on the magnitude of the reference asset’s volatility, or size of the movements in its price, over a specified time period, rather than general increases or decreases in the price of the reference asset. Volatility swaps are often used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of other investments held by the Fund. Variance swaps are similar to volatility swaps, except payments are based on the difference between the implied and measured volatility mathematically squared.

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 Consolidated 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 Consolidated 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 Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of the Fund under any swap transaction. 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 Consolidated 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. 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 October 31, 2015 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $10 billion		1.50%
Over $10 billion		1.25%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 1.50%.

The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary’s average daily net assets as set forth in the table above.

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., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 February 29, 2016, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.71%, 2.46%, 1.96%, 1.46%, 1.46% and 1.46%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause 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. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. The fee waiver agreement cannot be terminated during its term.

Further, the Adviser has contractually agreed, through at least June 30, 2017, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives on the Fund’s investments in certain affiliated funds.

35                         Invesco Global Targeted Returns Fund

For the year ended October 31, 2015, the Adviser waived advisory fees of $829,733 and reimbursed class level expenses of $15,190, $3,307, $7, $29,869, $47 and $49 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. 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 October 31, 2015, expenses incurred under the Plans are shown in the Consolidated 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 October 31, 2015, IDI advised the Fund that IDI retained $4,769 in front-end sales commissions from the sale of Class A shares and $2,284 from Class C shares, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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
Equity Securities	$	116,925,847		$	—		$	—	$	116,925,847
Foreign Sovereign Debt Securities		—			6,891,907			—		6,891,907
Options Purchased		4,581,968			3,975,569			—		8,557,537
		121,507,815			10,867,476			—		132,375,291
Forward Foreign Currency Contracts*		—			2,241			—		2,241
Futures Contracts*		(848,091	)		—			—		(848,091	)
Options Written*		(2,457,595	)		(5,607,176	)		—		(8,064,771	)
Swap Agreements*		—			1,693,904			—		1,693,904
Total Investments	$	118,202,129		$	6,956,445		$	—	$	125,158,574

* Forward Foreign Currency Contracts, Futures Contracts and Swap Agreements are valued at unrealized appreciation (depreciation). Options Written are shown at value.

36                         Invesco Global Targeted Returns Fund

NOTE 4—Derivative Investments

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 October 31, 2015:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Credit risk:
Swap agreements(a)	$	328,829	$	(329,143	)
Currency risk:
Forward foreign currency contracts(b)		503,196		(500,955	)
Options purchased(c)		3,316,975		—
Options written(d)		—		(3,596,025	)
Swap agreements(e)		738,908		(149,473	)
Equity risk:
Futures contracts(f)		1,139,506		(1,987,597	)
Options purchased(c)		5,131,791		—
Options written(d)		—		(3,252,263	)
Swap agreements(e)		1,771,568		(738,147	)
Interest rate risk:
Options purchased(c)		108,771		—
Options written(d)		—		(1,216,483	)
Swap agreements(a)(e)		1,765,704		(1,694,342	)
Total	$	14,805,248	$	(13,464,428	)

^(a)  Includes cumulative appreciation (depreciation) of centrally cleared swap agreements. Only current day’s variation margin receivable (payable) is reported within the Consolidated Statement of Assets and Liabilities.

^(b)  Values are disclosed on the Consolidated Statement of Assets and Liabilities under the captions Unrealized appreciation on forward foreign currency contracts outstanding and Unrealized depreciation on forward foreign currency contracts outstanding.

^(c)  Options purchased at value as reported in the Consolidated Schedule of Investments.

^(d)  Values are disclosed on the Consolidated Statement of Assets and Liabilities under the caption Options written, at value.

^(e)  Values are disclosed on the Consolidated Statement of Assets and Liabilities under the captions Unrealized appreciation on swap agreements — OTC and Unrealized depreciation on swap agreements — OTC.

^(f)  Includes cumulative appreciation (depreciation) of futures contracts. Only current day’s variation margin receivable (payable) is reported within the Consolidated Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended October 31, 2015

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 Consolidated Statement of Operations
	Forward Foreign Currency Contracts			Futures Contracts			Options Purchased(a)			Options Written			Swap Agreements
Realized Gain (Loss):
Credit risk	$	—		$	—		$	—		$	—		$	(184,075	)
Currency risk		1,635,001			—			112,881			166,452			—
Equity risk		—			406,388			(3,610,755	)		1,689,318			111,220
Interest rate risk		—			(90,509	)		721,266			(1,085,635	)		1,702,721
Change in Net Unrealized Appreciation (Depreciation):
Credit risk		—			—			—			—			10,097
Currency risk		(469,528	)		—			8,829			(224,239	)		651,000
Equity risk		—			(673,405	)		(136,920	)		397,693			1,321,583
Interest rate risk		—			(29,383	)		(162,968	)		422,951			(1,038,965	)
Total	$	1,165,473		$	(386,909	)	$	(3,067,667	)	$	1,366,540		$	2,573,581

^(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.

37                         Invesco Global Targeted Returns Fund

The table below summarizes the average notional value of forward foreign currency contracts, futures contracts, options purchased, options written and swap agreements outstanding during the period.

	Forward Foreign Currency Contracts		Futures Contracts		Foreign Currency Options		Index Options Written		Index Options Purchased		Swaptions		Swap Agreements
Average notional value	$	74,949,046	$	42,997,799	$	64,159,928	$	49,441,281	$	74,269,967	$	80,675,715	$	263,874,909
Average contracts		—		—		—		939		2,382		—		—

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Consolidated Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2015.

Counterparty	Gross amounts of Recognized Assets		Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities							Net Amount(a)
			Financial Instruments			Collateral Received
						Non-Cash		Cash
Fund
Barclays Bank PLC(b)	$	1,264,139	$	—		$	—	$	—	$	1,264,139
Barclays Bank PLC(c)		19,394		(11,277	)		—		—		8,117
Citigroup Global Markets Inc.(b)		104,899		—			—		—		104,899
Citigroup Global Markets Inc.(c)		6,864		—			—		—		6,864
Credit Suisse First Boston(d)		1,673,918		(1,493,713	)		—		—		180,205
Deutsche Bank Securities Inc.(b)		780,032		—			—		—		780,032
Deutsche Bank Securities Inc.(c)		432,650		(98,897	)		—		—		333,753
Goldman Sachs International(b)		1,512,391		—			—		—		1,512,391
Goldman Sachs International(c)		868,475		(425,845	)		—		—		442,630
HSBC New York(b)		8,628		—			—		—		8,628
HSBC New York(c)		405,535		(116,126	)		—		—		289,409
Morgan Stanley Capital Services LLC(b)		10,763		—			—		—		10,763
Morgan Stanley Capital Services LLC(c)		125,085		(17,332	)		—		—		107,753
Royal Bank of Scotland Securities Inc.(c)		28,405		(1,439	)		—		—		26,966
Societe Generale(b)		146,350		—			—		—		146,350
Societe Generale(c)		615,869		(210,195	)		—		—		405,674
State Street Bank & Trust Co.(e)		503,196		(471,637	)		—		—		31,559
UBS(b)		148,367		—			—		—		148,367
UBS(c)		8,199		(6,509	)		—		—		1,690
Subtotal-Fund	$	8,663,159	$	(2,852,970	)	$	—	$	—	$	5,810,189
Subsidiary
Citigroup Global Markets Inc.(c)	$	105,475	$	(80,130	)	$	—	$	—	$	25,345
Deutsche Bank Securities Inc.(c)		73,222		(73,222	)		—		—		—
Morgan Stanley Capital Services LLC(c)		241,928		(241,928	)		—		—		—
Subtotal-Subsidiary	$	420,625	$	(395,280	)	$	—	$	—	$	25,345
Total	$	9,083,784	$	(3,248,250	)	$	—	$	—	$	5,835,534

38                         Invesco Global Targeted Returns Fund

Counterparty	Gross amounts of Recognized Liabilities		Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities								Net Amount(a)
			Financial Instruments			Collateral Pledged
						Non-Cash		Cash
Fund
Barclays Bank PLC(c)	$	11,277	$	(11,277	)	$	—	$	—		$	—
Barclays Bank PLC(f)		961,283		—			—		—			961,283
Citigroup Global Markets Inc.(f)		107,197		—			—		—			107,197
Credit Suisse First Boston(d)		1,493,713		(1,493,713	)		—		—			—
Deutsche Bank Securities Inc.(c)		98,897		(98,897	)		—		—			—
Deutsche Bank Securities Inc.(e)		27,000		—			—		—			27,000
Deutsche Bank Securities Inc.(f)		1,222,342		—			—		(140,000	)		1,082,342
Goldman Sachs International(c)		425,845		(425,845	)		—		—			—
Goldman Sachs International(e)		2,318		—			—		—			2,318
Goldman Sachs International(f)		1,718,670		—			—		—			1,718,670
HSBC New York(c)		116,126		(116,126	)		—		—			—
HSBC New York(f)		14,169		—			—		—			14,169
Morgan Stanley Capital Services LLC(c)		17,332		(17,332	)		—		—			—
Morgan Stanley Capital Services LLC(f)		1,138,204		—			—		(1,010,000	)		128,204
Royal Bank of Scotland Securities Inc.(c)		1,439		(1,439	)		—		—			—
Royal Bank of Scotland Securities Inc.(f)		65,817		—			—		(65,817	)		—
Societe Generale(c)		210,195		(210,195	)		—		—			—
Societe Generale(f)		199,723		—			—		—			199,723
State Street Bank & Trust Co.(e)		471,637		(471,637	)		—		—			—
UBS(c)		6,509		(6,509	)		—		—			—
UBS(f)		179,771		—			—		—			179,771
Subtotal-Fund	$	8,489,464	$	(2,852,970	)	$	—	$	(1,215,817	)	$	4,420,677
Subsidiary
Citigroup Global Markets Inc.(c)	$	80,130	$	(80,130	)	$	—	$	—		$	—
Deutsche Bank Securities Inc.(c)		127,422		(73,222	)		—		(25,000	)		29,200
Morgan Stanley Capital Services LLC(c)		322,232		(241,928	)		—		(50,000	)		30,304
Subtotal-Subsidiary	$	529,784	$	(395,280	)	$	—	$	(75,000	)	$	59,504
Total	$	9,019,248	$	(3,248,250	)	$	—	$	(1,290,817	)	$	4,480,181

^(a)  The Fund and the Subsidiary are recognized as separate legal entities and as such are subject to separate netting arrangements with the Counterparty.

^(b)  Options purchased — OTC Counterparty.

^(c)  Swap agreements — OTC Counterparty.

^(d)  Swap agreements — centrally cleared Counterparty. Includes cumulative appreciation (depreciation).

^(e)  Forward foreign currency contracts Counterparty.

^(f)  Options written — OTC Counterparty.

NOTE 5—Subsidiary Information

The Fund’s Consolidated Schedule of Investments includes the holdings, including any investments in derivatives, of both the Fund and the Subsidiary. The Fund’s Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations and Consolidated Statement of Changes in Net Assets include the account balances of both the Fund and the Subsidiary and all interfund transactions have been eliminated.

The table below summarizes the financial information of the Subsidiary recognized in the consolidated financial statements referred to above.

Selected Financial Information	Invesco Cayman Commodity Fund VII Ltd. (the “Subsidiary”)
Total assets	$	6,220,894
Total liabilities		531,208
Net assets		5,689,686
Total investment income		3,237
Net investment income (loss)		(90,817	)
Net realized gain (loss) from:
Foreign currencies		1,343
Swap agreements		(111,681	)
Change in net unrealized appreciation (depreciation) of:
Swap agreements		(109,159	)
Increase (decrease) in net assets resulting from operations	$	(310,314	)

39                         Invesco Global Targeted Returns Fund

NOTE 6—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan 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 State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Year Ended October 31, 2015 and the Period December 19, 2013 (commencement date) through October 31, 2014:

	2015		2014
Ordinary income	$	306,514	$	—
Long-term capital gain		380,474		—
Total distributions	$	686,988	$	—

Tax Components of Net Assets at Period-End:

	2015
Undistributed ordinary income	$	1,306,288
Undistributed long-term gain		443,413
Net unrealized appreciation (depreciation) — investments		(2,847,851	)
Net unrealized appreciation — other investments		1,576,783
Temporary book/tax differences		(333,158	)
Shares of beneficial interest		140,905,166
Total net assets	$	141,050,641

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

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

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

The Fund does not have a capital loss carryforward as of October 31, 2015.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $72,840,102 and $35,009,610, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	1,364,832
Aggregate unrealized (depreciation) of investment securities		(4,212,683	)
Net unrealized appreciation (depreciation) of investment securities	$	(2,847,851	)

Cost of investments for tax purposes is $135,223,142.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of income from derivative investments, foreign currency transactions and net operating losses, on October 31, 2015, undistributed net investment income was increased by $35,960, undistributed net realized gain was increased by $284,942 and shares of beneficial interest was decreased by $320,902. This reclassification had no effect on the net assets of the Fund.

40                         Invesco Global Targeted Returns Fund

NOTE 11—Share Information

	Summary of Share Activity
	Year ended October 31, 2015(a)						December 19, 2013 (commencement date) through October 31, 2014
	Shares			Amount			Shares			Amount
Sold:
Class A		2,718,836		$	28,480,858			1,491,403		$	15,070,925
Class C		1,193,463			12,327,007			42,851			443,040
Class R		—			—			1,001			10,014
Class Y		9,905,242			103,429,009			1,586,102			16,042,737
Class R5		3,477			39,085			261,687			2,641,159
Class R6		—			—			889,089			9,253,580
Issued as reinvestment of dividends:
Class A		3,477			35,775			—			—
Class C		965			9,861			—			—
Class Y		7,638			78,750			—			—
Class R5		2,164			22,311			—			—
Class R6		12,225			125,922			—			—
Reacquired:
Class A		(1,723,051	)		(17,850,188	)		(197,744	)		(2,058,608	)
Class C		(106,890	)		(1,095,558	)		—			—
Class Y		(2,058,678	)		(21,450,416	)		(23,069	)		(239,638	)
Class R5		(260,038	)		(2,709,720	)		(1,301	)		(13,383	)
Class R6		(124,001	)		(1,277,470	)		—			—
Net increase in share activity		9,574,829		$	100,165,226			4,050,019		$	41,149,826

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 71% 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 Global Targeted Returns Fund

NOTE 12—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 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(c)			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(d)
Class A
Year ended 10/31/15	$	10.44	$	0.01		$	0.04	$	0.05		$	(0.06	)	$	(0.10	)	$	(0.16	)	$	10.33		0.49	%	$	23,688		1.33	%(f)		2.38	%(f)		0.05	%(f)		79	%
Year ended 10/31/14(e)		10.00		(0.02	)		0.46		0.44			—			—			—			10.44		4.40			13,504		1.29	(g)		3.16	(g)		(0.18	)(g)		20
Class C
Year ended 10/31/15		10.37		(0.07	)		0.04		(0.03	)		(0.05	)		(0.10	)		(0.15	)		10.19		(0.27	)		11,524		2.08	(f)		3.13	(f)		(0.70	)(f)		79
Year ended 10/31/14(e)		10.00		(0.08	)		0.45		0.37			—			—			—			10.37		3.70			444		2.04	(g)		3.91	(g)		(0.93	)(g)		20
Class R
Year ended 10/31/15		10.42		(0.02	)		0.04		0.02			(0.05	)		(0.10	)		(0.15	)		10.29		0.27			10		1.58	(f)		2.63	(f)		(0.20	)(f)		79
Year ended 10/31/14(e)		10.00		(0.04	)		0.46		0.42			—			—			—			10.42		4.20			10		1.54	(g)		3.41	(g)		(0.43	)(g)		20
Class Y
Year ended 10/31/15		10.46		0.03			0.04		0.07			(0.06	)		(0.10	)		(0.16	)		10.37		0.72			97,703		1.08	(f)		2.13	(f)		0.30	(f)		79
Year ended 10/31/14(e)		10.00		0.01			0.45		0.46			—			—			—			10.46		4.60			16,352		1.04	(g)		2.91	(g)		0.07	(g)		20
Class R5
Year ended 10/31/15		10.46		0.03			0.05		0.08			(0.06	)		(0.10	)		(0.16	)		10.38		0.82			62		1.08	(f)		2.07	(f)		0.30	(f)		79
Year ended 10/31/14(e)		10.00		0.01			0.45		0.46			—			—			—			10.46		4.60			2,724		1.04	(g)		2.87	(g)		0.07	(g)		20
Class R6
Year ended 10/31/15		10.46		0.03			0.04		0.07			(0.06	)		(0.10	)		(0.16	)		10.37		0.73			8,063		1.08	(f)		2.07	(f)		0.30	(f)		79
Year ended 10/31/14(e)		10.00		0.01			0.45		0.46			—			—			—			10.46		4.60			9,298		1.04	(g)		2.87	(g)		0.07	(g)		20

^(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) In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by your Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds your Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in your Fund’s total return. Estimated acquired fund fees from underlying funds were 0.44% and 0.50% for the year ended October 31, 2015 and the period ended October 31, 2014.

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

^(e)  Commencement date of December 19, 2013.

^(f) Ratios are based on average daily net assets (000’s omitted) of $23,131, $5,035, $10, $45,482, $1,410 and $9,295 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g) Annualized.

42                         Invesco Global Targeted Returns Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Global Targeted Returns Fund:

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, and the related consolidated statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the consolidated financial position of Invesco Global Targeted Returns Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year then ended and for the period December 19, 2013 (commencement of operations) through October 31, 2014, in conformity with accounting principles generally accepted in the United States of America. These consolidated financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 30, 2015

Houston, Texas

43                         Invesco Global Targeted Returns 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 May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	985.70	$	6.68	$	1,018.48	$	6.79		1.34	%
C		1,000.00		981.70		10.43		1,014.68		10.60		2.09
R		1,000.00		984.70		7.94		1,017.20		8.07		1.59
Y		1,000.00		986.70		5.45		1,019.72		5.54		1.09
R5		1,000.00		987.60		5.44		1,019.74		5.52		1.09
R6		1,000.00		987.60		5.44		1,019.74		5.52		1.09

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

44                         Invesco Global Targeted Returns Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Global Targeted Returns Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ investment

process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

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

B. Fund Performance

The Board noted that Invesco Asset Management Limited currently manages assets of the Fund. The Board did not consider Fund performance as a relevant factor in considering whether to approve the investment advisory agreement as the Fund had only one year of performance history and no comparative data was available.

C. Advisory and Sub-Advisory Fees

The Board considered the advisory fee schedule of the Fund and the contractual fee waivers and/or expense limitations that will be in place for the Fund through February 29, 2016. The Board had no comparative Lipper fee data because the Fund was launched in December 2013.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other funds advised by Invesco Advisers

45                         Invesco Global Targeted Returns Fund

and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was above the rate of two such funds.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other client accounts with investment strategies comparable to those of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Asset Management Limited manages assets of the Fund, although Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board noted that although Invesco Advisers received a minimal amount of revenues from advising the Fund, Invesco Advisers and its subsidiaries did not make a profit from managing the Fund. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing transfer agency

and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Lipper and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

46                         Invesco Global Targeted Returns 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 advisors.

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 October 31, 2015:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	380,474
Qualified Dividend Income*		33.69	%
Corporate Dividends Received Deduction*		6.88	%
U.S. Treasury Obligations*		0.00	%

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

Non-Resident Alien Shareholders
Qualified Short-Term Gains	$	254,782

47                         Invesco Global Targeted Returns Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Global Targeted Returns 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Global Targeted Returns 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Global Targeted Returns 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Global Targeted Returns Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 GTR-AR-1 Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco International Total Return Fund
	Nasdaq:
	A: AUBAX  n  B: AUBBX  n  C: AUBCX  n  Y: AUBYX  n  R5: AUBIX  n  R6: AUBFX

Letters to Shareholders

Philip Taylor

Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.     The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European Central

Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.     Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

    Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                         Invesco International Total Return Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                         Invesco International Total Return Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco International Total Return Fund (the Fund), at net asset value (NAV), outperformed the Barclays Global Aggregate ex-U.S. 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, 10/31/14 to 10/31/15, 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	-5.38	%
Class B Shares	-6.19
Class C Shares	-6.10
Class Y Shares	-5.23
Class R5 Shares	-5.23
Class R6 Shares	-5.14
Barclays Global Aggregate ex-U.S. Index▼ (Broad Market/Style-Specific Index)	-6.74
Lipper International Income Funds Index¢ (Peer Group Index)	-4.88
Source(s): ▼FactSet Research Systems Inc.; ¢Lipper Inc.

Market conditions and your Fund

Global divergence with respect to growth, inflation and economic policy dominated global bond markets during the fiscal year ended October 31, 2015. Moderate growth in the US and UK led to the beginnings of tighter monetary policy, starting with the end of the US Federal Reserve’s (the Fed) quantitative easing (QE) program in addition to speculation on whether both regions’ central banks would lift short-term interest rates for the first time since before the onset of the 2007-2011 financial crisis. In the rest of the world, particularly in the eurozone and Asia, slowing growth and deflationary trends kept economic policies accommodative in an effort to foster growth. Tepid global growth, together with deflationary concerns, weighed on long-term interest rates and supported government bond prices. Even in the US and UK, a bias toward central bank tightening had the effect of only flattening yield curves,

with short-term government yields rising, while long-dated yields declined, weighed down by slower growth and strong investor demand for high quality yields that both countries offered.

    Though developed market yields broadly declined, the fiscal year was marked by considerable interest rate volatility. The fiscal year began on the back of a US bond market rally as slowing global growth and lower inflation helped to push US Treasury yields lower and subsequently, bond prices higher. The downward-trend accelerated through the end of 2014 as oil prices hit lows not seen since the height of the financial crisis and as global deflationary fears began to set in. As quickly as US Treasury yields declined in 2014, they snapped back even faster during the first half of 2015. Helping to drive developed market interest rates higher following the implementation of the European Central Bank’s (ECB) version of the Fed’s QE program (commitment by the ECB to purchase longer-

dated euro-area fixed income instruments in an effort to lower long-term interest rates to help spur economic growth) was stronger-than-expected economic data and market players’ notions that the rally was overdone. Also supporting higher US interest rates was the end of the Fed’s QE program purchasing long-dated Treasury bonds, coupled with supportive US economic data in the form of stronger economic growth and employment. The volatility within global interest rate markets ensued as the reporting period drew to a close with concerns over Chinese economic growth, in addition to broader market volatility helping drive global interest rates back down. Ten-year US Treasury yields ended 20 basis points lower at 2.14%, having begun the fiscal year at 2.34%.¹ A basis point is one one-hundredth of a percentage point.

    Within global credit markets, the investment-grade corporate credit, high yield and emerging market debt sectors were weighed down by slower global growth, increased risk aversion stemming from broader financial market volatility, and credit markets’ fundamental relationship to oil – the price of which declined significantly during the reporting period. Credit spreads across these sectors widened relative to their respective government counterparts, while valuations weakened. Falling oil prices brought into question the credit quality and even the long-term solvency of many high yield issuers, while bonds of oil-producing emerging market countries also experienced market stress. As the reporting period drew to a close, global equity market volatility stemming from concerns over China’s economic slowdown sent credit market spreads and yields to their highest levels since 2012, creating investing opportunities in some segments of the credit markets.

Portfolio Composition
By sector	% of total net assets

Sovereign Debt	50.4	%
Financials	18.1
Collateralized Mortgage Obligations	5.2
Materials	5.0
Energy	3.4
Industrials	3.2
Utilities	2.0
Consumer Staples	1.5
Other Sectors, Each Less than 2%	3.8
Money Market Funds Plus Other Assets Less Liabilities	7.4

Top 10 Debt Issuers*
	% of total net assets

1.	Italy Buoni Poliennali Del Tesoro	10.5	%
2.	Poland Government International Bond	6.3
3.	Government of Japan Forty Year Bond	5.1
4.	Spain Government Bond	4.7
5.	Province of Ontario Canada	4.4
6.	Australia Government Bond	4.3
7.	Mexican Bonos	2.9
8.	Asian Development Bank	2.5
9.	Korea Treasury Bond	2.2
10.	United Kingdom Gilt	2.2

Total Net Assets	$53.5 million
Total Number of Holdings*	93

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.

Data presented here are as of October 31, 2015.

4                             Invesco International Total Return Fund

    The Fund’s total return was negative for the reporting period in absolute terms, but it outperformed its broad market/style-specific benchmark. The Fund maintained a lower-than-market exposure in order to minimize losses. The Fund maximized its exposure to the US dollar, in line with our top-down view that the dollar would strengthen and US assets would outperform. A relative value assessment of global bond markets led to overweight exposure in European bond markets, which was a significant contributor to performance as the ECB embarked on a policy of QE thereby supporting the values of European debt. Specifically, the allocation to European corporate debt also benefited from the ECB’s monetary policy shift, as did security selection in below-investment grade issues.

    The Fund used active duration and yield curve positioning for risk management and for generating alpha versus its broad market/style-specific index. Alpha is a measure of performance on a risk-adjusted basis. Duration measures a portfolio’s price sensitivity to interest rate changes. Yield curve positioning refers to actively emphasizing points (maturities) along the yield curve with favorable risk/return expectations. Duration and yield curve positioning across the various global yield curves contributed to relative Fund performance versus the Fund’s broad market/style-specific index. Country allocations to Italy, Spain, Ireland and Portugal also contributed to relative Fund performance. The Fund had an overweight allocation in US Treasuries and German bunds relative to its broad market/style-specific index. Duration was managed with cash bonds and futures positions. Buying and selling interest rate futures contracts across multiple global yield curves was an important tool we used to manage interest rate risk and maintain our targeted portfolio duration. Volatility in the summer hurt relative Fund returns somewhat as our off-benchmark exposure to sub-investment grade debt detracted from Fund returns.

    An increased allocation to US dollar corporate debt was a positive contributor towards the end of the reporting period. Volatility in emerging market assets, in particular, provided an opportunity to increase risk in credit markets, benefiting relative Fund returns by the end of the reporting period.

    Our allocation to the US dollar was the most significant driver of Fund outperformance. Our selection was broadly diversified, but focused on underweight positions in commodity currencies, Asian bloc currencies such as the Singapore dollar and the euro. Towards the end of the reporting period, we increased our exposure in emerging market currencies, which slightly detracted from Fund performance.

    Please note we implemented our strategy using derivative instruments, including futures, forwards, 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 your commitment to Invesco International Total Return Fund.

1 Source: Bloomberg LP

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	Avi Hooper Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco International Total
Return Fund. He joined Invesco in 2010. Mr. Hooper earned a BAS with a focus in accounting and finance from York University.

	Mark Nash Chartered Financial Analyst, Portfolio Manager, is manager of Invesco International Total
Return Fund. He joined Invesco in 2001. Mr. Nash earned a BS in chemistry and an MPhi in materials engineering from The University of Nottingham.

	Raymond Uy Chartered Financial Analyst, Portfolio Manager and Head of Currencies for Invesco Fixed Income, is
manager of Invesco International Total Return Fund. He joined Invesco in 2012. Mr. Uy earned a BBA from Hofstra University.

	Robert Waldner Chartered Financial Analyst, Portfolio Manager, is manager of Invesco International Total
Return Fund. He joined Invesco in 2013. Mr. Waldner earned a BSE degree in civil engineering from Princeton University.

5                             Invesco International Total Return Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 3/31/06

Past performance cannot guarantee comparable future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable. 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6                             Invesco International Total Return Fund

Average Annual Total Returns As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	2.72	%
5 Years	-1.16
1 Year	-9.38
Class B Shares
Inception (3/31/06)	2.54	%
5 Years	-1.38
1 Year	-10.80
Class C Shares
Inception (3/31/06)	2.41	%
5 Years	-1.05
1 Year	-7.02
Class Y Shares
Inception	3.36	%
5 Years	-0.06
1 Year	-5.23
Class R5 Shares
Inception (3/31/06)	3.44	%
5 Years	-0.05
1 Year	-5.23
Class R6 Shares
Inception	3.27	%
5 Years	-0.15
1 Year	-5.14

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

    The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares was 1.10%, 1.85%, 1.85%,

Average Annual Total Returns As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	2.69	%
5 Years	-0.87
1 Year	-10.41
Class B Shares
Inception (3/31/06)	2.51	%
5 Years	-1.09
1 Year	-11.82
Class C Shares
Inception (3/31/06)	2.38	%
5 Years	-0.75
1 Year	-8.09
Class Y Shares
Inception	3.34	%
5 Years	0.24
1 Year	-6.33
Class R5 Shares
Inception (3/31/06)	3.42	%
5 Years	0.24
1 Year	-6.33
Class R6 Shares
Inception	3.24	%
5 Years	0.14
1 Year	-6.24

0.85%, 0.85% and 0.85%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares was 1.68%, 2.43%, 2.43%, 1.43%, 1.15% and 1.14%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 4.25% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2017. See current prospectus for more information.

7                             Invesco International Total Return Fund

Invesco International Total Return Fund’s investment objective is total return, comprised of current income and capital appreciation.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

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

About share classes

n Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

n Class Y shares are available to only certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing

in the Fund

n Active trading risk. The Fund engages in frequent trading of portfolio securities. Active trading results in added expenses and may result in a lower return and increased tax liability.

n Call risk. If interest rates fall, it is possible that issuers of debt securities with high interest rates will prepay or call their securities before their maturity dates. In this event, the proceeds from the called securities would likely be reinvested by the Fund in securities bearing the new, lower interest rates, resulting in a possible decline in the Fund’s income and distributions to shareholders.

n Changing fixed income market conditions risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates at or near zero. There is a risk that interest rates will rise when the FRB and central banks raise these rates. This risk is heightened due to the FRB’s quantitative easing program and the “tapering” of other similar foreign central bank actions. This eventual increase in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened

volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions,

which could potentially increase

portfolio turnover and the Fund’s transaction costs.

n Collateralized loan obligations risk. In addition to the normal interest rate, default and other risks of fixed income securities, collateralized loan obligations carry additional risks, including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the Fund may invest in collateralized loan obligations that are subordinate to other classes, values may be volatile, and disputes with the issuer may produce unexpected investment results.

n Credit risk. The issuer of instruments in which the Fund invests may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

n Currency/exchange rate risk. The dollar value of the Fund’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.

n Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk

because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

n Developing/emerging markets securities risk. The prices of securities issued by foreign companies and governments located in developing/emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

n Foreign currency tax risk. If the U.S. Treasury Department were to exercise its authority to issue regulations that exclude from the definition of “qualifying income” foreign currency gains not directly related to the Fund’s business of investing in securities (which it has not done since such authority was granted to it in 1986, but has the right to do at any time), the Fund may be unable to qualify as a regulated investment company for one or more years.

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

8                             Invesco International Total Return Fund

In this event, the Fund’s Board of Trustees may authorize a significant change in investment strategy or other action.

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

n High yield bond (junk bond) risk. High yield bonds (commonly referred to as junk bonds) involve a greater risk of default or price changes due to changes in the credit quality of the issuer. The values of junk bonds fluctuate more than those of high- quality bonds in response to company, political, regulatory or economic developments. Values of junk bonds can decline significantly over short periods of time.

n Interest rate risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.

n Liquidity risk. The Fund may hold illiquid securities that it is unable to sell at the preferred time or price and could lose its entire investment in such securities.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Mortgage- and asset-backed securities risk. The Fund may invest in mortgage- and asset-backed securities that are subject to prepayment or call risk, which is the risk that the borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. Faster prepayments often happen when interest

rates are falling. As a result, the Fund may reinvest these early payments at lower interest rates, thereby reducing the Fund’s income. Conversely, when interest rates rise, prepayments may happen more slowly, causing the security to lengthen in duration. Longer duration securities tend to be more volatile. Securities may be prepaid at a price less than the original purchase value. 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. The risk of such defaults is generally higher in the case of mortgage pools that include subprime mortgages. Subprime mortgages refer to loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages.

n Sovereign debt risk. Investments in foreign sovereign debt obligations involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

n When-issued and delayed delivery risks. When-issued and delayed delivery transactions are subject to market risk as the value or yield of a security at delivery may be more or less than the purchase price or the yield generally available on securities when delivery occurs. In addition, the Fund is subject to counterparty risk because it relies on the buyer or seller, as the case may be, to consummate the transaction, and failure by the other party to complete the transaction may result in the Fund missing the opportunity of obtaining a price or yield considered to be advantageous.

n Zero coupon or pay-in-kind securities risk. The value, interest rates, and liquidity of non-cash paying instruments, such as zero coupon and pay-in-kind securities,

are subject to greater fluctuation than other types of securities. The higher yields and interest rates on pay-in-kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than coupon loans. Pay-in-kind securities may have a potential variability in valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral.

About indexes used in this report

n The Barclays Global Aggregate ex-U.S. Index is an unmanaged index considered representative of bonds of foreign countries.

n The Lipper Emerging Markets Debt Funds Index is an unmanaged index considered representative of international income funds tracked by Lipper.

n 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).

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

n Industry 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.

9                         Invesco International Total Return Fund

Schedule of Investments

October 31, 2015

	Principal Amount		Value
Non U.S. Dollar Denominated Bonds & Notes–66.19%(a)
Australia–4.31%
Australia Government Bond, Sr. Unsec. Bonds, 3.75%, 04/21/37(b)	AUD	3,000,000	$	2,303,832
Austria–0.88%
OMV AG, Jr. Unsec. Sub. Euro Bonds, 6.75%(c)	EUR	400,000		469,220
Belgium–0.59%
Anheuser-Busch InBev SA/NV, Sr. Unsec. Gtd. Medium-Term Euro Notes, 4.00%, 09/24/25	GBP	200,000		315,486
Canada–4.38%
Province of Ontario Canada, Unsec. Bonds, 3.45%, 06/02/45	CAD	3,000,000		2,339,080
Cyprus–0.64%
Cyprus Government International Bond, REGS, Unsec. Medium-Term Euro Notes, 3.88%, 05/06/22(b)	EUR	300,000		340,955
Denmark–0.50%
Danske Bank A/S, Jr. Unsec. Sub. Medium-Term Euro Notes, 5.68%(c)	GBP	170,000		266,693
France–0.42%
Electricite de France S.A., Jr. Unsec. Sub. Medium-Term Euro Notes, 4.13%(c)	EUR	200,000		222,856
Germany–2.91%
EnBW Energie Baden-Wuerttemberg AG, Jr. Unsec. Sub. Medium-Term Euro Notes, 7.38%, 04/02/72	EUR	120,000		141,022
HeidelbergCement Finance Luxembourg S.A., Sr. Unsec. Gtd. Medium-Term Euro Notes, 3.25%, 10/21/21	EUR	100,000		116,325
Kreditanstalt fur Wiederaufbau, Sr. Unsec. Gtd. Global Notes, 2.05%, 02/16/26	JPY	100,000,000		988,647
RWE AG, Jr. Unsec. Sub. Euro Notes, 7.00%(c)	GBP	200,000		310,389
				1,556,383
Ireland–1.61%
Ireland Government Bond, Unsec. Euro Bonds, 2.00%, 02/18/45	EUR	800,000		859,917

	Principal Amount		Value
Italy–10.53%
Italy Buoni Poliennali Del Tesoro,
Sr. Unsec. Euro Bonds,
5.00%, 03/01/25(b)	EUR	3,045,000	$	4,372,601
REGS, Sr. Unsec. Euro Bonds,
3.25%, 09/01/46(b)	EUR	1,000,000		1,258,305
				5,630,906
Japan–5.07%
Government of Japan Forty Year Bond,
Series 7, Sr. Unsec. Bonds,
1.70%, 03/20/54	JPY	50,000,000		443,435
Series 8, Sr. Unsec. Bonds,
1.40%, 03/20/55	JPY	280,000,000		2,268,954
				2,712,389
Mexico–2.93%
Mexican Bonos, Series M, Sr. Unsec. Bonds, 7.75%, 11/13/42	MXN	23,000,000		1,565,954
Netherlands–4.35%
Achmea B.V., Jr. Unsec. Sub. Medium-Term Euro Notes, 6.00%(c)	EUR	500,000		561,720
Cooperatieve Centrale Raiffeisen- Boerenleenbank BA, Unsec. Sub. Euro Bonds, 3.88%, 07/25/23	EUR	600,000		732,123
Netherlands Government Bond, Unsec. Euro Bonds, 2.75%, 01/15/47(b)	EUR	700,000		1,029,334
				2,323,177
Norway–2.51%
DNB Bank ASA, Unsec. Sub. Medium-Term Euro Notes, 4.75%, 03/08/22	EUR	250,000		289,068
Norway Government Bond, Series 476, Unsec. Bonds, 3.00%, 03/14/24(b)	NOK	8,000,000		1,053,320
				1,342,388
Poland–6.30%
Poland Government International Bond, Series 12, Sr. Unsec. Bonds, 1.05%, 11/08/17	JPY	400,000,000		3,366,918
South Korea–2.19%
Korea Treasury Bond, Series 2403, Sr. Unsec. Bonds, 3.50%, 03/10/24	KRW	1,200,000,000		1,169,853
Spain–4.73%
Spain Government Bond, Sr. Unsec. Euro Bonds, 4.20%, 01/31/37(b)	EUR	1,820,000		2,529,822

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

10                         Invesco International Total Return Fund

	Principal Amount		Value
Supranational–2.49%
Asian Development Bank, Series 339-00-1, Sr. Unsec. Medium-Term Global Notes, 2.35%, 06/21/27	JPY	130,000,000	$	1,333,587
United Arab Emirates–0.51%
IPIC GMTN Ltd., REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 5.88%, 03/14/21(b)	EUR	200,000		270,774
United Kingdom–6.74%
Abbey National Treasury Services PLC, Sr. Sec. Gtd. Mortgage-Backed Medium-Term Euro Notes, 5.25%, 02/16/29	GBP	200,000		385,980
Cabot Financial Luxembourg S.A., REGS, Sr. Sec. Gtd. First Lien Euro Notes, 10.38%, 10/01/19(b)	GBP	100,000		166,588
Direct Line Insurance Group PLC, Unsec. Sub. Gtd. Euro Notes, 9.25%, 04/27/42	GBP	150,000		283,243
Lloyds Bank PLC, Unsec. Sub. Medium-Term Euro Notes, 10.75%, 12/16/21	GBP	200,000		338,554
Moy Park Bondco PLC, REGS, Sr. Unsec. Gtd. Euro Notes, 6.25%, 05/29/21(b)	GBP	100,000		158,129
Nationwide Building Society, Jr. Unsec. Sub. Euro Bonds, 6.00%(c)	GBP	200,000		314,527
NGG Finance PLC, Unsec. Sub. Gtd. Euro Notes, 5.63%, 06/18/73	GBP	250,000		409,541
Odeon & UCI Finco PLC, REGS, Sr. Sec. Gtd. First Lien Medium-Term Euro Notes, 9.00%, 08/01/18(b)	GBP	100,000		161,115
Scottish Widows PLC, Unsec. Sub. Euro Notes, 5.50%, 06/16/23	GBP	150,000		239,570
United Kingdom Gilt, Series 2045, REGS, Unsec. Bonds, 3.50%, 01/22/45(b)	GBP	630,000		1,146,731
				3,603,978
United States–1.60%
Bank of America Corp., Series 8, Sr. Unsec. Bonds, 2.31%, 06/26/17	JPY	100,000,000		855,049
Total Non U.S. Dollar Denominated Bonds & Notes (Cost $37,729,008)				35,379,217
U.S. Dollar Denominated Bonds & Notes–21.17%
Australia–0.94%
BHP Billiton Finance USA Ltd., Unsec. Sub. Gtd. Notes, 6.75%, 10/19/75(b)	$	323,000		331,883
FMG Resources (August 2006) Pty. Ltd., REGS, Sr. Unsec. Gtd. Euro Notes, 8.25%, 11/01/19(b)		200,000		170,750
				502,633

	Principal Amount		Value
Brazil–0.78%
Minerva Luxembourg S.A., REGS, Sr. Unsec. Gtd. Euro Notes, 7.75%, 01/31/23(b)	$	300,000	$	297,750
Odebrecht Finance Ltd., REGS, Sr. Unsec. Gtd. Euro Notes, 5.25%, 06/27/29(b)		200,000		117,250
				415,000
Canada–0.80%
Air Canada Pass Through Trust, Series 2015-1, Class B, Sec. Second Lien Pass Through Ctfs., 3.88%, 03/15/23(b)		237,000		229,786
Lundin Mining Corp., Sr. Sec. Gtd. First Lien Notes, 7.88%, 11/01/22(b)		200,000		200,500
				430,286
Chile–0.56%
Corp. Nacional del Cobre de Chile, Sr. Unsec. Notes, 4.50%, 09/16/25(b)		300,000		297,493
China–0.74%
Alibaba Group Holding Ltd., Sr. Unsec. Gtd. Notes, 4.50%, 11/28/34(b)		200,000		191,543
Bank of China Ltd., Unsec. Sub. Notes, 5.00%, 11/13/24(b)		200,000		207,187
				398,730
Colombia–0.67%
Ecopetrol S.A., Sr. Unsec. Global Notes, 5.38%, 06/26/26		300,000		280,125
Pacific Exploration & Production Corp., REGS, Sr. Unsec. Gtd. Euro Notes, 5.63%, 01/19/25(b)		200,000		76,000
				356,125
Dominican Repubic–0.60%
Dominican Republic International Bond, Sr. Unsec. Bonds, 5.50%, 01/27/25(b)		322,000		319,585
Gabon–0.33%
Gabon Government International Bond, Sr. Unsec. Bonds, 6.95%, 06/16/25(b)		200,000		175,790
Ghana–0.40%
Republic of Ghana, Unsec. Gtd. Bonds, 10.75%, 10/14/30(b)		200,000		212,450
Kazakhstan–0.37%
Kazakhstan Government International Bond, Sr. Unsec. Notes, 6.50%, 07/21/45(b)		200,000		195,941

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

11                         Invesco International Total Return Fund

	Principal Amount		Value
Morocco–1.08%
OCP S.A., Sr. Unsec. Notes, 4.50%, 10/22/25(b)	$	600,000	$	580,500
Netherlands–0.68%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Sr. Unsec. Gtd. Global Notes, 4.63%, 10/30/20		350,000		364,437
Peru–1.48%
Lima Metro Line 2 Finance Ltd., Sr. Sec. First Lien Bonds, 5.88%, 07/05/34(b)		500,000		505,000
Southern Copper Corp., Sr. Unsec. Global Notes, 3.88%, 04/23/25		300,000		285,750
				790,750
Russia–0.37%
Gazprom OAO Via Gaz Capital S.A., Sr. Unsec. Notes, 4.30%, 11/12/15(b)		200,000		199,750
Singapore–0.60%
BOC Aviation Pte. Ltd., Sr. Unsec. Notes, 3.00%, 03/30/20(b)		323,000		319,835
Switzerland–1.33%
Credit Suisse Group AG, Jr. Unsec. Sub. Notes, 6.25%(b)(c)		500,000		498,750
UBS AG, Unsec. Sub. Medium-Term Euro Notes, 7.25%, 02/22/22		200,000		211,375
				710,125
United Kingdom–1.19%
Anglo American Capital PLC, Sr. Unsec. Gtd. Notes, 4.88%, 05/14/25(b)		231,000		185,955
HSBC Holdings PLC, Jr. Unsec. Sub. Global Bonds, 5.63%(c)		250,000		250,486
6.38%(c)		202,000		200,485
				636,926
United States–8.25%
AbbVie Inc., Sr. Unsec. Global Notes, 3.60%, 05/14/25		195,000		191,741
Avaya Inc., Sr. Sec. Gtd. First Lien Notes, 9.00%, 04/01/19(b)		300,000		246,000
Berry Plastics Corp., Sec. Gtd. Second Lien Notes, 5.50%, 05/15/22		200,000		205,750
6.00%, 10/15/22(b)		301,000		316,426
Cantor Fitzgerald, L.P., Unsec. Notes, 6.50%, 06/17/22(b)		246,000		254,949
Cimarex Energy Co., Sr. Unsec. Gtd. Notes, 4.38%, 06/01/24		100,000		99,813
Concho Resources Inc., Sr. Unsec. Gtd. Global Notes, 5.50%, 04/01/23		100,000		101,125

	Principal Amount		Value
United States–(continued)
Denbury Resources Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 05/01/22	$	200,000	$	143,000
EarthLink Holdings Corp., Sr. Unsec. Gtd. Global Notes, 8.88%, 05/15/19		149,000		154,587
EPR Properties, Sr. Unsec. Gtd. Global Notes, 4.50%, 04/01/25		196,000		188,414
FedEx Corp., Sr. Unsec. Gtd. Notes, 4.75%, 11/15/45		294,000		292,745
Ford Motor Credit Co. LLC, Sr. Unsec. Global Notes, 4.13%, 08/04/25		387,000		397,571
Frontier Communications Corp., Sr. Unsec. Notes, 11.00%, 09/15/25(b)		300,000		315,375
JPMorgan Chase & Co., Series Z, Jr. Unsec. Sub. Global Notes, 5.30%(c)		300,000		301,875
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Sr. Sec. Gtd. First Lien Mortgage Notes, 8.13%, 11/15/21 (Acquired 08/21/15; Cost $192,500)(b)		200,000		192,500
Sprint Capital Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 11/15/28		400,000		335,000
Valeant Pharmaceuticals International, Inc., Sr. Unsec. Gtd. Notes, 6.13%, 04/15/25(b)		200,000		168,500
Wells Fargo & Co., Series U, Jr. Unsec. Sub. Global Notes, 5.88%(c)		300,000		317,250
Whiting Petroleum Corp., Sr. Unsec. Gtd. Notes, 5.75%, 03/15/21		200,000		188,000
				4,410,621
Total U.S. Dollar Denominated Bonds & Notes (Cost $11,417,432)				11,316,977
Collateralized Mortgage Obligations–5.24%
United States–5.24%
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-2, Class A1, Floating Rate Pass Through Ctfs., 2.68%, 03/25/35(d)		184,462		185,617
BLCP Hotel Trust, Series 2014-CLRN, Class C, Floating Rate Pass Through Ctfs., 2.15%, 08/15/29(b)(d)		450,000		444,872
COMM Mortgage Trust, Series 2013-LC6, Class B, Pass Through Ctfs., 3.74%, 01/10/46		300,000		307,427

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

12                         Invesco International Total Return Fund

	Principal Amount		Value
United States–(continued)
GMACM Mortgage Loan Trust, Series 2006-AR1, Class 1A1, Floating Rate Pass Through Ctfs., 3.05%, 04/19/36(d)	$	251,419	$	227,377
JP Morgan Mortgage Trust,
Series 2007-A1, Class 2A2,
Floating Rate Pass Through Ctfs.,
2.64%, 07/25/35(d)		280,242		275,392
Series 2007-A4, Class 3A1,
Floating Rate Pass Through Ctfs.,
5.34%, 06/25/37(d)		262,888		239,344
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, Floating Rate Pass Through Ctfs., 2.29%, 11/25/35(d)		169,458		166,478
WaMu Mortgage Pass-Through Trust, Series 2005-AR12, Class 1A8, Floating Rate Pass Through Ctfs., 2.43%, 10/25/35(d)		257,828		248,916
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR14, Class A1, Floating Rate Pass Through Ctfs., 2.74%, 08/25/35(d)		155,290		153,832

	Principal Amount		Value
United States–(continued)
WFRBS Commercial Mortgage Trust, Series 2013-C16, Class A5, Pass Through Ctfs., 4.42%, 09/15/46	$	500,000	$	552,025
Total Collateralized Mortgage Obligations (Cost $2,764,243)				2,801,280
	Shares
Money Market Funds–2.03%
Liquid Assets Portfolio–Institutional Class, 0.16%(e)		541,819		541,819
Premier Portfolio–Institutional Class, 0.12%(e)		541,818		541,818
Total Money Market Funds (Cost $1,083,637)				1,083,637
Options Purchased–0.01%
(Cost $10,789)(f)				5,940
TOTAL INVESTMENTS–94.64% (Cost $53,005,109)				50,587,051
OTHER ASSETS LESS LIABILITIES–5.36%				2,864,797
NET ASSETS–100.00%			$	53,451,848

Investment Abbreviations:

AUD	– Australian Dollar
CAD	– Canadian Dollar
Ctfs.	– Certificates
EUR	– Euro
GBP	– British Pound Sterling
Gtd.	– Guaranteed
JPY	– Japanese Yen
Jr.	– Junior

KRW	– South Korean Won
MXN	– Mexican Peso
NOK	– Norwegian Krona
REGS	– Regulation S
Sec.	– Secured
Sr.	– Senior
Sub.	– Subordinated
Unsec.	– Unsecured

Notes to Schedule of Investments:

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

^(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 October 31, 2015 was $22,043,826, which represented 41.24% of the Fund’s Net Assets.

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

^(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2015.

^(e)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

^(f)  The table below details options purchased.

Open Over-The-Counter Foreign Currency Options Purchased

Description

Type of Contract

Counterparty

Expiration Date

Strike Price

Notional Value

Value

EUR versus USD

Put

Morgan Stanley & Co. LLC

11/20/15

USD

1.09

EUR

1,000,000

$

5,860

USD versus CNY

Put

Deutsche Bank Securities Inc.

11/11/15

CNY

6.80

USD

500,000

36

USD versus CNY

Put

Deutsche Bank Securities Inc.

11/13/15

CNY

6.80

USD

500,000

44

Total Over-The-Counter Foreign Currency Options Purchased — Currency Risk (Cost $10,789)

$

5,940

Abbreviations:

CNY	– Chinese Yuan
EUR	– Euro
USD	– U.S. Dollar

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

13                         Invesco International Total Return Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $51,921,472)	$	49,503,414
Investments in affiliated money market funds, at value and cost		1,083,637
Total investments, at value (Cost $53,005,109)		50,587,051
Foreign currencies, at value (Cost $572,344)		579,419
Receivable for:
Deposits with brokers for open futures contracts		144,876
Investments sold		5,300,901
Variation margin — futures		55,062
Fund shares sold		86,614
Dividends and interest		624,369
Investment for trustee deferred compensation and retirement plans		34,289
Unrealized appreciation on forward foreign currency contracts outstanding		95,468
Other assets		19,087
Total assets		57,527,136
Liabilities:
Payable for:
Investments purchased		3,704,907
Fund shares reacquired		35,145
Options written, at value (premiums received $16,223)		6,525
Amount due custodian		71,625
Accrued fees to affiliates		29,459
Accrued trustees’ and officers’ fees and benefits		1,586
Accrued other operating expenses		62,390
Trustee deferred compensation and retirement plans		36,247
Unrealized depreciation on forward foreign currency contracts outstanding		127,404
Total liabilities		4,075,288
Net assets applicable to shares outstanding	$	53,451,848
Net assets consist of:
Shares of beneficial interest	$	56,627,962
Undistributed net investment income		(171,343	)
Undistributed net realized gain (loss)		(591,352	)
Net unrealized appreciation (depreciation)		(2,413,419	)
	$	53,451,848

Net Assets:
Class A	$	26,426,070
Class B	$	898,048
Class C	$	4,997,849
Class Y	$	1,716,373
Class R5	$	795
Class R6	$	19,412,713
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		2,694,180
Class B		91,690
Class C		510,658
Class Y		175,115
Class R5		81
Class R6		1,979,058
Class A:
Net asset value per share	$	9.81
Maximum offering price per share
(Net asset value of $9.81 ¸ 95.75%)	$	10.25
Class B:
Net asset value and offering price per share	$	9.79
Class C:
Net asset value and offering price per share	$	9.79
Class Y:
Net asset value and offering price per share	$	9.80
Class R5:
Net asset value and offering price per share	$	9.81
Class R6:
Net asset value and offering price per share	$	9.81

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

14                         Invesco International Total Return Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Interest (net of foreign withholding taxes of $5,772)	$	1,580,479
Dividends from affiliated money market funds		592
Total investment income		1,581,071
Expenses:
Advisory fees		355,390
Administrative services fees		50,000
Custodian fees		28,367
Distribution fees:
Class A		72,220
Class B		12,904
Class C		54,972
Transfer agent fees A, B, C and Y		116,807
Transfer agent fees — R6		157
Trustees’ and officers’ fees and benefits		19,842
Registration and filing fees		74,708
Professional services fees		58,336
Other		47,156
Total expenses		890,859
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(287,545	)
Net expenses		603,314
Net investment income		977,757
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(2,636,653	)
Foreign currencies		(202,134	)
Forward foreign currency contracts		167,776
Futures contracts		(916,220	)
Option contracts written		49,997
Swap agreements		(1,246	)
		(3,538,480	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(752,371	)
Foreign currencies		57,113
Forward foreign currency contracts		47,932
Futures contracts		72,949
Option contracts written		9,698
		(564,679	)
Net realized and unrealized gain (loss)		(4,103,159	)
Net increase (decrease) in net assets resulting from operations	$	(3,125,402	)

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

15                         Invesco International Total Return Fund

Statement of Changes in Net Assets

For the years ended October 31, 2015 and October 31, 2014

	2015			2014
Operations:
Net investment income	$	977,757		$	980,847
Net realized gain (loss)		(3,538,480	)		499,572
Change in net unrealized appreciation (depreciation)		(564,679	)		(2,359,518	)
Net increase (decrease) in net assets resulting from operations		(3,125,402	)		(879,099	)
Distributions to shareholders from net investment income:
Class A		—			(342,384	)
Class B		—			(6,778	)
Class C		—			(17,273	)
Class Y		—			(43,342	)
Class R5		—			(2,735	)
Class R6		—			(136,738	)
Total distributions from net investment income		—			(549,250	)
Return of Capital:
Class A		(334,679	)		—
Class B		(5,037	)		—
Class C		(22,195	)		—
Class Y		(34,332	)		—
Class R5		(404	)		—
Class R6		(234,598	)		—
Total return of capital		(631,245	)		—
Distributions to shareholders from net realized gains:
Class A		(424,234	)		(627,066	)
Class B		(23,164	)		(54,188	)
Class C		(82,956	)		(109,020	)
Class Y		(58,822	)		(20,619	)
Class R5		(1,571	)		(5,529	)
Class R6		(190,546	)		(179,473	)
Total distributions from net realized gains		(781,293	)		(995,895	)
Share transactions–net:
Class A		(3,774,867	)		1,008,873
Class B		(848,162	)		(900,676	)
Class C		(969,761	)		1,140,625
Class Y		(3,026,142	)		4,234,543
Class R5		(113,619	)		(160,180	)
Class R6		8,002,329			4,374,306
Net increase (decrease) in net assets resulting from share transactions		(730,222	)		9,697,491
Net increase (decrease) in net assets		(5,268,162	)		7,273,247
Net assets:
Beginning of year		58,720,010			51,446,763
End of year (includes undistributed net investment income of $(171,343) and $99,678, respectively)	$	53,451,848		$	58,720,010

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco International Total Return Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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

16                         Invesco International Total Return Fund

open-end series management investment company consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

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

The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class Y, Class R5 and Class R6. 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, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

17                         Invesco International Total Return 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.

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

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

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

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

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

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

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

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

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

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

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

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

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

18                         Invesco International Total Return Fund

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

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

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

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

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

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

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

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

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

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

19                         Invesco International Total Return Fund

the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on these contracts are included in the Statement of Operations as Net realized gain from Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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

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

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 swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. 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. 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.

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

20                         Invesco International Total Return Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0	.65%
Next $250 million		0	.59%
Next $500 million		0	.565%
Next $1.5 billion		0	.54%
Next $2.5 billion		0	.515%
Next $5 billion		0	.49%
Over $10 billion		0	.465%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.65%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 February 28, 2017, 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 B, Class C, Class Y, Class R5 and Class R6 shares to 1.10%, 1.85%, 1.85%, 0.85%, 0.85% and 0.85% of average daily net assets, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2017. The fee waiver agreement cannot be terminated during its term.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees of $170,581 and reimbursed class level expenses of $88,391, $3,948, $16,820, $7,236, and $157 of Class A, Class B, Class C, 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 October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, 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 B, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class B and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class B and Class C shares. 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 October 31, 2015, 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 October 31, 2015, IDI advised the Fund that IDI retained $4,506 in front-end sales commissions from the sale of Class A shares and $256, $2,159 and $327 from Class A, Class B and Class C 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.

21                         Invesco International Total Return Fund

NOTE 3—Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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
Equity Securities	$	1,083,637	$	—		$	—	$	1,083,637
Collateralized Mortgage Obligations		—		2,801,280			—		2,801,280
Corporate Debt Securities		—		19,919,207			—		19,919,207
Foreign Sovereign Debt Securities		—		26,776,987			—		26,776,987
Options Purchased		—		5,940			—		5,940
		1,083,637		49,503,414			—		50,587,051
Forward Foreign Currency Contracts*		—		(31,936	)		—		(31,936	)
Futures Contracts*		19,926		—			—		19,926
Options Written*		—		(6,525	)		—		(6,525	)
Total Investments	$	1,103,563	$	49,464,953		$	—	$	50,568,516

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

NOTE 4—Derivative Investments

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 October 31, 2015:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Currency risk:
Forward foreign currency contracts(a)	$	95,468	$	(127,404	)
Options purchased(b)		5,940		—
Options written(c)		—		(6,525	)
Interest rate risk:
Futures contracts(d)		31,698		(11,772	)
Total	$	133,106	$	(145,701	)

^(a)  Values are disclosed on the Statement of Assets and Liabilities under the captions Unrealized appreciation on forward foreign currency contracts outstanding and Unrealized depreciation on forward foreign currency contracts outstanding.

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

^(c)  Values are disclosed on the Statement of Assets and Liabilities under the caption Options written, at value.

^(d)  Includes cumulative appreciation (depreciation) of futures contracts. Only current day’s variation margin receivable is reported within the Statement of Assets and Liabilities.

22                         Invesco International Total Return Fund

Effect of Derivative Investments for the year ended October 31, 2015

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
	Forward Foreign Currency Contracts		Futures Contracts			Options Purchased(a)			Options Written		Swap Agreements
Realized Gain (Loss):
Currency risk	$	167,776	$	—		$	80,396		$	49,997	$	—
Interest rate risk		—		(916,220	)		—			—		—
Market risk		—		—			—			—		(1,246	)
Change in Net Unrealized Appreciation (Depreciation):
Currency risk		47,932		—			(15,826	)		9,698		—
Interest rate risk		—		72,949			—			—		—
Total	$	215,708	$	(843,271	)	$	64,570		$	59,695	$	(1,246	)

^(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 twelve month average notional value of forward foreign currency contracts, futures contracts, options purchased, the eleven month average notional value of options written and the one month average notional value of swap agreements outstanding during the period.

	Forward Foreign Currency Contracts		Futures Contracts		Options Purchased		Options Written		Swap Agreements
Average notional value	$	46,527,083	$	20,969,807	$	5,228,576	$	2,338,021	$	1,666,000

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Notional Value		Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
01/29/16	Citigroup Global Markets Inc.		CAD	500,000		USD	380,128	$	382,165	$	(2,037	)
01/29/16	Citigroup Global Markets Inc.		CAD	200,000		USD	152,823		152,866		(43	)
01/29/16	Citigroup Global Markets Inc.		MYR	2,000,000		USD	470,588		463,709		6,879
01/29/16	Citigroup Global Markets Inc.		MYR	1,500,000		USD	344,827		347,782		(2,955	)
01/29/16	Citigroup Global Markets Inc.		NOK	8,310,018		USD	996,405		976,775		19,630
01/29/16	Citigroup Global Markets Inc.		USD	193,704		GBP	126,181		194,478		774
01/29/16	Deutsche Bank Securities Inc.		USD	409,979		SEK	3,476,872		408,016		(1,963	)
06/13/16	Deutsche Bank Securities Inc.		CNY	2,157,810		USD	338,003		334,733		3,270
06/13/16	Deutsche Bank Securities Inc.		CNY	6,533,500		USD	1,000,000		1,013,518		(13,518	)
06/13/16	Deutsche Bank Securities Inc.		USD	340,000		CNY	2,157,810		334,733		(5,267	)
01/29/16	Goldman Sachs International		AUD	1,549,000		USD	1,118,967		1,099,666		19,301
01/29/16	Goldman Sachs International		AUD	750,000		JPY	63,956,250		531,154		(1,452	)
01/29/16	Goldman Sachs International		AUD	750,000		USD	529,924		532,440		(2,516	)
01/29/16	Goldman Sachs International		CAD	978,087		USD	743,687		747,581		(3,894	)
01/29/16	Goldman Sachs International		JPY	64,446,831		USD	533,446		535,061		(1,615	)
01/29/16	Goldman Sachs International		JPY	130,000,000		USD	1,075,874		1,079,307		(3,433	)
01/29/16	Goldman Sachs International		PLN	2,000,000		USD	531,973		516,319		15,654
01/29/16	Goldman Sachs International		PLN	1,500,000		USD	382,868		387,239		(4,371	)
01/29/16	Goldman Sachs International		SGD	2,080,500		USD	1,489,161		1,480,749		8,412
01/29/16	Goldman Sachs International		TRY	1,000,000		USD	331,444		334,004		(2,560	)
01/29/16	Goldman Sachs International		USD	5,969,989		EUR	5,393,617		5,942,307		(27,682	)
01/29/16	Goldman Sachs International		USD	6,335,803		JPY	764,763,739		6,349,346		13,543
01/29/16	Goldman Sachs International		USD	936,990		MXN	15,560,888		935,718		(1,272	)
01/29/16	Goldman Sachs International		USD	674,190		NZD	1,000,000		672,681		(1,509	)
01/29/16	Goldman Sachs International		USD	618,238		RUB	40,000,000		609,858		(8,380	)
01/29/16	Goldman Sachs International		USD	852,818		SGD	1,200,000		854,073		1,255
01/29/16	Goldman Sachs International		USD	722,403		ZAR	10,000,000		710,604		(11,799	)

23                         Invesco International Total Return Fund

Open Forward Foreign Currency Contracts — (continued)
Settlement Date		Contract to						Notional Value		Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
10/24/16	Goldman Sachs International		CNY	3,212,750		USD	491,886	$	494,825	$	(2,939	)
11/13/15	Goldman Sachs International		CNY	3,259,500		USD	500,000		514,735		(14,735	)
12/11/15	Goldman Sachs International		CNY	3,242,500		USD	496,631		510,095		(13,464	)
01/29/16	JPMorgan Chase Bank, N.A.		KRW	700,000,000		USD	616,740		611,245		5,495
01/29/16	JPMorgan Chase Bank, N.A.		KRW	500,000,000		USD	437,859		436,604		1,255
Total Open Forward Foreign Currency Contracts — Currency Risk										$	(31,936	)

Currency Abbreviations:

AUD	– Australian Dollar
CAD	– Canadian Dollar
CNY	– Chinese Yuan
EUR	– Euro
GBP	– British Pound Sterling

JPY	– Japanese Yen
KRW	– South Korean Won
MXN	– Mexican Peso
MYR	– Malaysian Ringgit
NOK	– Norwegian Krone

NZD	– New Zealand Dollar
PLN	– Polish Zloty
RUB	– Russian Rouble
SEK	– Swedish Krona
SGD	– Singapore Dollar

TRY	– New Turkish Lira
USD	– U.S. Dollar
ZAR	– South African Rand

Open Futures Contracts(a)
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation (Depreciation)
U.S. Treasury 10 Year Notes		Short		26		December-2015	$	(3,319,875	)	$	30,412
U.S. Ultra Bond		Short		12		December-2015		(1,917,000	)		1,286
Euro Bonds		Short		9		December-2015		(1,561,002	)		(11,772	)
Total futures contracts — Interest Rate Risk										$	19,926

^(a)  Futures contracts collateralized by $144,876 cash held with Bank of America Merrill Lynch, the futures commission merchant.

Open Over-The-Counter Foreign Currency Options Written
Description	Type of Contract		Counterparty	Expiration Date		Strike Price			Premiums Received		Notional Value			Value		Unrealized Appreciation
USD versus CNY		Call	Goldman Sachs International		11/11/15		CNY	6.80	$	2,744		USD	500,000	$	36	$	2,708
USD versus CNY		Call	Goldman Sachs International		02/05/16		CNY	6.80		4,919		USD	500,000		1,437		3,482
USD versus CNY		Call	Goldman Sachs International		11/13/15		CNY	6.80		2,500		USD	500,000		45		2,455
USD versus CNY		Call	Deutsche Bank Securities Inc.		01/21/16		CNY	6.55		6,060		USD	1,000,000		5,007		1,053
Total Foreign Currency Options Written — Currency Risk									$	16,223				$	6,525	$	9,698

Options Written Transactions
	Call Options											Put Options
	Notional Value				Notional Value				Premiums Received			Notional Value				Notional Value				Premiums Received
Beginning of period			—				—			—				—				—			—
Written		USD	9,800,000			CHF	1,100,000		$	54,728			CHF	1,100,000			EUR	2,000,000		$	68,582
Closed		USD	(5,300,000	)		CHF	(1,100,000	)		(34,425	)		CHF	—			EUR	(2,000,000	)		(6,440	)
Exercised		USD	—			CHF	—			—			CHF	—			EUR	—			—
Expired		USD	(2,000,000	)		CHF	—			(4,080	)		CHF	(1,100,000	)		EUR	—			(62,142	)
End of period		USD	2,500,000			CHF	—		$	16,223			CHF	—			EUR	—		$	—

Currency abbreviations:

CHF	– Swiss Franc
CNY	– Chinese Yuan
EUR	– Euro
USD	– U.S. Dollar

24                         Invesco International Total Return Fund

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2015.

Counterparty	Gross amounts of Recognized Assets		Gross Amounts Not Offset in the Statement of Assets and Liabilities								Net Amount
			Financial Instruments			Collateral Received
						Non-Cash		Cash
Citigroup Global Markets Inc.(a)	$	27,283	$	(5,035	)	$	—	$	—		$	22,248
Deutsche Bank Securities Inc.(a)		3,270		(3,270	)		—		—			—
Goldman Sachs International(a)		58,165		(58,165	)		—		—			—
JPMorgan Chase Bank, N.A.(a)		6,750		—			—		—	��		6,750
Deutsche Bank Securities Inc.(b)		80		—			—		—			80
Morgan Stanley & Co. LLC(b)		5,860		—			—		—			5,860
Total	$	101,408	$	(66,470	)	$	—	$	—		$	34,938

Counterparty	Gross amounts of Recognized Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities							Net Amount
			Financial Instruments			Collateral Pledged
						Non-Cash		Cash
Citigroup Global Markets Inc.(a)	$	5,035	$	(5,035	)	$	—	$	—	$	—
Deutsche Bank Securities Inc.(a)		20,748		(3,270	)		—		—		17,478
Goldman Sachs International(a)		101,621		(58,165	)		—		—		43,456
Goldman Sachs International(c)		1,518		—			—		—		1,518
Deutsche Bank Securities Inc.(c)		5,007		—			—		—		5,007
Total	$	133,929	$	(66,470	)	$	—	$	—	$	67,459

^(a)  Forward foreign currency contracts Counterparty.

^(b)  Options purchased — OTC Counterparty.

^(c) Options written — OTC Counterparty.

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 October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $412.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

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

NOTE 7—Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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 exceed 5% of the Fund’s total assets.

25                         Invesco International Total Return Fund

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2015 and 2014:

	2015		2014
Ordinary income	$	767,377	$	751,443
Long-term capital gain		—		793,702
Return of capital		645,161		—
Total distributions	$	1,412,538	$	1,545,145

Tax Components of Net Assets at Period-End:

	2015
Net unrealized appreciation (depreciation) — investments	$	(2,566,056	)
Net unrealized appreciation — other investments		27,564
Temporary book/tax differences		(34,693	)
Capital loss carryforward		(602,929	)
Shares of beneficial interest		56,627,962
Total net assets	$	53,451,848

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

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of October 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	—	$	602,929	$	602,929

* Capital loss carryforward as of the date listed above 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 Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $70,442,729 and $72,740,132, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	687,903
Aggregate unrealized (depreciation) of investment securities		(3,253,959	)
Net unrealized appreciation (depreciation) of investment securities	$	(2,566,056	)

Cost of investments for tax purposes is $53,153,107.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, options, return of capital and net operating loss, on October 31, 2015, undistributed net investment income was decreased by $617,533, undistributed net realized gain (loss) was increased by $2,866,618 and shares of beneficial interest was decreased by $2,249,085. This reclassification had no effect on the net assets of the Fund.

26                         Invesco International Total Return Fund

NOTE 11—Share Information

	Summary of Share Activity
	Years ended October 31,
	2015(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		559,131		$	5,613,328			873,924		$	9,646,186
Class B		2,353			23,757			12,209			135,159
Class C		140,867			1,399,589			226,250			2,495,660
Class Y		50,488			513,631			445,420			4,940,833
Class R5		540			5,481			6,347			70,569
Class R6		757,993			7,670,289			381,785			4,207,536
Issued as reinvestment of dividends:
Class A		69,310			709,542			82,518			894,078
Class B		2,631			27,181			5,314			57,314
Class C		9,824			101,226			11,145			120,169
Class Y		6,150			63,098			4,004			43,516
Class R5		188			1,953			717			7,759
Class R6		41,767			425,144			29,168			316,211
Automatic conversion of Class B shares to Class A shares:
Class A		34,527			347,816			43,428			478,998
Class B		(34,569	)		(347,816	)		(43,477	)		(478,998	)
Reacquired:
Class A		(1,040,878	)		(10,445,553	)		(911,714	)		(10,010,389	)
Class B		(54,554	)		(551,284	)		(56,118	)		(614,151	)
Class C		(247,025	)		(2,470,576	)		(134,146	)		(1,475,204	)
Class Y		(350,943	)		(3,602,871	)		(68,813	)		(749,806	)
Class R5		(11,766	)		(121,053	)		(21,419	)		(238,508	)
Class R6		(9,013	)		(93,104	)		(13,494	)		(149,441	)
Net increase (decrease) in share activity		(72,979	)	$	(730,222	)		873,048		$	9,697,491

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 15% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is 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 this entity are also owned beneficially.

     In addition, 36% of the outstanding shares of the Fund are owned by an affiliated mutual fund. Affiliated mutual funds are mutual funds that are advised by Invesco.

27                         Invesco International Total Return Fund

NOTE 12—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(b)		Total return(c)			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(d)
Class A
Year ended 10/31/15	$	10.63	$	0.18		$	(0.74	)	$	(0.56	)	$	—		$	(0.14	)	$	(0.12	)	$	(0.26	)	$	9.81		(5.38	)%	$	26,426		1.10	%(e)		1.72	%(e)		1.79	%(e)		135	%
Year ended 10/31/14		11.07		0.20			(0.30	)		(0.10	)		(0.12	)		(0.22	)		—			(0.34	)		10.63		(0.97	)		32,668		1.10			1.68			1.83			237
Year ended 10/31/13		11.37		0.18			(0.37	)		(0.19	)		(0.11	)		—			—			(0.11	)		11.07		(1.68	)		33,019		1.10			1.68			1.65			233
Year ended 10/31/12		11.63		0.16			0.20			0.36			(0.39	)		(0.12	)		(0.11	)		(0.62	)		11.37		3.42			40,771		1.10			1.57			1.46			119
Year ended 10/31/11		12.22		0.19			0.16			0.35			(0.58	)		(0.36	)		—			(0.94	)		11.63		3.37			47,162		1.10			1.58			1.64			226
Class B
Year ended 10/31/15		10.62		0.10			(0.75	)		(0.65	)		—			(0.14	)		(0.04	)		(0.18	)		9.79		(6.19	)		898		1.85	(e)		2.47	(e)		1.04	(e)		135
Year ended 10/31/14		11.05		0.12			(0.30	)		(0.18	)		(0.03	)		(0.22	)		—			(0.25	)		10.62		(1.63	)		1,867		1.85			2.43			1.08			237
Year ended 10/31/13		11.36		0.10			(0.38	)		(0.28	)		(0.03	)		—			—			(0.03	)		11.05		(2.50	)		2,850		1.85			2.43			0.90			233
Year ended 10/31/12		11.61		0.08			0.20			0.28			(0.30	)		(0.12	)		(0.11	)		(0.53	)		11.36		2.72			4,430		1.85			2.32			0.71			119
Year ended 10/31/11		12.19		0.10			0.17			0.27			(0.49	)		(0.36	)		—			(0.85	)		11.61		2.66			5,934		1.85			2.33			0.89			226
Class C
Year ended 10/31/15		10.61		0.10			(0.74	)		(0.64	)		—			(0.14	)		(0.04	)		(0.18	)		9.79		(6.10	)		4,998		1.85	(e)		2.47	(e)		1.04	(e)		135
Year ended 10/31/14		11.04		0.12			(0.30	)		(0.18	)		(0.03	)		(0.22	)		—			(0.25	)		10.61		(1.63	)		6,441		1.85			2.43			1.08			237
Year ended 10/31/13		11.35		0.10			(0.38	)		(0.28	)		(0.03	)		—			—			(0.03	)		11.04		(2.50	)		5,562		1.85			2.43			0.90			233
Year ended 10/31/12		11.61		0.07			0.20			0.27			(0.30	)		(0.12	)		(0.11	)		(0.53	)		11.35		2.63			8,016		1.85			2.32			0.71			119
Year ended 10/31/11		12.19		0.10			0.17			0.27			(0.49	)		(0.36	)		—			(0.85	)		11.61		2.65			10,782		1.85			2.33			0.89			226
Class Y
Year ended 10/31/15		10.63		0.21			(0.76	)		(0.55	)		—			(0.14	)		(0.14	)		(0.28	)		9.80		(5.23	)		1,716		0.85	(e)		1.47	(e)		2.04	(e)		135
Year ended 10/31/14		11.06		0.23			(0.30	)		(0.07	)		(0.14	)		(0.22	)		—			(0.36	)		10.63		(0.63	)		4,989		0.85			1.43			2.08			237
Year ended 10/31/13		11.37		0.21			(0.39	)		(0.18	)		(0.13	)		—			—			(0.13	)		11.06		(1.52	)		982		0.85			1.43			1.90			233
Year ended 10/31/12		11.63		0.19			0.20			0.39			(0.42	)		(0.12	)		(0.11	)		(0.65	)		11.37		3.68			1,105		0.85			1.32			1.71			119
Year ended 10/31/11		12.22		0.22			0.16			0.38			(0.61	)		(0.36	)		—			(0.97	)		11.63		3.63			1,322		0.85			1.33			1.89			226
Class R5
Year ended 10/31/15		10.64		0.21			(0.76	)		(0.55	)		—			(0.14	)		(0.14	)		(0.28	)		9.81		(5.23	)		1		0.85	(e)		1.16	(e)		2.04	(e)		135
Year ended 10/31/14		11.07		0.23	��		(0.30	)		(0.07	)		(0.14	)		(0.22	)		—			(0.36	)		10.64		(0.63	)		118		0.85			1.15			2.08			237
Year ended 10/31/13		11.37		0.21			(0.38	)		(0.17	)		(0.13	)		—			—			(0.13	)		11.07		(1.43	)		282		0.85			1.16			1.90			233
Year ended 10/31/12		11.63		0.19			0.20			0.39			(0.42	)		(0.12	)		(0.11	)		(0.65	)		11.37		3.68			221		0.85			1.07			1.71			119
Year ended 10/31/11		12.22		0.22			0.16			0.38			(0.61	)		(0.36	)		—			(0.97	)		11.63		3.63			4,696		0.85			1.08			1.89			226
Class R6
Year ended 10/31/15		10.63		0.20			(0.74	)		(0.54	)		—			(0.14	)		(0.14	)		(0.28	)		9.81		(5.14	)		19,413		0.85	(e)		1.16	(e)		2.04	(e)		135
Year ended 10/31/14		11.07		0.23			(0.31	)		(0.08	)		(0.14	)		(0.22	)		—			(0.36	)		10.63		(0.72	)		12,637		0.85			1.14			2.08			237
Year ended 10/31/13		11.37		0.21			(0.38	)		(0.17	)		(0.13	)		—			—			(0.13	)		11.07		(1.43	)		8,752		0.85			1.16			1.90			233
Year ended 10/31/12(f)		11.40		0.02			(0.05	)		(0.03	)		—			—			—			—			11.37		(0.26	)		5,493		0.85	(g)		1.10	(g)		1.71	(g)		119

^(a)  Calculated using average shares outstanding.

^(b)  Includes redemption fees added to shares of beneficial interest for Class A, Class B, Class C, Class Y and Class R5 shares which were less than $0.005 per share for fiscal years ended October 31, 2012 and prior.

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

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

^(e)  Ratios are based on average daily net assets (000’s omitted) of $28,888, $1,290, $5,497, $2,365, $17 and $16,618 for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of September 24, 2012.

^(g)  Annualized.

28                         Invesco International Total Return Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco International Total Return Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco International Total Return Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmation of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

29                         Invesco International Total Return 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 May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	967.40	$	5.45	$	1,019.66	$	5.60		1.10	%
B		1,000.00		963.70		9.16		1,015.88		9.40		1.85
C		1,000.00		964.70		9.16		1,015.88		9.40		1.85
Y		1,000.00		968.60		4.22		1,020.92		4.33		0.85
R5		1,000.00		968.60		4.22		1,020.92		4.33		0.85
R6		1,000.00		968.60		4.22		1,020.92		4.33		0.85

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

30                         Invesco International Total Return Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco International Total Return Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ investment

process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

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

B. Fund Performance

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

The Board compared the Fund’s performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper International Income Funds Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one and five year periods and the third quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one,

31                         Invesco International Total Return Fund

three and five year periods. Invesco Advisers noted that the Fund is limited in the amount of U.S. dollar assets it can hold, which negatively impacted performance. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least February 29, 2016 in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other mutual funds or client accounts with investment strategies comparable to those of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco

Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Fund. The Board noted that although Invesco Advisers received a minimal amount of revenues from advising the Fund, Invesco Advisers and its subsidiaries did not make a profit from managing the Fund. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers

receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

32                         Invesco International Total Return 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 advisors.

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 October 31, 2015:

Federal and State Income Tax
Qualified Dividend Income*	0	%
Corporate Dividends Received Deduction*	0	%
U.S. Treasury Obligations*	0	%

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

Non-Resident Alien Shareholders
Qualified Short-Term Gains	$	767,377

33                         Invesco International Total Return Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco International Total Return 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco International Total Return 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco International Total Return 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco International Total Return Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338                         ITR-AR-1                                                               Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Long/Short Equity Fund
	Nasdaq:
	A: LSQAX  n   C: LSQCX  n   R: LSQRX  n   Y: LSQYX  n   R5: LSQFX  n   R6: LSQSX

Letters to Shareholders

Philip Taylor

Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest. The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European

Central Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.

Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                          Invesco Long/Short Equity Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                          Invesco Long/Short Equity Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Long/Short Equity Fund (the Fund), at net asset value (NAV), underperformed the S&P 500 Index, the Fund’s broad market benchmark, but outperformed the Citigroup 90-Day Treasury Bill Index, the Fund’s style-specific benchmark.

    Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 10/31/14 to 10/31/15, 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 C Shares	3.78
Class R Shares	4.31
Class Y Shares	4.83
Class R5 Shares	4.83
Class R6 Shares	4.83
S&P 500 Indexq (Broad Market Index)	5.20
Citigroup 90-Day Treasury Bill Indexq (Style-Specific Index)	0.02
Lipper Alternative Long/Short Equity Indexn (Peer Group Index)	-0.39

Source(s): ^qFactSet Research Systems Inc.; ⁿLipper Inc.

Market conditions and your Fund

For the first half of the fiscal year ended October 31, 2015, US equity markets delivered positive returns as a strong domestic economy and successful exit from the US Federal Reserve’s (the Fed) quantitative easing made for an attractive investment backdrop. During the second half of the reporting period, equity markets cooled, given macroeconomic distractions. Market-moving headlines during the fiscal year included the rapid decline in oil prices, the strengthening US

dollar given the potential for higher interest rates in the US, and slowing economic growth in China, which had negative implications for growth globally. Toward the end of the fiscal year, the Fed’s continued delay on raising interest rates increased investor uncertainty and market volatility.

  Despite solid economic growth in the US, the performance of individual economic sectors varied dramatically during the fiscal year. The information technology (IT) sector performed well, especially the Internet software and services

industry. The consumer discretionary sector also performed well, led by retail and consumer services industries (such as entertainment, restaurants and leisure). This was due to lower gas prices, continued low interest rates and the increasing availability of credit, which boosted consumer confidence. The worst-performing sector was energy, due to an increased supply/demand imbalance, followed by materials, which was hurt by concerns of slowing global demand.

  The Fund generally maintains a net long bias and implements its strategy by purchasing investments (long positions) with equity exposure that we believe to be undervalued and selling short investments (short positions) with equity exposure that we believe to be overvalued in the same industry. The Fund seeks to add value primarily from stock selection and secondarily by dynamically changing the level of its beta, or market exposure.

  As part of the investment process, the Fund evaluates fundamental and behavioral factors to forecast individual securities’ returns and risks, and ranks these securities based on their attractiveness relative to industry peers. In a long/short construct, a positive spread between the top- and bottom-ranked stocks (long and short candidates for the portfolio), plus a positive return from market exposure, typically leads to the Fund outperforming its broad market benchmark, the S&P 500 Index.

Portfolio Composition
By sector, based on total net assets
	Equity Securities						Gross			Net
	Long1			Short2			Exposure3			Exposure4
Financials		36.2	%		4.4	%		40.6	%		31.8	%
Information Technology		32.1			12.9			45.0			19.2
Health Care		24.6			14.0			38.6			10.6
Consumer Discretionary		22.0			21.2			43.2			0.8
Energy		18.2			20.8			39.0			-2.6
Industrials		14.6			6.0			20.6			8.6
Consumer Staples		12.4			1.3			13.7			11.1
Materials		9.0			14.5			23.5			-5.5
Utilities		8.5			–			8.5			8.5
Telecommunication Services		0.3			4.0			4.3			-3.7
Money Market Funds Plus Other Assets Less Liabilities		21.2			–			21.2			21.2
Total		199.1			99.1			298.2			100.0

1 Represents the value of equity securities in the portfolio and the equity securities underlying the Fund’s equity long portfolio swap.

2 Represents the value of the equity securities underlying the Fund’s equity short portfolio swap.

3 Represents the cumulative exposure of the Fund’s long and short positions.

4 Represents the net exposure of the Fund’s long and short positions.

Total Net Assets $ 24.1 million

Data presented here are as of October 31, 2015.

4                          Invesco Long/Short Equity Fund

During the fiscal year, the Fund benefited most from a positive long/short spread in six of 10 sectors led by the health care, IT, financials and consumer staples sectors. However, the spread was negative in the utilities, telecommunication services, materials and consumer discretionary sectors; this detracted from Fund performance for the fiscal year.

Within the health care sector, both long and short holdings in the biotechnology industry, as well as long holdings in the health care equipment and services industry, were the strongest contributors to Fund performance for the fiscal year. In the IT sector, both long and short holdings within the semiconductor industry contributed to Fund performance. Strong Fund results for the fiscal year from the financials sector were mostly due to the Fund’s being long real estate income trusts. Within the consumer staples sector, long and short holdings in the food, beverage and tobacco industry benefited Fund returns during the reporting period.

During the reporting period, the Fund’s long holdings in the utilities sector as well as the long and short holdings in the telecommunication services sector adversely impacted Fund performance. In addition, within the consumer discretionary sector, long and short holdings in the consumer durables industry as well as short holdings in the retailing industry detracted from Fund returns.

Despite weaker market returns in the second half of the fiscal year, in aggregate, the Fund’s net long exposure added to Fund returns, given its net long positioning in the health care, IT and consumer staples sectors; these sectors outperformed the market during the reporting period. Partially offsetting these results was the Fund’s net long allocation in the utilities and telecommunication services sectors as these sectors underperformed the market during the fiscal year. The Fund’s net short exposure to the consumer discretionary sector hindered returns as it was one the best-performing sectors during the fiscal year.

At the end of the reporting period, the Fund’s largest net long sector exposures were in the financials, health care, IT and utilities sectors. The Fund’s largest net short position was in the consumer discretionary sector.

Please note that the Fund may utilize derivative instruments that include equity total return swaps and futures contracts. During the reporting period, the

Fund utilized equity total return swaps to efficiently implement its strategy, but did not use future contracts. The implementation impact of using equity total return swaps is a component of transaction costs. Derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Thank you for your investment in Invesco Long/Short Equity Fund.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	Michael Abata Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Long/Short
Equity Fund. He joined Invesco in 2011. Mr. Abata earned a BA in economics from Binghamton University.
	Charles Ko Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Long/Short
Equity Fund. He joined Invesco in 2012. Mr. Ko earned a BS from MIT and an MBA from Yale University.
	Anthony Munchak Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Long/Short
Equity Fund. He joined Invesco in 2000. Mr. Munchak earned a BS and an MS in finance from Boston College and an MBA from Bentley College.
	Glen Murphy Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Long/Short
Equity Fund. He joined Invesco in 1995. Mr. Murphy earned a BA in business administration from the University of Massachusetts Amherst and an MS in finance from Boston College.
	Francis Orlando Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Long/Short
Equity Fund. He joined Invesco in 1987. Mr. Orlando earned a BA in business administration from Merrimack College and an MBA from Boston University.
	Andrew Waisburd Portfolio Manager, is manager of Invesco Long/ Short Equity Fund. He joined
Invesco in 2008. Mr. Waisburd earned a BS in statistics from Cornell University and an MS and a PhD in finance from Indiana University.

5                          Invesco Long/Short Equity Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/19/13

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

group, if applicable, reflects fund expenses; performance of a market index does not.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

n Industry 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.

6                          Invesco Long/Short Equity Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	4.63	%
1 Year	-1.09
Class C Shares
Inception (12/19/13)	6.99	%
1 Year	2.78
Class R Shares
Inception (12/19/13)	7.54	%
1 Year	4.31
Class Y Shares
Inception (12/19/13)	8.09	%
1 Year	4.83
Class R5 Shares
Inception (12/19/13)	8.09	%
1 Year	4.83
Class R6 Shares
Inception (12/19/13)	8.09	%
1 Year	4.83

The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.87%, 2.62%, 2.12%, 1.62%, 1.62% and 1.62%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 3.06%, 3.81%, 3.31%, 2.81%, 2.71% and 2.71%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	1.60	%
1 Year	-9.08
Class C Shares
Inception (12/19/13)	4.11	%
1 Year	-5.38
Class R Shares
Inception (12/19/13)	4.59	%
1 Year	-4.05
Class Y Shares
Inception (12/19/13)	5.14	%
1 Year	-3.51
Class R5 Shares
Inception (12/19/13)	5.14	%
1 Year	-3.51
Class R6 Shares
Inception (12/19/13)	5.14	%
1 Year	-3.51

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 class 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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2017. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

7                          Invesco Long/Short Equity Fund

Invesco Long/Short Equity Fund’s investment objective is to seek long-term capital appreciation.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

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

About share classes

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal in the Fund risks of investing

n Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value,

less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These risks are greater for the Fund than mutual funds that do not use derivative instruments or that use derivative instruments to a lesser extent than the Fund to implement their investment strategy.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results. In particular, there is no guarantee that the Fund’s mixture of long and short positions or the portfolio manager’s stock selection process will produce a portfolio with reduced exposure to stock market risk. In addition, the Fund’s long/ short investment strategy may cause the Fund to underperform the broader equity markets in which the Fund invests during market rallies. Such underperformance could be significant during sudden or significant market rallies.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Short sales risk. Short sales may cause the Fund to repurchase a security at a higher price, thereby causing the Fund to incur a loss. 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. In order to establish a short position in a security, the Fund must borrow the security from a broker. The Fund may not always be able to borrow a security the Fund seeks to sell short at a particular time or at an acceptable price. The Fund also may not always be able to close out the short position by replacing

the borrowed securities at a particular time or at an acceptable price. The Fund will incur increased transaction costs associated with selling securities short. In addition, taking short positions in securities results in a form of leverage which may cause the Fund to be volatile.

n Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

About indexes used in this report

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

n The Citigroup 90-Day Treasury Bill Index is an unmanaged index representative of three-month Treasury bills.

n The Lipper Alternative Long/Short Equity Index is composed of domestic or foreign funds that employ portfolio strategies combining long holdings of equities with short sales of equity, equity options or equity index options. The funds may be either net long or net short, depending on the portfolio manager’s view of the market.

n 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).

n 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

continued on page 6

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

8                 Invesco Long/Short Equity Fund

Schedule of Investments^(a)

October 31, 2015

	Shares		Value
Common Stocks & Other Equity Interests–79.20%
Aerospace & Defense–1.44%
L-3 Communications Holdings, Inc.		2,000	$	252,800
Spirit AeroSystems Holdings Inc.–Class A(b)		1,800		94,932
				347,732
Agricultural & Farm Machinery–1.41%
AGCO Corp.		7,050		341,150
Agricultural Products–2.44%
Bunge Ltd.		2,600		189,696
Ingredion Inc.		4,200		399,252
				588,948
Apparel, Accessories & Luxury Goods–1.09%
PVH Corp.		2,900		263,755
Application Software–0.16%
Nuance Communications, Inc.(b)		2,250		38,183
Biotechnology–1.43%
United Therapeutics Corp.(b)		2,350		344,580
Coal & Consumable Fuels–1.65%
Cameco Corp. (Canada)		26,000		368,420
Peabody Energy Corp.(b)		2,293		29,327
				397,747
Communications Equipment–2.25%
F5 Networks, Inc.(b)		1,300		143,260
Juniper Networks, Inc.		12,750		400,222
				543,482
Computer & Electronics Retail–3.04%
Best Buy Co., Inc.		10,450		366,063
GameStop Corp.–Class A		8,000		368,560
				734,623
Construction & Engineering–1.46%
Jacobs Engineering Group, Inc.(b)		8,800		353,232
Construction Machinery & Heavy Trucks–1.47%
Allison Transmission Holdings, Inc.		12,350		354,445
Consumer Finance–2.51%
Navient Corp.		26,600		350,854
Santander Consumer USA Holdings Inc.		14,200		255,742
				606,596
Data Processing & Outsourced Services–3.98%
Computer Sciences Corp.		5,650		376,234
Western Union Co. (The)		20,500		394,625
Xerox Corp.		20,170		189,396
				960,255
Diversified Chemicals–0.10%
Chemours Co. (The)		3,650		25,295

	Shares		Value
Electric Utilities–1.08%
Entergy Corp.		3,820	$	260,371
Electronic Manufacturing Services–1.55%
Flextronics International Ltd.(b)		32,900		374,731
Fertilizers & Agricultural Chemicals–0.15%
Mosaic Co. (The)		1,100		37,169
Gas Utilities–1.52%
National Fuel Gas Co.		6,550		344,071
UGI Corp.		600		22,002
				366,073
Gold–1.09%
Newmont Mining Corp.		13,550		263,683
Health Care Equipment–1.71%
Hologic, Inc.(b)		10,650		413,859
Health Care Facilities–1.50%
Community Health Systems, Inc.(b)		1,850		51,874
Universal Health Services, Inc.–Class B		2,550		311,329
				363,203
Health Care REIT’s–0.14%
Care Capital Properties, Inc.		1,000		32,950
Health Care Services–1.30%
Quest Diagnostics Inc.		4,600		312,570
Home Furnishings–1.26%
Leggett & Platt, Inc.		6,750		303,953
Independent Power Producers & Energy Traders–0.08%
Talen Energy Corp.(b)		2,200		19,096
Integrated Oil & Gas–0.28%
Cenovus Energy Inc. (Canada)		4,600		68,586
Integrated Telecommunication Services–0.12%
Windstream Holdings Inc.		4,500		29,295
Internet Retail–2.03%
Expedia, Inc.		3,600		490,680
Internet Software & Services–3.29%
IAC/InterActiveCorp		450		30,155
Rackspace Hosting, Inc.(b)		12,250		316,662
VeriSign, Inc.(b)		5,550		447,330
				794,147
IT Consulting & Other Services–2.00%
CGI Group Inc.–Class A (Canada)(b)		1,250		46,425
Leidos Holdings, Inc.		8,300		436,331
				482,756
Leisure Products–1.35%
Hasbro, Inc.		4,250		326,528

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

9                         Invesco Long/Short Equity Fund

	Shares		Value
Life & Health Insurance–1.43%
Lincoln National Corp.		4,580	$	245,076
Unum Group		2,900		100,485
				345,561
Mortgage REIT’s–1.19%
Annaly Capital Management, Inc.		28,750		286,063
Office REIT’s–0.91%
Alexandria Real Estate Equities, Inc.		2,450		219,863
Oil & Gas Drilling–4.24%
Ensco PLC–Class A		12,050		200,392
Noble Corp. PLC		29,500		397,365
Transocean Ltd.		26,950		426,618
				1,024,375
Oil & Gas Equipment & Services–1.22%
Oceaneering International, Inc.		800		33,616
Superior Energy Services, Inc.		18,400		260,544
				294,160
Oil & Gas Exploration & Production–1.00%
Denbury Resources Inc.		40,600		143,724
Newfield Exploration Co.(b)		2,400		96,456
				240,180
Oil & Gas Refining & Marketing–3.37%
HollyFrontier Corp.		7,100		347,687
Tesoro Corp.		4,350		465,145
				812,832
Packaged Foods & Meats–1.13%
Pilgrim’s Pride Corp.		14,350		272,507
Paper Packaging–1.44%
Avery Dennison Corp.		5,350		347,589
Regional Banks–1.44%
CIT Group, Inc.		8,100		348,300
Reinsurance–2.30%
Everest Re Group, Ltd.		1,850		329,244
Reinsurance Group of America, Inc.		2,500		225,600
				554,844
Residential REIT’s–0.99%
UDR, Inc.		6,950		239,497

	Shares		Value
Restaurants–1.49%
Darden Restaurants, Inc.		5,800	$	358,962
Retail REIT’s–1.70%
Regency Centers Corp.		5,450		370,382
Urban Edge Properties		1,725		40,951
				411,333
Security & Alarm Services–1.19%
ADT Corp. (The)		8,700		287,448
Semiconductors–1.96%
NVIDIA Corp.		16,700		473,779
Soft Drinks–1.02%
Dr Pepper Snapple Group, Inc.		2,750		245,768
Specialized Finance–0.83%
Nasdaq, Inc.		3,450		199,721
Specialized REIT’s–1.84%
Extra Space Storage Inc.		5,600		443,744
Systems Software–0.64%
CA, Inc.		5,550		153,791
Technology Hardware, Storage & Peripherals–1.55%
Lexmark International, Inc.–Class A		1,900		61,731
NetApp, Inc.		9,200		312,800
				374,531
Tires & Rubber–1.44%
Goodyear Tire & Rubber Co. (The)		10,550		346,462
Total Common Stocks & Other Equity Interests (Cost $19,019,375)				19,120,983
Money Market Funds–15.98%
Liquid Assets Portfolio–Institutional Class, 0.16%(c)		1,928,496		1,928,496
Premier Portfolio–Institutional Class, 0.12%(c)		1,928,496		1,928,496
Total Money Market Funds (Cost $3,856,992)				3,856,992
TOTAL INVESTMENTS–95.18% (Cost $22,876,367)				22,977,975
OTHER ASSETS LESS LIABILITIES–4.82%				1,162,672
NET ASSETS–100.00%			$	24,140,647

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

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

10                         Invesco Long/Short Equity Fund

Open Total Return Swap Agreements
Reference Entity	Counterparty	Expiration Dates		Floating Rate Index(1)	Notional Amount			Unrealized Appreciation			Net Value of Reference Entities
Equity Securities — Long	Morgan Stanley & Co. LLC		12/21/2015	Federal Funds floating rate	$	23,691,524		$	142,816	(2)	$	23,818,216
Equity Securities — Short	Morgan Stanley & Co. LLC		12/21/2015	Federal Funds floating rate		(24,063,986	)		123,306	(3)		(23,929,795	)
Total Return Swap Agreements — Equity Risk								$	266,122

⁽¹⁾  The Fund receives or pays the total return on the long and short positions underlying the total return swap and pays or receives a specific Federal Funds floating rate.

⁽²⁾ Amount includes $16,124 of dividends receivable and fees.

⁽³⁾  Amount includes $(10,885) of dividends payable and fees.

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Morgan Stanley & Co. LLC as of October 31, 2015.

	Shares		Value
Equity Securities — Long
Aerospace & Defense
Boeing Co. (The)		2,450	$	362,771
L-3 Communications Holdings, Inc.		800		101,120
Spirit AeroSystems Holdings Inc.–Class A		4,900		258,426
				722,317
Agricultural & Farm Machinery
AGCO Corp.		350		16,936
Agricultural Products
Archer-Daniels-Midland Co.		7,700		351,582
Bunge Ltd.		2,050		149,568
				501,150
Air Freight & Logistics
Expeditors International of Washington, Inc.		7,300		363,467
Apparel, Accessories & Luxury Goods
PVH Corp.		1,050		95,498
Application Software
Citrix Systems, Inc.		4,300		353,030
Nuance Communications, Inc.		18,800		319,036
				672,066
Auto Parts & Equipment
Lear Corp.		3,200		400,192
Biotechnology
Gilead Sciences, Inc.		3,400		367,642
Incyte Corp.		3,000		352,590
United Therapeutics Corp.		250		36,658
				756,890
Broadcasting
TEGNA Inc.		1,350		36,504
Cable & Satellite
Comcast Corp.		5,750		360,065
Coal & Consumable Fuels
Cameco Corp. (Canada)		1,600		22,672

	Shares		Value
Commodity Chemicals
LyondellBasell Industries N.V.–Class A		4,250	$	394,868
Communications Equipment
Cisco Systems, Inc.		12,850		370,722
F5 Networks, Inc.		1,400		154,280
				525,002
Consumer Finance
Santander Consumer USA Holdings Inc.		1,800		32,418
Data Processing & Outsourced Services
Global Payments Inc.		2,600		354,666
Xerox Corp.		6,130		57,561
				412,227
Diversified Banks
Bank of America Corp.		20,900		350,702
Citigroup Inc.		6,600		350,922
JPMorgan Chase & Co.		4,750		305,187
				1,006,811
Drug Retail
CVS Health Corp.		3,350		330,913
Electric Utilities
Edison International		5,500		332,860
Entergy Corp.		480		32,717
Exelon Corp.		12,650		353,188
				718,765
Environmental & Facilities Services
Waste Management, Inc.		6,500		349,440
Fertilizers & Agricultural Chemicals
Mosaic Co. (The)		9,350		315,937
General Merchandise Stores
Target Corp.		4,700		362,746
Gold
Barrick Gold Corp. (Canada)		51,650		397,188
Newmont Mining Corp.		6,650		129,409
				526,597

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

11                         Invesco Long/Short Equity Fund

	Shares		Value
Health Care Distributors
AmerisourceBergen Corp.		3,700	$	357,087
Cardinal Health, Inc.		4,050		332,910
				689,997
Health Care Equipment
C. R. Bard, Inc.		1,600		298,160
Health Care Facilities
Community Health Systems, Inc.		5,900		165,436
HCA Holdings, Inc.		4,650		319,873
Universal Health Services, Inc.		50		6,105
				491,414
Health Care Services
Express Scripts Holding Co.		4,750		410,305
Home Furnishings
Leggett & Platt, Inc.		1,150		51,785
Home Improvement Retail
Lowe’s Cos., Inc.		4,850		358,076
Hotels, Resorts & Cruise Lines
Starwood Hotels & Resorts Worldwide, Inc.		4,950		395,356
Industrial Conglomerates
General Electric Co.		13,050		377,406
Integrated Oil & Gas
Cenovus Energy Inc. (Canada)		18,350		273,598
Suncor Energy, Inc. (Canada)		12,450		370,139
				643,737
Integrated Telecommunication Services
CenturyLink Inc.		1,500		42,315
Internet Retail
TripAdvisor, Inc.		4,600		385,388
Internet Software & Services
IAC/InterActiveCorp		5,000		335,050
IT Consulting & Other Services
Teradata Corp.		12,600		354,186
Leisure Products
Hasbro, Inc.		200		15,366
Life & Health Insurance
Lincoln National Corp.		2,320		124,143
MetLife, Inc.		7,000		352,660
Prudential Financial, Inc.		4,350		358,875
Sun Life Financial, Inc. (Canada)		10,300		347,213
				1,182,891
Life Sciences Tools & Services
Agilent Technologies Inc.		9,650		364,384
Waters Corp.		1,350		172,530
				536,914

	Shares		Value
Managed Health Care
UnitedHealth Group Inc.		2,700	$	318,006
Mortgage REIT’s
Annaly Capital Management, Inc.		7,300		72,635
Multi-Line Insurance
American International Group, Inc.		3,650		230,169
Hartford Financial Services Group, Inc. (The)		7,250		335,385
				565,554
Multi-Utilities
PG&E Corp.		6,700		357,780
Public Service Enterprise Group Inc.		7,750		319,998
				677,778
Oil & Gas Drilling
Ensco PLC–Class A		6,300		104,769
Oil & Gas Exploration & Production
Canadian Natural Resources Ltd. (Canada)		13,900		322,758
Oil & Gas Refining & Marketing
HollyFrontier Corp.		350		17,139
Valero Energy Corp.		6,650		438,368
				455,507
Packaged Foods & Meats
ConAgra Foods, Inc.		8,950		362,922
Pilgrim’s Pride Corp.		4,300		81,657
				444,579
Paper Packaging
Sealed Air Corp.		5,350		262,792
Pharmaceuticals
Merck & Co., Inc.		6,650		363,489
Pfizer, Inc.		10,650		360,183
Zoetis, Inc.		6,900		296,769
				1,020,441
Property & Casualty Insurance
Travelers Cos., Inc. (The)		3,400		383,826
Regional Banks
SunTrust Banks, Inc.		8,650		359,148
Residential REIT’s
Equity Residential		4,500		347,940
Retail REIT’s
General Growth Properties, Inc.		13,300		385,035
Kimco Realty Corp.		13,350		357,380
				742,415
Semiconductors
Intel Corp.		11,450		387,697
Maxim Integrated Products, Inc.		10,100		413,898
				801,595

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

12                         Invesco Long/Short Equity Fund

	Shares			Value
Soft Drinks
Coca-Cola Enterprises, Inc.		7,400		$	379,916
Dr Pepper Snapple Group, Inc.		2,400			214,488
					594,404
Specialty Properties
Public Storage		1,550			355,663
Technology Hardware, Storage & Peripherals
Apple Inc.		3,450			412,275
NetApp, Inc.		1,900			64,600
					476,875
Tires & Rubber
Goodyear Tire & Rubber Co. (The)		600			19,704
Total Equity Securities — Long					23,818,216
Equity Securities — Short
Apparel, Accessories & Luxury Goods
Gildan Activewear Inc. (Canada)		(13,000	)		(373,490	)
Hanesbrands, Inc.		(4,750	)		(151,715	)
Lululemon Athletica Inc.		(7,300	)		(358,941	)
Michael Kors Holdings Ltd.		(8,100	)		(312,984	)
Under Armour, Inc.–Class A		(3,700	)		(351,796	)
					(1,548,926	)
Application Software
Autodesk, Inc.		(4,700	)		(259,393	)
Workday, Inc.		(4,000	)		(315,880	)
					(575,273	)
Auto Parts & Equipment
BorgWarner Inc.		(6,300	)		(269,766	)
Automobile Manufacturers
General Motors Co.		(10,100	)		(352,591	)
Tesla Motors, Inc.		(1,250	)		(258,663	)
					(611,254	)
Automotive Retail
CarMax, Inc.		(5,550	)		(327,506	)
Biotechnology
Alnylam Pharmaceuticals Inc.		(3,900	)		(335,205	)
Celgene Corp.		(2,550	)		(312,910	)
Puma Biotechnology, Inc.		(3,900	)		(321,438	)
					(969,553	)
Building Products
Fortune Brands Home & Security Inc.		(4,350	)		(227,635	)
Casinos & Gaming
Wynn Resorts Ltd.		(5,300	)		(370,735	)
Coal & Consumable Fuels
CONSOL Energy Inc.		(28,200	)		(187,812	)
Commodity Chemicals
Methanex Corp. (Canada)		(9,350	)		(373,346	)

	Shares			Value
Construction Materials
Martin Marietta Materials, Inc.		(2,350	)	$	(364,603	)
Consumer Electronics
Garmin Ltd.		(7,850	)		(278,439	)
Data Processing & Outsourced Services
MasterCard, Inc.		(3,500	)		(346,465	)
Diversified Metals & Mining
Freeport-McMoRan Inc.		(30,550	)		(359,573	)
Diversified REIT’s
VEREIT, Inc.		(41,850	)		(345,681	)
W. P. Carey Inc.		(250	)		(15,843	)
					(361,524	)
Electrical Components & Equipment
Sensata Technologies Holding N.V.		(7,250	)		(348,653	)
Fertilizers & Agricultural Chemicals
Agrium Inc. (Canada)		(550	)		(51,188	)
CF Industries Holdings, Inc.		(5,350	)		(271,619	)
FMC Corp.		(9,550	)		(388,780	)
					(711,587	)
Gold
Franco-Nevada Corp. (Canada)		(6,700	)		(339,623	)
Health Care Equipment
IDEXX Laboratories, Inc.		(4,350	)		(298,497	)
Health Care Facilities
Brookdale Senior Living Inc.		(17,300	)		(361,743	)
Tenet Healthcare Corp.		(11,300	)		(354,481	)
					(716,224	)
Health Care Supplies
Cooper Cos., Inc. (The)		(2,400	)		(365,664	)
Health Care Technology
Cerner Corp.		(5,300	)		(351,337	)
Homebuilding
Lennar Corp.		(7,000	)		(350,490	)
PulteGroup Inc.		(19,500	)		(357,435	)
					(707,925	)
Industrial Machinery
Colfax Corp.		(8,300	)		(223,768	)
Integrated Oil & Gas
Chevron Corp.		(4,000	)		(363,520	)
Exxon Mobil Corp.		(4,300	)		(355,782	)
					(719,302	)
Internet Retail
Amazon.com, Inc.		(580	)		(363,022	)

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

13                         Invesco Long/Short Equity Fund

	Shares			Value
Internet Software & Services
Alphabet Inc.–Class A		(440	)	$	(324,452	)
Alphabet Inc.–Class C		(60	)		(42,649	)
					(367,101	)
Investment Banking & Brokerage
Charles Schwab Corp. (The)		(11,600	)		(354,032	)
Life Sciences Tools & Services
Illumina, Inc.		(2,400	)		(343,872	)
Oil & Gas Drilling
Diamond Offshore Drilling, Inc.		(11,400	)		(226,632	)
Oil & Gas Exploration & Production
Antero Resources Corp.		(14,050	)		(331,158	)
Cobalt International Energy, Inc.		(48,900	)		(375,063	)
Continental Resources, Inc.		(10,750	)		(364,532	)
Encana Corp. (Canada)		(6,650	)		(50,739	)
Noble Energy, Inc.		(10,300	)		(369,152	)
Pioneer Natural Resources Co.		(2,600	)		(356,564	)
Range Resources Corp.		(10,100	)		(307,444	)
Southwestern Energy Co.		(33,450	)		(369,288	)
Whiting Petroleum Corp.		(21,100	)		(363,553	)
					(2,887,493	)
Oil & Gas Storage & Transportation
Cheniere Energy, Inc.		(7,550	)		(373,876	)
Enbridge Inc. (Canada)		(6,450	)		(275,350	)
Pembina Pipeline Corp. (Canada)		(14,250	)		(357,960	)
					(1,007,186	)
Packaged Foods & Meats
Keurig Green Mountain Inc.		(6,050	)		(307,037	)
Paper Packaging
Packaging Corp. of America		(3,950	)		(270,378	)
Pharmaceuticals
Mallinckrodt PLC		(5,100	)		(334,917	)
Railroads
Kansas City Southern		(4,300	)		(355,868	)
Real Estate Development
Howard Hughes Corp.		(2,850	)		(352,203	)

	Shares			Value
Restaurants
Chipotle Mexican Grill, Inc.		(455	)	$	(291,305	)
Semiconductor Equipment
SunEdison, Inc.		(38,750	)		(282,875	)
Semiconductors
Micron Technology, Inc.		(21,250	)		(351,900	)
Qorvo, Inc.		(7,950	)		(349,244	)
					(701,144	)
Silver
Silver Wheaton Corp. (Canada)		(24,600	)		(334,314	)
Specialty Chemicals
Albemarle Corp.		(6,700	)		(358,584	)
Specialty Stores
Signet Jewelers Ltd.		(2,400	)		(362,256	)
Steel
Allegheny Technologies, Inc.		(12,500	)		(183,750	)
United States Steel Corp.		(16,900	)		(197,392	)
					(381,142	)
Systems Software
NetSuite Inc.		(4,150	)		(353,041	)
Tableau Software, Inc.		(4,250	)		(356,830	)
					(709,871	)
Technology Hardware, Storage & Peripherals
3D Systems Corp.		(12,250	)		(123,235	)
Trading Companies & Distributors
United Rentals, Inc.		(3,900	)		(291,954	)
Wireless Telecommunication Services
SBA Communications Corp.		(2,750	)		(327,305	)
Sprint Corp.		(71,850	)		(339,851	)
T-Mobile US, Inc.		(7,950	)		(301,228	)
					(968,384	)
Total Equity Securities — Short					(23,929,795	)

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

14                         Invesco Long/Short Equity Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $19,019,375)	$	19,120,983
Investments in affiliated money market funds, at value and cost		3,856,992
Total investments, at value (Cost $22,876,367)		22,977,975
Receivable for:
Deposits with brokers for swap agreements		53,925
Investments sold		971,912
Fund shares sold		52,590
Dividends		17,803
Investment for trustee deferred compensation and retirement plans		4,316
Unrealized appreciation on swap agreements — OTC		266,122
Other assets		4,037
Total assets		24,348,680
Liabilities:
Payable for:
Fund shares reacquired		75,952
Swaps payable		34,608
Accrued fees to affiliates		8,397
Accrued trustees’ and officers’ fees and benefits		1,413
Accrued other operating expenses		83,347
Trustee deferred compensation and retirement plans		4,316
Total liabilities		208,033
Net assets applicable to shares outstanding	$	24,140,647
Net assets consist of:
Shares of beneficial interest	$	23,065,837
Undistributed net investment income		873,445
Undistributed net realized gain		(166,365	)
Net unrealized appreciation		367,730
	$	24,140,647

Net Assets:
Class A	$	12,854,193
Class C	$	2,350,293
Class R	$	40,401
Class Y	$	7,709,097
Class R5	$	577,953
Class R6	$	608,710
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		1,117,309
Class C		207,191
Class R		3,528
Class Y		666,803
Class R5		50,001
Class R6		52,656
Class A:
Net asset value per share	$	11.50
Maximum offering price per share
(Net asset value of $11.50 ¸ 94.50%)	$	12.17
Class C:
Net asset value and offering price per share	$	11.34
Class R:
Net asset value and offering price per share	$	11.45
Class Y:
Net asset value and offering price per share	$	11.56
Class R5:
Net asset value and offering price per share	$	11.56
Class R6:
Net asset value and offering price per share	$	11.56

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

15                         Invesco Long/Short Equity Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends (net of foreign withholding taxes of $2,027)	$	527,526
Dividends from affiliated money market funds		2,201
Total investment income		529,727
Expenses:
Advisory fees		337,097
Administrative services fees		50,000
Custodian fees		6,948
Distribution fees:
Class A		34,681
Class C		26,875
Class R		171
Transfer agent fees — A, C, R and Y		34,690
Transfer agent fees — R5		41
Transfer agent fees — R6		41
Trustees’ and officers’ fees and benefits		19,165
Registration and filing fees		80,219
Professional services fees		117,773
Other		28,645
Total expenses		736,346
Less: Fees waived and expenses reimbursed		(242,655	)
Net expenses		493,691
Net investment income		36,036
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		336,262
Swap agreements	��	467,520
		803,782
Change in net unrealized appreciation (depreciation) of:
Investment securities		(593,664	)
Swap agreements		637,560
		43,896
Net realized and unrealized gain		847,678
Net increase in net assets resulting from operations	$	883,714

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

16                         Invesco Long/Short Equity Fund

Statement of Changes in Net Assets

For the year ended October 31, 2015 and the period December 19, 2013 (commencement date) through October 31, 2014

	October 31, 2015			December 19, 2013 (commencement date) through October 31, 2014
Operations:
Net investment income (loss)	$	36,036		$	(36,302	)
Net realized gain (loss)		803,782			(444,221	)
Change in net unrealized appreciation		43,896			323,834
Net increase (decrease) in net assets resulting from operations		883,714			(156,689	)
Distributions to shareholders from net realized gains:
Class A		(4,528	)		—
Class C		(854	)		—
Class R		(7	)		—
Class Y		(2,596	)		—
Class R5		(189	)		—
Class R6		(150	)		—
Total distributions from net realized gains		(8,324	)		—
Share transactions–net:
Class A		(4,378,517	)		17,061,810
Class C		(330,484	)		2,778,453
Class R		11,715			25,838
Class Y		(4,992,049	)		12,233,158
Class R5		(173,215	)		656,660
Class R6		18,107			510,470
Net increase (decrease) in net assets resulting from share transactions		(9,844,443	)		33,266,389
Net increase (decrease) in net assets		(8,969,053	)		33,109,700
Net assets:
Beginning of year		33,109,700			—
End of year (includes undistributed net investment income of $873,445 and $369,889, respectively)	$	24,140,647		$	33,109,700

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

17                         Invesco Long/Short Equity Fund

Statement of Cash Flows

For the year ended October 31, 2015

Cash provided by operating activities:
Net increase in net assets resulting from operations	$	883,714
Adjustments to reconcile the change in net assets applicable from operations to net cash provided by operating activities:
Purchases of investments		(21,142,110	)
Net change in unrealized appreciation on swap agreements		(637,560	)
Increase in swap agreement payable, net		(54,124	)
Proceeds from sales of investments		33,902,692
Decrease in receivables and other assets		12,550
Increase in accrued expenses and other payables		15,315
Net realized gain from investment securities		(336,262	)
Net change in unrealized depreciation on investment securities		593,664
Net cash provided by operating activities		13,237,879
Cash provided (used in) by financing activities:
Distributions paid to shareholders		(3,989	)
Proceeds from shares of beneficial interest sold		12,342,011
Disbursements from shares of beneficial interest reacquired		(22,610,738	)
Net cash provided by (used in) financing activities		(10,272,716	)
Net increase in cash and cash equivalents		2,965,163
Cash and cash equivalents at beginning of period		891,829
Cash and cash equivalents at end of period	$	3,856,992
Non-cash financing activities:
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders	$	4,335

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Long/Short Equity Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class 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 R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

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

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

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

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

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.

18                         Invesco Long/Short Equity Fund

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

19                         Invesco Long/Short Equity Fund

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

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

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

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

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

I. Cash and Cash Equivalents — For the purposes of the Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.

J. Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, volatility, variance, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, equity, currency or credit risk. Such transactions are agreements between two parties (“Counterparties”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, volatility, variance, 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.

A total return swap is an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income generated and capital gains, if any. The unrealized appreciation (depreciation) on total return swaps includes dividends on the underlying equity securities and financing rate payable from the Counterparty. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. 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. 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.

K. 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.

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

20                         Invesco Long/Short Equity Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $10 billion		1.25%
Over $10 billion		1.15%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 1.25%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 February 28, 2017, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.87%, 2.62%, 2.12%, 1.62%, 1.62% and 1.62% of average daily net assets, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2017. The fee waiver agreement cannot be terminated during its term.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees of $207,883 and reimbursed class level expenses of $18,636, $3,610, $46, $12,398, $41 and $41 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. 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 October 31, 2015, 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 October 31, 2015, IDI advised the Fund that IDI retained $11,404 in front-end sales commissions from the sale of Class A shares and $994 from Class C shares for CDSC imposed upon redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

21                         Invesco Long/Short Equity Fund

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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
Equity Securities	$	22,977,975	$	—	$	—	$	22,977,975
Swap Agreements*		—		266,122		—		266,122
Total Investments	$	22,977,975	$	266,122	$	—	$	23,244,097

* Unrealized appreciation.

NOTE 4—Derivative Investments

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 October 31, 2015:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Equity risk:
Swap agreements(a)	$	266,122	$	—

^(a)  Values are disclosed on the Statement of Assets and Liabilities under the caption Unrealized appreciation on swap agreements — OTC.

Effect of Derivative Investments for the year ended October 31, 2015

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

	Location of Gain on Statement of Operations
	Swap Agreements
Realized Gain:
Equity risk	$	467,520
Change in Unrealized Appreciation:
Equity risk		637,560
Total	$	1,105,080

The table below summarizes the average notional value of swap agreements outstanding during the period.

	Swap Agreements
Average notional value	$	53,213,898

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

22                         Invesco Long/Short Equity Fund

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2015.

			Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross amounts of Recognized Assets		Financial Instruments			Collateral Received				Net Amount
						Non-Cash		Cash
Morgan Stanley & Co. LLC	$	266,122	$	(34,608	)	$	—	$	—	$	231,514
			Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross amounts of Recognized Liabilities		Financial Instruments			Collateral Pledged				Net Amount
						Non-Cash		Cash
Morgan Stanley & Co. LLC	$	34,608	$	(34,608	)	$	—	$	—	$	—

NOTE 5—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 6—Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Year Ended October 31, 2015 and the period December 19, 2013 (commencement date) through October 31, 2014:

	2015		2014
Long-term capital gain	$	8,324	$	—

Tax Components of Net Assets at Period-End:

	2015
Undistributed ordinary income	$	1,143,597
Undistributed long-term gain		111,371
Net unrealized appreciation (depreciation) — investments		(176,128	)
Temporary book/tax differences		(4,030	)
Shares of beneficial interest		23,065,837
Total net assets	$	24,140,647

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 difference is attributable primarily to wash sales.

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of October 31, 2015.

23                         Invesco Long/Short Equity Fund

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $21,142,110 and $29,852,696, respectively. In a fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year end reporting period.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	1,703,735
Aggregate unrealized (depreciation) of investment securities		(1,879,863	)
Net unrealized appreciation (depreciation) of investment securities	$	(176,128	)

Cost of investments for tax purposes is $23,154,103.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of swap agreements, on October 31, 2015, undistributed net investment income was increased by $467,520 and undistributed net realized gain was decreased by $467,520. This reclassification had no effect on the net assets of the Fund.

NOTE 10—Share Information

	Summary of Share Activity
	Year ended October 31, 2015(a)						December 19, 2013 (commencement date) through October 31, 2014
	Shares			Amount			Shares			Amount
Sold:
Class A		556,814		$	6,231,353			2,709,563		$	30,100,662
Class C		185,522			2,040,295			358,125			4,081,564
Class R		1,785			19,704			2,468			25,838
Class Y		353,711			3,918,479			1,361,368			14,864,488
Class R5		—			—			69,434			702,762
Class R6		2,429			26,925			51,004			510,470
Issued as reinvestment of dividends:
Class A		238			2,611			—			—
Class C		77			839			—			—
Class Y		76			841			—			—
Class R5		4			44			—			—
Reacquired:
Class A		(966,899	)		(10,612,481	)		(1,182,407	)		(13,038,852	)
Class C		(218,028	)		(2,371,618	)		(118,505	)		(1,303,111	)
Class R		(725	)		(7,989	)		—			—
Class Y		(810,753	)		(8,911,369	)		(237,599	)		(2,631,330	)
Class R5		(15,106	)		(173,259	)		(4,331	)		(46,102	)
Class R6		(777	)		(8,818	)		—			—
Net increase (decrease) in share activity		(911,632	)	$	(9,844,443	)		3,009,120		$	33,266,389

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% 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, 48% of the outstanding shares of the Fund are owned by the Adviser.

24                         Invesco Long/Short Equity Fund

NOTE 11—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 on securities (both realized and unrealized)		Total from investment operations		Distributions from net realized gains			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or  expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Year ended 10/31/15	$	11.00	$	0.01		$	0.49	$	0.50	$	(0.00	)	$	11.50		4.57	%	$	12,854		1.85	%(d)		2.76	%(d)		0.11	%(d)		89	%
Year ended 10/31/14(e)		10.00		(0.02	)		1.02		1.00		—			11.00		10.00			16,796		1.85	(f)		3.04	(f)		(0.25	)(f)		102
Class C
Year ended 10/31/15		10.92		(0.07	)		0.49		0.42		(0.00	)		11.34		3.87			2,350		2.60	(d)		3.51	(d)		(0.64	)(d)		89
Year ended 10/31/14(e)		10.00		(0.10	)		1.02		0.92		—			10.92		9.20			2,618		2.60	(f)		3.79	(f)		(1.00	)(f)		102
Class R
Year ended 10/31/15		10.98		(0.02	)		0.49		0.47		(0.00	)		11.45		4.31			40		2.10	(d)		3.01	(d)		(0.14	)(d)		89
Year ended 10/31/14(e)		10.00		(0.04	)		1.02		0.98		—			10.98		9.80			27		2.10	(f)		3.29	(f)		(0.50	)(f)		102
Class Y
Year ended 10/31/15		11.02		0.04			0.50		0.54		(0.00	)		11.56		4.93			7,709		1.60	(d)		2.51	(d)		0.36	(d)		89
Year ended 10/31/14(e)		10.00		0.00			1.02		1.02		—			11.02		10.20			12,389		1.60	(f)		2.79	(f)		0.00	(f)		102
Class R5
Year ended 10/31/15		11.02		0.04			0.50		0.54		(0.00	)		11.56		4.93			578		1.60	(d)		2.38	(d)		0.36	(d)		89
Year ended 10/31/14(e)		10.00		0.00			1.02		1.02		—			11.02		10.20			718		1.60	(f)		2.69	(f)		0.00	(f)		102
Class R6
Year ended 10/31/15		11.02		0.04			0.50		0.54		(0.00	)		11.56		4.93			609		1.60	(d)		2.38	(d)		0.36	(d)		89
Year ended 10/31/14(e)		10.00		0.00			1.02		1.02		—			11.02		10.20			562		1.60	(f)		2.69	(f)		0.00	(f)		102

^(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) Ratios are based on average daily net assets (000’s omitted) of $13,872, $2,688, $34, $9,228, $574 and $571 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Commencement date of December 19, 2013.

^(f)  Annualized.

25                         Invesco Long/Short Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Long/Short Equity Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations, of changes in net assets and of cash flows and the financial highlights present fairly, in all material respects, the financial position of Invesco Long/Short Equity Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, the results of its operations and its cash flows for the year then ended, the changes in its net assets and the financial highlights for the year then ended and for the period December 19, 2013 (commencement of operations) through October 31, 2014, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

26                         Invesco Long/Short Equity 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 May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	1,090.00	$	9.80	$	1,015.83	$	9.45		1.86	%
C		1,000.00		1,085.20		13.72		1,012.05		13.24		2.61
R		1,000.00		1,088.40		11.11		1,014.57		10.71		2.11
Y		1,000.00		1,090.60		8.48		1,017.09		8.19		1.61
R5		1,000.00		1,090.60		8.48		1,017.09		8.19		1.61
R6		1,000.00		1,090.60		8.48		1,017.09		8.19		1.61

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

27                         Invesco Long/Short Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Long/Short Equity Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ investment process oversight, independent credit analysis

and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

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

B. Fund Performance

The Board noted that the Fund recently began operations and that no comparative performance data was available.

C. Advisory and Sub-Advisory Fees

The Board noted that the Fund had not been in operation long enough to become profitable and that Invesco Advisers was continuing to take entrepreneurial risk in operating the Fund.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least February 29, 2016 in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense

limitations/waivers) to the effective advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The

28                         Invesco Long/Short Equity Fund

Board noted that the Fund’s rate was the same as the rate of one such mutual fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other client accounts with investment strategies comparable to those of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

29                         Invesco Long/Short Equity 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 advisors.

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 October 31, 2015:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	8,324
Qualified Dividend Income*		0	%
Corporate Dividends Received Deduction*		0	%
U.S. Treasury Obligations*		0	%

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

30                         Invesco Long/Short Equity Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Long/Short Equity 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Long/Short Equity 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Long/Short Equity 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Long/Short Equity Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 LSE-AR-1 Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Low Volatility Emerging Markets Fund
	Nasdaq:
	A: LVLAX  n  C: LVLCX  n  R: LVLRX  n  Y: LVLYX  n  R5: LVLFX  n  R6: LVLSX

Letters to Shareholders

Philip Taylor

Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.     The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European Central

Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.     Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

    Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                             Invesco Low Volatility Emerging Markets Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                             Invesco Low Volatility Emerging Markets Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Low Volatility Emerging Markets Fund (the Fund), at net asset value (NAV), underperformed the Fund’s style-specific benchmark, the MSCI Emerging Markets Index.

    Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 10/31/14 to 10/31/15, 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	-17.67	%
Class C Shares	-18.29
Class R Shares	-17.81
Class Y Shares	-17.50
Class R5 Shares	-17.50
Class R6 Shares	-17.50
MSCI All Country World Index▼ (Broad Market Index)	-0.03
MSCI Emerging Markets Index▼ (Style-Specific Index)	-14.53
Lipper Emerging Markets Funds Index¢ (Peer Group Index)	-15.26
Source(s): ▼FactSet Research Systems Inc.; ¢Lipper Inc.

Market conditions and your Fund

International markets experienced increased volatility during the fiscal year ended October 31, 2015, driven largely by the continued slowdown in energy markets and the economic downturn in China. Developed markets were generally able to withstand these headwinds, even as more fragile emerging markets began to falter.

    As the reporting period began in late 2014, international equity markets moved higher, although economic growth appeared to be somewhat stronger in the US than in the rest of the world. Equity markets globally were recovering from the initial crash of oil prices when OPEC added additional uncertainty by deciding to maintain high production despite low prices and slowing global growth. In this environment, commodity-based economies and most currencies underperformed those of the US.

    Global markets were rattled again amid growing concerns that Greece and the eurozone would fail to reach an agreement on a financial bailout plan. However, those fears subsided when a bailout was ultimately approved. The eurozone also benefited from generally positive economic data, which helped markets weather subsequent economic volatility.

    In the summer of 2015, fears of a potential economic slowdown in China dominated headlines. The combination of a slowing Chinese economy, a sharp sell-off in domestic Chinese equities and the devaluation of China’s currency, the renminbi, contributed to a strong correction in global equity markets. Emerging markets, in particular, were hard hit by events in China and by continued weak commodity prices – as well as by the US Federal Reserve’s decision to delay raising interest rates, which increased investor uncertainty and market volatility.

    The Fund seeks to provide long-term growth of capital while achieving lower volatility than its style-specific benchmark. The Fund seeks to accomplish this through a security selection process that uses a proprietary multi-factor model to evaluate fundamental and behavioral factors of potential holdings. This process includes evaluating each potential security based on Earnings Expectations, Market Sentiment, Management and Quality, and Value.¹

    For the reporting period, stock selection in the consumer staples, energy, materials and health care sectors contributed to the Fund’s performance relative to its style-specific benchmark. Stock selection in the financials, information technology (IT), industrials, consumer discretionary, utilities and telecommunication services sectors detracted from the Fund’s absolute and relative performance. The energy and materials sectors contributed the most to the Fund’s relative performance. From a geographical perspective, stock selection in China and Mexico was strong, while it was weak in the Asia/Pacific region, specifically in Hong Kong, Taiwan and Thailand. The Fund’s overweight position in Brazil hindered the Fund’s relative performance.

    In the Asia/Pacific region, Huadian Power International, a Chinese power generation company, posted strong results for the fiscal year, primarily as a result of its announcement in mid-2015 that it would acquire a majority stake in a Hebei-based power company from China Huadian (not a Fund holding). Additionally, our overweight exposure to the Korean cosmetic company AMOREPACIFIC Group also contributed to Fund performance.

    Stock selection in the materials sector detracted from Fund performance versus the MSCI Emerging Markets Index. LG Hausys, a South Korean construction

Portfolio Composition
By sector	% of total net assets

Financials	17.6	%
Consumer Staples	15.2
Materials	13.5
Industrials	12.2
Consumer Discretionary	10.2
Utilities	8.6
Information Technology	8.5
Energy	4.3
Telecommunication Services	3.7
Health Care	1.4
Money Market Funds Plus Other Assets Less Liabilities	4.8

Top 10 Equity Holdings*

% of total net assets

1.	Tatneft-ADR	1.6	%
2.	Zhejiang Expressway Co., Ltd.-Class H	1.6
3.	Moscow Exchange OAO	1.5
4.	Arca Continental S.A.B. de C.V.	1.5
5.	NHPC Ltd.	1.5
6.	Gruma, S.A.B. de C.V. -Class B	1.5
7.	TAV Havalimanlari A.S.	1.5
8.	Truworths International Ltd.	1.5
9.	Samsung Electronics Co., Ltd.	1.5
10.	Alpek S.A.B. de C.V.	1.5

Total Net Assets	$3.2 million
Total Number of Holdings*	98

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

*Excluding money market fund holdings.

Data presented here are as of October 31, 2015.

4                             Invesco Low Volatility Emerging Markets Fund

materials company, performed poorly throughout the reporting period, and we eliminated it from the Fund before the close of the fiscal year.

    In addition, the Fund’s overweight exposure to Brazil detracted from Fund performance. In the middle of the reporting period, Brazilian private educational company Kroton Educacionial suffered from the declining Brazilian economy. We eliminated the stock from the Fund before the close of the reporting period.

    At the close of the reporting period, and relative to the style-specific index, the Fund held overweight positions in the consumer discretionary, consumer staples, industrials, materials and utilities sectors. The Fund was underweight in the energy, financials, IT and telecommunication services sectors. Geographically, the Fund was overweight in Brazil, South Korea, Malaysia, Mexico, South Africa and Taiwan. The Fund was underweight in China and Hong Kong.

    Please note, the Fund’s strategy is principally implemented through equity investments, but we may also use futures contracts, a derivative instrument, to gain exposure to the equity market. During the reporting period, the Fund invested in MSCI Emerging Market Index futures contracts, which generated a negative return and were a slight detractor from Fund performance. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your investment in Invesco Low Volatility Emerging Markets Fund.

1 The Earnings Expectations, Market Sentiment, Management and Quality, and Value concepts are part of the Fund’s stock selection process. The Earnings Expectations concept evaluates earnings momentum and earnings revisions. The Market Sentiment concept evaluates the price momentum of the stock. The Management and Quality concept evaluates how management’s actions are benefiting shareholders. And the Value concept evaluates how attractive valuations are in terms of cash flow yield and gross profit yield.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

Michael Abata Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Low Volatility Emerging Markets Fund.

He joined Invesco in 2011. Mr. Abata earned a BA in economics from Binghamton University.

Uwe Draeger Portfolio Manager, is manager of Invesco Low Volatility Emerging Markets Fund. He joined Invesco in 2005.

Mr. Draeger earned a Diplom-Ökonom degree from Hochschule für Ökonomie Berlin, an MA from City of London Polytechnic and an MBA from Anglia Business School (Cambridge).

Nils Huter Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Low Volatility Emerging Markets Fund.

He joined Invesco in 2007. Mr. Huter earned a business administration degree “Diplom Kaufmann (FH)” from the University of Applied Sciences and Arts in Hildesheim.

Charles Ko Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Low Volatility Emerging Markets Fund.

He joined Invesco in 2012. Mr. Ko earned a BS from MIT and an MBA from Yale University.

  Jens Langewand Portfolio Manager, is manager of Invesco Low Volatility Emerging Markets Fund. He joined Invesco in 2007.

Mr. Langewand earned a Diplom Kaufmann degree from the University of Münster and a PhD from the University of Augsburg.

  Andrew Waisburd Portfolio Manager, is manager of Invesco Low Volatility Emerging Markets Fund. He joined Invesco in 2008.

Mr. Waisburd earned a BS in statistics from Cornell University and an MS and a PhD in finance from Indiana University.

5                             Invesco Low Volatility Emerging Markets Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/17/13

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

n Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

About indexes used in this report

n The MSCI All Country World Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for nonresident investors.

n The MSCI Emerging Markets Index is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

n The Lipper Emerging Market Funds Index is an unmanaged index considered representative of emerging market funds tracked by Lipper.

n 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).

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

n Industry 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.

6                             Invesco Low Volatility Emerging Markets Fund

Average Annual Total Returns As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	-11.06	%
1 Year	-22.19
Class C Shares
Inception (12/17/13)	-8.99	%
1 Year	-19.07
Class R Shares
Inception (12/17/13)	-8.52	%
1 Year	-17.81
Class Y Shares
Inception (12/17/13)	-8.09	%
1 Year	-17.50
Class R5 Shares
Inception (12/17/13)	-8.09	%
1 Year	-17.50
Class R6 Shares
Inception (12/17/13)	-8.09	%
1 Year	-17.50

The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.72%, 2.47%, 1.97%, 1.47%, 1.47% and 1.47%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 10.37%, 11.12%, 10.62%, 10.12%, 10.07% and 10.07%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Average Annual Total Returns As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	-13.78	%
1 Year	-25.93
Class C Shares
Inception (12/17/13)	-11.70	%
1 Year	-23.01
Class R Shares
Inception (12/17/13)	-11.27	%
1 Year	-21.89
Class Y Shares
Inception (12/17/13)	-10.83	%
1 Year	-21.49
Class R5 Shares
Inception (12/17/13)	-10.83	%
1 Year	-21.49
Class R6 Shares
Inception (12/17/13)	-10.83	%
1 Year	-21.49

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2017. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

7                             Invesco Low Volatility Emerging Markets Fund

Invesco Low Volatility Emerging Markets Fund’s investment objective is long-term growth of capital.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

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

About share classes

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

n Currency/exchange rate risk. The dollar value of the Fund’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.

n Depositary receipts risk. Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities.

n Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform

under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

n Emerging markets securities risk. The prices of securities issued by foreign companies and governments located in emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased

volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

n Geographic focus risk. From time to time the Fund may invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. If the Fund focuses its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results. In particular, there is no guarantee that the portfolio manager’s stock selection process will produce lower volatility than the broader markets in which the Fund invests. In addition, the Fund’s investment strategy to seek lower volatility may cause the Fund to underperform the broader markets in which the Fund invests during market rallies. Such underperformance could be significant during sudden or significant market rallies.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Preferred securities risk. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If the Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received this income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments.

continued on page 6

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

8                             Invesco Low Volatility Emerging Markets Fund

Schedule of Investments

October 31, 2015

	Shares		Value
Common Stocks & Other Equity Interests–95.22%
Brazil–8.98%
Banco do Brasil S.A.		1,300	$	5,386
BRF S.A.		2,300		35,861
CESP–Companhia Energetica de Sao Paulo–Class B–Preference Shares		4,500		18,912
Companhia de Transmissao de Energia Eletrica Paulista–Preference Shares		2,000		23,037
Companhia Energetica de Minas Gerais–ADR		5,400		10,530
Fibria Celulose S.A.–ADR		2,800		37,856
JBS S.A.		9,500		35,120
Lojas Renner S.A.		6,500		31,196
Multiplus S.A.		3,000		26,727
Porto Seguro S.A.		1,800		15,097
Telefonica Brasil S.A.–ADR		1,800		18,648
Transmissora Alianca de Energia Eletrica S.A.(a)		3,900		20,134
WEG S.A.		1,820		6,799
				285,303
Chile–3.92%
Aguas Andinas S.A.–Class A		19,842		10,382
Banco de Chile		322,105		34,060
Compania Cervecerias Unidas S.A.–ADR		800		19,176
Empresa Nacional de Electricidad S.A.		19,048		23,775
Enersis S.A.		140,709		37,242
				124,635
China–5.17%
Chongqing Rural Commercial Bank Co., Ltd.–Class H		60,000		37,566
Guangdong Electric Power Development Co., Ltd.–Class B		18,500		12,068
Huadian Power International Corp. Ltd.– Class H		42,000		30,685
Shanghai Bailian Group Co. Ltd.–Class B		9,416		17,918
Shenzhen Expressway Co. Ltd.–Class H		22,000		16,877
Zhejiang Expressway Co., Ltd.–Class H		40,000		49,078
				164,192
Colombia–0.82%
Banco Davivienda S.A.–Preference Shares		1,063		8,742
Bancolombia S.A.–ADR		500		17,310
				26,052
India–7.55%
Bharat Electronics Ltd.		2,238		42,651
Britannia Industries Ltd.		838		41,414
Hindustan Petroleum Corp. Ltd.		3,716		43,664
NHPC Ltd.		172,281		47,844
Rural Electrification Corp. Ltd.		11,873		45,263
Sun TV Network Ltd.		3,101		18,856
				239,692

	Shares		Value
Indonesia–3.11%
PT Astra Agro Lestari Tbk		10,300	$	14,885
PT Indofood Sukses Makmur Tbk		61,100		24,537
PT Telekomunikasi Indonesia Persero Tbk		228,700		45,251
PT United Tractors Tbk		10,700		14,120
				98,793
Malaysia–3.36%
British American Tobacco Malaysia Berhad		1,300		18,660
DiGi.Com Berhad		6,600		8,071
MISC Berhad		19,700		41,358
Tenaga Nasional Berhad		13,100		38,476
				106,565
Mexico–9.53%
Alpek S.A.B. de C.V.		32,300		46,629
Arca Continental S.A.B. de C.V.		7,600		48,537
Gentera S.A.B. de C.V.		17,700		32,505
Gruma, S.A.B. de C.V.–Class B		3,100		47,567
Grupo Aeroportuario del Pacifico S.A.B. de C.V.–ADR		500		45,535
Grupo Mexico S.A.B. de C.V.–Series B		15,900		38,747
Industrias Bachoco, S.A.B. de C.V.–Series B		5,300		24,118
Industrias Peñoles, S.A.B. de C.V.		1,435		19,006
				302,644
Poland–3.03%
KGHM Polska Miedz S.A.		1,441		33,422
Powszechna Kasa Oszczednosci Bank Polski S.A.(b)		3,286		24,318
Powszechny Zaklad Ubezpieczen S.A.		396		38,436
				96,176
Russia–6.34%
Gazprom PAO–ADR		9,970		41,974
MMC Norilsk Nickel PJSC–ADR		2,553		37,838
Mobile TeleSystems PJSC–ADR		3,100		21,793
Moscow Exchange (The)		34,653		48,757
Tatneft–ADR		1,647		51,109
				201,471
South Africa–10.61%
AVI Ltd.		5,110		32,523
FirstRand Ltd.		11,470		42,022
Imperial Holdings Ltd.		2,437		31,736
Liberty Holdings Ltd.		1,476		14,417
Mondi Ltd.		1,447		33,653
Nedbank Group Ltd.		2,434		40,404
Netcare Ltd.		15,802		44,923
Sibanye Gold Ltd.		14,441		23,971
SPAR Group Ltd. (The)		1,840		26,431
Truworths International Ltd.		6,957		46,992
				337,072

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

9                         Invesco Low Volatility Emerging Markets Fund

	Shares		Value
South Korea–15.68%
AMOREPACIFIC Group		55	$	7,700
Coway Co., Ltd.		621		46,145
Hanwha Corp.		1,326		43,294
Hyosung Corp.		420		42,768
Hyundai Development Co.		770		30,844
Hyundai Marine & Fire Insurance Co., Ltd.		1,016		30,243
Kangwon Land Inc.		1,081		40,092
Kia Motors Corp.		925		45,123
Korean Air Lines Co., Ltd.(b)		922		24,831
KT&G Corp.		436		43,579
LG Display Co., Ltd.		1,837		34,992
LS Corp.		561		18,963
LS Industrial Systems Co., Ltd.		251		10,893
Samsung Electronics Co., Ltd.		39		46,698
SK Hynix Inc.		1,193		31,856
				498,021
Taiwan–11.41%
AU Optronics Corp.		137,000		39,854
Chunghwa Telecom Co., Ltd.		8,000		24,416
Feng Hsin Iron & Steel Co., Ltd.		8,000		9,188
Fubon Financial Holding Co., Ltd.		28,000		44,906
Highwealth Construction Corp.		20,800		30,441
Hon Hai Precision Industry Co., Ltd.		11,550		30,502
Innolux Corp.		123,000		40,990
Pegatron Corp.		18,000		43,618
Pou Chen Corp.		26,000		36,418
Taiwan Cement Corp.		37,000		40,866

	Shares		Value
Taiwan–(continued)
Wan Hai Lines Ltd.		32,000	$	21,001
				362,200
Thailand–0.70%
PTT Global Chemical PCL		14,200		22,117
Turkey–4.09%
TAV Havalimanlari Holding A.S.		6,002		47,142
Turkiye Is Bankasi–Class C		21,724		37,106
Ulker Biskuvi Sanayi A.S.		6,739		45,534
				129,782
United Arab Emirates–0.92%
Air Arabia PJSC		48,728		17,910
Emaar Properties PJSC		6,417		11,161
				29,071
Total Common Stocks & Other Equity Interests (Cost $3,418,267)				3,023,786
Money Market Funds–1.48%
Liquid Assets Portfolio–Institutional Class, 0.16%(c)		23,521		23,521
Premier Portfolio–Institutional Class, 0.12%(c)		23,520		23,520
Total Money Market Funds (Cost $47,041)				47,041
TOTAL INVESTMENTS–96.70% (Cost $3,465,308)				3,070,827
OTHER ASSETS LESS LIABILITIES–3.30%				104,670
NET ASSETS–100.00%			$	3,175,497

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Each unit represents two preferred shares and one common share.

^(b)  Non-income producing security.

^(c)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

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

10                         Invesco Low Volatility Emerging Markets Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $3,418,267)	$	3,023,786
Investments in affiliated money market funds, at value and cost		47,041
Total investments, at value (Cost $3,465,308)		3,070,827
Foreign currencies, at value (Cost $98,755)		96,968
Receivable for:
Deposits with brokers for open futures contacts		6,300
Variation margin — futures		360
Fund shares sold		50
Dividends		4,495
Investment for trustee deferred compensation and retirement plans		4,265
Fund expenses absorbed		54,553
Other assets		4,419
Total assets		3,242,237
Liabilities:
Payable for:
Accrued fees to affiliates		804
Accrued trustees’ and officers’ fees and benefits		1,546
Accrued other operating expenses		60,125
Trustee deferred compensation and retirement plans		4,265
Total liabilities		66,740
Net assets applicable to shares outstanding	$	3,175,497
Net assets consist of:
Shares of beneficial interest	$	3,905,161
Undistributed net investment income		14,573
Undistributed net realized gain (loss)		(354,008	)
Net unrealized appreciation (depreciation)		(390,229	)
	$	3,175,497

Net Assets:
Class A	$	1,531,305
Class C	$	41,245
Class R	$	22,713
Class Y	$	1,337,182
Class R5	$	121,536
Class R6	$	121,516
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		189,469
Class C		5,156
Class R		2,819
Class Y		165,049
Class R5		15,001
Class R6		15,001
Class A:
Net asset value per share	$	8.08
Maximum offering price per share
(Net asset value of $8.08 ¸ 94.50%)	$	8.55
Class C:
Net asset value and offering price per share	$	8.00
Class R:
Net asset value and offering price per share	$	8.06
Class Y:
Net asset value and offering price per share	$	8.10
Class R5:
Net asset value and offering price per share	$	8.10
Class R6:
Net asset value and offering price per share	$	8.10

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

11                         Invesco Low Volatility Emerging Markets Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends (net of foreign withholding taxes of $20,322)	$	118,255
Dividends from affiliated money market funds		73
Total investment income		118,328
Expenses:
Advisory fees		34,178
Administrative services fees		50,000
Custodian fees		28,890
Distribution fees:
Class A		4,204
Class C		725
Class R		121
Transfer agent fees — A, B, C, R and Y		3,485
Transfer agent fees — R5		10
Transfer agent fees — R6		7
Trustees’ and officers’ fees and benefits		18,869
Registration and filing fees		39,292
Professional services fees		59,059
Other		48,745
Total expenses		287,585
Less: Fees waived and expenses reimbursed		(228,846	)
Net expenses		58,739
Net investment income		59,589
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes on holdings of $119)		(323,215	)
Foreign currencies		(25,215	)
Futures contracts		(26,651	)
		(375,081	)
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes on holdings of $95)		(388,600	)
Foreign currencies		(514	)
Futures contracts		6,560
		(382,554	)
Net realized and unrealized gain (loss)		(757,635	)
Net increase (decrease) in net assets resulting from operations	$	(698,046	)

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

12                         Invesco Low Volatility Emerging Markets Fund

Statement of Changes in Net Assets

For the year ended October 31, 2015 and the period December 17, 2013 (commencement date) through October 31, 2014

	2015			December 17, 2013 (commencement date) through October 31, 2014
Operations:
Net investment income	$	59,589		$	56,770
Net realized gain (loss)		(375,081	)		48,924
Change in net unrealized appreciation (depreciation)		(382,554	)		(7,675	)
Net increase (decrease) in net assets resulting from operations		(698,046	)		98,019
Distributions to shareholders from net investment income:
Class A		(57,658	)		—
Class C		(2,197	)		—
Class R		(796	)		—
Class Y		(50,753	)		—
Class R5		(17,161	)		—
Class R6		(5,585	)		—
Total distributions from net investment income		(134,150	)		—
Distributions to shareholders from net realized gains:
Class A		(20,025	)		—
Class C		(848	)		—
Class R		(287	)		—
Class Y		(16,495	)		—
Class R5		(5,577	)		—
Class R6		(1,815	)		—
Total distributions from net realized gains		(45,047	)		—
Share transactions–net:
Class A		286,843			1,683,585
Class C		5,332			59,815
Class R		14,205			13,730
Class Y		212,647			1,362,792
Class R5		(285,563	)		451,325
Class R6		—			150,010
Net increase in net assets resulting from share transactions		233,464			3,721,257
Net increase (decrease) in net assets		(643,779	)		3,819,276
Net assets:
Beginning of year		3,819,276			—
End of year (includes undistributed net investment income of $14,573 and $111,161, respectively)	$	3,175,497		$	3,819,276

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Low Volatility Emerging Markets Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. 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 R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

13                         Invesco Low Volatility Emerging Markets Fund

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

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

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

14                         Invesco Low Volatility Emerging Markets Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

15                         Invesco Low Volatility Emerging Markets Fund

Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

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

L. 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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0.935%
Next $250 million		0.910%
Next $500 million		0.885%
Next $1.5 billion		0.860%
Next $2.5 billion		0.835%
Next $2.5 billion		0.810%
Next $2.5 billion		0.785%
Over $10 billion		0.760%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.94%.

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., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 February 28, 2017, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.72%, 2.47%, 1.97%, 1.47%, 1.47% and 1.47% of average daily net assets, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2017. The fee waiver agreement cannot be terminated during its term.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees and reimbursed fund level expenses of $225,344 and reimbursed class level expenses of $1,756, $76, $25, $1,628, $10 and $7 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

16                         Invesco Low Volatility Emerging Markets Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the 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. 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 October 31, 2015, 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 October 31, 2015, IDI advised the Fund that IDI retained $1,202 in front-end sales commissions from the sale of Class A shares.

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

NOTE 3—Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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.

During the year ended October 31, 2015, there were transfers from Level 1 to Level 2 of $445,730 and from Level 2 to Level 1 of $136,897, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Brazil	$	285,303	$	—	$	—	$	285,303
Chile		124,635		—		—		124,635
China		—		164,192		—		164,192
Colombia		26,052		—		—		26,052
India		61,507		178,185		—		239,692
Indonesia		—		98,793		—		98,793
Malaysia		49,429		57,136		—		106,565
Mexico		302,644		—		—		302,644
Poland		—		96,176		—		96,176
Russia		63,767		137,704		—		201,471
South Africa		124,343		212,729		—		337,072
South Korea		113,914		384,107		—		498,021
Taiwan		—		362,200		—		362,200
Thailand		—		22,117		—		22,117
Turkey		129,782		—		—		129,782
United Arab Emirates		17,910		11,161		—		29,071
United States		47,041		—		—		47,041
		1,346,327		1,724,500		—		3,070,827
Futures Contracts*		6,070		—		—		6,070
Total Investments	$	1,352,397	$	1,724,500	$	—	$	3,076,897

* Unrealized appreciation.

17                         Invesco Low Volatility Emerging Markets Fund

NOTE 4—Derivative Investments

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 October 31, 2015:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Equity risk:
Futures contracts(a)	$	6,070	$	—

^(a)  Includes cumulative appreciation of futures contracts. Only current day’s variation margin receivable is reported within the Statement of Assets and Liabilities.

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
	Futures Contracts
Realized Gain (Loss):
Equity risk	$	(26,651	)
Change in Net Unrealized Appreciation:
Equity risk		6,560
Total	$	(20,091	)

The table below summarizes the average notional value of futures contracts outstanding during the period.

	Futures Contracts
Average notional value	$	135,803

Open Futures Contracts(a)
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value		Unrealized Appreciation
MSCI Emerging Markets Mini Index		Long		3		December-2015	$	126,555	$	6,070

^(a)  Futures contracts collateralized by $6,300 cash held with Merrill Lynch, the futures commission merchant.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 6—Cash Balances

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

18                         Invesco Low Volatility Emerging Markets Fund

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Year Ended October 31, 2015 and the period December 17, 2013 (commencement date) though October 31, 2014:

	2015		December 17, 2013 (commencement date) through October 31, 2014
Ordinary income	$	174,171	$	—
Long-term capital gain		5,026		—
Total distributions	$	179,197	$	—

Tax Components of Net Assets at Period-End:

	2015
Undistributed ordinary income	$	18,554
Net unrealized appreciation (depreciation) — investments		(423,476	)
Net unrealized appreciation (depreciation) — other investments		(1,818	)
Temporary book/tax differences		(3,981	)
Capital loss carryforward		(318,943	)
Shares of beneficial interest		3,905,161
Total net assets	$	3,175,497

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

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

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

The Fund has a capital loss carryforward as of October 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	195,111	$	123,832	$	318,943

* Capital loss carryforward as of the date listed above 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 Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $3,740,165 and $3,631,469, respectively. In a fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year end reporting period.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	185,514
Aggregate unrealized (depreciation) of investment securities		(608,990	)
Net unrealized appreciation (depreciation) of investment securities	$	(423,476	)

Cost of investments for tax purposes is $3,494,303.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment company reclasses and foreign currency transactions, on October 31, 2015, undistributed net investment income was decreased by $22,027, undistributed net realized gain (loss) was increased by $22,803 and shares of beneficial interest was decreased by $776. This reclassification had no effect on the net assets of the Fund.

19                         Invesco Low Volatility Emerging Markets Fund

NOTE 10—Share Information

	Summary of Share Activity
	Year ended October 31, 2015(a)						December 17, 2013 (commencement date) through October 31, 2014
	Shares			Amount			Shares			Amount
Sold:
Class A		145,238		$	1,412,907			206,424		$	2,131,506
Class C		6,179			59,078			5,851			62,593
Class R		1,391			13,595			1,361			13,730
Class Y		113,987			1,037,476			143,538			1,436,470
Class R5		—			—			46,638			456,961
Class R6		—			—			15,001			150,010
Issued as reinvestment of dividends:
Class A		1,508			13,720			—			—
Class C		288			2,611			—			—
Class R		67			610			—			—
Class Y		126			1,146			—			—
Class R5		1,686			15,338			—			—
Reacquired:
Class A		(122,441	)		(1,139,784	)		(41,260	)		(447,921	)
Class C		(6,888	)		(56,357	)		(274	)		(2,778	)
Class Y		(85,388	)		(825,975	)		(7,214	)		(73,678	)
Class R5		(32,778	)		(300,901	)		(545	)		(5,636	)
Net increase in share activity		22,975		$	233,464			369,520		$	3,721,257

^(a) 84% of the outstanding shares of the Fund are owned by the Adviser.

NOTE 11—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 10/31/15	$	10.32	$	0.14	$	(1.91	)	$	(1.77	)	$	(0.35	)	$	(0.12	)	$	(0.47	)	$	8.08		(17.67	)%	$	1,531		1.72	%(e)		7.99	%(e)		1.52	%(e)		105	%
Year ended 10/31/14(d)		10.00		0.15		0.17			0.32			—			—			—			10.32		3.20			1,705		1.71	(f)		10.36	(f)		1.69	(f)		38
Class C
Year ended 10/31/15		10.26		0.07		(1.90	)		(1.83	)		(0.31	)		(0.12	)		(0.43	)		8.00		(18.29	)		41		2.47	(e)		8.74	(e)		0.77	(e)		105
Year ended 10/31/14(d)		10.00		0.09		0.17			0.26			—			—			—			10.26		2.60			57		2.46	(f)		11.11	(f)		0.94	(f)		38
Class R
Year ended 10/31/15		10.30		0.12		(1.90	)		(1.78	)		(0.34	)		(0.12	)		(0.46	)		8.06		(17.81	)		23		1.97	(e)		8.24	(e)		1.27	(e)		105
Year ended 10/31/14(d)		10.00		0.13		0.17			0.30			—			—			—			10.30		3.00			14		1.96	(f)		10.61	(f)		1.44	(f)		38
Class Y
Year ended 10/31/15		10.35		0.16		(1.92	)		(1.76	)		(0.37	)		(0.12	)		(0.49	)		8.10		(17.50	)		1,337		1.47	(e)		7.74	(e)		1.77	(e)		105
Year ended 10/31/14(d)		10.00		0.18		0.17			0.35			—			—			—			10.35		3.50			1,411		1.46	(f)		10.11	(f)		1.94	(f)		38
Class R5
Year ended 10/31/15		10.35		0.16		(1.92	)		(1.76	)		(0.37	)		(0.12	)		(0.49	)		8.10		(17.50	)		122		1.47	(e)		7.64	(e)		1.77	(e)		105
Year ended 10/31/14(d)		10.00		0.18		0.17			0.35			—			—			—			10.35		3.50			477		1.46	(f)		10.06	(f)		1.94	(f)		38
Class R6
Year ended 10/31/15		10.35		0.16		(1.92	)		(1.76	)		(0.37	)		(0.12	)		(0.49	)		8.10		(17.50	)		122		1.47	(e)		7.64	(e)		1.77	(e)		105
Year ended 10/31/14(d)		10.00		0.18		0.17			0.35			—			—			—			10.35		3.50			155		1.46	(f)		10.06	(f)		1.94	(f)		38

^(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)  Commencement date of December 17, 2013.

^(e)  Ratios are based on average daily net assets (000’s omitted) of $1,681, $73, $24, $1,559, $181 and $137 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Annualized

20                         Invesco Low Volatility Emerging Markets Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Low Volatility Emerging Markets Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Low Volatility Emerging Markets Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year then ended and for the period December 17, 2013 (commencement of operations) through October 31, 2014, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

21                         Invesco Low Volatility Emerging Markets 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 May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	818.60	$	7.88	$	1,016.53	$	8.74		1.72	%
C		1,000.00		816.30		11.31		1,012.75		12.53		2.47
R		1,000.00		818.30		9.03		1,015.27		10.01		1.97
Y		1,000.00		819.80		6.74		1,017.80		7.48		1.47
R5		1,000.00		819.80		6.75		1,017.79		7.49		1.47
R6		1,000.00		819.80		6.75		1,017.79		7.49		1.47

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

22                         Invesco Low Volatility Emerging Markets Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Low Volatility Emerging Markets Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ investment process oversight, independent credit analysis

and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

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

B. Fund Performance

The Board noted that Invesco Asset Management Deutschland GmbH currently manages assets of the Fund. The Board also noted that the Fund recently began operations and that no comparative performance data was available.

C. Advisory and Sub-Advisory Fees

The Board noted that the Fund had not been in operation long enough to become profitable and that Invesco Advisers was continuing to take entrepreneurial risk in operating the Fund.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least February 29, 2016 in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other mutual funds or client accounts with investment strategies comparable to those of the Fund.

23                         Invesco Low Volatility Emerging Markets Fund

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board noted that although Invesco Advisers received a minimal amount of revenues from advising the Fund, Invesco Advisers and its subsidiaries did not make a profit from managing the Fund. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

24                         Invesco Low Volatility Emerging Markets 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 advisors.

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 October 31, 2015:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	5,026
Qualified Dividend Income*		40.40	%
Corporate Dividends Received Deduction*		0	%
U.S. Treasury Obligations*		0	%
Foreign Taxes	$	0.0389
Foreign Income	$	0.3298

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

Non-Resident Alien Shareholders
Qualified Short-Term Gains	$	39,685

25                         Invesco Low Volatility Emerging Markets Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Low Volatility Emerging Markets 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Low Volatility Emerging Markets 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Low Volatility Emerging Markets 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Low Volatility Emerging Markets Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338                         LVEM-AR-1                                                               Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Macro International Equity Fund
	Nasdaq:
	A: VZMAX  n  C: VZMCX  n  R: VZMRX  n  Y: VZMYX  n  R5: VZMFX  n  R6: VZMSX

Letters to Shareholders

       Philip Taylor Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.     The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European Central

Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.

Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                         Invesco Macro International Equity Fund

Bruce Crockett	Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
	n	Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.
	n	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                         Invesco Macro International Equity Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Macro International Equity Fund (the Fund), at net asset value (NAV), underperformed the Fund’s broad market/style specific benchmark, the MSCI All Country World ex-U.S. Index.

    Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 10/31/14 to 10/31/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-8.80	%
Class C Shares	-9.48
Class R Shares	-9.08
Class Y Shares	-8.57
Class R5 Shares	-8.66
Class R6 Shares	-8.57
MSCI All Country World ex-U.S. Index▼ (Broad Market/Style-Specific Index)	-4.68
Lipper International Large-Cap Core Funds Index¡ (Peer Group Index)	-2.71

Source(s): ^▼FactSet Research Systems Inc.; ¡Lipper Inc.

Market conditions and your Fund

The fiscal year started with challenges to the equity markets as October 2014 witnessed the end of asset purchases by the US Federal Reserve (the Fed). This was later countered by the announcement of massive quantitative easing efforts in Europe and Japan. Energy-related commodities suffered from a supply glut, which added volatility toward the end of 2014.

    We started 2015 with gains in equity prices fueled by the expansionary monetary policies put in place by a number of main central banks. However, it became apparent that the liquidity-driven environment could potentially lay down the

foundation for significant volatility going forward. The second quarter of 2015 began with a continuation of the same theme witnessed during the first quarter with markets exhibiting mixed results but generally performing well on the back of accommodative monetary policies. However, June 2015 was detrimental for equities as headwinds became apparent, particularly with the reemergence of uncertainty surrounding the Greek financial crisis. The third quarter of 2015 was marred by heightened volatility as a result of disappointing economic data in many developed countries and China, suggesting a more difficult environment ahead for equities. In August 2015,

equities suffered a major and broad-based correction. September followed suit, but to a lesser degree, due in part to the postponement of a monetary policy shift by the Fed.

    The Fund uses “smart beta” indexes to build up core equity exposure. Beta is a measure of risk representing how a security is expected to respond to general market movements. Smart beta represents an alternative and selection index based methodology that seeks to outperform a benchmark or reduce portfolio risk, or both. Smart beta funds may underperform cap-weighted benchmarks and increase portfolio risk. For this strategy, we invest in companies in approximately the same proportion as they are represented in the smart beta indexes, which utilize equal weighting, low volatility or other methodologies to determine stock investments and appropriate weightings. For the reporting period, the main detractor from Fund performance was the smart beta component, specifically as it related to the Fund’s exposure to Hong Kong and Japan through direct investment and the use of futures. This result is consistent with stretched valuations in equity markets as the result of expansionary monetary policies put in place by many global central banks. One of the features of the smart beta indexes is to equally allocate to the stock universe rather than utilizing market capitalization as a gauge. In an environment of stretched valuations, high-beta stocks will tend to perform better and to the detriment of smart beta indexes.

Portfolio Composition
By country	% of total net assets

Japan	18.0	%
United Kingdom	16.8
Australia	9.0
Hong Kong	4.8
France	4.1
Taiwan	4.1
Switzerland	3.2
Germany	3.0
Singapore	2.5
Malaysia	2.3
Countries each less than 2.0% of portfolio	22.5
Money Market Funds Plus Other Assets Less Liabilities†	9.7

† The unrealized appreciation/depreciation of futures, forwards and swaps are included in “Money Market Funds Plus Other Assets Less Liabilities.”

Target Regional Breakdown
	Target Net Assets1

Emerging Market	24.70	%
Japan	19.41
United Kingdom	19.38
Asia ex-Japan	17.72
Europe ex-United Kingdom	16.14
Money Market Funds Plus Other Assets Less Liabilities	10.00
Total	107.35

1 Proprietary models determine the target net asset weights necessary to achieve the desired regional breakdown. Target net assets greater than 100% is achieved through derivatives and other instruments that create leverage. Regional breakdown percentages represent the net of the Fund’s long and short positions.

Total Net Assets	$7.6 million
Total Number of Holdings*	877

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.

Data presented here are as of October 31, 2015.

4                Invesco Macro International Equity Fund

    The Fund’s tactical overlay portion actively adjusts portfolio positions through the use of futures to reflect the near-term environment. The tactical element followed suit with the Fund’s average yearly overweight exposure to Hong Kong and its average yearly underweight exposure to emerging markets detracting from Fund performance. On the other hand, the Fund’s average overweight exposure to Japan – obtained through direct investment and the use of futures – proved to have a positive impact on Fund performance, but not enough to compensate for the detracting markets.

    As part of the Fund’s investment process, valuations are considered on an absolute basis first to determine if a market is “rich” or “cheap” relative to its own history and then evaluated on a cross-sectional basis to account for relative attractiveness across these markets. This approach reflects the intuitive appeal of having a larger weight to “cheap” markets and a smaller weight to “expensive” markets within the Fund’s strategic allocation. This valuation-based adjustment was, to a lesser extent, a detractor from Fund performance. The Fund’s regional equal-weight element was the only component of the Fund’s investment process that produced positive results for the reporting period. However, this was not sufficient to compensate for the underperformance produced by the other elements of the Fund’s investment process during the fiscal year.

    Please note that our strategy utilizes derivative instruments that include futures and total return swaps. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a more liquid and cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued commitment to Invesco Macro International Equity Fund.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	Mark Ahnrud Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Macro International Equity
Fund. He joined Invesco in 2000. Mr. Ahnrud earned a BS in finance and investments from Babson College and an MBA from Duke University Fuqua School of Business.
	Chris Devine Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Macro International Equity
Fund. He joined Invesco in 1998. Mr. Devine earned a BA in economics from Wake Forest University and an MBA from the University of Georgia.
	Scott Hixon Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Macro International Equity
Fund. He joined Invesco in 1994. Mr. Hixon earned a BBA in finance from Georgia Southern University and an MBA in finance from Georgia State University.
	Christian Ulrich Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Macro International Equity
Fund. He joined Invesco in 2000. Mr. Ulrich earned the equivalent of a BBA from the KV Zurich Business School in Zurich, Switzerland.
	Scott Wolle Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Macro International Equity
Fund. He joined Invesco in 1999. Mr. Wolle earned a BS in finance from Virginia Polytechnic Institute and State University and an MBA from Duke University Fuqua School of Business.

Assisted by Invesco’s Global Asset Allocation Team

5                Invesco Macro International Equity Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/17/13

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

n The Lipper International Large-Cap Core Funds Index is an unmanaged index considered representative of international large-cap core funds tracked by Lipper.

n 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).

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

n Industry 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.

6                         Invesco Macro International Equity Fund

Average Annual Total Returns

As of 10/31/15, including maximum applicable sales charges

Class A Shares
Inception (12/17/13)	-6.89	%
1 Year	-13.81
Class C Shares
Inception (12/17/13)	-4.73	%
1 Year	-10.36
Class R Shares
Inception (12/17/13)	-4.30	%
1 Year	-9.08
Class Y Shares
Inception (12/17/13)	-3.81	%
1 Year	-8.57
Class R5 Shares
Inception (12/17/13)	-3.81	%
1 Year	-8.66
Class R6 Shares
Inception (12/17/13)	-3.81	%
1 Year	-8.57

The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 8.22%, 8.97%, 8.47%, 7.97%, 7.94% and 7.94%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Average Annual Total Returns

As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (12/17/13)	-10.07	%
1 Year	-19.25
Class C Shares
Inception (12/17/13)	-7.90	%
1 Year	-16.03
Class R Shares
Inception (12/17/13)	-7.39	%
1 Year	-14.70
Class Y Shares
Inception (12/17/13)	-6.94	%
1 Year	-14.29
Class R5 Shares
Inception (12/17/13)	-7.00	%
1 Year	-14.39
Class R6 Shares
Inception (12/17/13)	-6.94	%
1 Year	-14.29

    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 class 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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2017. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

7                Invesco Macro International Equity Fund

Invesco Macro International Equity Fund’s investment objective is to provide total return.

Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

Unless otherwise noted, all data provided by Invesco.

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

About share classes

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

n Cash/cash equivalents risk. Holding cash or cash equivalents may negatively affect performance.

n Currency/exchange rate risk. The dollar value of the Fund’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.

n Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more

traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These risks are greater for the Fund than mutual funds that do not use derivative instruments or that use derivative instruments to a lesser extent than the Fund to implement their investment strategy.

n Emerging markets securities risk. The prices of securities issued by foreign companies and governments located in emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results. The portfolio managers’ use of derivative instruments that provide

economic leverage may increase the volatility of the Fund’s net asset value, which may increase the potential of greater losses that may cause the Fund to liquidate positions when it may not be advantageous to do so. In addition, the Fund will likely underperform the broader equity markets in which the Fund invests during market rallies when the Fund’s equity exposure is less than 100% of the Fund’s assets. Such underperformance could be significant during sudden or significant market rallies.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

n Volatility risk. The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time.

About indexes used in this report

n The MSCI All Country World ex-U.S. Index is an index considered representative of developed and emerging market stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

continued on page 6

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

8                Invesco Macro International Equity Fund

Schedule of Investments

October 31, 2015

	Shares		Value
Common Stocks & Other Equity Interests–90.34%
Australia–9.02%
Adelaide Brighton Ltd.		2,167	$	6,475
AGL Energy Ltd.		574		6,848
ALS Ltd.		1,788		6,566
Alumina Ltd.		7,579		5,864
Amcor Ltd.		686		6,638
AMP Ltd.		1,599		6,534
Ansell Ltd.		422		6,000
APA Group		1,117		7,328
Aristocrat Leisure Ltd.		1,144		7,603
Asciano Ltd.		1,099		6,410
ASX Ltd.		246		7,231
Aurizon Holdings Ltd.		1,877		6,920
AusNet Services		7,158		7,376
Australia and New Zealand Banking Group Ltd.		343		6,599
Bank of Queensland Ltd.		765		7,130
Bendigo and Adelaide Bank Ltd.		898		6,852
BHP Billiton Ltd.		373		6,123
BHP Billiton PLC		1,620		25,912
BlueScope Steel Ltd.		2,167		6,815
Boral Ltd.		1,706		6,557
Brambles Ltd.		906		6,706
Caltex Australia Ltd.		299		6,673
carsales.com Ltd.		970		6,779
Challenger Ltd.		1,337		7,847
Charter Hall Group		2,153		6,894
CIMIC Group Ltd.		388		7,670
Coca-Cola Amatil Ltd.		1,052		6,834
Cochlear Ltd.		110		6,977
Commonwealth Bank of Australia		122		6,675
Computershare Ltd.		926		7,138
Crown Resorts Ltd.		853		6,971
CSL Ltd.		102		6,774
CSR Ltd.		3,030		5,934
DEXUS Property Group		1,304		7,197
Domino’s Pizza Enterprises Ltd.		239		7,968
Downer EDI Ltd.		2,478		6,273
DUET Group		4,337		7,299
DuluxGroup Ltd.		1,693		7,123
Echo Entertainment Group Ltd.		1,943		7,080
Fairfax Media Ltd.		11,156		7,518
Federation Centres(a)		3,328		6,906
Flight Centre Travel Group Ltd.		252		6,820
Fortescue Metals Group Ltd.		4,756		6,982
Goodman Group		1,508		6,527
GPT Group (The)		2,231		7,550
Harvey Norman Holdings Ltd.		2,314		6,568
Healthscope Ltd.		3,436		6,616
Iluka Resources Ltd.		1,260		5,768

	Shares		Value
Australia–(continued)
Incitec Pivot Ltd.		2,677	$	7,540
Insurance Australia Group Ltd.		1,842		7,315
Investa Office Fund		2,517		7,251
IOOF Holdings Ltd.		1,066		7,044
JB Hi-Fi Ltd.		482		6,173
Lend Lease Group		692		6,415
Macquarie Group Ltd.		121		7,315
Magellan Financial Group Ltd.		513		8,242
Mirvac Group		5,180		6,667
National Australia Bank Ltd.		292		6,222
Newcrest Mining Ltd.(a)		837		7,271
Nufarm Ltd.		1,352		8,070
Oil Search Ltd.		1,307		7,295
Orica Ltd.		608		7,145
Origin Energy Ltd.		1,199		4,703
Orora Ltd.		4,111		6,860
OZ Minerals Ltd.		2,507		7,795
Perpetual Ltd.		235		7,526
Primary Health Care Ltd.		2,268		6,000
Qantas Airways Ltd.(a)		2,492		7,020
QBE Insurance Group Ltd.		717		6,668
Ramsay Health Care Ltd.		152		6,674
REA Group Ltd.		222		7,492
Recall Holdings Ltd.		1,358		7,418
Santos Ltd.		2,102		8,754
Scentre Group		2,524		7,452
SEEK Ltd.		759		6,889
Shopping Centres Australasia Property Group		4,566		6,707
Slater & Gordon Ltd.		1,914		3,739
Sonic Healthcare Ltd.		454		6,242
Spark Infrastructure Group		5,126		7,603
Spotless Group Holdings Ltd.		5,074		7,712
Stockland		2,294		6,625
Suncorp Group Ltd.		728		6,752
Sydney Airport		1,630		7,497
Tabcorp Holdings Ltd.		2,125		7,152
Tatts Group Ltd.		2,583		7,294
Telstra Corp. Ltd.		1,601		6,165
TPG Telecom Ltd.		1,052		8,297
Transurban Group		974		7,251
Treasury Wine Estates Ltd.		1,540		7,775
Washington H. Soul Pattinson & Co. Ltd.		676		7,761
Wesfarmers Ltd.		234		6,540
Westfield Corp.		961		7,024
Westpac Banking Corp.		299		6,691
Woodside Petroleum Ltd.		301		6,327
Woolworths Ltd.		360		6,189
WorleyParsons Ltd.		1,144		5,319
				681,726

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

9                         Invesco Macro International Equity Fund

	Shares		Value
Austria–0.16%
Erste Group Bank AG(a)		211	$	6,179
Voestalpine AG		158		5,722
				11,901
Belgium–0.51%
Ageas		153		6,750
Anheuser-Busch InBev SA/NV		57		6,798
Delhaize Group		69		6,394
KBC Groep N.V.		94		5,713
Solvay S.A.		53		5,982
UCB S.A.		76		6,565
				38,202
Brazil–0.67%
Ambev S.A.		1,300		6,438
BRF S.A.		300		4,678
Cia Brasileira de Distribuicao–Preference Shares		300		3,949
Hypermarcas S.A.(a)		1,400		6,356
Klabin S.A.(b)		1,100		6,258
M Dias Branco S.A.		300		5,440
Transmissora Alianca de Energia Eletrica S.A.(c)		1,200		6,195
Ultrapar Participacoes S.A.		300		5,215
WEG S.A.		1,600		5,977
				50,506
Chile–0.92%
Banco de Chile		108,716		11,496
Banco Santander Chile		164,615		7,821
Cencosud S.A.		2,586		5,667
Corpbanca S.A.		740,605		6,796
Empresa Nacional de Electricidad S.A.		6,721		8,389
Empresas CMPC S.A.		2,542		6,265
Empresas COPEC S.A.		1,011		9,433
Enersis S.A.		26,681		7,062
S.A.C.I. Falabella		1,039		6,988
				69,917
China–1.20%
AAC Technologies Holdings Inc.		1,000		6,330
Agricultural Bank of China Ltd.–Class H		16,000		6,528
China Construction Bank Corp.–Class H		8,000		5,768
China Petroleum & Chemical Corp.–Class H		8,000		5,770
China Traditional Chinese Medicine Co. Ltd.(a)		8,000		6,029
CITIC Ltd.		3,000		5,580
COSCO Pacific Ltd.		6,000		7,762
FIH Mobile Ltd.		14,000		6,658
Global Logistic Properties Ltd.		4,500		7,165
Hengan International Group Co. Ltd.		500		5,390
Industrial & Commercial Bank of China Ltd.–Class H		9,000		5,711
Shenzhou International Group Holdings Ltd.		1,000		4,914
Tsingtao Brewery Co. Ltd.–Class H		2,000		9,538
Yangzijiang Shipbuilding Holdings Ltd.		8,400		7,463
				90,606

	Shares		Value
Colombia–0.17%
Bancolombia S.A.–Preference Shares		758	$	6,574
Grupo de Inversiones Suramericana S.A.		518		6,577
				13,151
Czech Republic–0.15%
CEZ A.S.		295		5,896
Komercni Banka A.S.		28		5,789
				11,685
Denmark–0.78%
A.P. Moeller-Maersk A/S–Class B		5		7,373
Carlsberg A/S–Class B		112		9,164
Coloplast A/S–Class B		124		8,897
Danske Bank A/S		272		7,463
Novo Nordisk A/S–Class B		154		8,159
Pandora A/S		74		8,519
Vestas Wind Systems A/S		160		9,298
				58,873
Egypt–0.08%
Commercial International Bank Egypt S.A.E.		981		6,455
Finland–0.52%
Fortum Oyj		377		5,647
Kone Oyj–Class B		161		6,860
Nokia Oyj		956		7,095
Sampo Oyj–Class A		125		6,099
UPM-Kymmene Oyj		375		7,010
Wartsila OYJ Abp		151		6,436
				39,147
France–4.06%
Accor S.A.		130		6,455
Air Liquide S.A.		53		6,857
Airbus Group SE		99		6,879
Alcatel-Lucent(a)		1,816		7,369
Alstom S.A.(a)		195		6,360
Arkema S.A.		89		6,502
AXA S.A.		261		6,969
BNP Paribas S.A.		99		6,016
Bouygues S.A.		160		6,053
Bureau Veritas S.A.		280		6,326
Cap Gemini S.A.		70		6,226
Carrefour S.A.		194		6,318
Christian Dior SE		32		6,290
Cie Generale des Etablissements Michelin		63		6,277
Compagnie de Saint-Gobain		135		5,657
Credit Agricole S.A.		445		5,638
Danone		103		7,171
Dassault Systemes S.A.		87		6,873
Edenred		312		5,718
Electricite de France S.A.		283		5,264
Engie S.A.		343		6,008
Essilor International S.A.		50		6,562

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

10                         Invesco Macro International Equity Fund

	Shares		Value
France–(continued)
Hermes International		17	$	6,540
Kering		40		7,391
L’Oreal S.A.		36		6,559
Legrand S.A.		108		5,921
LVMH Moet Hennessy Louis Vuitton S.E.		38		7,070
Numericable–SFR(a)		126		5,709
Orange S.A.		390		6,861
Pernod Ricard S.A.		59		6,945
Peugeot S.A.(a)		344		6,062
Publicis Groupe S.A.		89		5,780
Renault S.A.		76		7,165
Safran S.A.		81		6,156
Sanofi		62		6,251
Schneider Electric S.E.		96		5,805
SCOR S.E.		177		6,583
Societe Generale S.A.		130		6,036
Sodexo S.A.		71		6,311
Suez Environnement Co.		342		6,499
Technip S.A.		115		6,008
TOTAL S.A.		136		6,591
Unibail-Rodamco S.E.		24		6,688
Valeo S.A.		49		7,566
Veolia Environnement S.A.		281		6,533
Vinci S.A.		95		6,413
Vivendi S.A.		255		6,137
Zodiac Aerospace		205		5,185
				306,553
Germany–3.01%
adidas AG		85		7,623
Allianz S.E.		39		6,834
BASF S.E.		78		6,393
Bayer AG		46		6,139
Bayerische Motoren Werke AG		63		6,468
Beiersdorf AG		74		7,034
Brenntag AG		115		6,949
Commerzbank AG(a)		559		6,153
Continental AG		29		6,975
Daimler AG		71		6,166
Deutsche Bank AG		219		6,134
Deutsche Boerse AG		69		6,355
Deutsche Lufthansa AG(a)		471		6,956
Deutsche Post AG		219		6,519
Deutsche Telekom AG		349		6,526
E.ON S.E.		572		6,037
Fresenius Medical Care AG & Co. KGaA		78		7,024
Fresenius S.E. & Co. KGaA		86		6,313
GEA Group AG		159		6,366
HeidelbergCement AG		82		6,112
Henkel AG & Co. KGaA–Preference Shares		59		6,404
Infineon Technologies AG		540		6,648
K+S AG		167		4,216

	Shares		Value
Germany–(continued)
Linde AG		35	$	6,072
Merck KGaA		66		6,438
Metro AG		204		6,288
Muenchener Rueckversicherungs-Gesellschaft AG		33		6,587
Porsche Automobil Holding S.E.–Preference Shares		80		3,748
ProSiebenSat.1 Media SE		125		6,762
RWE AG		428		5,956
SAP S.E.		96		7,588
Siemens AG		64		6,440
Symrise AG		106		6,982
ThyssenKrupp AG		296		5,972
Volkswagen AG–Preference Shares		33		3,967
Vonovia S.E.		182		6,063
				227,207
Hong Kong–4.83%
AIA Group Ltd.		1,200		7,007
ASM Pacific Technology Ltd.		800		5,664
Bank of East Asia, Ltd. (The)		2,000		7,455
Brightoil Petroleum (Holdings) Ltd.(a)		17,000		6,025
Cathay Pacific Airways Ltd.		4,000		7,936
Cheung Kong Infrastructure Holdings Ltd.		1,000		9,286
China Innovative Finance Group Ltd.(a)		60,000		5,848
Chinese Estates Holdings Ltd.		3,000		6,967
CK Hutchison Holdings Ltd.		500		6,830
CLP Holdings Ltd.		1,000		8,697
Dairy Farm International Holdings Ltd.		1,000		6,575
Esprit Holdings Ltd.		7,800		8,738
First Pacific Co. Ltd.		10,000		6,825
Galaxy Entertainment Group Ltd.		2,000		6,806
Global Brands Group Holding Ltd.(a)		36,000		7,427
Goldin Properties Holdings Ltd.(a)		6,000		5,138
Haitong International Securities Group Ltd.		10,000		5,513
Hang Lung Group Ltd.		2,000		7,240
Hang Lung Properties Ltd.		3,000		7,328
Hang Seng Bank Ltd.		400		7,324
Henderson Land Development Co. Ltd.		1,310		8,338
HK Electric Investments and HK Electric Investments Ltd.(d)		9,500		7,293
Hong Kong & China Gas Co. Ltd.		3,730		7,559
Hong Kong Exchanges & Clearing Ltd.		300		7,832
Hongkong Land Holdings Ltd.		1,000		7,487
Hopewell Holdings Ltd.		2,000		7,212
Hysan Development Co. Ltd.		2,000		8,853
Jardine Matheson Holdings Ltd.		100		5,424
Jardine Strategic Holdings Ltd.		200		6,034
Kerry Properties Ltd.		2,000		5,914
Li & Fung Ltd.		10,000		8,073
Link REIT		1,000		5,940
MTR Corp. Ltd.		1,500		6,787
New World Development Co. Ltd.		7,000		7,462

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

11                         Invesco Macro International Equity Fund

	Shares		Value
Hong Kong–(continued)
Noble Group Ltd.		17,300	$	6,216
NWS Holdings Ltd.		5,000		7,510
PCCW Ltd.		12,000		6,479
Power Assets Holdings Ltd.		500		4,972
Sands China Ltd.		2,000		7,179
Shangri-La Asia Ltd.		6,000		5,490
Sino Land Co. Ltd.		4,000		6,164
SJM Holdings Ltd.		7,000		5,802
Sun Hung Kai Properties Ltd.		1,000		13,345
Suncorp Technologies Ltd.(a)		110,000		3,021
Swire Pacific Ltd.–Class A		500		5,775
Swire Properties Ltd.		2,200		6,590
Techtronic Industries Co. Ltd.		1,500		5,475
Television Broadcasts Ltd.		1,600		5,819
Value Partners Group Ltd.		5,000		5,280
VTech Holdings Ltd.		500		6,060
WH Group Ltd.(a)(d)		12,500		6,895
Wharf Holdings Ltd. (The)		1,000		5,937
Wheelock and Co. Ltd.		1,000		4,648
Yue Yuen Industrial (Holdings) Ltd.		1,500		5,468
				364,962
Hungary–0.16%
MOL Hungarian Oil and Gas PLC		118		5,336
Richter Gedeon Nyrt		386		6,444
				11,780
India–0.32%
HDFC Bank Ltd.–ADR		103		6,297
Infosys Ltd.–ADR		342		6,211
Reliance Industries Ltd.–GDR(d)		214		6,142
Wipro Ltd.–ADR		478		5,918
				24,568
Indonesia–0.44%
Golden Agri-Resources Ltd.		30,300		8,415
PT Bank Central Asia Tbk		7,500		7,043
PT Bank Mandiri Persero Tbk		9,400		5,946
PT Kalbe Farma Tbk		50,900		5,293
PT Telekomunikasi Indonesia Persero Tbk		32,600		6,450
				33,147
Ireland–0.89%
CRH PLC		224		6,124
Experian PLC		1,620		27,628
Kerry Group PLC–Class A		87		7,075
Shire PLC		351		26,582
				67,409
Italy–1.01%
Assicurazioni Generali S.p.A.		352		6,674
Atlantia S.p.A.		225		6,235
Enel S.p.A.		1,373		6,336
Eni S.p.A.		365		5,955

	Shares		Value
Italy–(continued)
Intesa Sanpaolo S.p.A.		1,718	$	5,985
Luxottica Group S.p.A.		90		6,297
Prada S.p.A.		1,700		6,909
Snam S.p.A.		1,251		6,471
Telecom Italia S.p.A.(a)		5,047		7,030
Terna–Rete Elettrica Nazionale S.p.A.		1,310		6,659
UniCredit S.p.A.		953		6,162
Unione di Banche Italiane S.p.A.		789		5,890
				76,603
Japan–17.99%
Aeon Co., Ltd.		400		5,910
Aisin Seiki Co., Ltd.		200		7,915
Alps Electric Co., Ltd.		200		6,159
Amada Holdings Co., Ltd.		700		6,204
ANA Holdings Inc.		2,000		5,954
Aozora Bank, Ltd.		1,000		3,642
Asahi Glass Co., Ltd.		1,000		5,698
Asahi Group Holdings, Ltd.		200		6,155
Asahi Kasei Corp.		1,000		6,117
ASICS Corp.		200		5,507
Astellas Pharma Inc.		400		5,783
Bandai Namco Holdings Inc.		200		4,899
Bank of Kyoto, Ltd. (The)		1,000		10,050
Bank of Yokohama, Ltd. (The)		1,000		6,213
Bridgestone Corp.		200		7,333
Brother Industries, Ltd.		400		5,093
Canon Inc.		200		5,974
Casio Computer Co., Ltd.		300		5,631
Chiba Bank, Ltd. (The)		1,000		7,267
Chubu Electric Power Co., Inc.		300		4,600
Chugai Pharmaceutical Co., Ltd.		100		3,207
Chugoku Bank, Ltd. (The)		400		5,640
Chugoku Electric Power Co., Inc. (The)		400		6,031
Credit Saison Co., Ltd.		300		6,141
Dai Nippon Printing Co., Ltd.		1,000		10,306
Dai-ichi Life Insurance Co. Ltd. (The)		300		5,187
Daicel Corp.		400		5,263
Daihatsu Motor Co., Ltd.		400		4,879
Daiichi Sankyo Co., Ltd.		300		5,848
Daikin Industries, Ltd.		100		6,402
Daito Trust Construction Co., Ltd.		100		10,817
Daiwa House Industry Co., Ltd.		200		5,222
Daiwa Securities Group Inc.		1,000		6,820
Denso Corp.		100		4,630
Dentsu Inc.		100		5,602
Don Quijote Holdings Co., Ltd.		100		3,667
East Japan Railway Co.		100		9,493
Eisai Co., Ltd.		100		6,221
Electric Power Development Co., Ltd.		200		6,569
Fuji Heavy Industries Ltd.		200		7,722
FUJIFILM Holdings Corp.		100		3,975

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

12                         Invesco Macro International Equity Fund

	Shares		Value
Japan–(continued)
Fujitsu Ltd.		1,000	$	4,705
Fukuoka Financial Group, Inc.		1,000		5,241
Gunma Bank, Ltd. (The)		1,000		6,265
Hachijuni Bank, Ltd. (The)		1,000		6,776
Hamamatsu Photonics K.K.		200		5,113
Hankyu Hanshin Holdings, Inc.		1,000		6,515
Hino Motors, Ltd.		600		6,826
Hirose Electric Co., Ltd.		100		12,064
Hiroshima Bank, Ltd. (The)		1,000		5,532
Hisamitsu Pharmaceutical Co., Inc.		100		3,867
Hitachi, Ltd.		1,000		5,744
Hokuhoku Financial Group, Inc.		2,000		4,423
Hokuriku Electric Power Co.		400		5,950
Honda Motor Co., Ltd.		200		6,640
Hoya Corp.		100		4,110
Hulic Co., Ltd.		700		6,517
IHI Corp.		2,000		5,636
INPEX Corp.		500		4,766
Isetan Mitsukoshi Holdings Ltd.		300		4,794
Isuzu Motors Ltd.		600		6,973
ITOCHU Corp.		600		7,474
Iyo Bank, Ltd. (The)		600		6,419
J. Front Retailing Co., Ltd.		400		6,544
Japan Airlines Co. Ltd.		200		7,521
Japan Airport Terminal Co., Ltd.		100		5,424
Japan Exchange Group Inc.		400		6,415
Japan Real Estate Investment Corp.		1		4,618
Japan Retail Fund Investment Corp.		3		5,801
Japan Tobacco, Inc.		100		3,455
JFE Holdings, Inc.		400		6,255
Joyo Bank, Ltd. (The)		1,000		5,172
JSR Corp.		300		4,727
JTEKT Corp.		400		6,857
JX Holdings, Inc.		1,500		5,861
Kajima Corp.		1,000		5,722
Kansai Electric Power Co., Inc. (The)(a)		400		5,096
Kansai Paint Co., Ltd.		400		6,067
Kao Corp.		100		5,108
Kawasaki Heavy Industries, Ltd.		1,000		3,991
KDDI Corp.		200		4,831
Keikyu Corp.		1,000		8,198
Keio Corp.		1,000		8,115
Keisei Electric Railway Co., Ltd.		1,000		12,278
Kintetsu Group Holdings Co., Ltd.		1,000		3,859
Kirin Holdings Co., Ltd.		400		5,645
Kobe Steel, Ltd.		4,000		5,026
Koito Manufacturing Co., Ltd.		200		7,551
Komatsu Ltd.		300		4,953
Konica Minolta Inc.		600		6,162
Kuraray Co., Ltd.		600		7,374
Kyocera Corp.		100		4,508

	Shares		Value
Japan–(continued)
Kyushu Electric Power Co., Inc.(a)		600	$	7,235
Lawson, Inc.		100		7,378
LIXIL Group Corp.		200		4,271
Mabuchi Motor Co., Ltd.		100		4,904
Makita Corp.		100		5,454
Marubeni Corp.		1,100		6,335
Mazda Motor Corp.		300		5,891
Medipal Holdings Corp.		300		5,220
MEIJI Holdings Co., Ltd.		100		7,837
Mitsubishi Chemical Holdings Corp.		1,100		6,835
Mitsubishi Corp.		300		5,435
Mitsubishi Electric Corp.		1,000		10,371
Mitsubishi Heavy Industries, Ltd.		1,000		5,033
Mitsubishi Materials Corp.		2,000		6,940
Mitsubishi Motors Corp.		800		7,080
Mitsubishi Tanabe Pharma Corp.		300		5,061
Mitsubishi UFJ Financial Group, Inc.		900		5,820
Mitsui & Co., Ltd.		400		5,053
Mitsui Chemicals, Inc.		2,000		7,536
Mitsui O.S.K. Lines, Ltd.		2,000		5,318
Mizuho Financial Group, Inc.		2,800		5,726
MS&AD Insurance Group Holdings, Inc.		200		5,869
Nagoya Railroad Co., Ltd.		1,000		4,128
NEC Corp.		2,000		6,166
NGK Spark Plug Co., Ltd.		200		4,867
Nidec Corp.		100		7,514
Nikon Corp.		400		5,158
Nippon Building Fund Inc.		1		4,739
Nippon Express Co., Ltd.		1,000		5,129
Nippon Paint Holdings Co., Ltd.		300		6,309
Nippon Steel & Sumitomo Metal Corp.		300		6,068
Nippon Telegraph & Telephone Corp.		100		3,672
Nippon Television Holdings, Inc.		300		5,185
Nippon Yusen Kabushiki Kaisha		2,000		5,208
Nissan Motor Co., Ltd.		700		7,262
Nisshin Seifun Group Inc.		400		6,087
Nissin Foods Holdings Co., Ltd.		100		4,613
Nitori Holdings Co., Ltd.		100		7,781
Nitto Denko Corp.		100		6,379
NOK Corp.		200		4,692
Nomura Holdings, Inc.		1,000		6,265
Nomura Research Institute, Ltd.		100		4,076
NSK Ltd.		600		7,068
NTT Data Corp.		100		4,956
NTT DOCOMO, Inc.		300		5,889
Obayashi Corp.		1,000		8,758
Odakyu Electric Railway Co., Ltd.		1,000		9,746
Oji Holdings Corp.		1,000		5,167
Olympus Corp.		200		6,719
OMRON Corp.		200		6,597
Oriental Land Co., Ltd.		100		6,052

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

13                         Invesco Macro International Equity Fund

	Shares		Value
Japan–(continued)
ORIX Corp.		400	$	5,848
Osaka Gas Co., Ltd.		1,000		3,928
Otsuka Holdings Co., Ltd.		200		6,616
Panasonic Corp.		600		7,041
Rakuten Inc.		400		5,536
Recruit Holdings Co., Ltd.		200		6,415
Resona Holdings, Inc.		1,200		6,328
Ricoh Co., Ltd.		600		6,451
Rinnai Corp.		100		7,895
Rohm Co. Ltd.		100		4,914
Santen Pharmaceutical Co., Ltd.		300		4,057
SECOM Co., Ltd.		100		6,651
Sega Sammy Holdings Inc.		600		6,293
Seibu Holdings Inc.		200		4,043
Seiko Epson Corp.		300		4,568
Sekisui Chemical Co., Ltd.		600		7,051
Sekisui House, Ltd.		400		6,636
Seven & i Holdings Co., Ltd.		100		4,519
Shikoku Electric Power Co. Inc.		300		5,070
Shimizu Corp.		1,000		8,733
Shin-Etsu Chemical Co., Ltd.		100		5,921
Shinsei Bank, Ltd.		3,000		6,264
Shionogi & Co., Ltd.		100		4,088
Shiseido Co., Ltd.		300		7,076
Shizuoka Bank, Ltd. (The)		1,000		9,971
SoftBank Group Corp.		100		5,566
Sompo Japan Nipponkoa Holdings Inc.		200		6,235
Sony Corp.		200		5,672
Sony Financial Holdings Inc.		300		5,361
Stanley Electric Co., Ltd.		300		5,699
Sumitomo Chemical Co., Ltd.		1,000		5,708
Sumitomo Corp.		500		5,479
Sumitomo Electric Industries, Ltd.		400		5,442
Sumitomo Heavy Industries, Ltd.		1,000		4,486
Sumitomo Mitsui Financial Group, Inc.		100		3,976
Sumitomo Mitsui Trust Holdings, Inc.		1,000		3,827
Suntory Beverage & Food Ltd.		100		4,039
Suruga Bank Ltd.		300		5,889
Suzuken Co., Ltd./Aichi Japan		100		3,821
Suzuki Motor Corp.		200		6,529
Sysmex Corp.		100		5,715
T&D Holdings, Inc.		400		5,226
Taiheiyo Cement Corp.		2,000		6,573
Taisei Corp.		1,000		6,491
Taisho Pharmaceutical Holdings Co. Ltd.		100		6,221
Takashimaya Co., Ltd.		1,000		8,908
Takeda Pharmaceutical Co. Ltd.		100		4,861
TDK Corp.		100		6,343
Teijin Ltd.		2,000		7,037
Terumo Corp.		200		5,905
THK Co., Ltd.		300		5,643

	Shares		Value
Japan–(continued)
Tobu Railway Co., Ltd.		1,000	$	4,824
Toho Co., Ltd.		200		5,197
Toho Gas Co., Ltd.		1,000		6,111
Tohoku Electric Power Co., Inc.		400		5,596
Tokio Marine Holdings, Inc.		100		3,831
Tokyo Electric Power Co. Inc.(a)		900		6,120
Tokyo Electron Ltd.		100		5,971
Tokyo Gas Co., Ltd.		1,000		4,938
Tokyo Tatemono Co., Ltd.		400		4,948
Tokyu Corp.		1,000		8,083
Tokyu Fudosan Holdings, Corp.		900		6,306
TonenGeneral Sekiyu K.K.		1,000		10,390
Toppan Printing Co., Ltd.		1,000		8,938
Toray Industries, Inc.		1,000		8,706
Toshiba Corp.		2,000		5,625
TOTO Ltd.		200		6,742
Toyo Suisan Kaisha, Ltd.		100		3,682
Toyota Industries Corp.		100		5,235
Toyota Motor Corp.		100		6,123
Toyota Tsusho Corp.		200		4,559
Trend Micro Inc.		100		3,884
Unicharm Corp.		300		6,394
United Urban Investment Corp.		4		5,538
USS Co., Ltd.		300		5,287
West Japan Railway Co.		100		6,996
Yahoo Japan Corp.		1,400		5,921
Yakult Honsha Co., Ltd.		100		5,269
Yamada Denki Co., Ltd.		1,500		6,759
Yamaha Motor Co., Ltd.		300		6,722
Yamato Holdings Co., Ltd.		300		5,883
Yaskawa Electric Corp.		600		7,102
Yokogawa Electric Corp.		600		6,678
				1,359,005
Luxembourg–0.14%
ArcelorMittal S.A.		830		4,614
Tenaris S.A.		470		5,926
				10,540
Macau–0.16%
MGM China Holdings Ltd.		4,000		5,825
Wynn Macau, Ltd.		4,400		6,030
				11,855
Malaysia–2.29%
AMMB Holdings Berhad		7,400		8,202
Axiata Group Berhad		6,200		8,894
British American Tobacco Malaysia Berhad		488		7,004
DiGi.Com Berhad		7,100		8,683
Gamuda Berhad		7,100		7,413
Genting Berhad		3,600		6,195
Genting Malaysia Berhad		6,200		6,190
Hong Leong Bank Berhad		3,600		11,651

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

14                         Invesco Macro International Equity Fund

	Shares		Value
Malaysia–(continued)
IHH Healthcare Berhad		5,800	$	8,509
IJM Corp. Berhad		11,600		8,954
IOI Corp. Berhad		8,700		8,592
Kuala Lumpur Kepong Berhad		1,200		6,355
Malayan Banking Berhad		4,500		8,620
Maxis Berhad		4,700		7,201
MISC Berhad		3,200		6,718
Petronas Gas Berhad		1,500		7,977
Public Bank Berhad		3,100		13,013
Sime Darby Berhad		4,700		9,120
Telekom Malaysia Berhad		5,200		8,052
Tenaga Nasional Berhad		2,800		8,224
UMW Holdings Berhad		4,000		7,644
				173,211
Mexico–1.55%
America Movil S.A.B. de C.V.–Series L		7,700		6,851
Arca Continental S.A.B. de C.V.		1,300		8,302
Coca-Cola Femsa, S.A.B. de C.V.–Series L		1,000		7,670
El Puerto de Liverpool, S.A.B. de C.V.–Series C1		500		6,964
Fibra Uno Administracion S.A. de C.V.		3,700		8,112
Fomento Economico Mexicano, S.A.B. de C.V.–Series BD(e)		800		7,894
Grupo Bimbo, S.A.B. de C.V.–Series A(a)		2,400		6,786
Grupo Financiero Banorte S.A.B. de C.V.–Class O		1,300		6,958
Grupo Financiero Inbursa, S.A.B. de C.V.–Class O		2,800		5,610
Grupo Financiero Santander Mexico, S.A.B. de C.V.–Class B		3,600		6,613
Grupo Lala, S.A.B. de C.V.		2,600		6,640
Grupo Mexico S.A.B. de C.V.–Series B		2,300		5,605
Grupo Televisa S.A.B.–Series CPO(f)		1,100		6,401
Infraestructura Enérgetica Nova, S.A.B. de C.V.		1,400		6,728
Kimberly-Clark de Mexico, S.A.B. de C.V.–Class A		2,500		5,982
Promotora y Operadora de Infraestructura, S.A.B. de C.V.(a)		600		7,542
Wal-Mart de México, S.A.B. de C.V.–Class V		2,400		6,356
				117,014
Netherlands–1.08%
Aegon N.V.		1,028		6,314
Akzo Nobel N.V.		87		6,147
ASML Holding N.V.		64		5,933
Gemalto N.V.		89		5,584
Heineken Holding N.V.		89		7,120
Heineken N.V.		79		7,204
ING Groep N.V.		402		5,830
Koninklijke Ahold N.V.		323		6,562
Koninklijke DSM N.V.		118		6,283
Koninklijke KPN N.V.		1,543		5,651
Koninklijke Philips N.V.		238		6,420
Randstad Holding N.V.		99		5,896
Wolters Kluwer N.V.		189		6,384
				81,328

	Shares		Value
New Zealand–1.06%
Auckland International Airport Ltd.		2,113	$	7,503
Contact Energy Ltd.		1,962		6,885
Fisher & Paykel Healthcare Corp. Ltd.		1,412		7,430
Fletcher Building Ltd.		1,459		7,371
Kiwi Property Group Ltd.		7,801		7,176
Meridian Energy Ltd.		4,801		7,197
Ryman Healthcare Ltd.		1,380		7,366
SKY Network Television Ltd.		2,214		6,796
SKYCITY Entertainment Group Ltd.		2,635		7,134
Spark New Zealand Ltd.		3,199		7,279
Z Energy Ltd.		1,734		7,868
				80,005
Norway–0.58%
DNB ASA		605		7,676
Orkla ASA		1,150		9,779
Statoil ASA		577		9,313
Telenor ASA		410		7,718
Yara International ASA		199		9,034
				43,520
Philippines–0.93%
Ayala Corp.		450		7,474
Ayala Land, Inc.		7,300		5,567
Bank of the Philippine Islands		4,170		7,530
BDO Unibank, Inc.		3,260		7,025
Energy Development Corp.		47,100		6,645
Jollibee Foods Corp.		1,410		6,190
Manila Electric Co.		1,390		9,631
Metropolitan Bank & Trust Co.		4,000		7,250
Philippine Long Distance Telephone Co.		125		5,892
SM Investments Corp.		380		7,075
				70,279
Poland–0.40%
Alior Bank S.A.(a)		232		4,878
Bank Pekao S.A.		139		5,397
PGE Polska Grupa Energetyczna S.A.		1,321		4,905
Powszechna Kasa Oszczednosci Bank Polski S.A.(a)		704		5,210
Powszechny Zaklad Ubezpieczen S.A.		57		5,532
Tauron Polska Energia S.A.		5,195		4,074
				29,996
Portugal–0.09%
Energias de Portugal, S.A.		1,822		6,732
Qatar–0.17%
Commercial Bank of Qatar Q.S.C. (The)		446		6,518
Qatar National Bank		121		6,067
				12,585
Singapore–2.53%
Ascendas REIT		4,200		7,141
CapitaLand Commercial Trust Ltd.		6,600		6,623
CapitaLand Ltd.		3,200		7,040

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

15                         Invesco Macro International Equity Fund

	Shares		Value
Singapore–(continued)
CapitaLand Mall Trust		4,900	$	6,926
City Developments Ltd.		1,100		6,223
ComfortDelGro Corp. Ltd.		3,200		6,911
DBS Group Holdings Ltd.		500		6,164
Genting Singapore PLC		12,500		7,272
Great Eastern Holdings Ltd.		500		7,620
Jardine Cycle & Carriage Ltd.		300		6,944
Keppel Corp. Ltd.		1,300		6,526
Keppel REIT		9,600		6,600
Oversea-Chinese Banking Corp. Ltd.		1,000		6,420
SATS Ltd.		2,500		6,764
Sembcorp Industries Ltd.		2,600		6,606
Sembcorp Marine Ltd.		3,800		6,347
Singapore Airlines Ltd.		900		6,918
Singapore Exchange Ltd.		1,300		6,828
Singapore Post Ltd.		5,200		7,034
Singapore Press Holdings Ltd.		2,500		7,102
Singapore Technologies Engineering Ltd.		3,100		7,297
Singapore Telecommunications Ltd.		2,400		6,793
StarHub Ltd.		2,500		6,405
Suntec REIT		5,900		6,949
United Overseas Bank Ltd.		500		7,256
UOL Group Ltd.		1,500		7,024
Venture Corp. Ltd.		1,100		6,488
Wilmar International Ltd.		3,100		6,894
				191,115
South Africa–1.89%
Aspen Pharmacare Holdings Ltd.		230		5,157
Barclays Africa Group Ltd.		464		5,946
Barloworld Ltd.		927		5,236
Bidvest Group Ltd. (The)		285		7,289
Discovery Ltd.		560		5,979
FirstRand Ltd.		1,584		5,803
Growthpoint Properties Ltd.		3,940		7,221
Investec Ltd.		776		6,403
Liberty Holdings Ltd.		720		7,033
MMI Holdings Ltd.		3,151		5,714
Mondi Ltd.		249		5,791
Nedbank Group Ltd.		340		5,644
Pick n Pay Stores Ltd.		1,322		6,379
Rand Merchant Insurance Holdings Ltd.		1,930		5,980
Redefine Properties Ltd.		8,245		6,872
Remgro Ltd.		337		6,734
RMB Holdings Ltd.		1,130		5,502
SPAR Group Ltd. (The)		462		6,636
Standard Bank Group Ltd.		582		6,042
Steinhoff International Holdings Ltd.		1,087		6,652
Tiger Brands Ltd.		268		6,130
Vodacom Group Ltd.		662		7,164
Woolworths Holdings Ltd.		761		5,629
				142,936

	Shares		Value
South Korea–0.84%
GS Holdings Corp.		159	$	6,962
Hana Financial Group Inc.		226		5,484
Hyundai Marine & Fire Insurance Co., Ltd.		249		7,412
KB Financial Group Inc.		178		5,642
Korea Zinc Co., Ltd.		13		5,403
KT Corp.(a)		295		7,632
LG Electronics Inc.		138		5,924
Lotte Confectionery Co., Ltd.		3		5,232
LS Corp.		191		6,456
Samsung Electronics Co., Ltd.		6		7,184
				63,331
Spain–1.51%
Abertis Infraestructuras S.A.		388		6,447
Aena S.A.(a)(d)		54		6,027
Amadeus IT Holding S.A.–Class A		153		6,511
Banco Bilbao Vizcaya Argentaria, S.A.		649		5,580
Banco de Sabadell S.A.		3,181		6,153
Banco Popular Espanol S.A.		1,522		5,785
Banco Santander S.A.		1,042		5,844
Bankia S.A.		5,118		6,596
CaixaBank S.A.		1,477		5,658
Enagas S.A.		224		6,788
Ferrovial S.A.		255		6,439
Gas Natural SDG, S.A.		310		6,719
Grifols S.A.		146		6,772
Iberdrola S.A.		918		6,559
Industria de Diseno Textil, S.A.		189		7,088
Red Electrica Corp. S.A.		80		7,056
Repsol S.A.		458		5,780
Telefónica, S.A.		458		6,059
				113,861
Sweden–1.80%
Assa Abloy AB–Class B		449		8,906
Atlas Copco AB–Class A		347		9,026
Hennes & Mauritz AB–Class B		232		9,001
Hexagon AB–Class B		265		9,175
Investor AB–Class B		246		9,108
Nordea Bank AB		737		8,129
Sandvik AB		928		8,680
Skandinaviska Enskilda Banken AB–Class A		717		7,499
Skanska AB–Class B		436		8,470
SKF AB–Class B		453		7,948
Svenska Cellulosa AB–Class B		298		8,791
Svenska Handelsbanken AB–Class A		571		7,745
Swedbank AB–Class A		389		8,930
Telefonaktiebolaget LM Ericsson–Class B		880		8,558
TeliaSonera AB		1,544		7,884
Volvo AB–Class B		807		8,355
				136,205

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

16                         Invesco Macro International Equity Fund

	Shares		Value
Switzerland–3.18%
ABB Ltd.		456	$	8,590
Actelion Ltd.		60		8,324
Adecco S.A		109		8,096
Cie Financiere Richemont S.A.		116		9,923
Credit Suisse Group AG		332		8,269
Geberit AG		26		8,381
Givaudan S.A.		5		8,938
Glencore PLC		13,626		23,471
Julius Baer Group Ltd.		181		8,970
Kuehne + Nagel International AG		64		8,865
LafargeHolcim Ltd.		149		8,381
Nestle S.A.		116		8,857
Novartis AG		91		8,252
Roche Holding AG		33		8,940
Schindler Holding AG–Participation Ctfs.		56		9,081
SGS S.A.		5		9,511
Sika AG		3		9,829
Swatch Group AG (The)		22		8,590
Swiss Re AG		101		9,372
Swisscom AG		16		8,240
Syngenta AG		25		8,400
UBS Group AG		425		8,483
Wolseley PLC		409		24,007
Zurich Insurance Group AG		32		8,442
				240,212
Taiwan–4.11%
Asia Cement Corp.		9,140		9,422
Cathay Financial Holding Co., Ltd.		4,250		6,014
Chailease Holding Co. Ltd.		3,120		5,916
Chang Hwa Commercial Bank, Ltd.		16,645		8,587
Cheng Shin Rubber Industry Co., Ltd.		5,000		9,005
China Development Financial Holding Corp.		17,000		4,539
China Steel Chemical Corp.		2,000		7,528
China Steel Corp.		15,240		9,161
Chunghwa Telecom Co., Ltd.		5,000		15,260
CTBC Financial Holding Co. Ltd.		10,288		5,605
E.Sun Financial Holding Co. Ltd.		12,303		7,354
Far Eastern Department Stores Ltd.		11,000		6,590
Far Eastern New Century Corp.		7,323		6,621
Far EasTone Telecommunications Co., Ltd.		3,000		6,480
First Financial Holding Co., Ltd.		22,820		11,001
Formosa Chemicals & Fibre Corp.		3,000		6,834
Formosa Petrochemical Corp.		2,000		4,830
Formosa Plastics Corp.		3,000		6,918
Fubon Financial Holding Co., Ltd.		3,000		4,811
Hon Hai Precision Industry Co., Ltd.		2,478		6,544
Hua Nan Financial Holdings Co., Ltd.		19,178		9,177
Kenda Rubber Industrial Co., Ltd.		5,300		8,474
Lite-On Technology Corp.		6,030		6,226
Makalot Industrial Co., Ltd.		1		7
Mega Financial Holding Co., Ltd.		10,000		7,223

	Shares		Value
Taiwan–(continued)
Nan Ya Plastics Corp.		3,000	$	5,924
President Chain Store Corp.		1,000		6,596
Quanta Computer Inc.		3,000		5,090
Ruentex Industries Ltd.		3,000		5,475
Shin Kong Financial Holding Co., Ltd.		32,338		7,689
Simplo Technology Co., Ltd.		2,000		7,029
SinoPac Financial Holdings Co., Ltd.		22,501		7,371
Standard Foods Corp.		2,000		4,783
Synnex Technology International Corp.		6,000		6,275
Ta Chong Bank Ltd.(a)		14,000		5,907
Taishin Financial Holding Co., Ltd.		19,086		7,418
Taiwan Cement Corp.		6,000		6,627
Taiwan Cooperative Financial Holding Co. Ltd.		29,025		12,915
Taiwan Fertilizer Co., Ltd.		5,000		6,341
Taiwan Mobile Co., Ltd.		2,000		6,267
Taiwan Semiconductor Manufacturing Co. Ltd.		1,000		4,210
Uni-President Enterprises Corp.		3,410		5,727
United Microelectronics Corp.		16,000		5,802
WPG Holdings Ltd.		7,000		7,257
Yuanta Financial Holding Co., Ltd.		13,726		5,352
				310,182
Thailand–1.46%
Advanced Info Service PCL		1,100		7,155
Bangkok Bank PCL		1,800		8,440
Bangkok Dusit Medical Services PCL–Class F		11,400		6,063
BTS Group Holdings PCL		27,900		7,544
Central Pattana PCL		4,700		6,065
CP ALL PCL		4,500		6,296
Home Product Center PCL		32,200		6,309
Intouch Holdings PCL		1,700		3,572
Intouch Holdings PCL–Class F		2,600		5,471
Kasikornbank PCL		1,100		5,323
Krung Thai Bank PCL		12,200		5,843
Land and Houses PCL		25,700		6,155
Siam Cement PCL (The)		500		6,324
Siam Commercial Bank PCL (The)		1,700		6,343
Thai Beverage PCL		24,700		11,861
TMB Bank PCL		81,500		6,062
Total Access Communication PCL–NVDR		2,900		5,516
				110,342
Turkey–0.80%
Arcelik A.S.		1,323		7,215
BIM Birlesik Magazalar A.S.		383		7,790
Coca-Cola Içecek A.S.		484		6,134
Enka Insaat ve Sanayi A.S.		3,763		6,666
Haci Omer Sabanci Holding A.S.		1,969		6,243
Koc Holding A.S.		1,697		7,683
Migros Ticaret A.S.(a)		1,028		6,064
Petkim PetroKimya Holding A.S.(a)		4,403		6,494
Turk Telekomunikasyon A.S.		2,762		5,959
				60,248

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

17                         Invesco Macro International Equity Fund

	Shares		Value
United Kingdom–16.80%
Anglo American PLC		2,550	$	21,370
ARM Holdings PLC		1,807		28,557
Associated British Foods PLC		543		28,880
AstraZeneca PLC		408		26,046
Aviva PLC		3,742		27,990
BAE Systems PLC		3,849		26,069
Barclays PLC		6,794		24,183
BG Group PLC		1,755		27,648
BP PLC		5,045		29,950
British American Tobacco PLC		504		29,919
BT Group PLC		4,035		28,851
Burberry Group PLC		1,269		25,983
Centrica PLC		7,303		25,422
CNH Industrial N.V.		813		5,489
Compass Group PLC		1,683		28,995
Diageo PLC		1,006		29,075
Fiat Chrysler Automobiles N.V.(a)		426		6,264
GlaxoSmithKline PLC		1,308		28,175
HSBC Holdings PLC		3,454		26,982
Imperial Tobacco Group PLC		544		29,307
ITV PLC		7,006		27,192
Kingfisher PLC		4,876		26,504
Land Securities Group PLC		1,396		28,777
Legal & General Group PLC		6,896		27,735
Lloyds Banking Group PLC		22,571		25,614
Marks & Spencer Group PLC		3,392		26,783
National Grid PLC		2,020		28,754
Next PLC		224		27,573
Old Mutual PLC		9,242		30,189
Pearson PLC		1,562		20,686
Prudential PLC		1,265		29,530
Reckitt Benckiser Group PLC		299		29,177
RELX N.V.		396		6,755

	Shares		Value
United Kingdom–(continued)
RELX PLC		1,634	$	29,212
Rio Tinto Ltd.		179		6,404
Rio Tinto PLC		763		27,675
Rolls-Royce Holdings PLC–Preference Shares(a)		219,142		338
Rolls-Royce Holdings PLC		2,364		25,013
Royal Bank of Scotland Group PLC(a)		5,286		25,839
Royal Dutch Shell PLC–Class A		1,062		27,582
SABMiller PLC		579		35,663
Sky PLC		1,671		28,180
Smith & Nephew PLC		1,482		25,296
SSE PLC		1,176		27,431
Standard Chartered PLC		2,390		26,529
Standard Life PLC		4,239		27,416
Tesco PLC(a)		9,167		25,831
Unilever N.V.		156		7,032
Unilever PLC		663		29,447
Vodafone Group PLC		7,642		25,196
WPP PLC		1,292		28,961
				1,269,469
United States–0.08%
Samsonite International S.A.		2,100		6,181
Total Common Stocks & Other Equity Interests (Cost $7,233,640)				6,824,550
Money Market Funds–7.81%
Liquid Assets Portfolio–Institutional Class, 0.16%(g)		295,024		295,024
Premier Portfolio–Institutional Class, 0.12%(g)		295,023		295,023
Total Money Market Funds (Cost $590,047)				590,047
TOTAL INVESTMENTS–98.15% (Cost $7,823,687)				7,414,597
OTHER ASSETS LESS LIABILITIES–1.85%				139,723
NET ASSETS–100.00%			$	7,554,320

Investment Abbreviations:

ADR	– American Depositary Receipt
CPO	– Certificates of Ordinary Participation
Ctfs.	– Certificates
GDR	– Global Depositary Receipt
NVDR	– Non-Voting Depositary Receipt
REIT	– Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Each unit represents one common share and four preferred shares.

^(c)  Each unit represents two preferred shares and one common share.

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2015 was $26,357, which represented less than 1% of the Fund’s Net Assets.

^(e)  Each unit represents one Series B share, two Series D-B shares and two Series D-L shares.

^(f)  Each CPO represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares.

^(g)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

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

18                         Invesco Macro International Equity Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $7,233,640)	$	6,824,550
Investments in affiliated money market funds, at value and cost		590,047
Total investments, at value (Cost $7,823,687)		7,414,597
Foreign currencies, at value (Cost $45,992)		45,892
Receivable for:
Deposits with brokers for open futures contracts		84,000
Investments sold		37
Variation margin — futures		1,627
Dividends		15,299
Fund expenses absorbed		81,446
Investment for trustee deferred compensation and retirement plans		4,275
Other assets		3,887
Total assets		7,651,060
Liabilities:
Payable for:
Accrued fees to affiliates		1,054
Accrued trustees’ and officers’ fees and benefits		1,505
Accrued other operating expenses		89,906
Trustee deferred compensation and retirement plans		4,275
Total liabilities		96,740
Net assets applicable to shares outstanding	$	7,554,320
Net assets consist of:
Shares of beneficial interest	$	8,363,549
Undistributed net investment income		79,300
Undistributed net realized gain (loss)		(514,659	)
Net unrealized appreciation (depreciation)		(373,870	)
	$	7,554,320

Net Assets:
Class A	$	3,123,114
Class C	$	76,347
Class R	$	8,993
Class Y	$	3,713,713
Class R5	$	316,008
Class R6	$	316,145
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		346,603
Class C		8,555
Class R		1,001
Class Y		411,127
Class R5		35,001
Class R6		35,001
Class A:
Net asset value per share	$	9.01
Maximum offering price per share
(Net asset value of $9.01 ¸ 94.50%)	$	9.53
Class C:
Net asset value and offering price per share	$	8.92
Class R:
Net asset value and offering price per share	$	8.98
Class Y:
Net asset value and offering price per share	$	9.03
Class R5:
Net asset value and offering price per share	$	9.03
Class R6:
Net asset value and offering price per share	$	9.03

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

19                         Invesco Macro International Equity Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends (net of foreign withholding taxes of $21,635)	$	204,522
Dividends from affiliated money market funds		409
Total investment income		204,931
Expenses:
Advisory fees		73,614
Administrative services fees		50,000
Custodian fees		184,350
Distribution fees:
Class A		8,275
Class C		547
Class R		48
Transfer agent fees — A, C, R and Y		2,806
Transfer agent fees — R5		9
Transfer agent fees — R6		7
Trustees’ and officers’ fees and benefits		18,763
Registration and filing fees		74,411
Licensing fees		74,202
Professional services fees		68,879
Other		141,455
Total expenses		697,366
Less: Fees waived and expenses reimbursed		(596,401	)
Net expenses		100,965
Net investment income		103,966
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $731)		(184,492	)
Foreign currencies		(12,300	)
Futures contracts		(363,612	)
		(560,404	)
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes on holdings of $335)		(404,688	)
Foreign currencies		792
Futures contracts		98,604
		(305,292	)
Net realized and unrealized gain (loss)		(865,696	)
Net increase (decrease) in net assets resulting from operations	$	(761,730	)

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

20                         Invesco Macro International Equity Fund

Statement of Changes in Net Assets

For the year ended October 31, 2015 and the period December 17, 2013 (commencement date) through October 31, 2014

	October 31, 2015			December 17, 2013 (commencement date) through October 31, 2014
Operations:
Net investment income	$	103,966		$	97,231
Net realized gain (loss)		(560,404	)		92,682
Change in net unrealized appreciation (depreciation)		(305,292	)		(68,578	)
Net increase (decrease) in net assets resulting from operations		(761,730	)		121,335
Distributions to shareholders from net investment income:
Class A		(63,932	)		—
Class C		(323	)		—
Class R		(179	)		—
Class Y		(68,456	)		—
Class R5		(19,684	)		—
Class R6		(7,613	)		—
Total distributions from net investment income		(160,187	)		—
Distributions to shareholders from net realized gains:
Class A		(19,588	)		—
Class C		(127	)		—
Class R		(60	)		—
Class Y		(18,853	)		—
Class R5		(5,421	)		—
Class R6		(2,096	)		—
Total distributions from net realized gains		(46,145	)		—
Share transactions–net:
Class A		287,744			3,198,397
Class C		64,318			20,866
Class R		—			10,010
Class Y		941,777			3,146,281
Class R5		(529,245	)		910,889
Class R6		—			350,010
Net increase in net assets resulting from share transactions		764,594			7,636,453
Net increase (decrease) in net assets		(203,468	)		7,757,788
Net assets:
Beginning of year		7,757,788			—
End of year (includes undistributed net investment income of $79,300 and $147,701, respectively)	$	7,554,320		$	7,757,788

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Macro International Equity Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

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

21                         Invesco Macro International Equity Fund

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. 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 R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

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

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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

22                         Invesco Macro International Equity Fund

investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions — Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications ��� Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are

23                         Invesco Macro International Equity Fund

measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. Futures Contracts — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

L. 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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $250 million		0.935%
Next $250 million		0.910%
Next $500 million		0.885%
Next $1.5 billion		0.860%
Next $2.5 billion		0.835%
Next $2.5 billion		0.810%
Next $2.5 billion		0.785%
Over $10 billion		0.760%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.94%.

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., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 February 28, 2017, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.43%, 2.18%, 1.68%, 1.18%, 1.18% and 1.18% of average daily net assets, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2017. The fee waiver agreement cannot be terminated during its term.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees and reimbursed fund level expenses of $593,579 and reimbursed class level expenses of $1,305, $22, $4, $1,476, $8 and $7 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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

24                         Invesco Macro International Equity Fund

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. 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 October 31, 2015, 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 October 31, 2015, IDI advised the Fund that IDI retained $404 in front-end sales commissions from the sale of Class A shares.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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.

During the year ended October 31, 2015, there were transfers from Level 1 to Level 2 of $800,344 and from Level 2 to Level 1 of $702,345, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Australia	$	488,184	$	193,542	$	—	$	681,726
Austria		5,722		6,179		—		11,901
Belgium		—		38,202		—		38,202
Brazil		50,506		—		—		50,506
Chile		69,917		—		—		69,917
China		7,762		82,844		—		90,606
Colombia		13,151		—		—		13,151
Czech Republic		—		11,685		—		11,685
Denmark		16,270		42,603		—		58,873
Egypt		6,455		—		—		6,455
Finland		—		39,147		—		39,147
France		79,642		226,911		—		306,553
Germany		208,340		18,867		—		227,207
Hong Kong		13,327		351,635		—		364,962
Hungary		11,780		—		—		11,780
India		24,568		—		—		24,568
Indonesia		—		33,147		—		33,147
Ireland		13,199		54,210		—		67,409
Italy		38,301		38,302		—		76,603

25                         Invesco Macro International Equity Fund

	Level 1		Level 2		Level 3		Total
Japan	$	—	$	1,359,005	$	—	$	1,359,005
Luxembourg		—		10,540		—		10,540
Macau		—		11,855		—		11,855
Malaysia		71,010		102,201		—		173,211
Mexico		117,014		—		—		117,014
Netherlands		5,584		75,744		—		81,328
New Zealand		22,518		57,487		—		80,005
Norway		18,813		24,707		—		43,520
Philippines		7,530		62,749		—		70,279
Poland		8,952		21,044		—		29,996
Portugal		—		6,732		—		6,732
Qatar		12,585		—		—		12,585
Singapore		69,356		121,759		—		191,115
South Africa		63,813		79,123		—		142,936
South Korea		23,689		39,642		—		63,331
Spain		90,327		23,534		—		113,861
Sweden		26,401		109,804		—		136,205
Switzerland		—		240,212		—		240,212
Taiwan		6,480		303,702		—		310,182
Thailand		24,014		86,328		—		110,342
Turkey		47,339		12,909		—		60,248
United Kingdom		90,541		1,178,928		—		1,269,469
United States		590,047		6,181		—		596,228
	$	2,343,137	$	5,071,460	$	—	$	7,414,597
Futures Contracts*		35,320		—		—		35,320
Total Investments	$	2,378,457	$	5,071,460	$	—	$	7,449,917

* Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

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 October 31, 2015:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Equity risk:
Futures contracts(a)	$	42,633	$	(7,313	)

^(a)  Includes cumulative appreciation (depreciation) of futures contracts. Only current day’s variation margin receivable is reported within the Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended October 31, 2015

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
	Futures Contracts
Realized Gain (Loss):
Equity risk	$	(363,612	)
Change in Net Unrealized Appreciation:
Equity risk		98,604
Total	$	(265,008	)

The table below summarizes the average notional value of futures contracts outstanding during the period.

	Futures Contracts
Average notional value	$	1,880,715

26                         Invesco Macro International Equity Fund

Open Futures Contracts(a)
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation (Depreciation)
Dow Jones EURO STOXX 50 Index		Short		4		December-2015	$	(149,691	)	$	(7,313	)
FTSE 100 Index		Long		1		December-2015		97,442			3,809
Mini MSCI Emerging Markets Index		Long		12		December-2015		506,220			27,979
Tokyo Stock Price Index		Long		1		December-2015		129,154			10,845
Total Futures Contracts — Equity Risk										$	35,320

^(a)  Futures contracts collateralized by $84,000 cash held with Goldman Sachs & Co., the futures commission merchant.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Year Ended October 31, 2015 and the period December 17, 2013 (commencement date) through October 31, 2014:

	October 31, 2015		December 17, 2013 (commencement date) through October 31, 2014
Ordinary income	$	200,246	$	—
Long-term capital gain		6,086		—
Total distributions	$	206,332	$	—

Tax Components of Net Assets at Period-End:

	2015
Undistributed ordinary income	$	89,098
Net unrealized appreciation (depreciation) — investments		(461,938	)
Net unrealized appreciation — other investments		10,606
Temporary book/tax differences		(17,781	)
Capital loss carryforward		(429,214	)
Shares of beneficial interest		8,363,549
Total net assets	$	7,554,320

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 passive foreign investment companies.

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 October 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	334,343	$	94,871	$	429,214

* Capital loss carryforward as of the date listed above 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.

27                         Invesco Macro International Equity Fund

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $4,104,386 and $3,776,442, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	424,724
Aggregate unrealized (depreciation) of investment securities		(886,662	)
Net unrealized appreciation (depreciation) of investment securities	$	(461,938	)

Cost of investments for tax purposes is $7,876,535.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, passive foreign investment companies and nondeductible stock issuance costs on October 31, 2015, undistributed net investment income was decreased by $12,180, undistributed net realized gain (loss) was increased by $12,421 and shares of beneficial interest was decreased by $241. This reclassification had no effect on the net assets of the Fund.

NOTE 10—Share Information

	Summary of Share Activity
	Year ended October 31, 2015(a)						December 17, 2013 (commencement date) to October 31, 2014
	Shares			Amount			Shares			Amount
Sold:
Class A		76,956		$	787,039			332,714		$	3,329,683
Class C		6,508			64,463			2,059			20,866
Class R		—			—			1,001			10,010
Class Y		114,771			1,130,479			322,560			3,225,939
Class R5		—			—			91,465			921,027
Class R6		—			—			35,001			350,010
Issued as reinvestment of dividends:
Class A		351			3,272			—			—
Class C		25			237			—			—
Class Y		22			205			—			—
Class R5		1,650			15,396			—			—
Reacquired:
Class A		(50,570	)		(502,567	)		(12,848	)		(131,286	)
Class C		(37	)		(382	)		—			—
Class Y		(18,408	)		(188,907	)		(7,818	)		(79,658	)
Class R5		(57,150	)		(544,641	)		(964	)		(10,138	)
Net increase in share activity		74,118		$	764,594			763,170		$	7,636,453

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 6% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is 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 this entity are also owned beneficially.

    In addition, 89% of the outstanding shares of the Fund are owned by the Adviser.

28                         Invesco Macro International Equity Fund

NOTE 11—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 10/31/15	$	10.15	$	0.12	$	(1.00	)	$	(0.88	)	$	(0.20	)	$	(0.06	)	$	(0.26	)	$	9.01		(8.80	)%	$	3,123		1.42	%(d)		9.00	%(d)		1.18	%(d)		53	%
Year ended 10/31/14(e)		10.00		0.12		0.03			0.15			—			—			—			10.15		1.50			3,247		1.42	(f)		8.20	(f)		1.29	(f)		45
Class C
Year ended 10/31/15		10.09		0.04		(1.00	)		(0.96	)		(0.15	)		(0.06	)		(0.21	)		8.92		(9.58	)		76		2.17	(d)		9.75	(d)		0.43	(d)		53
Year ended 10/31/14(e)		10.00		0.05		0.04			0.09			—			—			—			10.09		0.90			21		2.17	(f)		8.95	(f)		0.54	(f)		45
Class R
Year ended 10/31/15		10.13		0.09		(1.00	)		(0.91	)		(0.18	)		(0.06	)		(0.24	)		8.98		(9.08	)		9		1.67	(d)		9.25	(d)		0.93	(d)		53
Year ended 10/31/14(e)		10.00		0.09		0.04			0.13			—			—			—			10.13		1.30			10		1.67	(f)		8.45	(f)		1.04	(f)		45
Class Y
Year ended 10/31/15		10.17		0.14		(1.00	)		(0.86	)		(0.22	)		(0.06	)		(0.28	)		9.03		(8.57	)		3,714		1.17	(d)		8.75	(d)		1.43	(d)		53
Year ended 10/31/14(e)		10.00		0.14		0.03			0.17			—			—			—			10.17		1.70			3,202		1.17	(f)		7.95	(f)		1.54	(f)		45
Class R5
Year ended 10/31/15		10.18		0.14		(1.01	)		(0.87	)		(0.22	)		(0.06	)		(0.28	)		9.03		(8.66	)		316		1.17	(d)		8.71	(d)		1.43	(d)		53
Year ended 10/31/14(e)		10.00		0.14		0.04			0.18			—			—			—			10.18		1.80			921		1.17	(f)		7.92	(f)		1.54	(f)		45
Class R6
Year ended 10/31/15		10.17		0.14		(1.00	)		(0.86	)		(0.22	)		(0.06	)		(0.28	)		9.03		(8.57	)		316		1.17	(d)		8.71	(d)		1.43	(d)		53
Year ended 10/31/14(e)		10.00		0.14		0.03			0.17			—			—			—			10.17		1.70			356		1.17	(f)		7.92	(f)		1.54	(f)		45

^(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)  Ratios are based on average daily net assets (000’s omitted) of $3,310, $55, $10, $3,743, $417 and $339 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Commencement date of December 17, 2013.

^(f)  Annualized.

29                         Invesco Macro International Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Macro International Equity Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Macro International Equity Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year then ended and for the period December 17, 2013 (commencement of operations) through October 31, 2014, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

30                         Invesco Macro International Equity 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 May 1, 2015 through October 31, 2015.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
Class	Beginning Account Value (05/01/15)		Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2		Annualized Expense Ratio
A	$	1,000.00	$	871.40	$	6.70	$	1,018.05	$	7.22		1.42	%
C		1,000.00		868.70		10.22		1,014.27		11.02		2.17
R		1,000.00		870.20		7.87		1,016.79		8.49		1.67
Y		1,000.00		872.50		5.52		1,019.31		5.96		1.17
R5		1,000.00		872.50		5.52		1,019.31		5.96		1.17
R6		1,000.00		872.50		5.52		1,019.31		5.96		1.17

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

31                         Invesco Macro International Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Macro International Equity Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on
June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s

consideration of Invesco Advisers’ investment process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s sub-advisory contracts.

B. Fund Performance

The Board did not consider Fund performance as a relevant factor in considering whether to approve the investment advisory agreement as the Fund had only one year of performance history and no comparative data was available.

C. Advisory and Sub-Advisory Fees

The Board considered the advisory fee schedule of the Fund and the contractual fee waivers and/or expense limitations that will be in place for the Fund through February 29, 2016. The Board had no comparative Lipper fee data because the Fund was launched in December 2013.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other mutual funds or client accounts with investment strategies comparable to those of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well

32                         Invesco Macro International Equity Fund

as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund as a result of fee and expense waivers. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may

reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

33                         Invesco Macro International Equity 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 advisors.

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 October 31, 2015:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	6,086
Qualified Dividend Income*		78.53	%
Corporate Dividends Received Deduction*		0	%
U.S. Treasury Obligations*		0	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Qualified Short-Term Gains	$	39,005

34                         Invesco Macro International Equity Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Macro International Equity 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Macro International Equity 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Macro International Equity 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Macro International Equity Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 MIE-AR-1 Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Macro Long/Short Fund
	Nasdaq:
	A: LSTAX  n  C: LSTCX  n  R: LSTRX  n  Y: LSTYX  n  R5: LSTFX  n  R6: LSTSX

Letters to Shareholders

         Philip Taylor Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.     The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European Central

Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.

    Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

    Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                              Invesco Macro Long/Short Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.     As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                              Invesco Macro Long/Short Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Macro Long/ Short Fund, at net asset value (NAV), underperformed the Barclays
3-Month Treasury Bellwether Index, the Fund’s style-specific index.

    Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 10/31/14 to 10/31/15, 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	-2.37	%
Class C Shares	-3.13
Class R Shares	-2.59
Class Y Shares	-2.05
Class R5 Shares	-2.14
Class R6 Shares	-2.05
MSCI All Country World Index▼ (Broad Market Index)	-0.03
Barclays 3-Month Treasury Bellwether Index▼ (Style-Specific Index)	0.04
Lipper Alternative Long/Short Equity Index¢ (Peer Group Index)	-0.39
Source(s): ▼FactSet Research Systems Inc.; ¢Lipper Inc.

Market conditions and your Fund

The reporting period began with equity markets facing increased headwinds as the US Federal Reserve (the Fed) ended its asset purchase program in October 2014. The impact of this would be offset later in the reporting period by announcements of massive quantitative easing (QE) efforts in Europe and Japan. A sharp decline in energy prices during the fourth quarter of 2014 contributed to increased volatility. As the implications of lower oil prices worked their way through financial markets during the first quarter of 2015, equities began to rally, buoyed also by global QE efforts. However, it appeared that this liquidity-driven environment could potentially lay down the

foundation for significant volatility going forward. This volatility began to emerge in the spring of 2015 and negatively impacted equity markets amid growing concerns that Greece and the eurozone would fail to reach an agreement on a financial bailout plan. However, those fears subsided when a bailout was ultimately approved. The third quarter of 2015 was marred by heightened volatility as a result of disappointing economic data across developed economies and China, suggesting a more difficult environment ahead for equities. In August 2015, equities suffered a major and broad-based correction. September followed suit but to a lesser degree, partly due to the postponement of a monetary policy shift by the Fed.

    For the reporting period, the Fund’s negative performance was mainly driven by the significant equity market correction in August. The Fund uses multifactor models that look at valuation, economic environments and price trends to adjust its portfolio to complement short-term market dynamics. The Fund’s tactical overlay was implemented through the use of futures and was the main source of Fund underperformance for the reporting period, with the Fund’s exposure to emerging markets, US small-cap companies and the Hang Seng Composite Index having the greatest negative impact on Fund performance (The Hang Seng Composite Index is a Hong Kong stock-market index measuring the performance of major companies listed on the Main Board of the Stock Exchange of Hong Kong.)

    The Fund also uses “smart beta” indexes to build up core equity exposure, including regional exposure. Beta is a measure of risk representing how a security is expected to respond to general market movements. Smart beta represents an alternative and selection index based methodology that seeks to outperform a benchmark or reduce portfolio risk, or both. Smart beta funds may underperform cap-weighted benchmarks and increase portfolio risk. For this strategy, we invest in companies in approximately the same proportion as they are represented in the smart beta indexes, which utilize equal weighting, low volatility or other methodologies to determine stock investments and appropriate weightings. Investments from the smart beta indexes that detracted from performance were the allocations to emerging

Portfolio Composition
By country	% of total net assets

United States	23.5	%
Japan	11.7
United Kingdom	11.0
Australia	5.9
Hong Kong	3.2
Taiwan	2.7
France	2.6
Switzerland	2.1
Countries each less than 2.0% of portfolio	19.7
Money Market Funds Plus Other Assets Less Liabilities†	17.6

† The unrealized appreciation/depreciation of futures, forwards and swaps are included in “Money Market Funds Plus Other Assets Less Liabilities.”

Target Regional Breakdown
	Target Net Assets	1

United States Small-Cap	13.58	%
Emerging Market	12.47
Japan	11.63
United Kingdom	9.09
Asia ex-Japan	8.74
United States Large-Cap	5.09
Europe ex-United Kingdom	4.67
Money Market Funds Plus Other Assets Less Liabilities	20.00
Total	85.27

1 Proprietary models determine the target net asset weights necessary to achieve the desired regional breakdown. Target net assets greater than 100% is achieved through derivatives and other instruments that create leverage. Regional breakdown percentages represent the net of the Fund’s long and short positions.

Total Net Assets	$13.8 million
Total Number of Holdings*	1,248

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.

Data presented here are as of October 31, 2015.

4                             Invesco Macro Long/Short Fund

markets as well as the Fund’s exposure to the Hang Seng Composite Index. These exposures dominated the total performance of the strategy so that on an aggregate basis for the reporting period, emerging markets and the Fund’s exposure to the Hang Seng Composite Index were the main detractors from Fund performance. The Fund’s allocation to Japan, through both futures contracts and direct investments, was the principal contributor to performance for the reporting period, as it was the only region we invested in that produced double-digit returns. This allocation, however, was not enough to offset the even larger losses coming from the Fund’s allocations to emerging markets and its exposure to the Hang Seng Composite Index.

    Please note that our strategy utilizes derivative instruments that include futures and total return swaps. Therefore, some 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 exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued commitment to Invesco Macro Long/Short Fund.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	Mark Ahnrud Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Macro Long/Short Fund. He
joined Invesco in 2000. Mr. Ahnrud earned a BS in finance and investments from Babson College and an MBA from Duke University Fuqua School of Business.
	Chris Devine Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Macro Long/Short Fund. He
joined Invesco in 1998. Mr. Devine earned a BA in economics from Wake Forest University and an MBA from the University of Georgia.
	Scott Hixon Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Macro Long/Short Fund. He
joined Invesco in 1994. Mr. Hixon earned a BBA in finance from Georgia Southern University and an MBA in finance from Georgia State University.
	Christian Ulrich Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Macro Long/Short Fund. He
joined Invesco in 2000. Mr. Ulrich earned the equivalent of a BBA from the KV Zurich Business School in Zurich, Switzerland.
	Scott Wolle Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Macro Long/Short Fund.He
joined Invesco in 1999. Mr. Wolle earned a BS in finance from Virginia Polytechnic Institute and State University and an MBA from Duke University Fuqua School of Business.

Assisted by Invesco’s Global Asset Allocation Team

5                             Invesco Macro Long/Short Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es) Since Inception

Fund and index data from 12/17/13

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

n Volatility risk. The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time.

About indexes used in this report

n The MSCI All Country World Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

n The Barclays 3-Month Treasury Bellwether Index measures the performance of Treasury bills with maturities of less than three months.

n The Lipper Alternative Long/Short Equity Index is composed of domestic or foreign funds that employ portfolio strategies combining long holdings of equities with short sales of equity, equity options or equity index options. The funds may be either net long or net short, depending on the portfolio managers’ view of the market.

n 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).

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

n Industry 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.

6                             Invesco Macro Long/Short Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	-4.31	%
1 Year	-7.73
Class C Shares
Inception (12/17/13)	-2.10	%
1 Year	-4.09
Class R Shares
Inception (12/17/13)	-1.61	%
1 Year	-2.59
Class Y Shares
Inception (12/17/13)	-1.10	%
1 Year	-2.05
Class R5 Shares
Inception (12/17/13)	-1.10	%
1 Year	-2.14
Class R6 Shares
Inception (12/17/13)	-1.10	%
1 Year	-2.05

The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.88%, 2.63%, 2.13%, 1.63%, 1.63% and 1.63%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 5.85%, 6.60%, 6.10%, 5.60%, 5.57% and 5.57%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	-6.18	%
1 Year	-11.20
Class C Shares
Inception (12/17/13)	-3.92	%
1 Year	-7.74
Class R Shares
Inception (12/17/13)	-3.41	%
1 Year	-6.29
Class Y Shares
Inception (12/17/13)	-2.94	%
1 Year	-5.84
Class R5 Shares
Inception (12/17/13)	-2.88	%
1 Year	-5.74
Class R6 Shares
Inception (12/17/13)	-2.94	%
1 Year	-5.84

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 class 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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2017. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

7                             Invesco Macro Long/Short Fund

Invesco Macro Long/Short Fund’s investment objective is to seek a positive absolute return over a complete economic and market cycle.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

n To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About share classes

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

n Cash/cash equivalents risk. Holding cash or cash equivalents may negatively affect performance.

n Currency/exchange rate risk. The dollar value of the Fund’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.

n Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counter-party risk is the risk that the counter-party to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the

Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These risks are greater for the Fund than mutual funds that do not use derivative instruments or that use derivative instruments to a lesser extent than the Fund to implement their investment strategy.

n Developing/emerging markets securities risk. The prices of securities issued by foreign companies and governments located in developing/emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, with-holding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results. The portfolio managers’ use of instruments that provide economic leverage increases the volatility of the Fund’s net asset value, which increases the potential of greater losses that may cause the Fund to liquidate positions when it may not be advantageous to do so. In addition, the Fund will likely underperform the broader equity markets in which the Fund invests during market rallies when the Fund’s equity exposure is less than 100% of the Fund’s assets. Such underperformance could be significant during sudden or significant market rallies.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Short sales risk. Short sales may cause the Fund to repurchase a security at a higher price, thereby causing the Fund to incur a loss. 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. In order to establish a short position in a security, the Fund must borrow the security from a broker. The Fund may not always be able to borrow a security the Fund seeks to sell short at a particular time or at an acceptable price. The Fund also may not always be able to close out the short position by replacing the borrowed securities at a particular time or at an acceptable price. The Fund will incur increased transaction costs associated with selling securities short. In addition, taking short positions in securities results in a form of leverage which may cause the Fund to be volatile.

n Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small-and

continued on page 6

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

8                              Invesco Macro Long/Short Fund

Schedule of Investments

October 31, 2015

	Shares		Value
Common Stocks & Other Equity Interests–82.44%
Australia–5.91%
Adelaide Brighton Ltd.		2,541	$	7,592
AGL Energy Ltd.		708		8,447
ALS Ltd.		2,146		7,881
Alumina Ltd.		9,094		7,036
Amcor Ltd.		805		7,789
AMP Ltd.		1,875		7,661
Ansell Ltd.		506		7,195
APA Group		1,310		8,594
Aristocrat Leisure Ltd.		1,373		9,125
Asciano Ltd.		1,319		7,694
ASX Ltd.		289		8,495
Aurizon Holdings Ltd.		2,201		8,114
AusNet Services		8,500		8,759
Australia and New Zealand Banking Group Ltd.		411		7,908
Bank of Queensland Ltd.		897		8,360
Bendigo and Adelaide Bank Ltd.		1,077		8,218
BHP Billiton Ltd.		447		7,338
BHP Billiton PLC		1,928		30,839
BlueScope Steel Ltd.		3,032		9,535
Boral Ltd.		1,912		7,349
Brambles Ltd.		1,062		7,861
Caltex Australia Ltd.		351		7,834
carsales.com Ltd.		1,137		7,946
Challenger Ltd.		1,685		9,889
Charter Hall Group		2,525		8,085
CIMIC Group Ltd.		510		10,081
Coca-Cola Amatil Ltd.		1,234		8,016
Cochlear Ltd.		132		8,373
Commonwealth Bank of Australia		153		8,372
Computershare Ltd.		1,112		8,572
Crown Resorts Ltd.		1,023		8,360
CSL Ltd.		122		8,103
CSR Ltd.		3,576		7,003
DEXUS Property Group		1,529		8,439
Domino’s Pizza Enterprises Ltd.		287		9,568
Downer EDI Ltd.		2,925		7,405
DUET Group		4,860		8,179
DuluxGroup Ltd.		1,985		8,351
Echo Entertainment Group Ltd.		2,331		8,494
Fairfax Media Ltd.		13,082		8,816
Federation Centres(a)		3,902		8,097
Flight Centre Travel Group Ltd.		303		8,200
Fortescue Metals Group Ltd.		5,941		8,721
Goodman Group		1,912		8,276
GPT Group (The)		2,616		8,853
Harvey Norman Holdings Ltd.		2,776		7,879
Healthscope Ltd.		4,344		8,364
Iluka Resources Ltd.		1,561		7,146

	Shares		Value
Australia–(continued)
Incitec Pivot Ltd.		3,212	$	9,047
Insurance Australia Group Ltd.		2,210		8,776
Investa Office Fund		2,952		8,505
IOOF Holdings Ltd.		1,279		8,452
JB Hi-Fi Ltd.		566		7,249
Lend Lease Group		830		7,694
Macquarie Group Ltd.		142		8,585
Magellan Financial Group Ltd.		637		10,234
Mirvac Group		6,075		7,819
National Australia Bank Ltd.		371		7,905
Newcrest Mining Ltd.(a)		1,005		8,730
Nufarm Ltd.		1,623		9,687
Oil Search Ltd.		1,533		8,556
Orica Ltd.		730		8,579
Origin Energy Ltd.		1,439		5,644
Orora Ltd.		4,933		8,231
OZ Minerals Ltd.		2,957		9,194
Perpetual Ltd.		282		9,031
Primary Health Care Ltd.		2,543		6,728
Qantas Airways Ltd.(a)		2,990		8,421
QBE Insurance Group Ltd.		841		7,821
Ramsay Health Care Ltd.		188		8,254
REA Group Ltd.		266		8,977
Recall Holdings Ltd.		1,592		8,696
Santos Ltd.		2,523		10,507
Scentre Group		2,959		8,736
SEEK Ltd.		911		8,269
Shopping Centres Australasia Property Group		5,815		8,542
Slater & Gordon Ltd.		2,259		4,413
Sonic Healthcare Ltd.		532		7,314
Spark Infrastructure Group		6,011		8,916
Spotless Group Holdings Ltd.		6,088		9,253
Stockland		2,908		8,398
Suncorp Group Ltd.		861		7,986
Sydney Airport		1,956		8,997
Tabcorp Holdings Ltd.		2,492		8,388
Tatts Group Ltd.		3,029		8,554
Telstra Corp. Ltd.		1,878		7,232
TPG Telecom Ltd.		1,319		10,403
Transurban Group		1,142		8,502
Treasury Wine Estates Ltd.		1,848		9,330
Washington H. Soul Pattinson & Co. Ltd.		843		9,678
Wesfarmers Ltd.		286		7,993
Westfield Corp.		1,153		8,428
Westpac Banking Corp.		351		7,854
Woodside Petroleum Ltd.		361		7,588
Woolworths Ltd.		422		7,255
WorleyParsons Ltd.		1,502		6,983
				817,546

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                         Invesco Macro Long/Short Fund

	Shares		Value
Austria–0.11%
Erste Group Bank AG(a)		262	$	7,672
Voestalpine AG		195		7,063
				14,735
Belgium–0.32%
Ageas		181		7,985
Anheuser-Busch InBev SA/NV		67		7,991
Delhaize Group		78		7,228
KBC Groep N.V.		114		6,928
Solvay S.A.		62		6,998
UCB S.A.		90		7,775
				44,905
Brazil–0.44%
Ambev S.A.		1,500		7,429
BRF S.A.		400		6,236
Cia Brasileira de Distribuicao–Preference Shares		363		4,778
Hypermarcas S.A.(a)		1,600		7,264
Klabin S.A.(b)		1,200		6,827
M Dias Branco S.A.		363		6,583
Transmissora Alianca de Energia Eletrica S.A.(c)		1,400		7,228
Ultrapar Participacoes S.A.		400		6,953
WEG S.A.		1,960		7,322
				60,620
Chile–0.60%
Banco de Chile		134,176		14,188
Banco Santander Chile		188,490		8,955
Cencosud S.A.		3,094		6,781
Corpbanca S.A.		886,143		8,132
Empresa Nacional de Electricidad S.A.		8,042		10,038
Empresas CMPC S.A.		3,022		7,448
Empresas COPEC S.A.		1,139		10,627
Enersis S.A.		31,780		8,411
S.A.C.I. Falabella		1,243		8,360
				82,940
China–0.82%
AAC Technologies Holdings Inc.		1,284		8,128
Agricultural Bank of China Ltd.–Class H		19,000		7,753
China Construction Bank Corp.–Class H		9,000		6,489
China Petroleum & Chemical Corp.–Class H		10,000		7,212
China Traditional Chinese Medicine Co. Ltd.(a)		10,000		7,536
CITIC Ltd.		4,000		7,440
COSCO Pacific Ltd.		6,000		7,762
FIH Mobile Ltd.		17,000		8,084
Global Logistic Properties Ltd.		5,300		8,438
Hengan International Group Co. Ltd.		817		8,807
Industrial & Commercial Bank of China Ltd.–Class H		11,000		6,980
Shenzhou International Group Holdings Ltd.		2,000		9,827
Tsingtao Brewery Co. Ltd.–Class H		2,000		9,539
Yangzijiang Shipbuilding Holdings Ltd.		10,000		8,885
				112,880

	Shares		Value
Colombia–0.11%
Bancolombia S.A.–Preference Shares		907	$	7,866
Grupo de Inversiones Suramericana S.A.		620		7,872
				15,738
Czech Republic–0.10%
CEZ A.S.		353		7,056
Komercni Banka A.S.		34		7,029
				14,085
Denmark–0.51%
A.P. Moeller — Maersk A/S–Class B		6		8,847
Carlsberg A/S–Class B		133		10,882
Coloplast A/S–Class B		152		10,906
Danske Bank A/S		323		8,862
Novo Nordisk A/S–Class B		187		9,907
Pandora A/S		87		10,016
Vestas Wind Systems A/S		190		11,042
				70,462
Egypt–0.06%
Commercial International Bank Egypt S.A.E.		1,174		7,724
Finland–0.33%
Fortum Oyj		447		6,695
Kone Oyj–Class B		183		7,798
Nokia Oyj		1,144		8,490
Sampo Oyj–Class A		160		7,806
UPM-Kymmene Oyj		426		7,963
Wartsila OYJ Abp		179		7,630
				46,382
France–2.61%
Accor S.A.		153		7,596
Air Liquide S.A.		58		7,503
Airbus Group SE		107		7,435
Alcatel-Lucent(a)		2,149		8,720
Alstom S.A.(a)		232		7,567
Arkema S.A.		103		7,525
AXA S.A.		293		7,823
BNP Paribas S.A.		122		7,414
Bouygues S.A.		184		6,961
Bureau Veritas S.A.		321		7,253
Cap Gemini S.A.		84		7,471
Carrefour S.A.		226		7,360
Christian Dior SE		40		7,863
Cie Generale des Etablissements Michelin		76		7,572
Compagnie de Saint-Gobain		155		6,496
Credit Agricole S.A.		513		6,499
Danone		120		8,355
Dassault Systemes S.A.		107		8,453
Edenred		370		6,781
Electricite de France S.A.		360		6,696
Engie SA		391		6,849
Essilor International S.A.		64		8,399

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                         Invesco Macro Long/Short Fund

	Shares		Value
France–(continued)
Hermes International		21	$	8,079
Kering		43		7,945
L’Oreal S.A.		44		8,017
Legrand S.A.		127		6,962
LVMH Moet Hennessy Louis Vuitton S.E.		42		7,814
Numericable–SFR(a)		136		6,162
Orange S.A.		450		7,917
Pernod Ricard S.A.		70		8,240
Peugeot S.A.(a)		428		7,543
Publicis Groupe S.A.		103		6,690
Renault S.A.		91		8,579
Safran S.A.		101		7,676
Sanofi		77		7,764
Schneider Electric S.E.		117		7,075
SCOR S.E.		210		7,811
Societe Generale S.A.		160		7,429
Sodexo S.A.		84		7,466
Suez Environnement Co.		391		7,430
Technip S.A.		137		7,157
TOTAL S.A.		151		7,318
Unibail-Rodamco S.E.		30		8,360
Valeo S.A.		59		9,111
Veolia Environnement S.A.		333		7,742
Vinci S.A.		113		7,627
Vivendi S.A.		298		7,171
Zodiac Aerospace		218		5,514
				361,190
Germany–1.94%
adidas AG		94		8,430
Allianz S.E.		48		8,411
BASF S.E.		92		7,540
Bayer AG		55		7,340
Bayerische Motoren Werke AG		80		8,213
Beiersdorf AG		88		8,364
Brenntag AG		132		7,977
Commerzbank AG(a)		665		7,320
Continental AG		32		7,696
Daimler AG		91		7,903
Deutsche Bank AG		249		6,974
Deutsche Boerse AG		82		7,552
Deutsche Lufthansa AG(a)		573		8,463
Deutsche Post AG		255		7,591
Deutsche Telekom AG		413		7,723
E.ON S.E.		679		7,166
Fresenius Medical Care AG & Co. KGaA		91		8,195
Fresenius S.E. & Co. KGaA		102		7,487
GEA Group AG		189		7,567
HeidelbergCement AG		95		7,081
Henkel AG & Co. KGaA–Preference Shares		70		7,598
Infineon Technologies AG		658		8,101
K+S AG		198		4,998

	Shares		Value
Germany–(continued)
Linde AG		39	$	6,766
Merck KGaA		72		7,024
Metro AG		233		7,182
Muenchener Rueckversicherungs-Gesellschaft AG		41		8,183
Porsche Automobil Holding S.E.–Preference Shares		106		4,966
ProSiebenSat.1 Media SE		145		7,844
RWE AG		509		7,084
SAP S.E.		110		8,695
Siemens AG		75		7,547
Symrise AG		120		7,905
ThyssenKrupp AG		352		7,101
Volkswagen AG–Preference Shares		40		4,808
Vonovia SE		217		7,229
				268,024
Hong Kong–3.22%
AIA Group Ltd.		1,400		8,175
ASM Pacific Technology Ltd.		1,000		7,080
Bank of East Asia, Ltd. (The)		2,400		8,946
Brightoil Petroleum (Holdings) Ltd.(a)		20,000		7,088
Cathay Pacific Airways Ltd.		4,000		7,936
Cheung Kong Infrastructure Holdings Ltd.		1,000		9,286
China Innovative Finance Group Ltd.(a)		72,000		7,017
Chinese Estates Holdings Ltd.		3,500		8,128
CK Hutchison Holdings Ltd.		500		6,830
CLP Holdings Ltd.		1,000		8,697
Dairy Farm International Holdings Ltd.		1,200		7,890
Esprit Holdings Ltd.		10,700		11,987
First Pacific Co. Ltd.		12,000		8,190
Galaxy Entertainment Group Ltd.		3,000		10,208
Global Brands Group Holding Ltd.(a)		44,000		9,078
Goldin Properties Holdings Ltd.(a)		8,000		6,850
Haitong International Securities Group Ltd.		12,000		6,615
Hang Lung Group Ltd.		2,000		7,240
Hang Lung Properties Ltd.		3,000		7,328
Hang Seng Bank Ltd.		400		7,324
Henderson Land Development Co. Ltd.		1,310		8,338
HK Electric Investments and HK Electric Investments Ltd.(d)		11,000		8,445
Hong Kong & China Gas Co. Ltd.		3,840		7,782
Hong Kong Exchanges & Clearing Ltd.		300		7,832
Hongkong Land Holdings Ltd.		1,200		8,984
Hopewell Holdings Ltd.		2,500		9,016
Hysan Development Co. Ltd.		2,000		8,853
Jardine Matheson Holdings Ltd.		200		10,848
Jardine Strategic Holdings Ltd.		300		9,051
Kerry Properties Ltd.		2,500		7,392
Li & Fung Ltd.		12,000		9,687
Link REIT		1,500		8,911
MTR Corp. Ltd.		2,000		9,049
New World Development Co. Ltd.		8,000		8,528

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                         Invesco Macro Long/Short Fund

	Shares		Value
Hong Kong–(continued)
Noble Group Ltd.		20,800	$	7,474
NWS Holdings Ltd.		6,000		9,012
PCCW Ltd.		14,000		7,559
Power Assets Holdings Ltd.		1,000		9,944
Sands China Ltd.		2,000		7,179
Shangri-La Asia Ltd.		8,000		7,320
Sino Land Co. Ltd.		6,000		9,245
SJM Holdings Ltd.		9,000		7,460
Sun Hung Kai Properties Ltd.		1,000		13,345
Suncorp Technologies Ltd.(a)		120,000		3,296
Swire Pacific Ltd.–Class A		500		5,775
Swire Properties Ltd.		2,600		7,788
Techtronic Industries Co. Ltd.		2,000		7,300
Television Broadcasts Ltd.		1,900		6,910
Value Partners Group Ltd.		6,000		6,337
VTech Holdings Ltd.		700		8,485
WH Group Ltd.(a)(d)		15,000		8,274
Wharf Holdings Ltd. (The)		2,000		11,874
Wheelock and Co. Ltd.		2,000		9,295
Yue Yuen Industrial (Holdings) Ltd.		2,000		7,291
				445,772
Hungary–0.10%
MOL Hungarian Oil and Gas PLC		140		6,331
Richter Gedeon Nyrt		456		7,612
				13,943
India–0.21%
HDFC Bank Ltd.–ADR		118		7,215
Infosys Ltd.–ADR		409		7,427
Reliance Industries Ltd.–GDR(d)		253		7,261
Wipro Ltd.–ADR		570		7,057
				28,960
Indonesia–0.28%
Golden Agri-Resources Ltd.		35,500		9,859
PT Bank Central Asia Tbk		8,800		8,263
PT Bank Mandiri Persero Tbk		11,100		7,021
PT Kalbe Farma Tbk		59,200		6,157
PT Telekomunikasi Indonesia Persero Tbk		38,500		7,618
				38,918
Ireland–0.57%
CRH PLC		257		7,026
Experian PLC		1,928		32,880
Kerry Group PLC–Class A		96		7,807
Shire PLC		411		31,126
				78,839
Italy–0.66%
Assicurazioni Generali S.p.A.		406		7,697
Atlantia S.p.A.		267		7,399
Enel S.p.A.		1,607		7,415
Eni S.p.A.		444		7,244

	Shares		Value
Italy–(continued)
Intesa Sanpaolo S.p.A.		2,065	$	7,194
Luxottica Group S.p.A.		112		7,836
Prada S.p.A.		2,000		8,128
Snam S.p.A.		1,458		7,542
Telecom Italia S.p.A.(a)		5,731		7,983
Terna — Rete Elettrica Nazionale S.p.A.		1,613		8,200
UniCredit S.p.A.		1,113		7,197
Unione di Banche Italiane S.p.A.		924		6,898
				90,733
Japan–11.71%
Aeon Co., Ltd.		400		5,910
Aisin Seiki Co., Ltd.		200		7,915
Alps Electric Co., Ltd.		200		6,159
AMADA Holdings Co., Ltd.		700		6,204
ANA Holdings Inc.		2,000		5,954
Aozora Bank, Ltd.		2,000		7,283
Asahi Glass Co., Ltd.		1,000		5,698
Asahi Group Holdings, Ltd.		200		6,155
Asahi Kasei Corp.		1,000		6,117
ASICS Corp.		200		5,507
Astellas Pharma Inc.		500		7,228
Bandai Namco Holdings Inc.		300		7,349
Bank of Kyoto, Ltd. (The)		1,000		10,050
Bank of Yokohama, Ltd. (The)		1,000		6,213
Bridgestone Corp.		200		7,333
Brother Industries, Ltd.		500		6,366
Canon Inc.		200		5,974
Casio Computer Co., Ltd.		300		5,631
Chiba Bank, Ltd. (The)		1,000		7,267
Chubu Electric Power Co., Inc.		400		6,133
Chugai Pharmaceutical Co., Ltd.		200		6,413
Chugoku Bank, Ltd. (The)		400		5,640
Chugoku Electric Power Co., Inc. (The)		500		7,538
Credit Saison Co., Ltd.		300		6,141
Dai Nippon Printing Co., Ltd.		1,000		10,306
Dai-ichi Life Insurance Co. Ltd. (The)		400		6,916
Daicel Corp.		500		6,578
Daihatsu Motor Co., Ltd.		500		6,099
Daiichi Sankyo Co., Ltd.		300		5,848
Daikin Industries, Ltd.		100		6,402
Daito Trust Construction Co., Ltd.		100		10,817
Daiwa House Industry Co., Ltd.		300		7,833
Daiwa Securities Group Inc.		1,000		6,820
Denso Corp.		200		9,259
Dentsu Inc.		100		5,602
Don Quijote Holdings Co., Ltd.		200		7,333
East Japan Railway Co.		100		9,493
Eisai Co., Ltd.		100		6,221
Electric Power Development Co., Ltd.		200		6,569
Fuji Heavy Industries Ltd.		200		7,722
FUJIFILM Holdings Corp.		200		7,950

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                         Invesco Macro Long/Short Fund

	Shares		Value
Japan–(continued)
Fujitsu Ltd.		1,000	$	4,705
Fukuoka Financial Group, Inc.		1,000		5,241
Gunma Bank, Ltd. (The)		1,000		6,265
Hachijuni Bank, Ltd. (The)		1,000		6,776
Hamamatsu Photonics K.K.		300		7,669
Hankyu Hanshin Holdings, Inc.		1,000		6,515
Hino Motors, Ltd.		600		6,826
Hirose Electric Co., Ltd.		100		12,065
Hiroshima Bank, Ltd. (The)		1,000		5,532
Hisamitsu Pharmaceutical Co., Inc.		200		7,734
Hitachi, Ltd.		1,000		5,744
Hokuhoku Financial Group, Inc.		3,000		6,634
Hokuriku Electric Power Co.		500		7,437
Honda Motor Co., Ltd.		200		6,640
Hoya Corp.		200		8,220
Hulic Co., Ltd.		700		6,517
IHI Corp.		2,000		5,636
INPEX Corp.		700		6,672
Isetan Mitsukoshi Holdings Ltd.		400		6,392
Isuzu Motors Ltd.		600		6,973
ITOCHU Corp.		600		7,474
Iyo Bank, Ltd. (The)		600		6,419
J. Front Retailing Co., Ltd.		400		6,544
Japan Airlines Co. Ltd.		200		7,521
Japan Airport Terminal Co., Ltd.		200		10,847
Japan Exchange Group Inc.		400		6,415
Japan Real Estate Investment Corp.		2		9,236
Japan Retail Fund Investment Corp.		4		7,735
Japan Tobacco, Inc.		200		6,909
JFE Holdings, Inc.		400		6,255
Joyo Bank, Ltd. (The)		1,000		5,172
JSR Corp.		400		6,302
JTEKT Corp.		500		8,572
JX Holdings, Inc.		1,700		6,643
Kajima Corp.		1,000		5,722
Kansai Electric Power Co., Inc. (The)(a)		500		6,370
Kansai Paint Co., Ltd.		400		6,067
Kao Corp.		100		5,108
Kawasaki Heavy Industries, Ltd.		2,000		7,982
KDDI Corp.		300		7,247
Keikyu Corp.		1,000		8,198
Keio Corp.		1,000		8,115
Keisei Electric Railway Co., Ltd.		1,000		12,278
Kintetsu Group Holdings Co., Ltd.		2,000		7,717
Kirin Holdings Co., Ltd.		400		5,645
Kobe Steel, Ltd.		5,000		6,283
Koito Manufacturing Co., Ltd.		200		7,551
Komatsu Ltd.		400		6,604
Konica Minolta Inc.		600		6,162
Kuraray Co., Ltd.		600		7,374
Kyocera Corp.		100		4,508

	Shares		Value
Japan–(continued)
Kyushu Electric Power Co., Inc.(a)		500	$	6,029
Lawson, Inc.		100		7,378
LIXIL Group Corp.		300		6,406
Mabuchi Motor Co., Ltd.		100		4,904
Makita Corp.		100		5,454
Marubeni Corp.		1,200		6,911
Mazda Motor Corp.		400		7,855
Medipal Holdings Corp.		400		6,960
MEIJI Holdings Co., Ltd.		100		7,838
Minebea Co., Ltd.		1,000		10,959
Mitsubishi Chemical Holdings Corp.		1,200		7,456
Mitsubishi Corp.		400		7,246
Mitsubishi Electric Corp.		1,000		10,371
Mitsubishi Heavy Industries, Ltd.		1,000		5,033
Mitsubishi Materials Corp.		2,000		6,940
Mitsubishi Motors Corp.		800		7,080
Mitsubishi Tanabe Pharma Corp.		400		6,748
Mitsubishi UFJ Financial Group, Inc.		900		5,820
Mitsui & Co., Ltd.		500		6,316
Mitsui Chemicals, Inc.		2,000		7,536
Mitsui O.S.K. Lines, Ltd.		2,000		5,318
Mizuho Financial Group, Inc.		2,800		5,726
MS&AD Insurance Group Holdings, Inc.		200		5,869
Nagoya Railroad Co., Ltd.		2,000		8,256
NEC Corp.		2,000		6,166
NGK Spark Plug Co., Ltd.		300		7,301
Nidec Corp.		100		7,514
Nikon Corp.		500		6,447
Nippon Building Fund Inc.		2		9,477
Nippon Express Co., Ltd.		1,000		5,129
Nippon Paint Holdings Co., Ltd.		300		6,309
Nippon Steel & Sumitomo Metal Corp.		300		6,068
Nippon Telegraph & Telephone Corp.		200		7,345
Nippon Television Holdings, Inc.		400		6,914
Nippon Yusen Kabushiki Kaisha		2,000		5,208
Nissan Motor Co., Ltd.		700		7,262
Nisshin Seifun Group Inc.		500		7,608
Nissin Foods Holdings Co., Ltd.		100		4,613
Nitori Holdings Co., Ltd.		100		7,781
Nitto Denko Corp.		100		6,379
NOK Corp.		300		7,037
Nomura Holdings, Inc.		900		5,639
Nomura Research Institute, Ltd.		200		8,152
NSK Ltd.		500		5,890
NTT Data Corp.		100		4,956
NTT DOCOMO, Inc.		300		5,889
Obayashi Corp.		1,000		8,759
Odakyu Electric Railway Co., Ltd.		1,000		9,746
Oji Holdings Corp.		1,000		5,167
Olympus Corp.		200		6,719
OMRON Corp.		200		6,597

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                         Invesco Macro Long/Short Fund

	Shares		Value
Japan–(continued)
Ono Pharmaceutical Co., Ltd.		100	$	13,626
Oriental Land Co., Ltd.		100		6,052
ORIX Corp.		500		7,310
Osaka Gas Co., Ltd.		2,000		7,857
Otsuka Holdings Co., Ltd.		200		6,616
Panasonic Corp.		600		7,041
Rakuten Inc.		500		6,919
Recruit Holdings Co., Ltd.		200		6,415
Resona Holdings, Inc.		1,200		6,328
Ricoh Co., Ltd.		700		7,526
Rinnai Corp.		100		7,895
Rohm Co. Ltd.		100		4,914
Santen Pharmaceutical Co., Ltd.		400		5,410
SECOM Co., Ltd.		100		6,651
Sega Sammy Holdings Inc.		600		6,293
Seibu Holdings Inc.		300		6,064
Seiko Epson Corp.		400		6,091
Sekisui Chemical Co., Ltd.		600		7,051
Sekisui House, Ltd.		500		8,295
Seven & i Holdings Co., Ltd.		200		9,038
Shikoku Electric Power Co. Inc.		400		6,761
Shimano Inc.		100		15,716
Shimizu Corp.		1,000		8,733
Shin-Etsu Chemical Co., Ltd.		100		5,921
Shinsei Bank, Ltd.		3,000		6,264
Shionogi & Co., Ltd.		200		8,175
Shiseido Co., Ltd.		300		7,076
Shizuoka Bank, Ltd. (The)		1,000		9,971
SoftBank Group Corp.		100		5,566
Sompo Japan Nipponkoa Holdings Inc.		200		6,235
Sony Corp.		200		5,672
Sony Financial Holdings Inc.		300		5,361
Stanley Electric Co., Ltd.		400		7,599
Sumitomo Chemical Co., Ltd.		1,000		5,708
Sumitomo Corp.		600		6,574
Sumitomo Electric Industries, Ltd.		500		6,802
Sumitomo Heavy Industries, Ltd.		2,000		8,973
Sumitomo Metal Mining Co., Ltd.		1,000		12,449
Sumitomo Mitsui Financial Group, Inc.		200		7,951
Sumitomo Mitsui Trust Holdings, Inc.		2,000		7,654
Suntory Beverage & Food Ltd.		200		8,079
Suruga Bank Ltd.		300		5,889
Suzuken Co., Ltd./Aichi Japan		200		7,642
Suzuki Motor Corp.		200		6,529
Sysmex Corp.		100		5,715
T&D Holdings, Inc.		500		6,533
Taiheiyo Cement Corp.		2,000		6,573
Taisei Corp.		1,000		6,491
Taisho Pharmaceutical Holdings Co. Ltd.		100		6,221
Takashimaya Co., Ltd.		1,000		8,908
Takeda Pharmaceutical Co. Ltd.		100		4,861

	Shares		Value
Japan–(continued)
TDK Corp.		100	$	6,344
Teijin Ltd.		2,000		7,037
Terumo Corp.		200		5,905
THK Co., Ltd.		400		7,525
Tobu Railway Co., Ltd.		1,000		4,825
Toho Co., Ltd.		300		7,796
Toho Gas Co., Ltd.		1,000		6,111
Tohoku Electric Power Co., Inc.		500		6,995
Tokio Marine Holdings, Inc.		200		7,662
Tokyo Electric Power Co. Inc.(a)		900		6,120
Tokyo Electron Ltd.		100		5,971
Tokyo Gas Co., Ltd.		1,000		4,938
Tokyo Tatemono Co., Ltd.		500		6,184
Tokyu Corp.		1,000		8,083
Tokyu Fudosan Holdings, Corp.		900		6,306
TonenGeneral Sekiyu K.K.		1,000		10,390
Toppan Printing Co., Ltd.		1,000		8,938
Toray Industries, Inc.		1,000		8,706
Toshiba Corp.		2,000		5,625
TOTO Ltd.		200		6,743
Toyo Suisan Kaisha, Ltd.		200		7,364
Toyota Industries Corp.		100		5,235
Toyota Motor Corp.		100		6,123
Toyota Tsusho Corp.		300		6,839
Trend Micro Inc.		200		7,768
Unicharm Corp.		300		6,394
United Urban Investment Corp.		5		6,923
USS Co., Ltd.		400		7,049
West Japan Railway Co.		100		6,996
Yahoo Japan Corp.		1,500		6,343
Yakult Honsha Co., Ltd.		100		5,269
Yamada Denki Co., Ltd.		1,600		7,210
Yamaguchi Financial Group, Inc.		1,000		12,261
Yamaha Motor Co., Ltd.		300		6,722
Yamato Holdings Co., Ltd.		300		5,883
Yaskawa Electric Corp.		600		7,103
Yokogawa Electric Corp.		600		6,678
				1,619,953
Luxembourg–0.09%
ArcelorMittal S.A.		986		5,481
Tenaris S.A.		530		6,683
				12,164
Macau–0.10%
MGM China Holdings Ltd.		4,800		6,990
Wynn Macau, Ltd.		5,087		6,972
				13,962
Malaysia–1.49%
AMMB Holdings Berhad		8,823		9,780
Axiata Group Berhad		7,468		10,713
British American Tobacco Malaysia Berhad		512		7,349

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                         Invesco Macro Long/Short Fund

	Shares		Value
Malaysia–(continued)
DiGi.Com Berhad		8,000	$	9,783
Gamuda Berhad		8,400		8,770
Genting Berhad		4,331		7,453
Genting Malaysia Berhad		7,400		7,388
Hong Leong Bank Berhad		4,500		14,564
IHH Healthcare Berhad		7,021		10,300
IJM Corp. Berhad		14,158		10,928
IOI Corp. Berhad		10,500		10,370
Kuala Lumpur Kepong Berhad		1,500		7,944
Malayan Banking Berhad		5,119		9,806
Maxis Berhad		5,681		8,704
MISC Berhad		3,624		7,608
Petronas Gas Berhad		1,800		9,572
Public Bank Berhad		3,685		15,469
Sime Darby Berhad		5,605		10,876
Telekom Malaysia Berhad		6,191		9,586
Tenaga Nasional Berhad		3,322		9,757
UMW Holdings Berhad		4,807		9,187
				205,907
Mexico–1.01%
America Movil S.A.B. de C.V.–Series L		9,240		8,222
Arca Continental S.A.B. de C.V.		1,532		9,784
Coca-Cola Femsa, S.A.B. de C.V.–Series L		1,200		9,204
El Puerto de Liverpool, S.A.B. de C.V.–Series C1		600		8,358
Fibra Uno Administracion S.A. de C.V.		4,400		9,647
Fomento Economico Mexicano, S.A.B. de C.V.–Series BD(e)		1,000		9,867
Grupo Bimbo, S.A.B. de C.V.–Series A(a)		2,900		8,199
Grupo Financiero Banorte S.A.B. de C.V.–Class O		1,600		8,564
Grupo Financiero Inbursa, S.A.B. de C.V.–Class O		3,400		6,812
Grupo Financiero Santander Mexico, S.A.B. de C.V.–Class B		4,300		7,899
Grupo Lala, S.A.B. de C.V.		3,200		8,172
Grupo Mexico S.A.B. de C.V.–Series B		2,900		7,067
Grupo Televisa S.A.B.–Series CPO(f)		1,300		7,565
Infraestructura Enérgetica Nova, S.A.B. de C.V.		1,600		7,689
Kimberly-Clark de Mexico, S.A.B. de C.V.–Class A		3,000		7,178
Promotora y Operadora de Infraestructura, S.A.B. de C.V.(a)		700		8,799
Wal-Mart de México, S.A.B. de C.V.–Class V		2,824		7,478
				140,504
Netherlands–0.71%
Aegon N.V.		1,221		7,500
Akzo Nobel N.V.		109		7,702
ASML Holding N.V.		78		7,231
Gemalto N.V.		106		6,650
Heineken Holding N.V.		105		8,400
Heineken N.V.		99		9,027
ING Groep N.V.		456		6,613
Koninklijke Ahold N.V.		382		7,760
Koninklijke DSM N.V.		142		7,561

	Shares		Value
Netherlands–(continued)
Koninklijke KPN N.V.		1,833	$	6,713
Koninklijke Philips N.V.		286		7,715
Randstad Holding N.V.		116		6,909
Wolters Kluwer N.V.		238		8,039
				97,820
New Zealand–0.70%
Auckland International Airport Ltd.		2,663		9,456
Contact Energy Ltd.		2,490		8,738
Fisher & Paykel Healthcare Corp. Ltd.		1,695		8,919
Fletcher Building Ltd.		1,751		8,846
Kiwi Property Group Ltd.		9,999		9,198
Meridian Energy Ltd.		5,761		8,636
Ryman Healthcare Ltd.		1,619		8,642
SKY Network Television Ltd.		2,654		8,147
SKYCITY Entertainment Group Ltd.		3,090		8,366
Spark New Zealand Ltd.		3,839		8,735
Z Energy Ltd.		2,080		9,438
				97,121
Norway–0.38%
DNB ASA		719		9,123
Orkla ASA		1,371		11,659
Statoil ASA		686		11,073
Telenor ASA		507		9,543
Yara International ASA		236		10,713
				52,111
Philippines–0.60%
Ayala Corp.		540		8,968
Ayala Land, Inc.		8,800		6,712
Bank of the Philippine Islands		4,700		8,487
BDO Unibank, Inc.		3,770		8,124
Energy Development Corp.		56,400		7,957
Jollibee Foods Corp.		1,670		7,332
Manila Electric Co.		1,660		11,502
Metropolitan Bank & Trust Co.		4,720		8,554
Philippine Long Distance Telephone Co.		160		7,542
SM Investments Corp.		460		8,564
				83,742
Poland–0.26%
Alior Bank S.A.(a)		278		5,845
Bank Pekao S.A.		171		6,639
PGE Polska Grupa Energetyczna S.A.		1,581		5,871
Powszechna Kasa Oszczednosci Bank Polski S.A.(a)		877		6,490
Powszechny Zaklad Ubezpieczen S.A.		69		6,697
Tauron Polska Energia S.A.		6,600		5,176
				36,718
Portugal–0.06%
Energias de Portugal, S.A.		2,092		7,730

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15                         Invesco Macro Long/Short Fund

	Shares		Value
Qatar–0.11%
Commercial Bank of Qatar Q.S.C. (The)		527	$	7,702
Qatar National Bank		143		7,170
				14,872
Singapore–1.68%
Ascendas REIT		4,900		8,331
Avago Technologies Ltd.		52		6,403
CapitaLand Commercial Trust Ltd.		7,800		7,827
CapitaLand Ltd.		4,000		8,799
CapitaLand Mall Trust		5,200		7,350
City Developments Ltd.		1,200		6,788
ComfortDelGro Corp. Ltd.		3,800		8,206
DBS Group Holdings Ltd.		600		7,397
Genting Singapore PLC		15,000		8,727
Great Eastern Holdings Ltd.		500		7,620
Jardine Cycle & Carriage Ltd.		400		9,259
Keppel Corp. Ltd.		1,600		8,032
Keppel REIT		11,500		7,907
Oversea-Chinese Banking Corp. Ltd.		1,200		7,704
SATS Ltd.		2,900		7,846
Sembcorp Industries Ltd.		3,100		7,876
Sembcorp Marine Ltd.		4,700		7,851
Singapore Airlines Ltd.		1,100		8,455
Singapore Exchange Ltd.		1,400		7,354
Singapore Post Ltd.		6,300		8,522
Singapore Press Holdings Ltd.		2,900		8,238
Singapore Technologies Engineering Ltd.		3,600		8,474
Singapore Telecommunications Ltd.		3,000		8,491
StarHub Ltd.		3,100		7,942
Suntec REIT		6,900		8,127
United Overseas Bank Ltd.		600		8,707
UOL Group Ltd.		1,800		8,429
Venture Corp. Ltd.		1,300		7,668
Wilmar International Ltd.		4,000		8,896
				233,226
South Africa–1.22%
Aspen Pharmacare Holdings Ltd.		275		6,166
Barclays Africa Group Ltd.		555		7,112
Barloworld Ltd.		1,109		6,264
Bidvest Group Ltd. (The)		321		8,209
Discovery Ltd.		671		7,164
FirstRand Ltd.		1,784		6,536
Growthpoint Properties Ltd.		4,438		8,134
Investec Ltd.		858		7,080
Liberty Holdings Ltd.		862		8,420
MMI Holdings Ltd.		3,770		6,836
Mondi Ltd.		297		6,907
Nedbank Group Ltd.		401		6,656
Pick n Pay Stores Ltd.		1,562		7,537
Rand Merchant Insurance Holdings Ltd.		2,320		7,188
Redefine Properties Ltd.		9,865		8,223

	Shares		Value
South Africa–(continued)
Remgro Ltd.		398	$	7,953
RMB Holdings Ltd.		1,335		6,500
SPAR Group Ltd. (The)		540		7,757
Standard Bank Group Ltd.		696		7,225
Steinhoff International Holdings Ltd.		1,346		8,237
Tiger Brands Ltd.		317		7,251
Vodacom Group Ltd.		771		8,343
Woolworths Holdings Ltd.		911		6,739
				168,437
South Korea–0.55%
GS Holdings Corp.		188		8,232
Hana Financial Group Inc.		279		6,770
Hyundai Marine & Fire Insurance Co., Ltd.		298		8,870
KB Financial Group Inc.		213		6,751
Korea Zinc Co., Ltd.		15		6,234
KT Corp.(a)		353		9,132
LG Electronics Inc.		164		7,040
Lotte Confectionery Co., Ltd.		4		6,976
LS Corp.		228		7,707
Samsung Electronics Co., Ltd.		7		8,382
				76,094
Spain–0.97%
Abertis Infraestructuras S.A.		432		7,178
Aena S.A.(a)(d)		64		7,144
Amadeus IT Holding S.A.–Class A		186		7,915
Banco Bilbao Vizcaya Argentaria, S.A.		815		7,007
Banco de Sabadell S.A.		3,780		7,312
Banco Popular Espanol S.A.		1,809		6,876
Banco Santander S.A.		1,238		6,943
Bankia S.A.		6,286		8,102
CaixaBank S.A.		1,755		6,723
Enagas S.A.		253		7,666
Ferrovial S.A.		303		7,650
Gas Natural SDG, S.A.		369		7,998
Grifols S.A.		177		8,210
Iberdrola S.A.		1,041		7,438
Industria de Diseno Textil, S.A.		233		8,739
Red Electrica Corp. S.A.		88		7,761
Repsol S.A.		544		6,865
Telefónica, S.A.		504		6,668
				134,195
Sweden–1.15%
Assa Abloy AB–Class B		524		10,394
Atlas Copco AB–Class A		412		10,716
Hennes & Mauritz AB–Class B		267		10,359
Hexagon AB–Class B		315		10,906
Investor AB–Class B		283		10,478
Nordea Bank AB		829		9,143
Sandvik AB		1,102		10,308
Skandinaviska Enskilda Banken AB–Class A		881		9,215

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16                         Invesco Macro Long/Short Fund

	Shares		Value
Sweden–(continued)
Skanska AB–Class B		495	$	9,616
SKF AB–Class B		538		9,439
Svenska Cellulosa AB–Class B		354		10,443
Svenska Handelsbanken AB–Class A		694		9,413
Swedbank AB–Class A		442		10,147
Telefonaktiebolaget LM Ericsson–Class B		1,046		10,173
TeliaSonera AB		1,721		8,788
Volvo AB–Class B		959		9,928
				159,466
Switzerland–2.08%
ABB Ltd.		542		10,210
Actelion Ltd.		74		10,266
Adecco S.A		128		9,507
Cie Financiere Richemont S.A.		138		11,805
Credit Suisse Group AG		366		9,115
Geberit AG		32		10,316
Givaudan S.A.		6		10,726
Glencore PLC		16,209		27,921
Julius Baer Group Ltd.		215		10,655
Kuehne + Nagel International AG		76		10,528
LafargeHolcim Ltd.		176		9,900
Nestle S.A.		134		10,231
Novartis AG		100		9,068
Roche Holding AG		37		10,023
Schindler Holding AG–Participation Ctfs.		66		10,702
SGS S.A.		6		11,414
Sika AG		3		9,829
Swatch Group AG (The)		26		10,152
Swiss Re AG		118		10,949
Swisscom AG		18		9,270
Syngenta AG		29		9,744
TE Connectivity Ltd.		107		6,895
UBS Group AG		483		9,641
Wolseley PLC		487		28,585
Zurich Insurance Group AG		37		9,761
				287,213
Taiwan–2.74%
Asia Cement Corp.		10,450		10,772
Cathay Financial Holding Co., Ltd.		4,758		6,733
Chailease Holding Co. Ltd.		4,120		7,813
Chang Hwa Commercial Bank, Ltd.		19,765		10,197
Cheng Shin Rubber Industry Co., Ltd.		6,000		10,806
China Development Financial Holding Corp.		22,224		5,934
China Steel Chemical Corp.		2,400		9,033
China Steel Corp.		18,409		11,066
Chunghwa Telecom Co., Ltd.		6,551		19,994
CTBC Financial Holding Co. Ltd.		12,264		6,682
E.Sun Financial Holding Co. Ltd.		14,390		8,601
Far Eastern Department Stores Ltd.		13,000		7,788
Far Eastern New Century Corp.		9,691		8,762

	Shares		Value
Taiwan–(continued)
Far EasTone Telecommunications Co., Ltd.		3,267	$	7,056
First Financial Holding Co., Ltd.		27,198		13,111
Formosa Chemicals & Fibre Corp.		3,267		7,442
Formosa Petrochemical Corp.		3,000		7,245
Formosa Plastics Corp.		3,734		8,610
Fubon Financial Holding Co., Ltd.		4,000		6,415
Hon Hai Precision Industry Co., Ltd.		2,930		7,736
Hua Nan Financial Holdings Co., Ltd.		22,178		10,612
Kenda Rubber Industrial Co., Ltd.		6,300		10,073
Lite-On Technology Corp.		7,030		7,259
Makalot Industrial Co., Ltd.		1		7
Mega Financial Holding Co., Ltd.		12,000		8,667
Nan Ya Plastics Corp.		3,384		6,682
President Chain Store Corp.		1,000		6,597
Quanta Computer Inc.		4,000		6,786
Ruentex Industries Ltd.		4,000		7,300
Shin Kong Financial Holding Co., Ltd.		39,412		9,371
Simplo Technology Co., Ltd.		2,000		7,029
SinoPac Financial Holdings Co., Ltd.		26,451		8,665
Standard Foods Corp.		3,000		7,174
Synnex Technology International Corp.		7,000		7,321
Ta Chong Bank Ltd.(a)		17,000		7,173
Taishin Financial Holding Co., Ltd.		22,970		8,928
Taiwan Cement Corp.		7,668		8,469
Taiwan Cooperative Financial Holding Co. Ltd.		33,796		15,038
Taiwan Fertilizer Co., Ltd.		6,718		8,520
Taiwan Mobile Co., Ltd.		3,217		10,081
Taiwan Semiconductor Manufacturing Co. Ltd.		1,750		7,367
Uni-President Enterprises Corp.		4,106		6,897
United Microelectronics Corp.		19,000		6,890
WPG Holdings Ltd.		8,068		8,364
Yuanta Financial Holding Co., Ltd.		16,752		6,532
				379,598
Thailand–0.95%
Advanced Info Service PCL		1,300		8,456
Bangkok Bank PCL		2,200		10,316
Bangkok Dusit Medical Services PCL–Class F		13,400		7,127
BTS Group Holdings PCL		34,300		9,275
Central Pattana PCL		5,400		6,969
CP ALL PCL		5,400		7,555
Home Product Center PCL		38,033		7,452
Intouch Holdings PCL		1,800		3,783
Intouch Holdings PCL–Class F		3,100		6,523
Kasikornbank PCL		1,400		6,775
Krung Thai Bank PCL		14,400		6,896
Land and Houses PCL		30,700		7,352
Siam Cement PCL (The)		600		7,589
Siam Commercial Bank PCL (The)		1,900		7,089
Thai Beverage PCL		29,600		14,213
TMB Bank PCL		97,500		7,252
Total Access Communication PCL–NVDR		3,400		6,467
				131,089

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17                         Invesco Macro Long/Short Fund

	Shares		Value
Turkey–0.52%
Arcelik A.S.		1,583	$	8,633
BIM Birlesik Magazalar A.S.		455		9,254
Coca-Cola Içecek A.S.		579		7,338
Enka Insaat ve Sanayi A.S.		4,502		7,976
Haci Omer Sabanci Holding A.S.		2,356		7,470
Koc Holding A.S.		2,030		9,191
Migros Ticaret A.S.(a)		1,229		7,250
Petkim PetroKimya Holding A.S.(a)		5,268		7,769
Turk Telekomunikasyon A.S.		3,305		7,130
				72,011
United Kingdom–10.95%
Anglo American PLC		3,033		25,418
ARM Holdings PLC		2,149		33,962
Associated British Foods PLC		646		34,358
AstraZeneca PLC		485		30,961
Aviva PLC		4,416		33,031
BAE Systems PLC		4,539		30,742
Barclays PLC		8,102		28,839
BG Group PLC		2,117		33,351
BP PLC		6,001		35,625
British American Tobacco PLC		607		36,033
BT Group PLC		4,740		33,892
Burberry Group PLC		1,510		30,917
Centrica PLC		8,688		30,243
CNH Industrial N.V.		966		6,522
Compass Group PLC		2,002		34,491
Delphi Automotive PLC		87		7,238
Diageo PLC		1,195		34,538
Fiat Chrysler Automobiles N.V.(a)		493		7,249
GlaxoSmithKline PLC		1,556		33,517
HSBC Holdings PLC		4,109		32,099
Imperial Tobacco Group PLC		647		34,856
ITV PLC		8,334		32,347
Kingfisher PLC		5,800		31,526
Land Securities Group PLC		1,661		34,239
Legal & General Group PLC		8,203		32,992
Lloyds Banking Group PLC		26,850		30,470
Marks & Spencer Group PLC		3,962		31,284
National Grid PLC		2,403		34,206
Next PLC		267		32,866
Old Mutual PLC		10,914		35,651
Pearson PLC		1,859		24,619
Prudential PLC		1,504		35,109
Reckitt Benckiser Group PLC		356		34,739
RELX N.V.		462		7,880
RELX PLC		1,944		34,754
Rio Tinto Ltd.		207		7,406
Rio Tinto PLC		907		32,897
Rolls–Royce Holdings PLC		2,812		29,753
Rolls–Royce Holdings PLC–Preference Shares(a)		260,672		402

	Shares		Value
United Kingdom–(continued)
Royal Bank of Scotland Group PLC(a)		6,288	$	30,738
Royal Dutch Shell PLC–Class A		1,263		32,802
SABMiller PLC		688		42,377
Sky PLC		1,988		33,526
Smith & Nephew PLC		1,763		30,093
SSE PLC		1,407		32,820
Standard Chartered PLC		2,843		31,557
Standard Life PLC		5,043		32,616
Tesco PLC(a)		10,905		30,728
Unilever N.V.		177		7,979
Unilever PLC		777		34,511
Vodafone Group PLC		9,216		30,386
WPP PLC		1,531		34,318
				1,515,473
United States–23.51%
3M Co.		42		6,603
Abbott Laboratories		135		6,048
AbbVie Inc.		95		5,657
ABM Industries Inc.		422		11,985
Acadia Realty Trust		482		15,853
Accenture PLC–Class A		69		7,397
ACE Ltd.		62		7,039
Adobe Systems Inc.(a)		84		7,447
Aetna Inc.		53		6,083
Aflac, Inc.		111		7,076
Agree Realty Corp.		508		16,449
Air Products and Chemicals, Inc.		45		6,254
Albany International Corp.–Class A		360		13,525
Alexion Pharmaceuticals, Inc.(a)		36		6,336
Allergan PLC(a)		22		6,786
ALLETE, Inc.		277		13,908
Allstate Corp. (The)		110		6,807
Alphabet Inc.–Class A(a)		10		7,374
Altria Group, Inc.		119		7,196
Amazon.com, Inc.(a)		13		8,137
American Airlines Group Inc.		159		7,349
American Assets Trust Inc.		362		15,262
American Electric Power Co., Inc.		116		6,571
American Express Co.		78		5,714
American International Group, Inc.		111		7,000
American Tower Corp.		69		7,054
Ameriprise Financial, Inc.		58		6,691
AMERISAFE, Inc.		238		13,026
AmerisourceBergen Corp.		59		5,694
Amgen Inc.		41		6,485
AmSurg Corp.(a)		142		9,953
Anadarko Petroleum Corp.		92		6,153
Analog Devices, Inc.		116		6,974
Anthem, Inc.		41		5,705
Aon PLC		68		6,345
Apache Corp.		147		6,928

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18                         Invesco Macro Long/Short Fund

	Shares		Value
United States–(continued)
Apple Inc.		55	$	6,573
Applied Materials, Inc.		407		6,825
Archer-Daniels–Midland Co.		137		6,255
Astoria Financial Corp.		874		13,949
AT&T Inc.		189		6,333
Automatic Data Processing, Inc.		77		6,698
AutoZone, Inc.(a)		9		7,060
Avista Corp.		402		13,608
Baker Hughes Inc.		108		5,689
Bank Mutual Corp.		1,611		11,664
Bank of America Corp.		384		6,444
Bank of New York Mellon Corp. (The)		163		6,789
Barnes Group Inc.		290		10,901
Baxter International Inc.		175		6,543
BB&T Corp.		163		6,055
Becton, Dickinson and Co.		44		6,271
Benchmark Electronics, Inc.(a)		562		11,116
Berkshire Hathaway Inc.–Class B(a)		46		6,257
Biogen Inc.(a)		21		6,101
BlackRock, Inc.		21		7,391
Boeing Co. (The)		46		6,811
Boston Properties, Inc.		57		7,173
Boston Scientific Corp.(a)		370		6,764
Bristol-Myers Squibb Co.		101		6,661
Broadcom Corp.–Class A		123		6,322
Brookline Bancorp, Inc.		1,262		14,324
CACI International Inc.–Class A(a)		165		16,012
Capital One Financial Corp.		84		6,628
Capstead Mortgage Corp.		1,872		18,065
Cardinal Financial Corp.		545		12,388
Cardinal Health, Inc.		75		6,165
Carnival Corp.		138		7,463
Caterpillar Inc.		79		5,766
CBS Corp.–Class B		146		6,792
Cedar Realty Trust Inc.		2,017		14,099
Celgene Corp.(a)		53		6,504
CenturyLink Inc.		239		6,742
Charles Schwab Corp. (The)		202		6,165
Chemed Corp.		98		15,414
Cheniere Energy, Inc.(a)		112		5,546
Chesapeake Lodging Trust		416		11,457
Chevron Corp.		82		7,452
Chubb Corp. (The)		52		6,726
Cigna Corp.		42		5,630
Cisco Systems, Inc.		223		6,434
Citigroup Inc.		121		6,434
City Holding Co.		264		12,627
CME Group Inc.–Class A		69		6,518
Coca-Cola Co. (The)		164		6,945
Cognizant Technology Solutions Corp.– Class A(a)		101		6,879
Colgate-Palmolive Co.		95		6,303

	Shares		Value
United States–(continued)
Columbia Banking System, Inc.		380	$	12,662
Comcast Corp.–Class A		116		7,264
Community Bank System, Inc.		372		15,163
CONMED Corp.		213		8,639
ConocoPhillips		133		7,096
Consolidated Edison, Inc.		105		6,904
CoreSite Realty Corp.		259		14,232
Corning Inc.		363		6,752
Costco Wholesale Corp.		47		7,432
Crown Castle International Corp.		74		6,324
CSG Systems International, Inc.		404		13,542
CSX Corp.		233		6,289
Cubic Corp.		299		13,410
Cummins Inc.		48		4,968
Curtiss-Wright Corp.		183		12,729
CVB Financial Corp.		686		11,971
CVS Health Corp.		65		6,421
Danaher Corp.		77		7,185
Deere & Co.		79		6,162
Delta Air Lines, Inc.		138		7,016
Deltic Timber Corp.		199		12,330
Devon Energy Corp.		155		6,499
DiamondRock Hospitality Co.		1,022		11,937
Dime Community Bancshares, Inc.		907		15,736
DineEquity, Inc.		138		11,516
Discover Financial Services		122		6,859
Dollar General Corp.		85		5,760
Dominion Resources, Inc.		93		6,643
Dow Chemical Co. (The)		149		7,699
Duke Energy Corp.		84		6,003
E. I. du Pont de Nemours and Co.		129		8,179
EastGroup Properties, Inc.		267		14,995
Eaton Corp. PLC(a)		114		6,374
eBay Inc.(a)		257		7,170
Ecolab Inc.		60		7,221
Edison International		113		6,839
Education Realty Trust, Inc.		427		15,334
El Paso Electric Co.		364		14,076
Eli Lilly and Co.		78		6,362
EMC Corp.		242		6,345
EMCOR Group, Inc.		265		12,794
Emerson Electric Co.		137		6,471
Encore Capital Group, Inc.(a)		293		11,925
EnPro Industries, Inc.		230		11,295
EOG Resources, Inc.		81		6,954
EPR Properties		266		15,111
Equity Residential		89		6,881
ESCO Technologies Inc.		378		14,020
Exelon Corp.		194		5,416
Exponent, Inc.		268		13,778
Express Scripts Holding Co.(a)		73		6,306

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19                         Invesco Macro Long/Short Fund

	Shares		Value
United States–(continued)
Exxon Mobil Corp.		86	$	7,116
F.N.B. Corp.		981		13,214
Facebook Inc.–Class A(a)		71		7,240
FedEx Corp.		39		6,086
First Midwest Bancorp, Inc.		682		12,153
Ford Motor Co.		425		6,294
Forrester Research, Inc.		392		12,650
Franklin Resources, Inc.		160		6,522
Franklin Street Properties Corp.		1,401		14,598
Freeport-McMoRan Inc.		453		5,332
G & K Services, Inc.–Class A		175		11,519
General Dynamics Corp.		47		6,983
General Electric Co.		250		7,230
General Mills, Inc.		117		6,799
General Motors Co.		217		7,575
Geo Group Inc. (The)		379		12,230
Getty Realty Corp.		997		16,829
Gilead Sciences, Inc.		61		6,596
Goldman Sachs Group, Inc. (The)		33		6,188
Government Properties Income Trust		971		15,808
Greatbatch, Inc.(a)		240		12,828
Halliburton Co.		170		6,525
HCA Holdings, Inc.(a)		78		5,366
HCP, Inc.		175		6,510
Healthcare Realty Trust, Inc.		645		17,002
Healthcare Services Group, Inc.		398		14,829
Hershey Co. (The)		74		6,563
Hess Corp.		111		6,239
Hewlett-Packard Co.(a)		232		6,255
Hilton Worldwide Holdings Inc.		236		5,898
Home Depot, Inc. (The)		55		6,800
Honeywell International Inc.		61		6,300
Horace Mann Educators Corp.		394		13,491
Humana Inc.		35		6,252
Illinois Tool Works Inc.		77		7,079
Illumina, Inc.(a)		32		4,585
Independent Bank Corp.		271		12,667
Infinity Property & Casualty Corp.		173		13,930
Ingersoll-Rand PLC		118		6,993
Inland Real Estate Corp.		1,684		14,903
Intel Corp.		206		6,975
Intercontinental Exchange, Inc.		27		6,815
International Business Machines Corp.		44		6,164
International Paper Co.		150		6,404
Intuit Inc.		74		7,210
Intuitive Surgical, Inc.(a)		12		5,959
Johnson & Johnson		63		6,365
Johnson Controls, Inc.		158		7,138
JPMorgan Chase & Co.		97		6,232
Kaiser Aluminum Corp.		189		15,364
Kaman Corp.		394		15,323

	Shares		Value
United States–(continued)
Kellogg Co.		101	$	7,123
Kimberly-Clark Corp.		60		7,183
Kinder Morgan Inc.		203		5,552
Kite Realty Group Trust		566		14,948
Kroger Co. (The)		184		6,955
Laclede Group, Inc. (The)		306		17,922
Las Vegas Sands Corp.		132		6,535
Lexington Realty Trust		1,521		13,446
LinkedIn Corp.–Class A(a)		35		8,430
Lockheed Martin Corp.		31		6,815
Lowe’s Cos., Inc.		92		6,792
LTC Properties, Inc.		358		15,340
LyondellBasell Industries N.V.–Class A		78		7,247
Macy’s, Inc.		99		5,047
ManTech International Corp.–Class A		414		11,965
Marathon Oil Corp.		342		6,286
Marathon Petroleum Corp.		126		6,527
Marsh & McLennan Cos., Inc.		120		6,689
MasterCard, Inc.–Class A		72		7,127
Matthews International Corp.–Class A		260		15,010
McDonald’s Corp.		69		7,745
McGraw Hill Financial, Inc.		67		6,207
McKesson Corp.		29		5,185
Mead Johnson Nutrition Co.		83		6,806
Medical Properties Trust Inc.		1,145		12,938
Medtronic PLC		85		6,283
Merck & Co., Inc.		114		6,231
MetLife, Inc.		131		6,600
Micron Technology, Inc.(a)		372		6,160
Microsoft Corp.		150		7,896
MKS Instruments, Inc.		351		12,369
Mondelez International Inc.–Class A		147		6,786
Monro Muffler Brake, Inc.		188		13,944
Monsanto Co.		65		6,059
Moog Inc.–Class A(a)		193		11,920
Morgan Stanley		171		5,638
MTS Systems Corp.		183		12,083
Mueller Industries, Inc.		398		12,545
Mylan N.V.(a)		130		5,732
National Oilwell Varco Inc.		155		5,834
National Penn Bancshares, Inc.		1,237		14,893
National Presto Industries, Inc.		146		12,855
Navigators Group, Inc. (The)(a)		193		16,473
NBT Bancorp Inc.		481		13,521
Neenah Paper, Inc.		197		13,280
Netflix Inc.(a)		63		6,828
New Jersey Resources Corp.		420		13,306
NextEra Energy, Inc.		65		6,673
NIKE, Inc.–Class B		57		7,469
Noble Energy, Inc.		204		7,311
Norfolk Southern Corp.		82		6,562

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20                         Invesco Macro Long/Short Fund

	Shares		Value
United States–(continued)
Northern Trust Corp.		85	$	5,983
Northfield Bancorp, Inc.		1,094		16,760
Northrop Grumman Corp.		41		7,698
Northwest Bancshares, Inc.		1,322		17,794
Northwest Natural Gas Co.		314		15,000
NorthWestern Corp.		249		13,493
Nucor Corp.		142		6,007
O’Reilly Automotive, Inc.(a)		29		8,012
Occidental Petroleum Corp.		89		6,634
Omnicom Group Inc.		92		6,893
Oracle Corp.		172		6,680
Oritani Financial Corp.		937		14,917
OSI Systems, Inc.(a)		179		15,426
PACCAR Inc.		101		5,318
Parkway Properties, Inc.		791		13,233
PepsiCo, Inc.		69		7,051
Perrigo Co. PLC		36		5,679
Pfizer Inc.		202		6,832
PG&E Corp.		129		6,889
Philip Morris International Inc.		84		7,426
Phillips 66		81		7,213
Piedmont Natural Gas Co., Inc.		358		20,517
Pioneer Natural Resources Co.		53		7,268
PNC Financial Services Group, Inc. (The)		69		6,228
Pool Corp.		184		15,003
Post Properties, Inc.		256		15,293
PPG Industries, Inc.		67		6,985
PPL Corp.		216		7,430
Praxair, Inc.		62		6,888
Precision Castparts Corp.		27		6,232
Priceline Group Inc. (The)(a)		5		7,271
ProAssurance Corp.		344		18,218
Procter & Gamble Co. (The)		91		6,951
Progress Software Corp.(a)		430		10,440
Prologis, Inc.		168		7,179
Provident Financial Services, Inc.		741		15,057
Prudential Financial, Inc.		78		6,435
PS Business Parks, Inc.		186		15,957
Public Service Enterprise Group Inc.		155		6,400
Public Storage		31		7,113
QUALCOMM, Inc.		115		6,833
Raytheon Co.		61		7,161
Regeneron Pharmaceuticals, Inc.(a)		13		7,246
Retail Opportunity Investments Corp.		863		15,646
Reynolds American Inc.		150		7,248
RLI Corp.		218		13,265
Sabra Health Care REIT, Inc.		484		10,977
Safety Insurance Group, Inc.		260		15,067
salesforce.com, inc.(a)		95		7,382
Samsonite International S.A.		2,488		7,323
Saul Centers, Inc.		251		14,074

	Shares		Value
United States–(continued)
Schlumberger Ltd.		78	$	6,096
Selective Insurance Group, Inc.		425		15,508
Sempra Energy		68		6,964
Sherwin-Williams Co. (The)		23		6,137
Simmons First National Corp.–Class A		271		13,967
Simon Property Group, Inc.		37		7,454
Simpson Manufacturing Co., Inc.		335		12,723
Snyder’s-Lance, Inc.		361		12,830
South Jersey Industries, Inc.		601		15,933
Southern Co. (The)		157		7,081
Southwest Airlines Co.		168		7,777
Southwest Gas Corp.		242		14,873
Spectra Energy Corp.		225		6,428
St. Jude Medical, Inc.		87		5,551
Standex International Corp.		155		13,907
Starbucks Corp.		115		7,196
State Street Corp.		82		5,658
Sterling Bancorp		884		13,605
Stryker Corp.		71		6,789
Summit Hotel Properties, Inc.		937		12,256
SunTrust Banks, Inc.		158		6,560
Superior Industries International, Inc.		605		11,906
Sysco Corp.		158		6,518
T. Rowe Price Group Inc.		82		6,201
Talmer Bancorp, Inc.–Class A		887		14,919
Target Corp.		84		6,483
Tetra Tech, Inc.		444		11,944
Texas Instruments Inc.		135		7,657
Texas Roadhouse, Inc.		310		10,649
Thermo Fisher Scientific, Inc.		52		6,801
Time Warner Cable Inc.		33		6,250
Time Warner Inc.		89		6,705
TJX Cos., Inc. (The)		93		6,807
Tompkins Financial Corp.		235		12,756
Travelers Cos., Inc. (The)		66		7,451
TrustCo Bank Corp NY		1,903		11,856
Twenty-First Century Fox, Inc.–Class A		236		7,243
Twitter, Inc.(a)		222		6,318
Tyco International PLC		165		6,013
U.S. Bancorp		154		6,496
UniFirst Corp.		113		11,873
Union Pacific Corp.		74		6,612
United Bankshares, Inc.		295		11,667
United Parcel Service, Inc.–Class B		64		6,593
United Technologies Corp.		69		6,790
UnitedHealth Group Inc.		54		6,360
Universal Health Realty Income Trust		266		13,218
Urstadt Biddle Properties Inc.–Class A		776		15,598
Valero Energy Corp.		105		6,922
Ventas, Inc.		117		6,285
Verizon Communications Inc.		136		6,376

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21                         Invesco Macro Long/Short Fund

	Shares		Value
United States–(continued)
Vertex Pharmaceuticals Inc.(a)		52	$	6,486
VF Corp.		94		6,347
Viacom Inc.–Class B		139		6,854
Visa Inc.–Class A		96		7,448
Vornado Realty Trust		74		7,441
Wal-Mart Stores, Inc.		91		5,209
Walgreens Boots Alliance, Inc.		73		6,182
Walt Disney Co. (The)		60		6,824
Waste Management, Inc.		125		6,720
WD-40 Co.		139		13,286
Wells Fargo & Co.		116		6,280
Welltower Inc.		96		6,228
Westamerica Bancorp.		266		11,760
Western Digital Corp.		73		4,878
Weyerhaeuser Co.		229		6,717
Williams Cos., Inc. (The)		135		5,324
Wintrust Financial Corp.		251		12,673
Xcel Energy, Inc.		192		6,841
Yahoo! Inc.(a)		198		7,053
Yum! Brands, Inc.		72		5,106
Zimmer Biomet Holdings, Inc.		62		6,483
Zoetis Inc.		131		5,634
				3,252,940
Total Common Stocks & Other Equity Interests (Cost $11,565,319)				11,406,742

	Shares		Value
Money Market Funds–12.07%
Liquid Assets Portfolio–Institutional Class, 0.16%(g)		834,965	$	834,965
Premier Portfolio–Institutional Class, 0.12%(g)		834,964		834,964
Total Money Market Funds (Cost $1,669,929)				1,669,929
TOTAL INVESTMENTS–94.51% (Cost $13,235,248)				13,076,671
OTHER ASSETS LESS LIABILITIES–5.49%				759,518
NET ASSETS–100.00%			$	13,836,189

Investment Abbreviations:

ADR	– American Depositary Receipt
CPO	– Certificates of Ordinary Participation
Ctfs.	– Certificates
GDR	– Global Depositary Receipt
NVDR	– Non-Voting Depositary Receipt
REIT	– Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Each unit represents one common share and four preferred shares.

^(c)  Each unit represents two preferred shares and one common share.

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2015 was $31,124, which represented less than 1% of the Fund’s Net Assets.

^(e)  Each unit represents one Series B share, two Series D-B shares and two Series D-L shares.

^(f)  Each CPO represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares.

^(g)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22                         Invesco Macro Long/Short Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $11,565,319)	$	11,406,742
Investments in affiliated money market funds, at value and cost		1,669,929
Total investments, at value (Cost $13,235,248)		13,076,671
Foreign currencies, at value (Cost $60,807)		60,690
Receivable for:
Deposits with brokers for open futures contracts		735,000
Variation margin — futures		5,735
Dividends		20,893
Fund expenses absorbed		69,906
Investment for trustee deferred compensation and retirement plans		4,289
Unrealized appreciation on forward foreign currency contracts outstanding		35,083
Other assets		4,086
Total assets		14,012,353
Liabilities:
Payable for:
Fund shares reacquired		12,475
Accrued fees to affiliates		1,303
Accrued trustees’ and officers’ fees and benefits		1,589
Accrued other operating expenses		85,438
Trustee deferred compensation and retirement plans		4,289
Unrealized depreciation on forward foreign currency contracts outstanding		68,277
Unrealized depreciation on swap agreements — OTC		2,793
Total liabilities		176,164
Net assets applicable to shares outstanding	$	13,836,189
Net assets consist of:
Shares of beneficial interest	$	14,265,521
Undistributed net investment income		41,809
Undistributed net realized gain (loss)		(197,057	)
Net unrealized appreciation (depreciation)		(274,084	)
	$	13,836,189

Net Assets:
Class A	$	6,047,502
Class C	$	20,748
Class R	$	9,630
Class Y	$	6,399,629
Class R5	$	628,800
Class R6	$	729,880
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		627,077
Class C		2,159
Class R		1,001
Class Y		661,997
Class R5		65,001
Class R6		75,494
Class A:
Net asset value per share	$	9.64
Maximum offering price per share
(Net asset value of $9.64 ¸ 94.50%)	$	10.20
Class C:
Net asset value and offering price per share	$	9.61
Class R:
Net asset value and offering price per share	$	9.62
Class Y:
Net asset value and offering price per share	$	9.67
Class R5:
Net asset value and offering price per share	$	9.67
Class R6:
Net asset value and offering price per share	$	9.67

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23                         Invesco Macro Long/Short Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends (net of foreign withholding taxes of $23,306)	$	306,735
Dividends from affiliated money market funds		1,658
Total investment income		308,393
Expenses:
Advisory fees		173,135
Administrative services fees		50,000
Custodian fees		123,079
Distribution fees:
Class A		14,957
Class C		255
Class R		49
Transfer agent fees — A, C, R and Y		3,259
Transfer agent fees — R5		60
Transfer agent fees — R6		59
Trustees’ and officers’ fees and benefits		19,214
Registration and filing fees		109,456
Licensing Fees		74,202
Professional services fees		79,271
Other		111,700
Total expenses		758,696
Less: Fees waived and expenses reimbursed		(522,342	)
Net expenses		236,354
Net investment income		72,039
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $824)		(49,604	)
Foreign currencies		(12,960	)
Forward foreign currency contracts		558,302
Futures contracts		(486,975	)
Swap agreements		(3,317	)
		5,446
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes on holdings of $408)		(433,351	)
Foreign currencies		799
Forward foreign currency contracts		(58,310	)
Futures contracts		106,333
Swap agreements		(1,912	)
		(386,441	)
Net realized and unrealized gain (loss)		(380,995	)
Net increase (decrease) in net assets resulting from operations	$	(308,956	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24                         Invesco Macro Long/Short Fund

Statement of Changes in Net Assets

For the year ended October 31, 2015 and the period December 17, 2013 (commencement date) through October 31, 2014

	October 31, 2015			December 17, 2013 (commencement date) through October 31, 2014
Operations:
Net investment income	$	72,039		$	70,747
Net realized gain (loss)		5,446			(187,807	)
Change in net unrealized appreciation (depreciation)		(386,441	)		112,357
Net increase (decrease) in net assets resulting from operations		(308,956	)		(4,703	)
Distributions to shareholders from net investment income:
Class A		(61,803	)		—
Class R		(82	)		—
Class Y		(73,701	)		—
Class R5		(15,530	)		—
Class R6		(9,070	)		—
Total distributions from net investment income		(160,186	)		—
Share transactions–net:
Class A		323,315			5,931,843
Class C		(45,450	)		67,324
Class R		—			10,010
Class Y		773,498			5,837,544
Class R5		(571,965	)		1,229,957
Class R6		65,636			688,322
Net increase in net assets resulting from share transactions		545,034			13,765,000
Net increase in net assets		75,892			13,760,297
Net assets:
Beginning of year		13,760,297			—
End of year (includes undistributed net investment income of $41,809 and $137,339, respectively)	$	13,836,189		$	13,760,297

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Macro Long/Short Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is to seek a positive absolute return over a complete economic and market cycle.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. 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 R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

25                         Invesco Macro Long/Short Fund

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

26                         Invesco Macro Long/Short Fund

D. Distributions — Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. Futures Contracts — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between 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

27                         Invesco Macro Long/Short Fund

merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

L. Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. 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. 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.

M. Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

N. Collateral — To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $10 billion		1.25%
Over $10 billion		1.15%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 1.25%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 February 28, 2017, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.87%, 2.62%, 2.12%, 1.62%, 1.62% and 1.62% of average daily net assets, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected

28                         Invesco Macro Long/Short Fund

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 February 28, 2017. The fee waiver agreement cannot be terminated during its term.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees and reimbursed fund level expenses of $518,965 and reimbursed class level expenses of $1,571, $6, $2, $1,679, $60 and $59 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. 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 October 31, 2015, 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 October 31, 2015, IDI advised the Fund that IDI retained $158 in front-end sales commissions from the sale of Class A shares and $543 from Class C shares, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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.

29                         Invesco Macro Long/Short Fund

During the year ended October 31, 2015, there were transfers from Level 1 to Level 2 of $962,023 and from Level 2 to Level 1 of $833,891, due to foreign fair value adjustments.

	Level 1			Level 2			Level 3		Total
Australia	$	584,514		$	233,032		$	—	$	817,546
Austria		7,063			7,672			—		14,735
Belgium		—			44,905			—		44,905
Brazil		60,620			—			—		60,620
Chile		82,940			—			—		82,940
China		7,762			105,118			—		112,880
Colombia		15,738			—			—		15,738
Czech Republic		—			14,085			—		14,085
Denmark		19,753			50,709			—		70,462
Egypt		7,724			—			—		7,724
Finland		—			46,382			—		46,382
France		94,453			266,737			—		361,190
Germany		246,204			21,820			—		268,024
Hong Kong		17,496			428,276			—		445,772
Hungary		13,943			—			—		13,943
India		28,960			—			—		28,960
Indonesia		—			38,918			—		38,918
Ireland		14,833			64,006			—		78,839
Italy		45,030			45,703			—		90,733
Japan		—			1,619,953			—		1,619,953
Luxembourg		—			12,164			—		12,164
Macau		—			13,962			—		13,962
Malaysia		84,753			121,154			—		205,907
Mexico		140,504			—			—		140,504
Netherlands		6,650			91,170			—		97,820
New Zealand		27,019			70,102			—		97,121
Norway		22,372			29,739			—		52,111
Philippines		8,487			75,255			—		83,742
Poland		11,021			25,697			—		36,718
Portugal		—			7,730			—		7,730
Qatar		14,872			—			—		14,872
Singapore		86,979			146,247			—		233,226
South Africa		75,126			93,311			—		168,437
South Korea		28,831			47,263			—		76,094
Spain		105,674			28,521			—		134,195
Sweden		30,898			128,568			—		159,466
Switzerland		6,895			280,318			—		287,213
Taiwan		7,056			372,542			—		379,598
Thailand		28,723			102,366			—		131,089
Turkey		56,565			15,446			—		72,011
United Kingdom		114,896			1,400,577			—		1,515,473
United States		4,915,546			7,323			—		4,922,869
		7,019,900			6,056,771			—		13,076,671
Forward Foreign Currency Contracts*		—			(33,194	)		—		(33,194	)
Futures Contracts*		(79,391	)		—			—		(79,391	)
Swap Agreements*		—			(2,793	)		—		(2,793	)
Total Investments	$	6,940,509		$	6,020,784		$	—	$	12,961,293

* Unrealized appreciation (depreciation).

30                         Invesco Macro Long/Short Fund

NOTE 4—Derivative Investments

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 October 31, 2015:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Currency risk:
Forward foreign currency contracts(a)	$	35,083	$	(68,277	)
Equity risk:
Futures contracts(b)		215,185		(294,576	)
Swap contracts(c)				(2,793	)
Total	$	250,268	$	(365,646	)

^(a) Values are disclosed on the Statement of Assets and Liabilities under the captions Unrealized appreciation on forward foreign currency contracts outstanding and Unrealized depreciation on forward foreign currency contracts outstanding.

^(b) Includes cumulative appreciation (depreciation) of futures contracts. Only current day’s variation margin receivable is reported within the Statement of Assets and Liabilities.

^(c)  Values are disclosed on the Statement of Assets and Liabilities under the caption Unrealized depreciation on swap transactions — OTC.

Effect of Derivative Investments for the year ended October 31, 2015

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
	Futures Contracts			Forward Foreign Currency Contracts			Swap Agreements
Realized Gain (Loss):
Currency risk	$	—		$	558,302		$	—
Equity risk		(486,975	)		—			(3,317	)
Change in Net Unrealized Appreciation (Depreciation):
Currency risk		—			(58,310	)		—
Equity risk		106,333			—			(1,912	)
Total	$	(380,642	)	$	499,992		$	(5,229	)

The table below summarizes the average notional value of forward foreign currency contracts, futures contracts, and swap agreements outstanding during the period.

	Futures Contracts		Forward Foreign Currency Contracts		Swap Agreements
Average notional value	$	10,971,050	$	5,877,889	$	186,004

31                         Invesco Macro Long/Short Fund

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver			Receive
11/20/15	Canadian Imperial Bank of Commerce		AUD	1,060,000		USD	768,372	$	755,106	$	13,266
11/20/15	Canadian Imperial Bank of Commerce		CHF	230,000		USD	233,446		232,863		583
11/20/15	Canadian Imperial Bank of Commerce		EUR	1,080,000		USD	1,193,054		1,188,024		5,030
11/20/15	Canadian Imperial Bank of Commerce		GBP	1,050,000		USD	1,633,049		1,618,651		14,398
11/20/15	Canadian Imperial Bank of Commerce		JPY	200,500,000		USD	1,604,768		1,661,908		(57,140	)
11/20/15	Canadian Imperial Bank of Commerce		NOK	420,000		USD	50,622		49,416		1,206
11/20/15	Canadian Imperial Bank of Commerce		NZD	140,000		USD	90,499		94,655		(4,156	)
11/20/15	Canadian Imperial Bank of Commerce		SEK	1,360,000		USD	157,185		159,281		(2,096	)
11/20/15	Canadian Imperial Bank of Commerce		SGD	370,000		USD	262,742		263,928		(1,186	)
11/20/15	Canadian Imperial Bank of Commerce		USD	7,047		AUD	10,000		7,123		76
11/20/15	Canadian Imperial Bank of Commerce		USD	20,814		CHF	20,000		20,249		(565	)
11/20/15	Canadian Imperial Bank of Commerce		USD	90,067		EUR	80,000		88,002		(2,065	)
11/20/15	Canadian Imperial Bank of Commerce		USD	61,219		GBP	40,000		61,663		444
11/20/15	Canadian Imperial Bank of Commerce		USD	133,468		JPY	16,000,000		132,621		(847	)
11/20/15	Canadian Imperial Bank of Commerce		USD	6,013		NOK	50,000		5,883		(130	)
11/20/15	Canadian Imperial Bank of Commerce		USD	8,290		SEK	70,000		8,198		(92	)
11/20/15	Canadian Imperial Bank of Commerce		USD	7,053		SGD	10,000		7,133		80
Total Forward Foreign Currency Contracts — Currency Risk										$	(33,194	)

Currency Abbreviations:

AUD	– Australian Dollar
CHF	– Swiss Franc
EUR	– Euro
GBP	– British Pound Sterling

JPY	– Japanese Yen
NOK	– Norwegian Krone
NZD	– New Zealand Dollar

SEK	– Swedish Krona
SGD	– Singapore Dollar
USD	– U.S. Dollar

Open Futures Contracts(a)
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation (Depreciation)
Dow Jones EURO STOXX 50 Index		Short		21		December-2015	$	(785,879	)	$	(40,227	)
E-Mini S&P 500 Index		Short		9		December-2015		(933,165	)		(63,333	)
FTSE 100 Index		Long		6		December-2015		584,651			22,853
FTSE 100 Index		Short		9		December-2015		(876,976	)		(22,792	)
Hang Seng Index		Short		2		November-2015		(292,674	)		5,026
Hang Seng Index		Long		4		November-2015		585,348			(8,170	)
Mini MSCI Emerging Markets Asia Index		Long		25		December-2015		1,054,625			58,289
Mini MSCI Emerging Markets Asia Index		Short		22		December-2015		(928,070	)		(50,645	)
MSCI Singapore Index		Short		2		November-2015		(95,767	)		3,048
Russell 2000 Mini Index		Long		10		December-2015		1,158,300			50,052
Russell 2000 Mini Index		Short		8		December-2015		(926,640	)		(10,856	)
SPI 200 Index		Short		6		December-2015		(560,069	)		(20,264	)
Tokyo Stock Price Index		Long		7		December-2015		904,077			75,917
Tokyo Stock Price Index		Short		7		December-2015		(904,077	)		(78,289	)
Total Futures Contracts – Equity Risk										$	(79,391	)

^(a)  Futures collateralized by $735,000 cash held with Goldman, Sachs International, the futures commission merchant.

Open Over-The-Counter Total Return Swap Agreements – Equity Risk

Swap Agreements

Type of Contract

Counterparty

Number of Contracts

Termination Date

Notional Value

Unrealized Appreciation (Depreciation)

Pay a return equal to Swiss Market Index Futures multiplied by the Notional Value

Short

Goldman Sachs International

2

December-2015

$

(180,755

)

$

(2,793

)

32                         Invesco Macro Long/Short Fund

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2015.

Counterparty	Gross amounts of Recognized Assets		Gross Amounts Not Offset in the Statement of Assets and Liabilities							Net Amount
			Financial Instruments			Collateral Received
						Non-Cash		Cash
Canadian Imperial Bank of Commerce(a)	$	35,083	$	(35,083	)	$	—	$	—	$	—
Counterparty	Gross amounts of Recognized Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities							Net Amount
			Financial Instruments			Collateral Pledged
						Non-Cash		Cash
Canadian Imperial Bank of Commerce(a)	$	68,277	$	(35,083	)	$	—	$	—	$	33,194
Goldman Sachs International(b)		2,793		—			—		—		2,793
Total	$	71,070	$	(35,083	)	$	—	$	—	$	35,987

^(a)  Forward foreign currency contracts Counterparty.

^(b)  Swap agreements — OTC Counterparty.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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.

33                         Invesco Macro Long/Short Fund

NOTE 7—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Year Ended October 31, 2015 and the period December 17, 2013 (commencement date) through October 31, 2014:

	2015		2014
Ordinary income	$	160,186	$	—

Tax Components of Net Assets at Period-End:

	2015
Undistributed ordinary income	$	228,342
Undistributed long-term gain		46,203
Net unrealized appreciation (depreciation) — investments		(192,838	)
Net unrealized appreciation (depreciation) — other investments		(31,456	)
Temporary book/tax differences		(479,583	)
Shares of beneficial interest		14,265,521
Total net assets	$	13,836,189

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 passive foreign investment companies.

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 and passive foreign investment companies.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of October 31, 2015.

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $5,534,320 and $4,905,921, respectively. In a fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year end reporting period.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	905,255
Aggregate unrealized (depreciation) of investment securities		(1,098,093	)
Net unrealized appreciation (depreciation) of investment securities	$	(192,838	)

Cost of investments for tax purposes is $13,269,509.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and passive foreign investment companies, on October 31, 2015, undistributed net investment income was decreased by $7,383, undistributed net realized gain (loss) was increased by $7,569 and shares of beneficial interest was decreased by $186. This reclassification had no effect on the net assets of the Fund.

34                         Invesco Macro Long/Short Fund

NOTE 10—Share Information

	Summary of Share Activity
	Year ended October 31, 2015(a)						December 17, 2013 (commencement date) through October 31, 2014
Sold:
Class A		43,327		$	415,185			597,931		$	5,981,144
Class C		1,013			10,055			6,688			67,324
Class R		—			—			1,001			10,010
Class Y		85,470			848,088			592,645			5,926,023
Class R5		—			—			123,628			1,235,815
Class R6		10,211			100,649			68,888			688,322
Issued as reinvestment of dividends:
Class A		73			710			—			—
Class R5		753			7,327			—			—
Class R6		89			866			—			—
Reacquired:
Class A		(9,415	)		(92,580	)		(4,839	)		(49,301	)
Class C		(5,542	)		(55,505	)		—			—
Class Y		(7,474	)		(74,590	)		(8,644	)		(88,479	)
Class R5		(58,811	)		(579,292	)		(569	)		(5,858	)
Class R6		(3,694	)		(35,879	)		—			—
Net increase in share activity		56,000		$	545,034			1,376,729		$	13,765,000

^(a)  95% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 11—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			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 10/31/15	$	9.98	$	0.04		$	(0.27	)	$	(0.23	)	$	(0.11	)	$	9.64		(2.37	)%	$	6,048		1.85	%(e)		5.62	%(e)		0.38	%(e)		45	%
Year ended 10/31/14(d)		10.00		0.04			(0.06	)		(0.02	)		—			9.98		(0.20	)		5,921		1.85	(f)		5.82	(f)		0.45	(f)		44
Class C
Year ended 10/31/15		9.92		(0.04	)		(0.27	)		(0.31	)		—			9.61		(3.13	)		21		2.60	(e)		6.37	(e)		(0.37	)(e)		45
Year ended 10/31/14(d)		10.00		(0.03	)		(0.05	)		(0.08	)		—			9.92		(0.80	)		66		2.60	(f)		6.57	(f)		(0.30	)(f)		44
Class R
Year ended 10/31/15		9.96		0.01			(0.27	)		(0.26	)		(0.08	)		9.62		(2.59	)		10		2.10	(e)		5.87	(e)		0.13	(e)		45
Year ended 10/31/14(d)		10.00		0.02			(0.06	)		(0.04	)		—			9.96		(0.40	)		10		2.10	(f)		6.07	(f)		0.20	(f)		44
Class Y
Year ended 10/31/15		10.00		0.06			(0.26	)		(0.20	)		(0.13	)		9.67		(2.05	)		6,400		1.60	(e)		5.37	(e)		0.63	(e)		45
Year ended 10/31/14(d)		10.00		0.06			(0.06	)		0.00			—			10.00		0.00			5,843		1.60	(f)		5.57	(f)		0.70	(f)		44
Class R5
Year ended 10/31/15		10.01		0.06			(0.27	)		(0.21	)		(0.13	)		9.67		(2.14	)		629		1.60	(e)		5.36	(e)		0.63	(e)		45
Year ended 10/31/14(d)		10.00		0.06			(0.05	)		0.01			—			10.01		0.10			1,231		1.60	(f)		5.54	(f)		0.70	(f)		44
Class R6
Year ended 10/31/15		10.00		0.06			(0.26	)		(0.20	)		(0.13	)		9.67		(2.05	)		730		1.60	(e)		5.36	(e)		0.63	(e)		45
Year ended 10/31/14(d)		10.00		0.06			(0.06	)		0.00			—			10.00		0.00			689		1.60	(f)		5.54	(f)		0.70	(f)		44

^(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)  Commencement date of December 17, 2013.

^(e)  Ratios are based on average daily net assets (000’s omitted) of $5,983, $26, $10, $6,394, $726 and $713 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f) Annualized.

35                         Invesco Macro Long/Short Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Macro Long/Short Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Macro Long/Short Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year then ended and for the period December 17, 2013 (commencement of operations) through October 31, 2014, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

36                         Invesco Macro Long/Short 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 May 1, 2015 through October 31, 2015.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	946.00	$	9.07	$	1,015.88	$	9.40		1.85	%
C		1,000.00		942.00		12.73		1,012.10		13.19		2.60
R		1,000.00		945.00		10.30		1,014.62		10.66		2.10
Y		1,000.00		947.10		7.85		1,017.14		8.13		1.60
R5		1,000.00		947.10		7.85		1,017.14		8.13		1.60
R6		1,000.00		947.10		7.85		1,017.14		8.13		1.60

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

37                         Invesco Macro Long/Short Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Macro Long/Short Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on
June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports form the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s

consideration of Invesco Advisers’ investment process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s sub-advisory contracts.

B. Fund Performance

The Board did not consider Fund performance as a relevant factor in considering whether to approve the investment advisory agreement as the Fund had only one year of performance history and no comparative data was available.

C. Advisory and Sub-Advisory Fees

The Board considered the advisory fee schedule of the Fund and the contractual fee waivers and/or expense limitations that will be in place for the Fund through February 29, 2016. The Board had no comparative Lipper fee data because the Fund was launched in December 2013.

The Board compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The

38                         Invesco Macro Long/Short Fund

Board noted that the Fund’s rate was the same as the rate of one such mutual fund. The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other client accounts with investment strategies comparable to those of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund as a result of fee and expense waivers. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

39                         Invesco Macro Long/Short 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 advisors.

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 October 31, 2015:

Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	33.13	%
U.S. Treasury Obligations*	0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

40                         Invesco Macro Long/Short Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Macro Long/Short 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Macro Long/Short 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Macro Long/Short 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Macro Long/Short Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338                         MLS-AR-1                                                          Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco MLP Fund
	Nasdaq:
	A: ILPAX  n  C: ILPCX  n  R: ILPRX  n  Y: ILPYX  n  R5: ILPFX  n  R6:  ILPQX

Letters to Shareholders

       Philip Taylor Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.     The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European Central

Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.

Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                         Invesco MLP Fund

Bruce Crockett	Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
	n	Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.
	n	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                         Invesco MLP Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco MLP Fund (the Fund), at net asset value (NAV), outperformed the Fund’s style-specific benchmark, the Alerian MLP Index.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 10/31/14 to 10/31/15, 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	-28.30	%
Class C Shares	-28.78
Class R Shares	-28.48
Class Y Shares	-28.07
Class R5 Shares	-28.07
Class R6 Shares	-28.07
S&P 500 Indexq (Broad Market Index)	5.20
Alerian MLP Indexq (Style-Specific Index)	-30.08
Lipper Energy MLP Funds Index¢ (Peer Group Index)	-23.80
Source(s): qFactSet Research Systems Inc.; ¢Lipper Inc.

Market conditions and your Fund

While overall global growth remained positive during the fiscal year ended October 31, 2015, there was a material dispersion in growth sustainability across major economies and world regions. The US economy has been trending relatively well, with strong economic growth and lower unemployment despite the pullback in crude oil prices and volatility among equities. China, Japan and the eurozone, however, struggled to deliver a consistent growth pattern and as such, economic stimulus remained necessary. Economic rebalancing and balance sheet repair remained key themes in many world economies and were reflected in below long-term average gross domestic product growth and very modest inflationary pressures.

    In response to weak commodity prices, increased signs of vulnerability in several emerging market economies

and deterioration in the high yield fixed income market, the US Federal Reserve decided to wait before raising interest rates. Rates on 10-year US Treasuries ended the reporting period essentially unchanged.

    Overall, domestic equities, as measured by the S&P 500 Index, traded in a relatively tight range for most of the fiscal year. However, in August and September of 2015 equity markets across the globe sold off due to weakness in emerging economies, in part due to persistently low commodity prices. Domestic equities recovered in the final month of the fiscal year, ending the reporting period in positive territory.

    Master limited partnership (MLP) equities experienced steep losses during the fiscal year as a result of the sharp decline in energy prices. Fracturing technology, which allows for the extraction of hydrocarbons from previously uneconomical

locations, brought new life to the US energy industry and resulted in substantial growth in oil and gas production. Unexpected supply from Libya and Iraq, as well as the unwillingness by OPEC to cut production, further increased existing supply. Simultaneously, energy demand expectations were reduced as a result of the weakened outlook for global economic growth. These factors led to imbalances in supply and demand, causing energy prices to decline over 40% during the fiscal year, with crude oil falling from $81 to $47 per barrel and natural gas falling from $4.50 to $2.33/per thousand cubic feet.¹

    On an absolute basis, Fund holdings in the pipelines and midstream diversified, gathering and processing MLPs and refined products pipelines and terminals sectors were the largest detractors from performance. Natural gas pipelines and storage was the only MLP sector to contribute to Fund performance during the fiscal year.

    At NAV, the Fund outperformed its style-specific benchmark, the Alerian MLP Index, as a result of security selection and market allocation during the fiscal year. In particular, security selection and an underweight position in upstream MLPs, security selection in the pipelines and midstream diversified, and the gathering and processing MLP sectors, as well as a lack of holdings in the coal MLP sector, were the largest contributors to relative Fund performance. Ancillary cash held by the Fund was also beneficial during the reporting period given the declines in MLP equities overall. Security selection in refined products pipelines and terminals and a lack of holdings in the propane MLP sector were the largest relative detractors from Fund performance for the fiscal year.

Portfolio Composition

 By MLP sector % of total net assets

Pipelines & Midstream Diversified	47.2	%
Refined Products Pipelines & Terminals	27.8
Gathering & Processing MLP	15.6
Natural Gas Pipelines & Storage	4.2
Non-Traditional (MLP)	1.2
Refinery Logistics	0.6
Money Market Funds Plus Other Assets Less Liabilities	3.4

Top 10 Equity Holdings*
	% of total net assets

1.	Enterprise Products Partners L.P.	18.0	%
2.	Energy Transfer Partners, L.P.	11.5
3.	Magellan Midstream Partners, L.P.	7.2
4.	Plains All American Pipeline, L.P.	6.0
5.	Buckeye Partners, L.P.	4.3
6.	MarkWest Energy Partners, L.P.	4.0
7.	Williams Partners, L.P.	3.9
8.	Enbridge Energy Partners, L.P.	3.8
9.	Tesoro Logistics L.P.	3.6
10.	Sunoco Logistics Partners L.P.	3.3

Total Net Assets	$4.8 million
Total Number of Holdings*	34

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.

Data presented here are as of October 31, 2015.

4                Invesco MLP Fund

    The Fund’s position in Energy Transfer Partners, which was slightly larger than that of the Alerian MLP Index, and the Fund’s position in Enterprise Products Partners, which was slightly smaller than that of the style-specific benchmark, were the leading detractors from absolute Fund performance given their significant weightings in the Fund. Energy Transfer Partners operates as a pipeline and midstream diversified MLP with exposure to natural gas, natural gas liquids (NGL), crude oil and refined products. Its operations include intrastate and interstate transportation and storage, gathering and processing, NGL transportation and storage, as well as retail sale of gasoline and middle distillates and the operation of convenience stores in 25 states, primarily on the East Coast and in the Midwest. Enterprise Products Partners is one of the largest MLPs. The company has grown through both acquisitions and organic growth opportunities resulting in 49,000 miles of pipelines, 24 natural gas processing plants, 22 NGL and propylene fractionators, strategically placed storage domes as well as NGL import/export terminals along the Houston Ship Channel.

    Buckeye Partners, an MLP focused on crude oil storage that we believed offered a more stable business model given the current environment, was the largest contributor to absolute performance during the fiscal year. Nustar Energy and TC Pipelines, also top contributors to Fund performance, were new holdings purchased near the end of the fiscal year around their 52-week lows.

    During the reporting period, the Fund held an average overweight position in refined products pipelines and terminals, gathering and processing MLPs, and pipelines and midstream diversified MLPs relative to its style-specific benchmark. The Fund held an average underweight position in upstream MLPs, oilfield services, marine MLPs, as well as natural gas pipelines and storage. The Fund lacked exposure to several MLP sectors in which its style-specific benchmark had minor exposure, including non-traditional, propane and coal.

    We believe that the Permian and Marcellus basins remain the strongest basins with drilling economics that are relatively attractive based on our research. Despite recent distribution cuts from upstream MLPs, our expectations for distribution growth among midstream companies remain positive given the contractual nature of existing cash flows, combined

with a still-healthy project backlog. In general, the Fund remains focused on companies that exhibit a relatively high fee-based cash flow, have access to a growing asset base through both organic capital expenditures and acquisitions, and operate in what we view to be the most attractive natural resource basins in the US.

    We thank you for your investment in Invesco MLP Fund.

1 Source: Bloomberg Financial LP

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

Joe Rodriguez Jr. Portfolio Manager, is lead manager of Invesco MLP Fund. He is Head of Global

Securities with Invesco Real Estate, where he oversees all phases of the unit, including securities research and administration. Mr. Rodriguez joined Invesco in 1990. He earned a BBA in economics and finance and an MBA in finance from Baylor University.

Mark Blackburn Chartered Financial Analyst, Portfolio Manager, is manager of Invesco MLP Fund.

He joined Invesco in 1998. Mr. Blackburn earned a BS in accounting from Louisiana State University and an MBA from Southern Methodist University.

James Cowen Portfolio Manager, is manager of Invesco MLP Fund. He joined Invesco in 2000.

Mr. Cowen earned a Master of Town and Country Planning degree from the University of Manchester and a Master of Philosophy degree in land economy from Cambridge University.

Paul Curbo Chartered Financial Analyst, Portfolio Manager, is manager of Invesco MLP Fund.

He joined Invesco in 1998. Mr. Curbo earned a BBA in finance from The University of Texas at Austin.

Darin Turner Portfolio Manager, is manager of Invesco MLP Fund. He joined Invesco in 2005.

Mr. Turner earned a BBA in finance from Baylor University, an MS in real estate from The University of Texas at Arlington and an MBA specializing in investments from Southern Methodist University.

Ping-Ying Wang Chartered Financial Analyst, Portfolio Manager, is manager of Invesco MLP Fund.

She joined Invesco in 1998. Ms. Wang earned a BS in international finance from the People’s University of China and a PhD in finance from the University of Texas at Dallas.

5                          Invesco MLP Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es) Since Inception

Fund and index data from 8/29/14

Past performance cannot guarantee comparable future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

MLP, could result in an MLP being treated as a corporation for US federal income tax purposes, which would result in such MLP being required to pay US federal income tax on its taxable income. The classification of an MLP as a corporation for US federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by the Fund were treated as a corporation for US federal income tax purposes, it could result in a reduction of the value of the Fund’s investment, and consequently your investment in the Fund and lower income. MLPs taxed as partnerships file a partnership tax return for US federal, state and local income tax purposes and communicate to each investor in such MLP the investor’s allocable share of the MLP’s income, gains, losses, deductions and expenses via a “Schedule K-1.” Each year, the Fund will send you

an annual tax statement (Form 1099) to assist you in completing your federal, state and local tax returns. An MLP might need to amend its partnership tax return and, in turn, send amended Schedules K-1 to investors in the MLP, such as the Fund. When necessary, the Fund will send you a corrected Form 1099 to reflect Schedule K-1 information reclassified by an MLP, which could, in turn, require you to amend your federal, state or local tax returns.

n Non-diversification risk. The Fund is non-diversified and can invest a greater portion of its assets in a small number of issuers or a single issuer. A change in the value of the issuer could affect the value of the Fund more than if it was a diversified fund.

n Small- and mid-capitalization risk.

Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record

of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

About indexes used in this report

n The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

n The Alerian MLP Index is a market-cap weighted, float-adjusted index created to provide a comprehensive benchmark for investors to track the performance of the energy MLP sector. The index components are selected by Alerian, LLC.

continued on page 7

6                          Invesco MLP Fund

Average Annual Total Returns  As of 10/31/15, including maximum applicable  sales charges
Class A Shares
Inception (8/29/14)	-32.23	%
1 Year	-32.21
Class C Shares
Inception (8/29/14)	-29.37	%
1 Year	-29.47
Class R Shares
Inception (8/29/14)	-29.05	%
1 Year	-28.48
Class Y Shares
Inception (8/29/14)	-28.64	%
1 Year	-28.07
Class R5 Shares
Inception (8/29/14)	-28.64	%
1 Year	-28.07
Class R6 Shares
Inception (8/29/14)	-28.64	%
1 Year	-28.07

The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Average Annual Total Returns  As of 9/30/15, the most recent calendar quarter  end, including maximum applicable sales  charges
Class A Shares
Inception (8/29/14)	-38.86	%
1 Year	-40.49
Class C Shares
Inception (8/29/14)	-36.08	%
1 Year	38.08
Class R Shares
Inception (8/29/14)	-35.77	%
1 Year	-37.21
Class Y Shares
Inception (8/29/14)	-35.46	%
1 Year	-36.94
Class R5 Shares
Inception (8/29/14)	-35.46	%
1 Year	-36.88
Class R6 Shares
Inception (8/29/14)	-35.46	%
1 Year	-36.88

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 4.33%, 5.08%, 4.58%, 4.08%, 4.08% and 4.08%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 10.06%, 10.81%, 10.31%, 9.81%, 9.70% and 9.65%,

respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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 class 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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2017. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

continued from page 6

¢ The Lipper Energy MLP Funds Index is an unmanaged index considered representative of energy MLP 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.

Other information

¢ The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

7                          Invesco MLP Fund

Invesco MLP Fund’s investment objective is capital appreciation and, secondarily, income.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

n To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About share classes

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

n Active trading risk. The Fund engages in frequent trading of portfolio securities. Active trading results in added expenses and may result in a lower return and increased tax liability.

n Credit risk. The issuer of instruments in which the Fund invests may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

n Deferred tax risk. The Fund is classified for federal tax purposes as a taxable regular corporation or so-called Sub-chapter “C” corporation. As a “C” corporation, the Fund is subject to US federal income tax on its taxable income at the graduated rates applicable to corporations (currently at a maximum rate of 35%) as well as state and local income taxes. The Fund will not benefit from the current favorable federal income tax rates on long term capital gains and Fund income, losses and expenses will not be passed through to the Fund’s shareholders. An investment strategy whereby a fund is taxed as a regular corporation, or “C” corporation, rather than as a regulated investment company for US federal income tax purposes, is a relatively recent strategy for open-end registered investment companies such as the

Fund. This strategy involves complicated accounting, tax, net asset value (NAV) and share valuation aspects that would cause the Fund to differ significantly from most other open-end registered investment companies.

n Energy infrastructure MLP risk. The Fund will concentrate its investments in the energy sector. Energy infrastructure MLPs are subject to a variety of industry specific risk factors that may adversely affect their business or operations, including a decrease in production or reduced volumes of natural gas or other energy commodities available for transporting, processing, storing or distributing; changes in energy commodity prices; a sustained reduced demand for crude oil, natural gas and refined petroleum products; depletion of the natural gas reserves or other commodities if not replaced; natural disasters, extreme weather and environmental hazards; rising interest rates which could result in a higher cost of capital and drive investors into other investment opportunities; and threats of attack by terrorists on energy assets. Energy infrastructure MLPs are also subject to significant federal, state and local government regulation in various aspects of their operations, including how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for products and services. In addition, taxes, government regulation, international politics, price and supply fluctuations, volatile interest rates and energy conservation may cause difficulties for energy infrastructure MLPs.

n High yield bond (junk bond) risk. Junk bonds involve a greater risk of default or price changes due to changes in the credit quality of the issuer. The values of junk bonds fluctuate more than those of high- quality bonds in response to company, political, regulatory or economic developments. Values of junk bonds can decline significantly over short periods of time.

n Interest rate risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n MLP risk. An MLP is a public limited partnership or limited liability company. Although the characteristics of MLPs closely resemble a traditional limited partnership, a major difference is that MLPs may trade on a public exchange or in the over-the-counter market. The ability to trade on a public exchange or in the over-the-counter market provides a certain amount of liquidity not found in many limited partnership investments. However, MLP interests may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities. The risks of investing in an MLP are similar to those of investing in a partnership and include more flexible governance structures, which could result in less protection for investors than investments in a corporation. Investors in an MLP would normally not be liable for the debts of the MLP beyond the amount that the investor has contributed but investors may not be shielded to the same extent that a shareholder of a corporation would be. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.

n MLP tax risk. MLPs taxed as partnerships do not pay US federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law, or a change in the underlying business mix of a given

continued on page 6

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

8                 Invesco MLP Fund

Schedule of Investments

October 31, 2015

	Units		Value
Master Limited Partnerships–96.12%
Gathering & Processing MLP–15.59%
Antero Midstream Partners L.P.		1,113	$	26,512
DCP Midstream Partners, L.P.		1,068		30,683
Enable Midstream Partners, L.P.		1,000		12,030
EnLink Midstream Partners L.P.		3,395		58,564
EQT Midstream Partners L.P.		1,876		138,899
MarkWest Energy Partners, L.P.		4,382		191,406
Rice Midstream Partners L.P.		3,161		43,306
Targa Resources Partners L.P.		4,520		135,600
Western Gas Partners L.P.		2,285		116,809
				753,809
Natural Gas Pipelines & Storage–3.68%
Boardwalk Pipeline Partners, L.P.		5,402		69,254
Spectra Energy Partners, L.P.		808		34,857
Tallgrass Energy Partners L.P.		847		36,692
TC Pipelines, L.P.		722		37,298
				178,101
Non-Traditional–1.19%
Calumet Specialty Products Partners, L.P.		2,156		57,522
Pipelines & Midstream Diversified–47.23%
Enbridge Energy Partners, L.P.		6,609		184,655
Energy Transfer Equity, L.P.		1,686		36,333
Energy Transfer Partners, L.P.		12,595		556,195
Enterprise Products Partners L.P.		31,491		870,096
ONEOK Partners, L.P.		4,938		157,177
Plains All American Pipeline, L.P.		9,184		291,317
Williams Partners L.P.		5,576		188,469
				2,284,242

	Units		Value
Refined Products Pipelines & Terminals–27.77%
Buckeye Partners, L.P.		3,065	$	207,899
Genesis Energy, L.P.		3,415		137,659
Magellan Midstream Partners, L.P.		5,487		350,125
MPLX L.P.		559		21,684
NGL Energy Partners L.P.		4,139		76,654
NuStar Energy L.P.		1,133		57,386
Phillips 66 Partners L.P.		842		51,059
Rose Rock Midstream L.P.		842		22,810
Sunoco Logistics Partners L.P.		5,539		160,853
Tesoro Logistics L.P.		3,093		173,425
Valero Energy Partners L.P.		1,674		83,683
				1,343,237
Refinery Logistics–0.66%
Shell Midstream Partners, L.P.		940		32,176
Total Master Limited Partnerships (Cost $5,434,636)				4,649,087
	Shares
Common Stocks–0.47%
Natural Gas Pipelines & Storage–0.47%
Spectra Energy Corp. (Cost $22,077)		794		22,684
Money Market Funds–2.68%
Liquid Assets Portfolio–Institutional Class, 0.16%(a)		64,827		64,827
Premier Portfolio–Institutional Class, 0.12%(a)		64,827		64,827
Total Money Market Funds (Cost $129,654)				129,654
TOTAL INVESTMENTS–99.27% (Cost $5,586,367)				4,801,425
OTHER ASSETS LESS LIABILITIES–0.73%				35,174
NET ASSETS–100.00%			$	4,836,599

Notes to Schedule of Investments:

^(a)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                         Invesco MLP Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $5,456,713)	$	4,671,771
Investments in affiliated money market funds, at value and cost		129,654
Total investments, at value (Cost $5,586,367)		4,801,425
Receivable for:
Investments sold		114,750
Fund shares sold		4,025
Dividends		48,211
Fund expenses absorbed		301,734
Deferred tax asset, net		0
Other assets		28,952
Total assets		5,299,097
Liabilities:
Payable for:
Investments purchased		126,832
Accrued fees to affiliates		1,486
Accrued trustees’ and officers’ fees and benefits		1,538
Accrued other operating expenses		332,642
Total liabilities		462,498
Net assets applicable to shares outstanding	$	4,836,599
Net assets consist of:
Shares of beneficial interest	$	7,060,228
Undistributed net investment income (loss), net of taxes		(259,541	)
Undistributed net realized gain (loss), net of taxes		(1,179,146	)
Net unrealized appreciation (depreciation), net of taxes		(784,942	)
	$	4,836,599

Net Assets:
Class A	$	2,489,154
Class C	$	205,235
Class R	$	34,907
Class Y	$	2,094,375
Class R5	$	6,464
Class R6	$	6,464
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		385,676
Class C		31,836
Class R		5,409
Class Y		324,356
Class R5		1,001
Class R6		1,001
Class A:
Net asset value per share	$	6.45
Maximum offering price per share
(Net asset value of $6.45 ¸ 94.50%)	$	6.83
Class C:
Net asset value and offering price per share	$	6.45
Class R:
Net asset value and offering price per share	$	6.45
Class Y:
Net asset value and offering price per share	$	6.46
Class R5:
Net asset value and offering price per share	$	6.46
Class R6:
Net asset value and offering price per share	$	6.46

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                         Invesco MLP Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends (net of return of capital distributions of $241,380)	$	16,414
Dividends from affiliated money market funds		106
Total investment income		16,520
Expenses:
Advisory fees		49,299
Administrative services fees		50,000
Custodian fees		8,652
Distribution fees:
Class A		6,130
Class C		4,373
Class R		131
Transfer agent fees — A, C, R and Y		5,639
Transfer agent fees — R5		8
Transfer agent fees — R6		8
Trustees’ and officers’ fees and benefits		19,181
Registration and filing fees		108,233
Professional services fees		35,267
Other		25,184
Total expenses, before waivers and taxes		312,105
Less: Fees waived and expenses reimbursed		(240,055	)
Net expenses, before taxes		72,050
Net investment income (loss), before taxes		(55,530	)
Net tax expense (benefit)		0
Net investment income (loss), net of taxes		(55,530	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(1,150,488	)
Net tax expense (benefit)		0
Net realized gain (loss), net of taxes		(1,150,488	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(490,056	)
Net tax expense (benefit)		0
Net change in unrealized appreciation (depreciation), net of taxes		(490,056	)
Net realized and unrealized gain (loss), net of taxes		(1,640,544	)
Net increase (decrease) in net assets resulting from operations	$	(1,696,074	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                         Invesco MLP Fund

Statement of Changes in Net Assets

For the year ended October 31, 2015 and the period August 29, 2014 (commencement date) through October 31, 2014

	October 31, 2015			August 29, 2014 (commencement date) through October 31, 2014
Operations:
Net investment income (loss), net of taxes	$	(55,530	)	$	(4,599	)
Net realized gain (loss), net of taxes		(1,150,488	)		(28,658	)
Change in net unrealized appreciation (depreciation), net of taxes		(490,056	)		(294,886	)
Net increase (decrease) in net assets resulting from operations		(1,696,074	)		(328,143	)
Return of capital:
Class A		(89,680	)		—
Class C		(10,464	)		—
Class R		(890	)		—
Class Y		(82,612	)		—
Class R5		(320	)		—
Class R6		(320	)		—
Total Return of Capital		(184,286	)		—
Share transactions–net:
Class A		1,427,803			2,054,278
Class C		(1,256,392	)		1,815,276
Class R		22,493			22,010
Class Y		1,210,530			1,729,084
Class R5		—			10,010
Class R6		—			10,010
Net increase in net assets resulting from share transactions		1,404,434			5,640,668
Net increase (decrease) in net assets		(475,926	)		5,312,525
Net assets:
Beginning of year		5,312,525			—
End of year (includes undistributed net investment income (loss), net of taxes, of $(259,541) and $(9,540), respectively)	$	4,836,599		$	5,312,525

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco MLP Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is capital appreciation and, secondarily, income.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class 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 R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not

12                         Invesco MLP Fund

listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions — Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividend date. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.

13                         Invesco MLP Fund

E. Master Limited Partnerships — The Fund primarily invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund principally invests in MLPs that derive their revenue primarily from businesses involved in the gathering, transporting, processing, treating, storing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products or coal (“energy infrastructure MLPs”). The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

The Fund is non-diversified and will concentrate its investments in the energy sector. Energy infrastructure MLPs are subject to a variety of industry specific risk factors that may adversely affect their business or operations, including a decrease in production or reduced volumes of natural gas or other energy commodities available for transporting, processing, storing or distributing; changes in energy commodity prices; a sustained reduced demand for crude oil, natural gas and refined petroleum products; depletion of natural gas reserves or other commodities if not replaced; natural disasters, extreme weather and environmental hazards; rising interest rates, how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for products and services. In addition, taxes, government regulation, international politics, price, and supply fluctuations, volatile interest rates and energy conservation may cause difficulties for energy infrastructure MLPs.

MLPs may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

F. Return of Capital — Distributions received from the Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

G. Federal Income Taxes — The Fund does not intend to qualify as a regulated investment company pursuant to Subchapter M of the Internal Revenue Code. The Fund is treated as a regular corporation, or “C” corporation, for U.S. federal income tax purposes and generally is subject to U.S. federal income tax on its taxable income at the graduated rates applicable to corporations. In addition, as a regular corporation, the Fund may be subject to state and local taxes in jurisdictions in which the MLPs operate. The estimated state tax rate is based on a periodic analysis of the Fund’s holdings. The Fund may also be subject to a federal alternative minimum tax on its alternative minimum taxable income to the extent that the alternative minimum tax exceeds the Fund’s regular federal income tax liability.

Taxes include current and deferred taxes. Current taxes reflect the estimated tax liability of the Fund as of a measurement date based on taxable income. Deferred taxes reflect estimates of (i) taxes on net unrealized gains (losses), which are attributable to the difference between fair market value and tax basis, (ii) the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes, and (iii) the net tax benefit of accumulated net operating losses, capital loss carryforwards and other tax attributes.

The Fund’s deferred tax asset (“DTA”) and/or liability balances are estimated using estimates of effective tax rates expected to apply to taxable income in the years such balances are realized. A DTA is recognized for temporary book/tax differences, net of unrealized losses, and carryforwards (net operating losses, capital loss carryforward, or tax credits). To the extent the Fund has a DTA, the Fund assesses whether a valuation allowance is required to offset the value of a portion, or all, of the DTA. Prior year ordinary income or capital gains (carrybacks), unrealized net gains, future reversals of existing taxable timing differences, forecast of future profitability (based on historical evidence), potential tax planning strategies, unsettled circumstances, and other evidence is used in determining the valuation allowance. The valuation allowance is reviewed periodically and the Fund may modify its estimates or assumptions regarding the net deferred tax asset or liability balances and any applicable valuation allowance.

The Fund recognizes interest and penalties associated with underpayment of federal and state income taxes, if any, in tax expense.

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.

H. 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 to each share class based on relative net assets. 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.

I. 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.

J. 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.

14                         Invesco MLP Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $1.0 billion		1.00%
Next $1.5 billion		0.95%
Next $2.0 billion		0.93%
Next $3.5 billion		0.91%
Over $8 billion		0.90%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 1.00%.

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., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 February 28, 2017, 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 average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary 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 February 28, 2017. The fee waiver agreement cannot be terminated during its term.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees and reimbursed fund level expenses of $234,400 and reimbursed class level expenses of $2,814, $502, $30, $2,293, $8 and $8 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. 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 October 31, 2015, 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 October 31, 2015, IDI advised the Fund that IDI retained $2,188 in front-end sales commissions from the sale of Class A shares and $155 from Class C shares, 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.

15                         Invesco MLP Fund

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of October 31, 2015, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund.

NOTE 5—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 6—Taxes and Distributions to Shareholders

Total taxes have been computed by applying the federal statutory tax rate of 34% plus a blended state and other tax rate of 2.73%. The Fund applied this rate to net investment income (loss) and realized and unrealized gains (losses) on investments before taxes in computing its total tax expense (benefit).

The provision for taxes differs from the amount derived from applying the statutory tax rate to net investment income (loss) and realized and unrealized gains (losses) before taxes at period-end as follows:

Provision at statutory rates	$	(576,665	)	34.00	%
State and other taxes, net of federal tax benefit		(30,502	)	1.80
Permanent differences, current period		(3,463	)	0.20
Valuation allowance		610,630		(36.00	)
Total	$	0		0.00	%

16                         Invesco MLP Fund

Components of the Fund’s Net Deferred Tax Asset at Period-End:

Deferred Tax Assets:
Net operating loss carryforward	$	79,795
Capital loss carryforward		248,793
Unrealized gains/losses on investment securities		401,285
Total Deferred Tax Assets		729,873
Valuation allowance		(729,873	)
Deferred Tax Asset, Net	$	0

The Fund has a capital loss carryforward as of October 31, 2015, of $695,267. Capital losses may be carried forward for 5 years and accordingly, would begin to expire as of October 31, 2019.

The Fund has a federal net operating loss carryforward as of October 31, 2015, of $223,154, which begins to expire in 2034. As of October 31, 2015, the Fund has state net operating losses of approximately $217,972. If not utilized, these net operating losses will expire in various years through October 31, 2035.

At October 31, 2015, based on the net unrealized losses on the Fund’s investment securities, the Fund has recorded a valuation allowance to offset the DTA as the Fund has determined at October 31, 2015 based on historical evidence it is unlikely the DTA will be realized.

Tax Character of Distributions to Shareholders Paid During the Fiscal Year Ended October 31, 2015 and the Period August 29, 2014 (commencement date) through October 31, 2014:

	2015		2014
Return of capital	$	184,286	$	—

NOTE 7—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $6,559,638 and $5,205,352, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	56,727
Aggregate unrealized (depreciation) of investment securities		(1,230,891	)
Net unrealized appreciation (depreciation) of investment securities	$	(1,174,164	)

Cost of investments for tax purposes is $5,975,589.

NOTE 8—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of dividends received deduction, on October 31, 2015, undistributed net investment income (loss) was decreased by $10,185 and shares of beneficial interest was increased by $10,185. This reclassification had no effect on the net assets of the Fund.

17                         Invesco MLP Fund

NOTE 9—Share Information

	Summary of Share Activity
	Year ended October 31, 2015(a)						August 29, 2014 (commencement date) through October 31, 2014
	Shares			Amount			Shares			Amount
Sold:
Class A		245,529		$	1,973,144			211,398		$	2,100,737
Class C		39,161			326,314			191,620			1,891,027
Class R		3,039			21,882			2,289			22,010
Class Y		152,367			1,224,893			174,543			1,734,597
Class R5		—			—			1,001			10,010
Class R6		—			—			1,001			10,010
Issued as reinvestment of dividends:
Class A		5,681			42,918			—			—
Class C		1,176			9,203			—			—
Class R		81			611			—			—
Class Y		2,700			20,473			—			—
Reacquired:
Class A		(72,038	)		(588,259	)		(4,894	)		(46,459	)
Class C		(192,021	)		(1,591,909	)		(8,100	)		(75,751	)
Class Y		(4,668	)		(34,836	)		(586	)		(5,513	)
Net increase in share activity		181,007		$	1,404,434			568,272		$	5,640,668

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 14% 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 Trust 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, 47% of the outstanding shares of the Fund are owned by the Adviser.

18                         Invesco MLP Fund

NOTE 10—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Class A
	Year ended October 31,
	2015			2014(a)
Net asset value, beginning of period	$	9.35		$	10.00
Net investment income (loss)(b)		(0.09	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		(2.51	)		(0.64	)
Total from investment operations		(2.60	)		(0.65	)
Less:
Return of capital		(0.30	)		—
Net asset value, end of period	$	6.45		$	9.35
Total return(c)		(28.30	)%		(6.50	)%
Net assets, end of period (000’s omitted)	$	2,489		$	1,931
Portfolio turnover rate(d)		107	%		5	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		1.50	%(e)		1.49	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		1.50	%(e)		1.49	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		6.37	%(e)		72.56	%(f)
Ratio of net investment income (loss), before taxes		(1.16	)%(e)		(0.54	)%(f)
Ratio of net investment income (loss), after taxes(h)		(1.16	)%(e)		(0.54	)%(f)

^(a)  Commencement date of August 29, 2014.

^(b)  Calculated using average shares outstanding.

^(c)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are based on average daily net assets (000’s omitted) of $2,452.

^(f)  Annualized.

^(g)  Ratio includes tax expense derived from net investment income (loss) and realized and unrealized gains (losses).

^(h)  Ratio includes tax expense derived from net investment income (loss) only.

19                         Invesco MLP Fund

NOTE 10—Financial Highlights—(continued)

	Class C
	Year ended October 31,
	2015			2014(a)
Net asset value, beginning of period	$	9.34		$	10.00
Net investment income (loss)(b)		(0.16	)		(0.02	)
Net gains (losses) on securities (both realized and unrealized)		(2.49	)		(0.64	)
Total from investment operations		(2.65	)		(0.66	)
Less:
Return of capital		(0.24	)		—
Net asset value, end of period	$	6.45		$	9.34
Total return(c)		(28.78	)%		(6.60	)%
Net assets, end of period (000’s omitted)	$	205		$	1,713
Portfolio turnover rate(d)		107	%		5	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		2.25	%(e)		2.24	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		2.25	%(e)		2.24	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		7.12	%(e)		73.31	%(f)
Ratio of net investment income (loss), before taxes		(1.91	)%(e)		(1.29	)%(f)
Ratio of net investment income (loss), after taxes(h)		(1.91	)%(e)		(1.29	)%(f)

^(a)  Commencement date of August 29, 2014.

^(b)  Calculated using average shares outstanding.

^(c)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are based on average daily net assets (000’s omitted) of $437.

^(f)  Annualized.

^(g)  Ratio includes tax expense derived from net investment income (loss) and realized and unrealized gains (losses).

^(h)  Ratio includes tax expense derived from net investment income (loss) only.

20                         Invesco MLP Fund

NOTE 10—Financial Highlights—(continued)

	Class R
	Year ended October 31,
	2015			2014(a)
Net asset value, beginning of period	$	9.35		$	10.00
Net investment income (loss)(b)		(0.11	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		(2.51	)		(0.64	)
Total from investment operations		(2.62	)		(0.65	)
Less:
Return of capital		(0.28	)		—
Net asset value, end of period	$	6.45		$	9.35
Total return(c)		(28.48	)%		(6.50	)%
Net assets, end of period (000’s omitted)	$	35		$	21
Portfolio turnover rate(d)		107	%		5	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		1.75	%(e)		1.74	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		1.75	%(e)		1.74	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		6.62	%(e)		72.80	%(f)
Ratio of net investment income (loss), before taxes		(1.41	)%(e)		(0.79	)%(f)
Ratio of net investment income (loss), after taxes(h)		(1.41	)%(e)		(0.79	)%(f)

^(a)  Commencement date of August 29, 2014.

^(b)  Calculated using average shares outstanding.

^(c)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are based on average daily net assets (000’s omitted) of $26.

^(f)  Annualized.

^(g)  Ratio includes tax expense derived from net investment income (loss) and realized and unrealized gains (losses).

^(h)  Ratio includes tax expense derived from net investment income (loss) only.

21                         Invesco MLP Fund

NOTE 10—Financial Highlights—(continued)

	Class Y
	Year ended October 31,
	2015			2014(a)
Net asset value, beginning of period	$	9.36		$	10.00
Net investment income (loss)(b)		(0.07	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		(2.51	)		(0.63	)
Total from investment operations		(2.58	)		(0.64	)
Less:
Return of capital		(0.32	)		—
Net asset value, end of period	$	6.46		$	9.36
Total return(c)		(28.07	)%		(6.40	)%
Net assets, end of period (000’s omitted)	$	2,094		$	1,628
Portfolio turnover rate(d)		107	%		5	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		1.25	%(e)		1.24	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		1.25	%(e)		1.24	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		6.12	%(e)		72.31	%(f)
Ratio of net investment income (loss), before taxes		(0.91	)%(e)		(0.29	)%(f)
Ratio of net investment income (loss), after taxes(h)		(0.91	)%(e)		(0.29	)%(f)

^(a)  Commencement date of August 29, 2014.

^(b)  Calculated using average shares outstanding.

^(c)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are based on average daily net assets (000’s omitted) of $1,998.

^(f)  Annualized.

^(g)  Ratio includes tax expense derived from net investment income (loss) and realized and unrealized gains (losses).

^(h)  Ratio includes tax expense derived from net investment income (loss) only.

22                         Invesco MLP Fund

NOTE 10—Financial Highlights—(continued)

	Class R5
	Year ended October 31,
	2015			2014(a)
Net asset value, beginning of period	$	9.36		$	10.00
Net investment income (loss)(b)		(0.07	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		(2.51	)		(0.63	)
Total from investment operations		(2.58	)		(0.64	)
Less:
Return of capital		(0.32	)		—
Net asset value, end of period	$	6.46		$	9.36
Total return(c)		(28.07	)%		(6.40	)%
Net assets, end of period (000’s omitted)	$	6		$	9
Portfolio turnover rate(d)		107	%		5	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		1.25	%(e)		1.24	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		1.25	%(e)		1.24	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		6.10	%(e)		72.28	%(f)
Ratio of net investment income (loss), before taxes		(0.91	)%(e)		(0.29	)%(f)
Ratio of net investment income (loss), after taxes(h)		(0.91	)%(e)		(0.29	)%(f)

^(a)  Commencement date of August 29, 2014.

^(b)  Calculated using average shares outstanding.

^(c)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are based on average daily net assets (000’s omitted) of $8.

^(f)  Annualized.

^(g)  Ratio includes tax expense derived from net investment income (loss) and realized and unrealized gains (losses).

^(h)  Ratio includes tax expense derived from net investment income (loss) only.

23                         Invesco MLP Fund

NOTE 10—Financial Highlights—(continued)

	Class R6
	Year ended October 31,
	2015			2014(a)
Net asset value, beginning of period	$	9.36		$	10.00
Net investment income (loss)(b)		(0.07	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		(2.51	)		(0.63	)
Total from investment operations		(2.58	)		(0.64	)
Less:
Return of capital		(0.32	)		—
Net asset value, end of period	$	6.46		$	9.36
Total return(c)		(28.07	)%		(6.40	)%
Net assets, end of period (000’s omitted)	$	6		$	9
Portfolio turnover rate(d)		107	%		5	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		1.25	%(e)		1.24	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		1.25	%(e)		1.24	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		6.10	%(e)		72.23	%(f)
Ratio of net investment income (loss), before taxes		(0.91	)%(e)		(0.29	)%(f)
Ratio of net investment income (loss), after taxes(h)		(0.91	)%(e)		(0.29	)%(f)

^(a)  Commencement date of August 29, 2014.

^(b)  Calculated using average shares outstanding.

^(c)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are based on average daily net assets (000’s omitted) of $8.

^(f)  Annualized.

^(g)  Ratio includes tax expense derived from net investment income (loss) and realized and unrealized gains (losses).

^(h)  Ratio includes tax expense derived from net investment income (loss) only.

24                         Invesco MLP Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco MLP Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco MLP Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year then ended and for the period August 29, 2014 (commencement of operations) through October 31, 2014, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

25                         Invesco MLP 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 May 1, 2015 through October 31, 2015.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	758.30	$	6.65	$	1,017.64	$	7.63		1.50	%
C		1,000.00		756.20		9.95		1,013.88		11.41		2.25
R		1,000.00		757.30		7.74		1,016.40		8.88		1.75
Y		1,000.00		760.50		5.53		1,018.92		6.35		1.25
R5		1,000.00		760.50		5.53		1,018.92		6.35		1.25
R6		1,000.00		760.50		5.53		1,018.92		6.35		1.25

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

26                         Invesco MLP Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco MLP Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Evaluation of Investment Advisory and Sub-Advisory Agreements

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s

consideration of Invesco Advisers’ investment

process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s sub-advisory contracts.

B. Fund Performance

The Board noted that the Fund recently began operations and that no comparative performance data was available.

C. Advisory and Sub-Advisory Fees

The Board noted that the Fund had not been in operation long enough to become profitable and that Invesco Advisers was continuing to take entrepreneurial risk in operating the Fund.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least February 29, 2016 in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other mutual funds or client accounts with investment strategies comparable to those of the Fund.

27                         Invesco MLP Fund

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board noted that although Invesco Advisers received a minimal amount of revenues from advising the Fund, Invesco Advisers and its subsidiaries did not make a profit from managing the Fund. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research

services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

28                         Invesco MLP Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco MLP 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco MLP 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco MLP 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco MLP Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 MLP-AR-1 Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Pacific Growth Fund
	Nasdaq:
	A: TGRAX  n  B: TGRBX  n  C: TGRCX  n  R: TGRRX  n  Y: TGRDX  n  R5: TGRSX

Letters to Shareholders

Philip Taylor

Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.     The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European Central

Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.     Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

    Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2          ��                  Invesco Pacific Growth Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.     As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                             Invesco Pacific Growth Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Pacific Growth Fund (the Fund), at net asset value (NAV), outperformed the MSCI All Country Asia Pacific Index, the Fund’s style-specific benchmark.

    Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 10/31/14 to 10/31/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-1.92	%
Class B Shares	-2.65
Class C Shares	-2.60
Class R Shares	-2.14
Class Y Shares	-1.67
Class R5 Shares	-1.51
MSCI EAFE Index▼ (Broad Market Index)	-0.07
MSCI All Country Asia Pacific Index▼ (Style-Specific Index)	-2.91
Lipper Pacific Region Funds Index¢ (Peer Group Index)	-3.03
Source(s): ▼FactSet Research Systems Inc.; ¢Lipper Inc.

Market conditions and your Fund

International markets experienced increased volatility during the fiscal year ended October 31, 2015, driven largely by the continued slowdown in energy markets and the economic downturn in China. Developed markets were generally able to withstand these headwinds, even as more fragile emerging markets began to falter.

    Economic growth continued to decelerate across the Asia Pacific region over the reporting period. Domestic Asian economies were not robust enough to offset weakness in commodities and exports, and both revenue and earnings expectations for many companies in the region were adjusted downward over the reporting period.

    Early in the fiscal year, monetary policy easing caused many markets to rise, including China, India, South Korea, the Philippines and Indonesia. Most of these

gains were wiped out in the third quarter of 2015 as falling commodity prices, disappointing earnings and weakening currencies plagued the region.

    In the summer of 2015, Asian economies were particularly volatile as fears of a potential economic slowdown in China dominated headlines. The combination of a slowing Chinese economy, a sharp sell-off in domestic Chinese equities and the devaluation of China’s currency, the renminbi, contributed to a strong correction in global equity markets. Emerging markets, in particular, were hard hit by events in China and by continued weak commodity prices – as well as by the US Federal Reserve’s decision to delay raising interest rates, which increased investor uncertainty and market volatility.

    Despite a rough start to the reporting period amid poor domestic economic readings and concerns over negative consequences of the end of US quantitative easing, Japanese equities posted a gain

for the fiscal year. While Japan was not immune to the headwinds markets faced during the reporting period, it outperformed its Asia ex-Japan peers as investors rotated from emerging to developed market assets. In the fourth quarter of 2014, markets were boosted when the Bank of Japan initiated a sizeable expansion in its monetary easing measures and decided to delay a scheduled tax hike. Equities were also helped by investors’ expectations that Japanese corporate earnings would grow faster due to significant improvement in corporate governance. The Japanese yen depreciated mildly during the reporting period while many other currencies in the region declined sharply.

    On a geographic basis, positive stock selection in South Korea was the leading contributor to both absolute and relative Fund performance. Stock selection in India and Australia contributed to relative outperformance versus the MSCI All Country Asia Pacific Index, as well. Underweight exposure versus the style-specific benchmark in Hong Kong also helped relative performance.

    In contrast, negative stock selection and minor underweight exposure to Japan were the leading detractors from relative performance versus the style-specific benchmark. Overweight exposure in the slumping Chinese and Indonesian markets also detracted from relative results.

    At the sector level, stock selection and overweight exposure in the consumer discretionary sector led relative outperformance versus the MSCI All Country Asia Pacific Index. South Korean kitchen and interior furniture manufacturer, Hanssem, was the largest contributor to Fund performance during the reporting period. The company’s stock price rose late in the reporting period as

Portfolio Composition
By sector	% of total net assets
Industrials	20.1%
Financials	18.2
Information Technology	15.3
Consumer Discretionary	14.9
Consumer Staples	9.8
Health Care	8.0
Utilities	5.6
Telecommunications Services	3.3
Materials	1.4
Energy	1.3
Money Market Funds Plus Other Assets Less Liabilities	2.1

Top 10 Equity Holdings*
	% of total net assets

1.	Tencent Holdings Ltd.	4.0%
2.	AIA Group Ltd.	3.8
3.	Westpac Banking Corp.	3.1
4.	Maruti Suzuki India Ltd.	2.9
5.	APA group	2.8
6.	Taiwan Semiconductor Manufacturing Co. Ltd.	2.7
7.	Nongshim Co., Ltd.	2.5
8.	Bumrungrad Hospital PCL	2.5
9.	AMOREPACIFIC Group	2.5
10.	Bank of China ltd. - Class H	2.4

Total Net Assets	$75.6 million
Total Number of Holdings*	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.

Data presented here are as of October 31, 2015.

4                             Invesco Pacifc Growth Fund

the company was chosen as the official sponsor of the furniture sector for the Military World Games. We sold the holding before the reporting period ended. Bharat Forge, an Indian engineering company that manufactures safety components for automotive and non-automotive sectors, was also a leading contributor to Fund performance during the reporting period.

    Stock selection and overweight exposure in the consumer staples sector also contributed to relative performance. South Korean food manufacturer, Ottogi was the leading contributor to Fund performance within the sector. Ottogi produces more than 2,000 food and drink products, including instant noodles, cooking oil, tempura flour, canned food, mayonnaise, ketchup, vinegar and others. The company was boosted in the summer of 2015 when it began building a large processing plant in Vietnam.

    Despite being a detractor from absolute performance during the reporting period, underweight exposure to the weakened energy sector, the worst-performing sector in the style-specific index during the fiscal year, was also a contributor to relative performance. The Fund benefited from its minimal exposure in the sector as energy prices dropped sharply during the reporting period and several companies within the style-specific index declined significantly.

    Conversely, stock selection in the information technology sector was the leading detractor from Fund performance versus the style-specific index. Largan Precision, a technology company based in Tai-wan, was the leading detractor from relative performance in the sector. The company provides optical lenses and lens sets for electronic equipment. Largan Precision is a key supplier for Apple (not a Fund holding) and the company was negatively affected by a report released showing lower-than-expected July sales results and a weaker outlook for Apple. Yaskawa Electric, a manufacturer of servomotors and industrial robots in Japan, was also a detractor from Fund performance during the reporting period. We sold the holding before the reporting period ended.

    Stock selection in the telecommunication services sector was also a detractor from relative performance versus the style-specific index. Telstra, one of the leading telecommunication companies in Australia, was the largest detractor from relative performance in the sector. The company’s share price fell during the reporting period as economic concerns in Australia weighed on investors. Stock selection in the financials sector detracted from relative performance, as well.

    During the reporting period, the Fund decreased its number of holdings from roughly 150 to 61 companies that were held in high conviction. With a more cautious outlook toward emerging markets amid a stronger US dollar, we have reduced our exposure to Asia ex-Japan and rotated to Japan, where monetary policy easing and enhanced corporate governance is supporting corporate earnings.

    We continue to look for stocks that have a competitive edge to successfully expand businesses in the long term, and stocks with positive fundamentals and prospects that have not been priced across a broad range of sectors.

    We thank you for your continued investment in Invesco Pacific Growth Fund.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	Paul Chan Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Pacific Growth Fund. He
joined Invesco in 2001. Mr. Chan earned a BS in economics from the University of Manitoba.
	Daiji Ozawa Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Pacific Growth Fund. He
joined Invesco in 2010. Mr. Ozawa earned a BA in political science from Waseda University.

5                          Invesco Pacific Growth Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/05

Past performance cannot guarantee comparable future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical

shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable. 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

About indexes used in this report

n The MSCI EAFE^® Index is an un- managed index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which with-holds applicable taxes for non-resident investors.

n The MSCI All Country Asia Pacific Index is an unmanaged index considered representative of Pacific region stock markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

n The Lipper Pacific Region Funds Index is an unmanaged index considered representative of Pacific region funds tracked by Lipper.

n 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).

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles

require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

n Industry 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.

6                             Invesco Pacific Growth Fund

 Average Annual Total Returns

As of 10/31/15, including maximum applicable sales charges

Class A Shares
Inception (7/28/97)	1.50	%
10 Years	4.55
5 Years	1.38
1 Year	-7.33
Class B Shares
Inception (11/30/90)	4.52	%
10 Years	4.51
5 Years	1.40
1 Year	-7.51
Class C Shares
Inception (7/28/97)	1.08	%
10 Years	4.38
5 Years	1.81
1 Year	-3.57
Class R Shares
Inception (3/31/08)	0.80	%
5 Years	2.27
1 Year	-2.14
Class Y Shares
Inception (7/28/97)	2.06	%
10 Years	5.41
5 Years	2.79
1 Year	-1.67
Class R5 Shares
10 Years	5.33	%
5 Years	2.90
1 Year	-1.51

Effective June 1, 2010, Class A, Class B, Class C, Class R, Class W and Class I shares of the predecessor fund, Morgan Stanley Pacific Growth Fund Inc., advised by Morgan Stanley Investment Advisors Inc. were reorganized into Class A, Class B, Class C, Class R, Class A and Class Y shares, respectively, of Invesco Pacific Growth Fund. Returns shown above for Class A, Class B, Class C, Class R and Class Y shares are blended returns of the predecessor fund and Invesco Pacific Growth Fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 23, 2011. Performance shown prior to that date is that of the Fund’s and the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may

 Average Annual Total Returns

As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (7/28/97)	1.25	%
10 Years	3.74
5 Years	0.90
1 Year	-9.50
Class B Shares
Inception (11/30/90)	4.34	%
10 Years	3.70
5 Years	0.90
1 Year	-9.71
Class C Shares
Inception (7/28/97)	0.83	%
10 Years	3.57
5 Years	1.32
1 Year	-5.94
Class R Shares
Inception (3/31/08)	0.20	%
5 Years	1.79
1 Year	-4.49
Class Y Shares
Inception (7/28/97)	1.81	%
10 Years	4.60
5 Years	2.30
1 Year	-3.98
Class R5 Shares
10 Years	4.51	%
5 Years	2.40
1 Year	-3.86

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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y and Class R5 shares was 1.78%, 2.54%, 2.54%, 2.04%, 1.54% and 1.38%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance

reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y and Class R5 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.

7                             Invesco Pacific Growth Fund

Invesco Pacific Growth Fund’s investment objective is long-term growth of capital.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

n To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About share classes

n Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available to only certain investors. Please see the prospectus for more information.

n Class R5 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

n Active trading risk. The Fund engages in frequent trading of portfolio securities. Active trading results in added expenses and may result in a lower return and increased tax liability.

n Depositary receipts risk. Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities.

n Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its

obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

n Developing/emerging markets securities risk. The prices of securities issued by foreign companies and governments located in developing/emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations,

decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

n Geographic focus risk. From time to time the Fund may invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. If the Fund focuses its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund’s investment performance may also be more volatile if it focuses its investments in certain countries, especially emerging markets countries.

n Growth investing risk. Growth stocks tend to be more expensive relative to their earnings or assets compared with other types of stock. As a result they tend to be more sensitive to changes in their earnings and can be more volatile.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Preferred securities risk. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If the Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received this income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments.

n Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and

continued on page 6

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

8                             Invesco Pacific Growth Fund

Schedule of Investments

October 31, 2015

	Shares		Value
Common Stocks & Other Equity Interests–97.95%
Australia–8.87%
APA Group		317,310	$	2,081,719
Sydney Airport		186,216		856,499
Telstra Corp. Ltd.		337,327		1,298,959
Westpac Banking Corp.		105,858		2,368,793
Westpac Banking Corp.(a)		4,603		99,949
				6,705,919
China–13.88%
Bank of China Ltd.–Class H		3,786,000		1,783,244
Beijing Capital International Airport Co. Ltd.–Class H		1,574,000		1,685,876
China Animal Healthcare Ltd.(a)		349,000		117,075
China Mobile Ltd.		102,500		1,219,354
CNOOC Ltd.		862,000		980,416
Guangdong Investment Ltd.		1,202,000		1,689,692
Tencent Holdings Ltd.		160,700		3,015,884
				10,491,541
Hong Kong–3.75%
AIA Group Ltd.		485,400		2,834,400
Henderson Land Development Co. Ltd.		101		637
				2,835,037
India–6.70%
Axis Bank Ltd.		210,854		1,530,630
Bajaj Finance Ltd.		16,848		1,344,771
Maruti Suzuki India Ltd.		32,224		2,191,335
				5,066,736
Indonesia–2.38%
PT Perusahaan Gas Negara Persero Tbk		2,014,200		438,646
PT Unilever Indonesia Tbk		502,300		1,355,697
				1,794,343
Japan–43.15%
AIDA ENGINEERING, LTD.		137,100		1,300,732
Astellas Pharma Inc.		90,600		1,309,770
Daicel Corp.		78,000		1,026,194
Daikin Industries, Ltd.		19,900		1,274,065
Daiwa House Industry Co., Ltd.		56,200		1,467,382
FUKUSHIMA INDUSTRIES CORP.		67,100		1,455,093
Gulliver International Co., Ltd.(b)		65,300		654,169
Hitachi High-Technologies Corp.		37,700		1,011,009
K’s Holdings Corp.		40,700		1,433,599
Konoike Transport Co., Ltd.		100,100		1,237,675
Maeda Road Construction Co., Ltd.		71,000		1,292,870
Mitsubishi Corp.		56,200		1,018,095
Mitsubishi UFJ Financial Group, Inc.		207,800		1,343,694
Nidec Corp.		15,500		1,164,616
Nifco Inc.		28,900		1,111,759
OMRON Corp.		38,000		1,253,429

	Shares		Value
Japan–(continued)
Otsuka Corp.		32,700	$	1,578,762
Relo Holdings, Inc.		9,400		1,000,187
Resorttrust, Inc.		44,300		1,135,196
SCSK Corp.		30,900		1,183,556
Sekisui Chemical Co., Ltd.		133,000		1,562,961
Seria Co., Ltd.		11,100		470,264
Seven & i Holdings Co., Ltd.		29,300		1,324,005
Shimamura Co., Ltd.		11,100		1,242,837
Temp Holdings Co. Ltd.		67,500		1,005,548
Tsubakimoto Chain Co.		179,000		1,306,207
Yamaha Motor Co., Ltd.		64,800		1,451,919
				32,615,593
Singapore–2.11%
Singapore Post Ltd.		1,180,100		1,596,323
South Korea–9.92%
AMOREPACIFIC Group		13,299		1,861,830
Green Cross Corp.		6,067		958,661
Nongshim Co., Ltd.		5,942		1,914,739
Ottogi Corp.		1,079		987,971
Yuhan Corp.		7,188		1,775,740
				7,498,941
Taiwan–4.69%
Largan Precision Co., Ltd.		20,000		1,538,508
Taiwan Semiconductor Manufacturing Co. Ltd.		477,143		2,008,540
				3,547,048
Thailand–2.50%
Bumrungrad Hospital PCL		313,200		1,892,239
Total Common Stocks & Other Equity Interests (Cost $69,727,956)				74,043,720
Money Market Funds–1.62%
Liquid Assets Portfolio–Institutional Class, 0.16%(c)		613,598		613,598
Premier Portfolio–Institutional Class, 0.12%(c)		613,598		613,598
Total Money Market Funds (Cost $1,227,196)				1,227,196
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–99.57% (Cost $70,955,152)				75,270,916
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Fund–0.69%
Liquid Assets Portfolio–Institutional Class (Cost $521,274), 0.16%(c)(d)		521,274		521,274
TOTAL INVESTMENTS–100.26% (Cost $71,476,426)				75,792,190
OTHER ASSETS LESS LIABILITIES–(0.26)%				(196,892	)
NET ASSETS–100.00%			$	75,595,298

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                         Invesco Pacific Growth Fund

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at October 31, 2015.

^(c)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

^(d)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                         Invesco Pacific Growth Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $69,727,956)*	$	74,043,720
Investments in affiliated money market funds, at value and cost		1,748,470
Total investments, at value (Cost $71,476,426)		75,792,190
Foreign currencies, at value (Cost $190,537)		190,724
Receivable for:
Fund shares sold		152,197
Dividends		339,538
Investment for trustee deferred compensation and retirement plans		37,727
Other assets		23,227
Total assets		76,535,603
Liabilities:
Payable for:
Fund shares reacquired		69,048
Collateral upon return of securities loaned		521,274
Accrued foreign taxes		59,004
Accrued fees to affiliates		113,551
Accrued trustees’ and officers’ fees and benefits		1,495
Accrued other operating expenses		74,868
Trustee deferred compensation and retirement plans		101,065
Total liabilities		940,305
Net assets applicable to shares outstanding	$	75,595,298
Net assets consist of:
Shares of beneficial interest	$	86,314,286
Undistributed net investment income		(103,879	)
Undistributed net realized gain (loss)		(14,927,052	)
Net unrealized appreciation		4,311,943
	$	75,595,298

Net Assets:
Class A	$	66,599,138
Class B	$	271,632
Class C	$	4,879,864
Class R	$	245,291
Class Y	$	3,586,603
Class R5	$	12,770
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		2,771,839
Class B		12,096
Class C		216,907
Class R		10,297
Class Y		146,943
Class R5		523
Class A:
Net asset value per share	$	24.03
Maximum offering price per share
(Net asset value of $24.03 ¸ 94.50%)	$	25.43
Class B:
Net asset value and offering price per share	$	22.46
Class C:
Net asset value and offering price per share	$	22.50
Class R:
Net asset value and offering price per share	$	23.82
Class Y:
Net asset value and offering price per share	$	24.41
Class R5:
Net asset value and offering price per share	$	24.42

* At October 31, 2015, securities with an aggregate value of $498,016 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                         Invesco Pacific Growth Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends (net of foreign withholding taxes of $132,015)	$	1,583,961
Dividends from affiliated money market funds (includes securities lending income of $2,731)		3,481
Total investment income		1,587,442
Expenses:
Advisory fees		692,295
Administrative services fees		50,000
Custodian fees		85,024
Distribution fees:
Class A		172,576
Class B		3,551
Class C		50,686
Class R		1,535
Transfer agent fees		176,164
Transfer agent fees — R5		10
Trustees’ and officers’ fees and benefits		28,292
Other		188,908
Total expenses		1,449,041
Less: Fees waived and expense offset arrangement(s)		(1,869	)
Net expenses		1,447,172
Net investment income		140,270
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $128,221)		3,033,235
Foreign currencies		(429,783	)
		2,603,452
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes on holdings of $81,444)		(4,672,886	)
Foreign currencies		110,600
		(4,562,286	)
Net realized and unrealized gain (loss)		(1,958,834	)
Net increase (decrease) in net assets resulting from operations	$	(1,818,564	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                         Invesco Pacific Growth Fund

Statement of Changes in Net Assets

For the years ended October 31, 2015 and 2014

	2015			2014
Operations:
Net investment income	$	140,270		$	469,064
Net realized gain		2,603,452			6,523,096
Change in net unrealized appreciation (depreciation)		(4,562,286	)		(3,830,874	)
Net increase (decrease) in net assets resulting from operations		(1,818,564	)		3,161,286
Distributions to shareholders from net investment income:
Class A		(82,200	)		(1,136,339	)
Class B		—			(6,423	)
Class C		—			(37,052	)
Class R		—			(3,682	)
Class Y		(11,222	)		(57,092	)
Class R5		(67	)		(228	)
Total distributions from net investment income		(93,489	)		(1,240,816	)
Share transactions–net:
Class A		(5,325,439	)		(7,943,838	)
Class B		(199,876	)		(411,438	)
Class C		440,928			(506,174	)
Class R		(94,501	)		44,765
Class Y		809,820			(435,625	)
Net increase (decrease) in net assets resulting from share transactions		(4,369,068	)		(9,252,310	)
Net increase (decrease) in net assets		(6,281,121	)		(7,331,840	)
Net assets:
Beginning of year		81,876,419			89,208,259
End of year (includes undistributed net investment income of $(103,879) and $(381,825), respectively)	$	75,595,298		$	81,876,419

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Pacific Growth Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class R, Class Y and Class R5. 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 R, Class Y and Class R5 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded.

13                         Invesco Pacific Growth Fund

Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

14                         Invesco Pacific Growth Fund

D. Distributions — Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending — The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated 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, is included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

J. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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

15                         Invesco Pacific Growth Fund

physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $1 billion		0.87%
Next $1 billion		0.82%
Over $2 billion		0.77%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.87%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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, 2016, 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 B, Class C, Class R, Class Y and Class R5 shares to 2.25%, 3.00%, 3.00%, 2.50%, 2.00% and 2.00%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary 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, 2016. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees of $1,644.

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 October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, 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”), an affiliate of the Adviser. The Fund has adopted a Plan of Distribution (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that the Fund will reimburse IDI for distribution related expenses that IDI incurs up to a maximum of the following annual rates: (1) Class A — up to 0.25% of the average daily net assets of Class A shares; (2) Class B — up to 1.00% of the average daily net assets of Class B shares; (3) Class C — up to 1.00% of the average daily net assets of Class C shares; and (4) Class R — up to 0.50% of the average daily net assets of Class R shares.

In the case of Class B shares, provided that the Plan continues in effect, any cumulative expenses incurred by IDI, but not yet reimbursed to IDI, may be recovered through the payment of future distribution fees from the Fund pursuant to the Plan and contingent deferred sales charges paid by investors upon redemption of Class B shares.

For the year ended October 31, 2015, 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 October 31, 2015, IDI advised the Fund that IDI retained $4,917 in front-end sales commissions from the sale of Class A shares and $243 and $46 from Class B and Class C 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.

16                         Invesco Pacific Growth Fund

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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.

During the year ended October 31, 2015, there were transfers from Level 1 to Level 2 of $11,079,130 and from Level 2 to Level 1 of $5,264,075, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Australia	$	6,705,919	$	—	$	—	$	6,705,919
China		—		10,374,466		117,075		10,491,541
Hong Kong		—		2,835,037		—		2,835,037
India		—		5,066,736		—		5,066,736
Indonesia		—		1,794,343		—		1,794,343
Japan		—		32,615,593		—		32,615,593
Singapore		1,596,323		—		—		1,596,323
South Korea		—		7,498,941		—		7,498,941
Taiwan		—		3,547,048		—		3,547,048
Thailand		—		1,892,239		—		1,892,239
United States		1,748,470		—		—		1,748,470
Total Investments	$	10,050,712	$	65,624,403	$	117,075	$	75,792,190

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $225.

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 State Street Bank and Trust Company, 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.

17                         Invesco Pacific Growth Fund

NOTE 7—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2015 and 2014:

	2015		2014
Ordinary income	$	93,489	$	1,240,816

Tax Components of Net Assets at Period-End:

	2015
Undistributed ordinary income	$	(4,604	)
Net unrealized appreciation — investments		4,183,506
Net unrealized appreciation (depreciation) — other investments		(3,821	)
Temporary book/tax differences		(99,275	)
Capital loss carryforward		(14,794,794	)
Shares of beneficial interest		86,314,286
Total net assets	$	75,595,298

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 difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of October 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
October 31, 2016	$	295,867	$	—	$	295,867
October 31, 2017		14,498,927		—		14,498,927
	$	14,794,794	$		$	14,794,794

* Capital loss carryforward as of the date listed above 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 Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $105,821,400 and $105,674,202, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	6,864,462
Aggregate unrealized (depreciation) of investment securities		(2,680,956	)
Net unrealized appreciation of investment securities	$	4,183,506

Cost of investments for tax purposes is $71,608,684.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating loss and passive foreign investment companies, on October 31, 2015, undistributed net investment income was increased by $231,165, undistributed net realized gain (loss) was decreased by $764 and shares of beneficial interest was decreased by $230,401. This reclassification had no effect on the net assets of the Fund.

18                         Invesco Pacific Growth Fund

NOTE 10—Share Information

	Summary of Share Activity
	Years ended October 31,
	2015(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		342,880		$	8,510,509			133,449		$	3,122,847
Class B		1,080			24,936			922			20,231
Class C		98,266			2,337,682			14,602			327,536
Class R		5,689			141,656			12,584			306,742
Class Y		161,849			4,107,733			107,353			2,570,104
Issued as reinvestment of dividends:
Class A		3,049			70,381			43,353			991,482
Class B		—			—			261			5,649
Class C		—			—			1,529			33,187
Class R		—			—			153			3,472
Class Y		450			10,535			2,362			54,770
Automatic conversion of Class B shares to Class A shares:
Class A		6,968			169,471			12,179			283,842
Class B		(7,427	)		(169,471	)		(12,895	)		(283,842	)
Reacquired:
Class A		(578,288	)		(14,075,800	)		(524,772	)		(12,342,009	)
Class B		(2,389	)		(55,341	)		(7,007	)		(153,476	)
Class C		(82,173	)		(1,896,754	)		(39,409	)		(866,897	)
Class R		(9,528	)		(236,157	)		(11,043	)		(265,449	)
Class Y		(133,611	)		(3,308,448	)		(126,963	)		(3,060,499	)
Net increase (decrease) in share activity		(193,185	)	$	(4,369,068	)		(393,342	)	$	(9,252,310	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 64% 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 Pacific Growth Fund

NOTE 11—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			Net asset value, end of  period(b)		Total return(c)			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(d)
Class A
Year ended 10/31/15	$	24.51	$	0.05		$	(0.50	)	$	(0.45	)	$	(0.03	)	$	24.03		(1.84	)%	$	66,599		1.78	%(e)		1.78	%(e)		0.21	%(e)		137	%
Year ended 10/31/14		23.90		0.14			0.82			0.96			(0.35	)		24.51		4.10	(f)		73,457		1.77	(f)		1.77	(f)		0.60	(f)		63
Year ended 10/31/13		20.05		0.12			3.83			3.95			(0.10	)		23.90		19.76			79,672		1.81			1.81			0.56			87
Year ended 10/31/12		20.05		0.15			0.20			0.35			(0.35	)		20.05		1.81			74,319		1.79			1.79			0.76			101
Year ended 10/31/11		22.21		0.23			(2.20	)		(1.97	)		(0.19	)		20.05		(8.95	)		83,779		1.68			1.68			1.03			109
Class B
Year ended 10/31/15		23.05		(0.12	)		(0.47	)		(0.59	)		—			22.46		(2.56	)		272		2.53	(e)		2.53	(e)		(0.54	)(e)		137
Year ended 10/31/14		22.49		(0.04	)		0.77			0.73			(0.17	)		23.05		3.28			480		2.53			2.53			(0.16	)		63
Year ended 10/31/13		18.92		(0.04	)		3.61			3.57			—			22.49		18.87			889		2.56			2.56			(0.19	)		87
Year ended 10/31/12		18.91		(0.00	)		0.20			0.20			(0.19	)		18.92		1.09			1,847		2.55			2.55			(0.00	)		101
Year ended 10/31/11		20.97		0.06			(2.08	)		(2.02	)		(0.04	)		18.91		(9.68	)		4,376		2.43			2.43			0.28			109
Class C
Year ended 10/31/15		23.09		(0.12	)		(0.47	)		(0.59	)		—			22.50		(2.55	)		4,880		2.53	(e)		2.53	(e)		(0.54	)(e)		137
Year ended 10/31/14		22.53		(0.03	)		0.76			0.73			(0.17	)		23.09		3.28	(f)		4,638		2.52	(f)		2.52	(f)		(0.15	)(f)		63
Year ended 10/31/13		18.95		(0.04	)		3.62			3.58			—			22.53		18.89			5,049		2.56			2.56			(0.19	)		87
Year ended 10/31/12		18.94		0.02			0.19			0.21			(0.20	)		18.95		1.15	(f)		4,624		2.46	(f)		2.46	(f)		0.09	(f)		101
Year ended 10/31/11		20.99		0.07			(2.08	)		(2.01	)		(0.04	)		18.94		(9.62	)(f)		5,572		2.39	(f)		2.39	(f)		0.32	(f)		109
Class R
Year ended 10/31/15		24.33		(0.01	)		(0.50	)		(0.51	)		—			23.82		(2.10	)		245		2.03	(e)		2.03	(e)		(0.04	)(e)		137
Year ended 10/31/14		23.74		0.08			0.80			0.88			(0.29	)		24.33		3.78			344		2.03			2.03			0.34			63
Year ended 10/31/13		19.93		0.07			3.80			3.87			(0.06	)		23.74		19.44			295		2.06			2.06			0.31			87
Year ended 10/31/12		19.95		0.10			0.20			0.30			(0.32	)		19.93		1.59			236		2.05			2.05			0.50			101
Year ended 10/31/11		22.11		0.17			(2.19	)		(2.02	)		(0.14	)		19.95		(9.21	)		129		1.93			1.93			0.78			109
Class Y
Year ended 10/31/15		24.90		0.12			(0.52	)		(0.40	)		(0.09	)		24.41		(1.59	)		3,587		1.53	(e)		1.53	(e)		0.46	(e)		137
Year ended 10/31/14		24.28		0.20			0.82			1.02			(0.40	)		24.90		4.34			2,944		1.53			1.53			0.84			63
Year ended 10/31/13		20.37		0.18			3.88			4.06			(0.15	)		24.28		20.03			3,291		1.56			1.56			0.81			87
Year ended 10/31/12		20.37		0.20			0.21			0.41			(0.41	)		20.37		2.10			5,240		1.55			1.55			1.00			101
Year ended 10/31/11		22.57		0.29			(2.24	)		(1.95	)		(0.25	)		20.37		(8.77	)		7,998		1.43			1.43			1.28			109
Class R5
Year ended 10/31/15		24.92		0.15			(0.52	)		(0.37	)		(0.13	)		24.42		(1.47	)		13		1.39	(e)		1.39	(e)		0.60	(e)		137
Year ended 10/31/14		24.30		0.24			0.82			1.06			(0.44	)		24.92		4.48			13		1.37			1.37			1.00			63
Year ended 10/31/13		20.39		0.21			3.89			4.10			(0.19	)		24.30		20.23			13		1.43			1.43			0.94			87
Year ended 10/31/12		20.39		0.24			0.20			0.44			(0.44	)		20.39		2.24			11		1.37			1.37			1.18			101
Year ended 10/31/11(g)		23.52		0.35			(3.48	)		(3.13	)		—			20.39		(13.31	)		11		1.22	(h)		1.22	(h)		1.49	(h)		109

^(a) Calculated using average shares outstanding.

^(b) Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share for the years ended October 31, 2012 and October 31, 2011.

^(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(d) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ended October 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $5,980,249 and sold of $4,944,271 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Japan Fund into the Fund.

^(e) Ratios are based on average daily net assets (000’s omitted) of $70,105, $355, $5,069, $307, $3,725 and $13 for Class A, Class B, Class C, Class R, Class Y and Class R5 shares, respectively.

^(f) 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 Class A shares for the year ended October 31, 2014 and 0.99%, 0.90% and 0.95% for Class C shares for the years ended October 31, 2014, 2012 and 2011, respectively.

^(g)  Commencement date of May 23, 2011 for Class R5 shares.

^(h) Annualized.

20                         Invesco Pacific Growth Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Pacific Growth Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Pacific Growth Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

21                         Invesco Pacific Growth 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 May 1, 2015 through October 31, 2015.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	935.70	$	8.78	$	1,016.13	$	9.15		1.80	%
B		1,000.00		932.30		12.42		1,012.35		12.93		2.55
C		1,000.00		932.40		12.42		1,012.35		12.93		2.55
R		1,000.00		934.80		10.00		1,014.87		10.41		2.05
Y		1,000.00		937.00		7.57		1,017.39		7.88		1.55
R5		1,000.00		937.80		6.94		1,018.05		7.22		1.42

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

22                         Invesco Pacific Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Pacific Growth Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ investment

process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services provided by the Affiliated Sub-Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s sub-advisory contracts.

B. Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Asset Management (Japan) Limited and Invesco Hong Kong Limited currently manage assets of the Fund.

The Board compared the Fund’s performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Pacific Region Funds Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and

23                         Invesco Pacific Growth Fund

five year periods. Invesco Advisers noted that the portfolio management team is managing to a new index, which has slightly lower exposure to Japan, but that performance remains challenged and is under review by Invesco Hong Kong Limited. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other mutual funds or client accounts with investment strategies comparable to those of the Fund.

The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory

and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Lipper and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although

Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

24                         Invesco Pacific Growth 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 advisors.

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 October 31, 2015:

Federal and State Income Tax
Qualified Dividend Income*	95.07	%
Corporate Dividends Received Deduction*	0	%
U.S. Treasury Obligations*	0	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

25                         Invesco Pacific Growth Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Pacific Growth 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Pacific Growth 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Pacific Growth 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Pacific Growth Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338                        MS-PGRO-AR-1                                                               Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Premium Income Fund
	Nasdaq:
	A: PIAFX  n  C: PICFX  n  R: PIRFX  n  Y: PIYFX  n  R5: IPNFX  n  R6: PIFFX

Letters to Shareholders

Philip Taylor

Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.     The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European Central

Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.     Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

    Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                         Invesco Premium Income Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                         Invesco Premium Income Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Premium Income Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Premium Income Index, the Fund’s style-specific index.

    Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 10/31/14 to 10/31/15, 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	2.02	%
Class C Shares	1.26
Class R Shares	1.77
Class Y Shares	2.28
Class R5 Shares	2.28
Class R6 Shares	2.28
Barclays U.S. Aggregate Index▼ (Broad Market Index)	1.96
Custom Invesco Premium Income Index¢ (Style-Specific Index)	3.75
Lipper Mixed-Asset Target Allocation Conservative Funds Index¿ (Peer Group Index)	-0.15
Source(s): ▼FactSet Research Systems Inc.; ¢Invesco, FactSet Research Systems Inc.; ¿Lipper Inc.

Market conditions and your Fund

Among the four strategic asset classes in which the Fund invests – preferred stocks, high yield bonds, emerging market debt securities and US government obligations (including US Treasury obligations issued by the US government under the Separate Trading of Registered Interest and Principal Securities (STRIPS) program) – preferred stocks and US Treasury STRIPS contributed the most to Fund performance during the reporting period. Emerging market debt securities and high yield bonds detracted from Fund performance during the reporting period primarily due to increased market volatility and investor preferences for lower-risk securities. Tactical positioning was a contributor to overall Fund performance and was consistent with an intentionally small allocation versus the strategic allocation.

Tactical adjustments to the Fund’s portfolio are made on a monthly basis to try to take advantage of short-term market dynamics.

    At the start of the fiscal year, US Treasuries were the primary contributor to Fund performance as increasing market volatility drove demand for safe-haven assets.¹ The plunge in energy prices during the quarter was the key contributor to this demand, as a late-November decision by OPEC to maintain production levels caused the decline in oil prices to accelerate. Uncertainty over the effect falling oil prices would have on global growth increased demand for safe-haven assets, such as US Treasuries, but weighed heavily on emerging market debt and high yield bonds. Preferred stocks continued to contribute to Fund performance as the US Federal Reserve (the Fed) maintained a

more “patient” view toward raising interest rates, which favored the asset class.

    In the first quarter of 2015, preferred stocks were the leading contributor to Fund performance as their hybrid stock/bond characteristic benefited from good performance across financial assets during the quarter. US Treasuries benefited from large gains in January as a result of weak economic data, fears of a Greek exit from the eurozone and the Swiss breaking their euro peg. Both high yield and emerging market debt were supported by falling government bond yields, relative stability in oil prices and a more cautious tone from the Fed on interest rate increases. The Fund’s high yield investments benefited from increased exposure to energy, which experienced steep declines in 2014 due to falling oil prices and investors’ fear of defaults.

    US Treasuries were the big loser for the second quarter of 2015 as a rise in European inflation and central bank jawboning about the imminent increase in interest rates caused a spike in yields off of historically low levels. Increased demand for safe-haven assets in response to the renewed Greek financial crisis and the collapse in Chinese equity prices helped to soften the sting of higher yields but could not reverse the damage done. The combination of higher yields, renewed concerns over Greece and the drop in the Chinese stock market were too much to bear for emerging market bonds and preferred stocks. High yield debt securities also suffered late in the second quarter of 2015 but were able to finish the reporting period with a modest gain.

    Demand for safe-haven assets increased in the third quarter of 2015 due to renewed concerns over the Greek

Portfolio Composition
By security type	% of total net assets

U.S. Dollar-Denominated Bonds and Notes	40.2	%
Preferred Stocks	20.7
Common Stocks and Other Equity Interests	13.0
U.S. Treasury Securities	6.3
Non-U.S. Dollar-Denominated Bonds and Notes	1.2
Money Market Funds Plus Other Assets Less Liabilities	18.6

Top 10 Debt Issuers*
	% of total net assets

1.	U.S. Treasury Securities	6.3	%
2.	MHP S.A.	0.6
3.	Argentina Bonar Bonds	0.6
4.	Hungary Government International Bond	0.6
5.	OCP S.A.	0.6
6.	HCA, Inc.	0.6
7.	CCO Holdings LLC / CCO Holdings Capital Corp.	0.5
8.	Kazakhstan Government International Bond	0.5
9.	Reliance Industries Ltd.	0.5
10.	Turkcell Iletisim Hizmetleri A.S.	0.5

Total Net Assets	$150.1 million
Total Number of Holdings*	489

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.

Data presented here are as of October 31, 2015.

4                             Invesco Premium Income Fund

financial crisis as well as volatility increases across key equity markets partially in response to weaker economic data from key markets. Looking at performance attribution for the third quarter of 2015, it was apparent that investors were avoiding what they perceived to be risky assets in favor of high-quality securities. Both emerging market debt securities and high yield bonds detracted from Fund performance for most of the third quarter of 2015; preferred stocks and 30-year US Treasury STRIPS also contributed to Fund performance for the third quarter of 2015 but experienced a marginally negative month in August as a result of converging correlations between the two asset classes.

    The fiscal year ended with positive performance in all four strategic asset classes in which the Fund invests for the month of October. Emerging market debt was the top contributor to Fund performance as investors returned to what they perceived to be risky assets. High yield bonds, preferred stocks and US Treasury STRIPS, all implemented through individual securities, also posted gains at the end of the reporting period.

    Please note that our strategy utilizes derivative instruments that include futures and total return swaps. Therefore, some 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 exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued commitment to Invesco Premium Income Fund.

1 So-called “safe-haven” assets do not imply risk-free investing.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	Scott Wolle Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco Premium Income Fund. He joined
Invesco in 1999. Mr. Wolle earned a BS in finance from Virginia Polytechnic Institute and State University and an MBA from Duke University Fuqua School of Business.

	Mark Ahnrud Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Premium Income Fund. He joined Invesco in
2000. Mr. Ahnrud earned a BS in finance and investments from Babson College and an MBA from Duke University Fuqua School of Business.

	Chris Devine Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Premium Income Fund. He joined Invesco in
1998. Mr. Devine earned a BA in economics from Wake Forest University and an MBA from the University of Georgia.

	Scott Hixon Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Premium Income Fund. He joined Invesco in
1994. Mr. Hixon earned a BBA in finance from Georgia Southern University and an MBA in finance from Georgia State University.

	Peter Hubbard Portfolio Manager, is manager of Invesco Premium Income Fund. He joined Invesco in 2005. Mr. Hubbard earned a
BA in business and economics from Wheaton College.

	Darren Hughes Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Premium Income Fund. He joined Invesco
in 1992. Mr. Hughes earned a BBA in finance and economics from Baylor University.

	Jeff Kernagis Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Premium Income Fund. He joined Invesco in
2007. Mr. Kernagis earned a BBA from the University of Notre Dame and an MBA from DePaul University.

	Richard Ose Portfolio Manager, is manager of Invesco Premium Income Fund. He joined Invesco and/or its affiliates in 2011.
Mr. Ose earned a BS with concentrations in finance and economics from Carroll University and an MBA with a concentration in finance from DePaul University.

	Joseph Portera Portfolio Manager, is manager of Invesco Premium Income Fund. He joined Invesco in 2012. Mr. Portera earned
BA and MA degrees in Soviet studies and an MA in international political economy and development from Fordham University.

	Rashique Rahman Portfolio Manager, is manager of Invesco Premium Income Fund. Mr. Rahman is the Head of Emerging Markets for Invesco
Fixed Income. He joined Invesco in 2014. Mr. Rahman earned a BA in economics and political science from the University of California, Los Angeles, and an MA in international affairs, as well as an MBA, from Columbia University.

	Scott Roberts Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Premium Income Fund. He joined Invesco in
2000. Mr. Roberts earned a BBA in finance from the University of Houston.

	Christian Ulrich Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Premium Income Fund. He joined Invesco in
2000. Mr. Ulrich earned the equivalent of a BBA from the KV Zurich Business School in Zurich, Switzerland.

5                             Invesco Premium Income Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es) since Inception

Fund and index data from 12/14/11

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6                             Invesco Premium Income Fund

Average Annual Total Returns As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (12/14/11)	4.14	%
1 Year	-3.55
Class C Shares
Inception (12/14/11)	4.87	%
1 Year	0.28
Class R Shares
Inception (12/14/11)	5.38	%
1 Year	1.77
Class Y Shares
Inception (12/14/11)	5.92	%
1 Year	2.28
Class R5 Shares
Inception (12/14/11)	5.92	%
1 Year	2.28
Class R6 Shares
Inception	5.87	%
1 Year	2.28

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.05%, 1.80%, 1.30%, 0.80%, 0.80% and 0.80%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.29%, 2.04%, 1.54%, 1.04%, 0.91% and 0.91%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of

Average Annual Total Returns As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/14/11)	3.44	%
1 Year	-5.07
Class C Shares
Inception (12/14/11)	4.23	%
1 Year	-1.13
Class R Shares
Inception (12/14/11)	4.73	%
1 Year	0.33
Class Y Shares
Inception (12/14/11)	5.27	%
1 Year	0.84
Class R5 Shares
Inception (12/14/11)	5.27	%
1 Year	0.84
Class R6 Shares
Inception	5.22	%
1 Year	0.84

this report that are based on expenses incurred during the period covered by this report.

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2017. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

7                             Invesco Premium Income Fund

Invesco Premium Income Fund’s investment objective is to provide current income.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

n To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About share classes

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

n Active trading risk. The Fund engages in frequent trading of portfolio securities. Active trading results in added expenses and may result in a lower return and increased tax liability.

n Call risk. If interest rates fall, it is possible that issuers of debt securities with high interest rates will prepay or call their securities before their maturity dates. In this event, the proceeds from the called securities would likely be reinvested by the Fund in securities bearing the new, lower interest rates, resulting in a possible decline in the Fund’s income and distributions to shareholders.

n Changing fixed income market conditions risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates at or near zero. There is a risk that interest rates will rise when the FRB and central banks raise these rates. This risk is heightened due to the FRB’s quantitative easing program and the “tapering” of other similar foreign central bank actions. This eventual increase in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed

income dealer market making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

n Credit linked notes risk. Risks of credit linked notes include those risks associated with the underlying reference obligation including but not limited to market risk, interest rate risk, credit risk, default risk and foreign currency risk. In the case of a credit linked note created with credit default swaps, the structure will be “funded” such that the par amount of the security will represent the maximum loss that could be incurred on the investment and no leverage is introduced. An investor in a credit linked note bears counterparty risk or the risk that the issuer of the credit linked note will default or become bankrupt and not make timely payment of principal and interest of the structured security.

n Credit risk. The issuer of instruments in which the Fund invests may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

n Currency/exchange rate risk. The dollar value of the Fund’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.

n Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to

the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

n Developing/emerging markets securities risk. The prices of securities issued by foreign companies and governments located in developing/emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

n Energy sector risk. Certain of the businesses in which the Fund invests may be adversely affected by foreign, federal or state regulations governing energy production, distribution and sale as well as supply-and-demand for energy resources. Although individual security

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

8                             Invesco Premium Income Fund

selection drives the performance of the Fund, short-term fluctuations in energy prices may cause price fluctuations in its shares.

n Exchange-traded funds risk. An investment by the Fund in exchange-traded funds generally presents the same primary risks as an investment in a mutual fund. In addition, an exchange-traded fund may be subject to the following: (1) a discount of the exchange-traded fund’s shares to its net asset value; (2) failure to develop an active trading market for the exchange-traded fund’s shares; (3) the listing exchange halting trading of the exchange-traded fund’s shares; (4) failure of the exchange-traded fund’s shares to track the referenced asset; and (5) holding troubled securities in the referenced index or basket of investments. Investments in exchange-traded funds may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the exchange- traded funds in which it invests. Further, certain of the exchange-traded funds in which the Fund may invest are leveraged. The more the Fund invests in such leveraged exchange-traded funds, the more this leverage will magnify any losses on those investments.

n Financial institutions risk. Investments in financial institutions may be subject to certain risks, including, but not limited to, the risk of regulatory actions, changes in interest rates and concentration of loan portfolios in an industry or sector. Financial institutions are highly regulated and may suffer set-backs should regulatory rules and interpretations under which they operate change. Likewise, there is a high level of competition among financial institutions which could adversely affect the viability of an institution.

n Floating rate risk. The Fund may invest in floating rate loans and debt securities that require collateral. There is a risk that the value of the collateral may not be sufficient to cover the amount owed, collateral securing a loan may be found invalid, and collateral may be used to pay other outstanding obligations of the borrower under applicable law or may be difficult to sell. There is also the risk that the collateral may be

difficult to liquidate, or that a majority of the collateral may be illiquid.

n Foreign currency tax risk. If the US Treasury Department were to exercise its authority to issue regulations that exclude from the definition of “qualifying income” foreign currency gains not directly related to the Fund’s business of investing in securities (which it has not done since such authority was granted to it in 1986, but has the right to do at any time), the Fund may be unable to qualify as a regulated investment company for one or more years. In this event, the Fund’s Board of Trustees may authorize a significant change in investment strategy or other action.

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

n High yield bond (junk bond) risk. Junk bonds involve a greater risk of default or price changes due to changes in the credit quality of the issuer. The values of junk bonds fluctuate more than those of high- quality bonds in response to company, political, regulatory or economic developments. Values of junk bonds can decline significantly over short periods of time.

n Interest rate risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.

n Liquidity risk. The Fund may hold illiquid securities that it is unable to sell at the preferred time or price and could lose its entire investment in such securities.

n MLP (master limited partnership) risk. An MLP is a public limited partnership or limited liability company. Although the characteristics of MLPs closely resemble a traditional limited partnership, a major difference is that MLPs may trade on a public exchange or in

the over-the-counter market. The ability to trade on a public exchange or in the over-the-counter market provides a certain amount of liquidity not found in many limited partnership investments. However, MLP interests may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities. The risks of investing in an MLP are similar to those of investing in a partnership and include more flexible governance structures, which could result in less protection for investors than investments in a corporation. Investors in an MLP would normally not be liable for the debts of the MLP beyond the amount that the investor has contributed but investors may not be shielded to the same extent that a shareholder of a corporation would be. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.

n MLP tax risk. MLPs taxed as partnerships do not pay US federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law, or a change in the underlying business mix of a given MLP, could result in an MLP being treated as a corporation for US federal income tax purposes, which would result in such MLP being required to pay US federal income tax on its taxable income. The classification of an MLP as a corporation for US federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by the Fund were treated as a corporation for US federal income tax purposes, it could result in a reduction of the value of the Fund’s investment, and consequently your investment in the Fund and lower income. MLPs taxed as partnerships file a partnership tax return for US federal, state and local income tax purposes and communicate to each investor in such MLP the investor’s allocable share of the MLP’s income, gains, losses, deductions and expenses via a “Schedule K-1.” Each year, the Fund will send you an annual tax statement (Form 1099)

continued on page 10

9                         Invesco Premium Income Fund

continued from page 9

to assist you in completing your federal, state and local tax returns. An MLP might need to amend its partnership tax return and, in turn, send amended Schedules K-1 to investors in the MLP, such as the Fund. When necessary, the Fund will send you a corrected Form 1099 to reflect Schedule K-1 information reclassified by an MLP, which could, in turn, require you to amend your federal, state or local tax returns.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results. Because the Fund’s investment process relies heavily on its asset allocation process, market movements that are counter to the portfolio managers’ expectations may have a significant adverse effect on the Fund’s net asset value.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Mortgage- and asset-backed securities risk. The Fund may invest in mortgage- and asset-backed securities that are subject to prepayment or call risk, which is the risk that the borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. Faster prepayments often happen when interest rates are falling. As a result, the Fund may reinvest these early payments at lower interest rates, thereby reducing the Fund’s income. Conversely, when interest rates rise, prepayments may happen more slowly, causing the security to lengthen in duration. Longer duration securities tend to be more volatile. Securities may be prepaid at a price less than the original purchase value. 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. The risk of such defaults is generally higher in the case of mortgage pools that include subprime mortgages. Subprime mortgages refer to loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages.

n Non-correlation risk. The return of the Fund’s preferred equity segment may not match the return of the Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities, especially when rebalancing securities holdings to reflect changes in the Index. In addition, the performance of the preferred equity segment and the Index may vary due to asset valuation differences and differences between the preferred equity segment and the Index resulting from legal restrictions, cost or liquidity constraints.

n Preferred securities risk. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If the Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received this income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments.

n Reinvestment risk. Reinvestment risk is the risk that a bond’s cash flows (coupon income and principal repayment) will be reinvested at an interest rate below that on the original bond.

n REIT (real estate investment trust) risk/real estate risk. Investments in real estate related instruments may be affected by economic, legal, cultural, environmental or technological factors that affect property values, rents or occupancies of real estate related to the Fund’s holdings. Shares of real estate related companies, which tend to be small- and mid-cap companies, may be more volatile and less liquid.

n Sovereign debt risk. Investments in foreign sovereign debt obligations involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

n US government obligations risk. The Fund may invest in obligations issued by US government agencies and instrumentalities that may receive varying levels of support from the government, which could affect the Fund’s ability to recover should they default.

About indexes used in this report

n The Barclays U.S. Aggregate Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

n The Custom Invesco Premium Income Index, created by Invesco to serve as a benchmark for Invesco Premium Income Fund, comprises the following indexes: S&P 500 (50%) and Barclays U.S. Universal (50%).

n The Lipper Mixed-Asset Target Allocation Conservative Funds Index is an unmanaged index considered representative of mixed-asset target allocation conservative funds tracked by Lipper.

n The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

n The Barclays U.S. Universal Index is an unmanaged index comprising US dollar-denominated, taxable bonds that are rated investment grade or below investment grade.

n 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).

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

10                         Invesco Premium Income Fund

Schedule of Investments^(a)

October 31, 2015

	Principal Amount		Value
U.S. Dollar Denominated Bonds and Notes–40.19%
Aerospace & Defense–0.95%
Aerojet Rocketdyne Holdings, Inc., Sec. Gtd. Second Lien Global Notes, 7.13%, 03/15/21	$	165,000	$	174,281
Bombardier Inc. (Canada), Sr. Unsec. Notes, 7.50%, 03/15/25(b)		236,000		183,490
7.75%, 03/15/20(b)		136,000		119,680
DigitalGlobe Inc., Sr. Unsec. Gtd. Notes, 5.25%, 02/01/21(b)		85,000		76,713
KLX Inc., Sr. Unsec. Gtd. Notes, 5.88%, 12/01/22(b)		150,000		153,563
Moog Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/22(b)		130,000		133,250
Orbital ATK Inc., Sr. Unsec. Gtd. Notes, 5.50%, 10/01/23(b)		135,000		141,581
TransDigm Inc., Sr. Unsec. Gtd. Sub. Notes, 6.50%, 05/15/25(b)		433,000		442,742
				1,425,300
Agricultural & Farm Machinery–0.09%
Titan International Inc., Sr. Sec. Gtd. First Lien Global Notes, 6.88%, 10/01/20		159,000		136,939
Airlines–0.19%
Air Canada (Canada), Sr. Unsec. Gtd. Notes, 7.75%, 04/15/21(b)		270,000		282,150
Alternative Carriers–0.57%
EarthLink Holdings Corp., Sr. Sec. Gtd. First Lien Global Notes, 7.38%, 06/01/20		255,000		265,200
Level 3 Communications, Inc., Sr. Unsec. Global Notes, 5.75%, 12/01/22		510,000		526,575
Level 3 Financing, Inc., Sr. Unsec. Gtd. Notes, 5.13%, 05/01/23(b)		60,000		60,900
				852,675
Apparel Retail–0.16%
Hot Topic, Inc., Sr. Sec. Gtd. First Lien Notes, 9.25%, 06/15/21(b)		253,000		244,778
Apparel, Accessories & Luxury Goods–0.04%
William Carter Co. (The), Sr. Unsec. Gtd. Global Notes, 5.25%, 08/15/21		59,000		61,508
Application Software–0.05%
SS&C Technologies Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 07/15/23(b)		77,000		81,235
Asset Management & Custody Banks–0.11%
DJO Finco Inc./DJO Finance LLC/Corp., Sec. Second Lien Notes, 8.13%, 06/15/21(b)		160,000		160,000

	Principal Amount		Value
Auto Parts & Equipment–0.31%
CTP Transportation Products LLC/CTP Finance Inc., Sr. Sec. Notes, 8.25%, 12/15/19(b)	$	224,000	$	239,680
Dana Holding Corp., Sr. Unsec. Notes,
5.38%, 09/15/21		67,000		68,843
5.50%, 12/15/24		104,000		104,260
Tenneco Inc., Sr. Unsec. Gtd. Global Notes, 5.38%, 12/15/24		46,000		47,610
				460,393
Automotive Retail–0.05%
CST Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/01/23		67,000		68,256
Broadcasting–0.46%
iHeartCommunications, Inc., Sr. Sec. Gtd. First Lien Global Notes, 10.63%, 03/15/23		160,000		135,200
Netflix, Inc., Sr. Unsec. Global Notes, 5.75%, 03/01/24		188,000		198,810
Sinclair Television Group Inc., Sr. Unsec. Gtd. Notes, 5.63%, 08/01/24(b)		180,000		177,075
TEGNA, Inc., Sr. Unsec. Gtd. Global Notes, 6.38%, 10/15/23		169,000		183,365
				694,450
Building Products–1.52%
Allegion PLC, Sr. Unsec. Gtd. Notes, 5.88%, 09/15/23		172,000		179,740
Builders FirstSource, Inc., Sr. Sec. First Lien Notes,
7.63%, 06/01/21(b)		425,000		453,156
Sr. Unsec. Gtd. Notes, 10.75%, 08/15/23(b)		141,000		146,288
Building Materials Corp. of America, Sr. Unsec. Notes,
5.38%, 11/15/24(b)		246,000		254,610
6.00%, 10/15/25(b)		109,000		116,630
Building Materials Holding Corp., Sr. Sec. Notes, 9.00%, 09/15/18(b)		400,000		424,000
Gibraltar Industries Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.25%, 02/01/21		310,000		320,850
Hardwoods Acquisition, Inc., Sr. Sec. Gtd. First Lien Notes, 7.50%, 08/01/21(b)		45,000		41,850
NCI Building Systems, Inc., Sr. Unsec. Gtd. Notes, 8.25%, 01/15/23(b)		30,000		31,950
Norbord Inc. (Canada), Sr. Sec. First Lien Notes, 5.38%, 12/01/20(b)		103,000		105,482
Sr. Sec. Gtd. First Lien Notes, 6.25%, 04/15/23(b)		205,000		206,753
				2,281,309

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                         Invesco Premium Income Fund

	Principal Amount		Value
Cable & Satellite–1.84%
Altice Luxembourg S.A. (Luxembourg), Sr. Unsec. Gtd. Notes,
7.75%, 05/15/22(b)	$	350,000	$	338,187
REGS, Sr. Unsec. Gtd. Euro Notes,
7.75%, 05/15/22(b)		200,000		193,000
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec. Gtd. Global Notes, 5.25%, 09/30/22		50,000		50,875
Sr. Unsec. Gtd. Notes, 5.13%, 05/01/23(b)		549,000		551,745
5.38%, 05/01/25(b)		215,000		213,925
DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.88%, 11/15/24		332,000		318,720
Intelsat Jackson Holdings S.A. (Luxembourg), Sr. Unsec. Gtd. Global Bonds,
5.50%, 08/01/23		255,000		213,563
6.63%, 12/15/22		99,000		78,705
Numericable-SFR S.A. (France), Sr. Sec. Gtd. First Lien Bonds, 6.00%, 05/15/22(b)		400,000		402,000
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany), REGS, Sr. Sec. Gtd. First Lien Euro Bonds, 5.00%, 01/15/25(b)		200,000		199,750
VTR Finance B.V. (Chile), Sr. Sec. First Lien Notes, 6.88%, 01/15/24(b)		200,000		194,000
				2,754,470
Casinos & Gaming–0.44%
Boyd Gaming Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 05/15/23		358,000		383,060
MGM Resorts International, Sr. Unsec. Gtd. Global Notes, 6.63%, 12/15/21		45,000		48,150
Sr. Unsec. Gtd. Notes, 6.00%, 03/15/23		115,000		117,587
7.75%, 03/15/22		53,000		58,962
Mohegan Tribal Gaming Authority, Sr. Unsec. Gtd. Notes, 9.75%, 09/01/21(b)		43,000		44,613
				652,372
Commercial Printing–0.25%
Multi-Color Corp., Sr. Unsec. Gtd. Notes, 6.13%, 12/01/22(b)		364,000		375,375
Communications Equipment–0.10%
Hughes Satellite Systems Corp., Sr. Unsec. Gtd. Global Notes, 7.63%, 06/15/21		142,000		155,845
Computer & Electronics Retail–0.15%
Rent-A-Center, Inc., Sr. Unsec. Gtd. Global Notes, 4.75%, 05/01/21		271,000		225,608
Construction & Engineering–0.41%
AECOM, Sr. Unsec. Gtd. Notes, 5.75%, 10/15/22(b)		359,000		373,653

	Principal Amount		Value
Construction & Engineering–(continued)
Odebrecht Finance Ltd. (Brazil), REGS, Sr. Unsec. Gtd. Euro Notes, 5.25%, 06/27/29(b)	$	400,000	$	234,500
				608,153
Construction Machinery & Heavy Trucks–0.92%
Allied Specialty Vehicles, Inc., Sr. Sec. Notes, 8.50%, 11/01/19(b)		392,000		410,620
Commercial Vehicle Group Inc., Sec. Gtd. Second Lien Global Notes, 7.88%, 04/15/19		230,000		234,600
Meritor Inc., Sr. Unsec. Gtd. Notes,
6.25%, 02/15/24		13,000		12,545
6.75%, 06/15/21		110,000		109,175
Navistar International Corp., Sr. Unsec. Gtd. Notes,
8.25%, 11/01/21		149,000		116,965
Sr. Unsec. Sub. Conv. Bonds, 4.75%, 04/15/19		95,000		66,500
Oshkosh Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 03/01/22		239,000		244,975
5.38%, 03/01/25		180,000		182,700
				1,378,080
Construction Materials–0.46%
Cemex S.A.B. de C.V. (Mexico), REGS, Sr. Sec. Gtd. First Lien Euro Notes, 5.70%, 01/11/25(b)		490,000		454,475
CPG Merger Sub LLC, Sr. Unsec. Gtd. Notes, 8.00%, 10/01/21(b)		31,000		31,465
Unifrax I LLC/Unifrax Holding Co., Sr. Unsec. Gtd. Notes, 7.50%, 02/15/19(b)		217,000		210,490
				696,430
Consumer Finance–0.26%
Ally Financial Inc., Sr. Unsec. Global Notes, 5.13%, 09/30/24		286,000		303,518
Credit Acceptance Corp., Sr. Unsec. Gtd. Notes, 7.38%, 03/15/23(b)		78,000		81,315
				384,833
Distillers & Vintners–0.04%
Constellation Brands Inc., Sr. Unsec. Gtd. Notes, 4.75%, 11/15/24		55,000		57,750
Diversified Banks–0.94%
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander (Mexico), Unsec. Sub. Notes, 5.95%, 01/30/24(b)		300,000		310,687
BBVA Bancomer S.A. (Mexico), Unsec. Sub. Notes, 6.75%, 09/30/22(b)		150,000		168,598
Emirates NBD Tier 1 Ltd. (United Arab Emirates), Jr. Unsec. Gtd. Sub. Euro Bonds, 5.75%(c)		500,000		503,125
Global Bank Corp. (Panama), Sr. Unsec. Notes, 5.13%, 10/30/19(b)		200,000		203,375

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                         Invesco Premium Income Fund

	Principal Amount		Value
Diversified Banks–(continued)
Industrial & Commercial Bank of China Ltd. (China), Unsec. Sub. Notes, 4.88%, 09/21/25(b)	$	220,000	$	223,340
				1,409,125
Diversified Chemicals–0.65%
Chemours Co. (The), Sr. Unsec. Notes, 6.63%, 05/15/23(b)		105,000		79,275
OCP S.A. (Morocco), Sr. Unsec. Notes,
4.50%, 10/22/25(b)		476,000		460,530
REGS, Sr. Unsec. Euro Notes,
4.50%, 10/22/25(b)		450,000		432,721
				972,526
Diversified Metals & Mining–0.44%
Compass Minerals International, Inc., Sr. Unsec. Gtd. Notes, 4.88%, 07/15/24(b)		74,000		72,705
HudBay Minerals, Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 9.50%, 10/01/20		65,000		57,363
Lundin Mining Corp. (Canada), Sr. Sec. Gtd. First Lien Notes, 7.88%, 11/01/22(b)		150,000		150,375
MMC Norilsk Nickel OJSC via MMC Finance Ltd. (Russia), Sr. Unsec. Notes, 6.63%, 10/14/22(b)		369,000		379,723
				660,166
Electric Utilities–0.60%
Hrvatska elektroprivreda d.d. (Croatia), Sr. Unsec. Notes, 5.88%, 10/23/22(b)		385,000		390,190
Majapahit Holding B.V. (Indonesia), Sr. Unsec. Gtd. Notes, 7.75%, 01/20/20(b)		100,000		113,301
PT Perusahaan Listrik Negara (Indonesia), REGS, Sr. Unsec. Euro Notes, 5.50%, 11/22/21(b)		200,000		206,836
Star Energy Geothermal Wayang Windu Ltd. (Indonesia), REGS, Sr. Sec. Gtd. First Lien Euro Notes, 6.13%, 03/27/20(b)		200,000		195,500
				905,827
Electrical Components & Equipment–0.32%
EnerSys, Sr. Unsec. Gtd. Notes, 5.00%, 04/30/23(b)		329,000		335,580
Sensata Technologies B.V. (Netherlands), Sr. Unsec. Gtd. Notes,
4.88%, 10/15/23(b)		99,000		96,525
5.00%, 10/01/25(b)		44,000		42,900
				475,005
Environmental & Facilities Services–0.21%
ADS Waste Holdings, Inc., Sr. Unsec. Gtd. Global Notes, 8.25%, 10/01/20		298,000		315,135
Fertilizers & Agricultural Chemicals–0.41%
Israel Chemicals Ltd. (Israel), Sr. Unsec. Euro Bonds, 4.50%, 12/02/24(b)		600,000		611,280

	Principal Amount		Value
Gas Utilities–0.29%
Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Global Notes, 6.75%, 01/15/22	$	30,000	$	27,900
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., Sr. Unsec. Global Notes, 7.38%, 08/01/21		44,000		46,530
Transportadora de Gas Internacional S.A. E.S.P. (Colombia), REGS, Sr. Unsec. Euro Notes, 5.70%, 03/20/22(b)		350,000		361,375
				435,805
General Merchandise Stores–0.25%
Dollar Tree, Inc., Sr. Unsec. Gtd. Notes, 5.75%, 03/01/23(b)		349,000		368,195
Health Care Facilities–1.71%
Acadia Healthcare Co., Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 02/15/23		266,000		269,325
Sr. Unsec. Gtd. Notes, 5.63%, 02/15/23(b)		60,000		60,750
Amsurg Corp., Sr. Unsec. Gtd. Global Notes, 5.63%, 07/15/22		290,000		286,375
Community Health Systems, Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/22		207,470		210,063
HCA, Inc., Sr. Sec. Gtd. First Lien Global Notes,
5.88%, 03/15/22		199,000		218,838
Sr. Sec. Gtd. First Lien Notes, 5.25%, 04/15/25		60,000		62,400
Sr. Unsec. Gtd. Global Notes, 7.50%, 02/15/22		141,000		163,208
Sr. Unsec. Gtd. Notes, 5.38%, 02/01/25		381,000		394,811
HealthSouth Corp., Sr. Unsec. Gtd. Notes, 5.75%, 09/15/25(b)		88,000		87,780
Surgical Care Affiliates, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 04/01/23(b)		310,000		313,875
Tenet Healthcare Corp., Sr. Unsec. Global Notes,
6.75%, 02/01/20		25,000		25,500
6.75%, 06/15/23		69,000		69,259
8.13%, 04/01/22		378,000		402,570
				2,564,754
Health Care Services–0.34%
DaVita HealthCare Partners Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/01/25		270,000		269,325
MPH Acquisition Holdings LLC, Sr. Unsec. Gtd. Notes, 6.63%, 04/01/22(b)		235,000		242,050
				511,375
Home Improvement Retail–0.33%
Hillman Group Inc. (The), Sr. Unsec. Notes, 6.38%, 07/15/22(b)		525,000		492,187

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                         Invesco Premium Income Fund

	Principal Amount		Value
Homebuilding–1.31%
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec. Notes, 6.88%, 02/15/21(b)	$	408,000	$	380,460
AV Homes, Inc., Sr. Unsec. Gtd. Global Notes, 8.50%, 07/01/19		60,000		60,225
Beazer Homes USA Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 09/15/21		394,000		387,105
CalAtlantic Group Inc., Sr. Unsec. Gtd. Notes, 5.38%, 10/01/22		281,000		288,727
K. Hovnanian Enterprises Inc., Sr. Sec. Gtd. First Lien Notes,
7.25%, 10/15/20(b)		61,000		57,493
Sr. Unsec. Gtd. Notes, 7.00%, 01/15/19(b)		109,000		88,017
8.00%, 11/01/19(b)		375,000		292,500
KB Home, Sr. Unsec. Gtd. Notes,
7.00%, 12/15/21		118,000		120,212
7.50%, 09/15/22		23,000		23,575
Meritage Homes Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 06/01/25		85,000		87,975
7.15%, 04/15/20		65,000		71,175
Shea Homes L.P./Shea Homes Funding Corp., Sr. Unsec. Gtd. Notes, 5.88%, 04/01/23(b)		30,000		31,613
Taylor Morrison Communities Inc./ Monarch Communities Inc., Sr. Unsec. Gtd. Notes, 5.88%, 04/15/23(b)		80,000		80,800
				1,969,877
Household Products–0.37%
Reynolds Group Issuer Inc./LLC (New Zealand), Sr. Unsec. Gtd. Global Notes, 8.25%, 02/15/21		300,000		312,750
Springs Industries, Inc., Sr. Sec. Global Notes, 6.25%, 06/01/21		241,000		241,000
				553,750
Independent Power Producers & Energy Traders–0.49%
AES Corp., Sr. Unsec. Notes, 5.50%, 04/15/25		265,000		247,112
AES Gener S.A. (Chile), Sr. Unsec. Notes, 5.00%, 07/14/25(b)		400,000		408,500
Calpine Corp., Sr. Sec. Gtd. First Lien Notes,
5.88%, 01/15/24(b)		15,000		15,900
Sr. Unsec. Global Notes, 5.50%, 02/01/24		74,000		70,763
				742,275
Industrial Machinery–0.21%
Optimas OE Solutions Holding, LLC/Optimas OE Solutions, Inc., Sr. Sec. Notes, 8.63%, 06/01/21(b)		159,000		151,845
Waterjet Holdings, Inc., Sr. Sec. Gtd. Notes, 7.63%, 02/01/20(b)		168,000		169,470
				321,315

	Principal Amount		Value
Integrated Oil & Gas–0.51%
California Resources Corp., Sr. Unsec. Gtd. Global Notes, 5.50%, 09/15/21	$	191,000	$	133,223
Gazprom OAO Via Gaz Capital S.A. (Russia), Sr. Unsec. Notes, 4.30%, 11/12/15(b)		250,000		249,687
Petroleos de Venezuela S.A. (Venezuela), REGS, Sr. Unsec. Gtd. Euro Bonds, 6.00%, 05/16/24(b)		207,644		75,011
Petroleos Mexicanos (Mexico), Sr. Unsec. Gtd. Global Notes,
6.50%, 06/02/41		159,000		153,536
Sr. Unsec. Gtd. Notes, 4.50%, 01/23/26(b)		160,000		153,764
				765,221
Integrated Telecommunication Services–0.94%
Colombia Telecomunicaciones S.A. E.S.P. (Colombia), REGS, Sr. Unsec. Euro Notes, 5.38%, 09/27/22(b)		390,000		349,050
Frontier Communications Corp., Sr. Unsec. Notes,
8.88%, 09/15/20(b)		88,000		91,850
11.00%, 09/15/25(b)		113,000		118,791
T-Mobile USA, Inc., Sr. Unsec. Gtd. Global Bonds,
6.84%, 04/28/23		223,000		231,084
Sr. Unsec. Gtd. Global Notes, 6.38%, 03/01/25		349,000		351,181
6.63%, 04/01/23		60,000		61,650
Telecom Italia S.p.A. (Italy), Sr. Unsec. Notes, 5.30%, 05/30/24(b)		200,000		202,000
				1,405,606
Internet Software & Services–0.21%
Equinix Inc., Sr. Unsec. Notes,
5.38%, 01/01/22		172,000		180,170
5.38%, 04/01/23		135,000		141,075
				321,245
Leisure Products–0.27%
Party City Holdings Inc., Sr. Unsec. Gtd. Notes, 6.13%, 08/15/23(b)		44,000		45,650
Vista Outdoor Inc., Sr. Unsec. Gtd. Notes, 5.88%, 10/01/23(b)		350,000		366,625
				412,275
Life Sciences Tools & Services–0.03%
Quintiles Transnational Corp., Sr. Unsec. Gtd. Notes, 4.88%, 05/15/23(b)		38,000		38,950
Marine–0.29%
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Sr. Sec. Gtd. First Lien Mortgage Notes, 8.13%, 11/15/21 (Acquired 10/29/13-07/16/15; Cost $452,678)(b)		455,000		437,938

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                         Invesco Premium Income Fund

	Principal Amount		Value
Marine Ports & Services–0.23%
PT Pelabuhan Indonesia II (Indonesia), Sr. Unsec. Notes, 4.25%, 05/05/25(b)	$	380,000	$	351,025
Metal & Glass Containers–0.47%
Berry Plastics Corp., Sec. Gtd. Second Lien Notes,
5.50%, 05/15/22		137,000		140,939
6.00%, 10/15/22(b)		142,000		149,277
Coveris Holdings S.A. (Luxembourg), Sr. Unsec. Gtd. Notes, 7.88%, 11/01/19(b)		200,000		189,000
Owens-Brockway Glass Container, Inc., Sr. Unsec. Gtd. Notes,
5.00%, 01/15/22(b)		40,000		40,800
5.88%, 08/15/23(b)		69,000		73,485
6.38%, 08/15/25(b)		104,000		110,500
				704,001
Movies & Entertainment–0.14%
LIN Television Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 01/15/21		75,000		78,656
Mediacom Broadband LLC/Corp., Sr. Unsec. Gtd. Global Notes, 5.50%, 04/15/21		130,000		127,075
				205,731
Office REIT’s–0.15%
Wanda Properties International Co., Ltd. (China), REGS, Sr. Unsec. Gtd. Euro Bonds, 7.25%, 01/29/24(b)		200,000		220,118
Oil & Gas Exploration & Production–1.14%
Antero Resources Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 12/01/20		92,000		88,780
Carrizo Oil & Gas, Inc., Sr. Unsec. Gtd. Notes, 7.50%, 09/15/20		22,000		22,110
Chaparral Energy, Inc., Sr. Unsec. Gtd. Global Notes, 9.88%, 10/01/20		174,000		64,380
Concho Resources Inc., Sr. Unsec. Gtd. Global Notes, 5.50%, 10/01/22		241,000		243,410
Denbury Resources Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 05/01/22		50,000		35,750
Gulfport Energy Corp., Sr. Unsec. Gtd. Global Notes, 6.63%, 05/01/23		111,000		104,895
Halcón Resources Corp., Sec. Gtd. Second Lien Notes, 8.63%, 02/01/20(b)		60,000		52,050
Oasis Petroleum Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 03/15/22		43,000		36,873
Pertamina Persero PT (Indonesia), REGS, Sr. Unsec. Medium-Term Euro Notes, 4.30%, 05/20/23(b)		500,000		474,247
QEP Resources Inc., Sr. Unsec. Global Notes, 5.25%, 05/01/23		73,000		65,152
Range Resources Corp., Sr. Unsec. Gtd. Sub. Global Notes,
5.00%, 03/15/23		195,000		174,525
Sr. Unsec. Gtd. Sub. Notes, 5.75%, 06/01/21		31,000		29,218

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
Rice Energy Inc., Sr. Unsec. Gtd. Global Notes, 6.25%, 05/01/22	$	53,000	$	48,495
Whiting Petroleum Corp., Sr. Unsec. Gtd. Notes, 5.00%, 03/15/19		99,000		94,545
WPX Energy, Inc., Sr. Unsec. Notes, 7.50%, 08/01/20		183,100		173,029
				1,707,459
Oil & Gas Refining & Marketing–0.52%
Reliance Industries Ltd. (India), REGS, Sr. Unsec. Euro Notes, 4.13%, 01/28/25(b)		770,000		774,530
Oil & Gas Storage & Transportation–0.82%
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., Sr. Unsec. Gtd. Global Bonds, 6.13%, 03/01/22		67,000		58,123
Genesis Energy L.P./Genesis Energy Finance Corp., Sr. Unsec. Gtd. Notes, 6.00%, 05/15/23		27,000		24,705
GNL Quintero S.A. (Chile), Sr. Unsec. Notes, 4.63%, 07/31/29(b)		200,000		198,634
NGL Energy Partners L.P./NGL Energy Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 10/15/21		96,000		91,680
Sabine Pass Liquefaction, LLC, Sr. Sec. First Lien Global Notes, 5.63%, 02/01/21		250,000		249,375
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/21		132,000		133,320
Teekay Corp. (Bermuda), Sr. Unsec. Global Notes, 8.50%, 01/15/20		60,000		59,400
Teekay Offshore Partners L.P./Teekay Offshore Finance Corp. (Bermuda), Sr. Unsec. Global Notes, 6.00%, 07/30/19		104,000		83,720
Tesoro Logistics L.P./Tesoro Logistics Finance Corp., Sr. Unsec. Gtd. Global Notes,
5.88%, 10/01/20		223,000		231,920
Sr. Unsec. Gtd. Notes, 6.25%, 10/15/22(b)		14,000		14,630
Williams Partners L.P./ACMP Finance Corp., Sr. Unsec. Global Notes, 4.88%, 05/15/23		101,000		91,657
				1,237,164
Other Diversified Financial Services–0.44%
Power Sector Assets & Liabilities Management Corp. (Philippines), Sr. Unsec. Gtd. Bonds,
7.39%, 12/02/24(b)		300,000		395,250
REGS, Sr. Unsec. Gtd. Euro Bond,
7.39%,��12/02/24(b)		200,000		262,000
				657,250

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15                         Invesco Premium Income Fund

	Principal Amount		Value
Packaged Foods & Meats–1.20%
FAGE Dairy Industry S.A./FAGE USA Dairy Industry, Inc. (Greece), Sr. Unsec. Gtd. Notes, 9.88%, 02/01/20(b)	$	250,000	$	261,312
JBS Investments GmbH (Brazil), Sr. Unsec. Gtd. Notes, 7.25%, 04/03/24(b)		200,000		206,250
REGS, Sr. Unsec. Gtd. Euro Notes, 7.25%, 04/03/24(b)		200,000		206,500
MHP S.A. (Ukraine), REGS, Sr. Unsec. Gtd. Euro Notes, 8.25%, 04/02/20(b)		1,100,000		954,580
Smithfield Foods Inc., Sr. Unsec. Notes, 6.63%, 08/15/22		74,000		79,180
WhiteWave Foods Co. (The), Sr. Unsec. Gtd. Notes, 5.38%, 10/01/22		92,000		98,900
				1,806,722
Paper Packaging–0.12%
Graphic Packaging International Inc., Sr. Unsec. Gtd. Notes,
4.75%, 04/15/21		6,000		6,172
4.88%, 11/15/22		163,000		167,279
				173,451
Paper Products–0.24%
Clearwater Paper Corp., Sr. Unsec. Gtd. Global Notes,
4.50%, 02/01/23		156,000		152,490
Sr. Unsec. Gtd. Notes, 5.38%, 02/01/25(b)		94,000		94,235
Mercer International Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 7.00%, 12/01/19		110,000		113,025
				359,750
Personal Products–0.23%
Alphabet Holding Co., Inc., Sr. Unsec. Global PIK Notes, 8.50%, 11/01/17(d)		352,000		346,720
Pharmaceuticals–0.67%
Concordia Healthcare Corp. (Canada), Sr. Unsec. Gtd. Notes,
7.00%, 04/15/23(b)		198,000		173,745
REGS, Sr. Unsec. Gtd. Euro Notes, 7.00%, 04/15/23(b)		120,000		105,000
Valeant Pharmaceuticals International, Inc., Sr. Unsec. Gtd. Notes,
5.50%, 03/01/23(b)		130,000		109,850
5.63%, 12/01/21(b)		140,000		121,975
5.88%, 05/15/23(b)		42,000		35,595
6.13%, 04/15/25(b)		452,000		380,810
REGS, Sr. Unsec. Gtd. Euro Notes, 6.13%, 04/15/25(b)		90,000		76,162
				1,003,137
Railroads–0.27%
Lima Metro Line 2 Finance Ltd. (Peru), Sr. Sec. First Lien Bonds, 5.88%, 07/05/34(b)		400,000		404,000

	Principal Amount		Value
Real Estate Development–0.49%
CIFI Holdings (Group) Co. Ltd. (China), Sr. Unsec. Gtd. Euro Notes, 8.88%, 01/27/19	$	210,000	$	222,331
Country Garden Holdings Co. Ltd. (China), REGS, Sr. Unsec. Gtd. Euro Notes, 7.50%, 01/10/23(b)		230,000		238,953
Shimao Property Holdings Ltd. (Hong Kong), REGS, Sr. Unsec. Gtd. Euro Bonds, 8.38%, 02/10/22(b)		250,000		269,820
				731,104
Regional Banks–0.69%
Banco Internacional del Perú S.A.A.—Interbank (Peru), Unsec. Sub. Notes, 6.63%, 03/19/29(b)		300,000		309,750
CIT Group Inc., Sr. Unsec. Global Notes,
5.00%, 08/15/22		359,000		379,642
5.00%, 08/01/23		175,000		184,188
Synovus Financial Corp., Sr. Unsec. Global Notes, 7.88%, 02/15/19		147,000		165,375
				1,038,955
Restaurants–0.45%
1011778 BC ULC/ New Red Finance, Inc. (Canada), Sec. Gtd. Second Lien Notes, 6.00%, 04/01/22(b)		306,000		320,917
REGS, Sec. Gtd. Second Lien Euro Notes, 6.00%, 04/01/22(b)		120,000		125,700
Arcos Dorados Holdings Inc. (Brazil), REGS, Sr. Unsec. Gtd. Euro Notes, 6.63%, 09/27/23(b)		140,000		116,900
Carrols Restaurant Group, Inc., Sec. Gtd. Second Lien Global Notes, 8.00%, 05/01/22		106,000		112,625
				676,142
Security & Alarm Services–0.05%
ADT Corp. (The), Sr. Unsec. Global Notes, 6.25%, 10/15/21		75,000		81,000
Semiconductor Equipment–0.12%
Amkor Technology Inc., Sr. Unsec. Global Notes, 6.38%, 10/01/22		188,000		183,770
Sovereign Debt–5.92%
Argentina Bonar Bonds (Argentina), Series X, Sr. Unsec. Bonds, 7.00%, 04/17/17		920,000		916,320
Costa Rica Government International Bond (Costa Rica), REGS, Sr. Unsec. Euro Notes, 4.38%, 04/30/25(b)		430,000		374,100
Dominican Republic International Bond (Dominican Repubic), Sr. Unsec. Notes,
9.04%, 01/23/18(b)		136,997		146,758
REGS, Sr. Unsec. Euro Bonds,
5.50%, 01/27/25(b)		100,000		99,250
El Salvador Government International Bond (El Salvador), Unsec. Notes, 6.38%, 01/18/27(b)		172,000		154,370

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16                         Invesco Premium Income Fund

	Principal Amount		Value
Sovereign Debt–(continued)
Guatemala Government Bond (Guatemala), Sr. Unsec. Bonds, 8.13%, 10/06/19(b)(e)	$	359,000	$	468,495
Honduras Government International Bond (Honduras), REGS, Sr. Unsec. Euro Notes, 7.50%, 03/15/24(b)		400,000		425,000
Hungary Government International Bond (Hungary), Sr. Unsec. Global Notes, 5.38%, 03/25/24		810,000		897,075
Ivory Coast Government International Bond (Ivory Coast), Sr. Unsec. Notes, 6.38%, 03/03/28(b)		382,000		353,827
Jamaica Government International Bond (Jamaica), Sr. Unsec. Global Notes, 7.63%, 07/09/25		500,000		547,500
Kazakhstan Government International Bond (Kazakhstan), Sr. Unsec. Notes, 5.13%, 07/21/25(b)		812,000		810,396
Magyar Export-Import Bank Zrt. (Hungary), Sr. Unsec. Gtd. Bonds, 4.00%, 01/30/20(b)		200,000		205,126
Mexico Government International Bond (Mexico), Sr. Unsec. Global Notes,
3.60%, 01/30/25		300,000		299,250
4.60%, 01/23/46		200,000		186,250
Pakistan Government International Bond (Pakistan), Unsec. Bonds, 6.75%, 12/03/19(b)		238,000		247,597
Panama Government International Bond (Panama), Sr. Unsec. Global Bonds,
3.75%, 03/16/25		200,000		198,500
4.00%, 09/22/24		530,000		537,950
Peruvian Government International Bond (Peru), Sr. Unsec. Global Bonds, 8.75%, 11/21/33		212,000		310,050
Poland Government International Bond (Poland), Sr. Unsec. Global Notes,
3.00%, 03/17/23		106,000		107,278
4.00%, 01/22/24		400,000		426,866
5.00%, 03/23/22		146,000		164,812
Romanian Government International Bond (Romania), Sr. Unsec. Notes, 4.88%, 01/22/24(b)		106,000		115,520
Russian Foreign Bond (Russia), REGS, Sr. Unsec. Euro Bonds, 4.88%, 09/16/23(b)		400,000		414,240
Ukraine Government International Bond (Ukraine), REGS, Sr. Unsec. Euro Notes,
6.75%, 11/14/17(b)		305,000		241,713
9.25%, 07/24/17(b)		300,000		237,750
				8,885,993
Specialized Consumer Services–0.17%
ServiceMaster Co., LLC (The), Sr. Unsec. Notes, 7.45%, 08/15/27		254,000		260,668
Specialized Finance–0.87%
Aircastle Ltd., Sr. Unsec. Notes, 5.50%, 02/15/22		460,000		487,600

	Principal Amount		Value
Specialized Finance–(continued)
International Lease Finance Corp., Sr. Unsec. Global Notes,
5.88%, 08/15/22	$	138,000	$	151,800
Sr. Unsec. Notes, 8.25%, 12/15/20		324,000		390,420
MSCI Inc., Sr. Unsec. Gtd. Notes, 5.25%, 11/15/24(b)		265,000		279,575
				1,309,395
Specialized REIT’s–0.56%
Crown Castle International Corp., Sr. Unsec. Global Notes, 5.25%, 01/15/23		440,000		475,200
Sr. Unsec. Notes, 4.88%, 04/15/22		36,000		38,250
CyrusOne L.P./CyrusOne Finance Corp.,
Sr. Unsec. Gtd. Global Notes, 6.38%, 11/15/22		241,000		248,832
Sr. Unsec. Gtd. Notes, 6.38%, 11/15/22(b)		80,000		82,600
				844,882
Specialty Chemicals–0.05%
Ashland Inc., Sr. Unsec. Gtd. Global Notes, 4.75%, 08/15/22		80,000		80,200
Steel–0.22%
FMG Resources (August 2006) Pty. Ltd. (Australia), Sr. Unsec. Gtd. Notes,
6.88%, 04/01/22(b)		116,000		84,100
8.25%, 11/01/19(b)		202,000		172,710
Steel Dynamics, Inc., Sr. Unsec. Gtd. Global Notes, 5.50%, 10/01/24		81,000		79,583
				336,393
Trading Companies & Distributors–0.50%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (Netherlands), Sr. Unsec. Gtd. Global Notes, 4.63%, 10/30/20		150,000		156,187
Fly Leasing Ltd. (Ireland), Sr. Unsec. Global Notes, 6.75%, 12/15/20		400,000		423,000
United Rentals North America Inc., Sr. Unsec. Gtd. Notes, 6.13%, 06/15/23		170,000		177,225
				756,412
Trucking–0.12%
OPE KAG Finance Sub Inc., Sr. Unsec. Notes, 7.88%, 07/31/23(b)		170,000		176,800
Wireless Telecommunication Services–2.85%
Bharti Airtel Ltd. (India), Sr. Unsec. Notes, 4.38%, 06/10/25(b)		466,000		470,660
Comcel Trust via Comunicaciones Celulares S.A. (Guatemala), REGS, Sr. Unsec. Gtd. Euro Bonds, 6.88%, 02/06/24(b)		467,000		377,102

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17                         Invesco Premium Income Fund

	Principal Amount		Value
Wireless Telecommunication Services–(continued)
Digicel Ltd. (Jamaica), Sr. Unsec. Gtd. Notes,
6.75%, 03/01/23(b)	$	400,000	$	362,000
Sr. Unsec. Notes, 6.00%, 04/15/21(b)		400,000		364,000
SBA Communications Corp., Sr. Unsec. Global Notes, 4.88%, 07/15/22		290,000		299,062
Sprint Communications Inc., Sr. Unsec. Global Notes, 11.50%, 11/15/21		70,000		73,850
Sprint Corp., Sr. Unsec. Gtd. Global Notes,
7.63%, 02/15/25		575,000		508,875
7.88%, 09/15/23		93,000		86,723
Turkcell Iletisim Hizmetleri A.S. (Turkey), Unsec. Notes, 5.75%, 10/15/25(b)		750,000		751,875
VimpelCom Holdings B.V. (Russia), REGS, Sr. Unsec. Gtd. Euro Notes,
5.95%, 02/13/23(b)		400,000		384,500
7.50%, 03/01/22(b)		280,000		295,924
Wind Acquisition Finance S.A. (Italy), Sec. Gtd. Second Lien Notes, 7.38%, 04/23/21(b)		300,000		303,750
				4,278,321
Total U.S. Dollar Denominated Bonds and Notes (Cost $60,952,323)				60,318,834
	Shares
Preferred Stocks–20.73%
Asset Management & Custody Banks–0.58%
Affiliated Managers Group Inc., 6.38% Sr. Unsec. Pfd.		3,100		80,817
Apollo Investment Corp., 6.88% Sr. Unsec. Pfd.		2,700		68,607
Bank of New York Mellon Corp. (The), 5.20% Pfd.		6,400		164,416
Northern Trust Corp., Series C, 5.85% Pfd.		4,400		115,588
State Street Corp., 6.00% Pfd.		9,000		232,650
State Street Corp., Series C, 5.25% Pfd.		4,500		115,110
State Street Corp., Series D, 5.90% Pfd.		3,600		95,832
				873,020
Cable & Satellite–0.05%
Comcast Corp., 5.00% Sr. Unsec. Gtd. Pfd.		2,600		68,536
Consumer Finance–0.57%
Capital One Financial Corp., Series B, 6.00% Pfd.		9,000		230,670
Capital One Financial Corp., Series C, 6.25% Pfd.		5,500		142,450
Capital One Financial Corp., Series D, 6.70% Pfd.		3,900		106,119
Capital One Financial Corp., Series F, 6.20% Pfd.		3,600		93,060
Discover Financial Services, Series B, 6.50% Pfd.		6,400		170,816
Navient Corp., 6.00% Sr. Unsec. Pfd.		5,600		104,440
				847,555

	Shares		Value
Diversified Banks–7.47%
Bank of America Corp., Series 3, 6.38% Pfd.		7,300	$	188,121
Bank of America Corp., Series D, 6.20% Pfd.		6,400		164,288
Bank of America Corp., Series I, 6.63% Pfd.		16,951		442,251
Bank of America Corp., Series W, 6.63% Pfd.		33,200		881,128
Bank of America Corp., Series Y, 6.50% Pfd.		18,800		494,816
Barclays Bank PLC (United Kingdom), Series 4, 7.75% Pfd.		20,200		530,250
Barclays Bank PLC (United Kingdom), Series 5, 8.13% Pfd.		23,400		614,952
Citigroup Inc., Series J, 7.13% Pfd.		10,000		275,700
Citigroup Inc., Series K, 6.88% Pfd.		14,000		385,560
Citigroup Inc., Series L, 6.88% Pfd.		4,000		107,160
Countrywide Capital V, 7.00% Jr. Unsec. Gtd. Sub. Pfd.		2,700		69,336
HSBC Holdings PLC (United Kingdom), Series 2, 8.00% Jr. Unsec. Sub. Pfd.		62,100		1,614,600
JPMorgan Chase & Co., Series O, 5.50% Pfd.		6,900		170,361
JPMorgan Chase & Co., Series P, 5.45% Pfd.		9,000		222,750
JPMorgan Chase & Co., Series T, 6.70% Pfd.		1,800		48,600
JPMorgan Chase & Co., Series W, 6.30% Pfd.		4,800		125,040
JPMorgan Chase & Co., Series Y, 6.13% Pfd.		16,100		408,135
JPMorgan Chase & Co., Series AA, 6.10% Pfd.		15,800		399,898
JPMorgan Chase & Co., Series BB, 6.15% Pfd.		12,500		315,125
RBS Capital Funding Trust VII (Netherlands), Series G, 6.08% Jr. Unsec. Sub. Gtd. Pfd.		15,402		383,510
Royal Bank of Scotland Group PLC (The) (United Kingdom), Series L, 5.75% Jr. Unsec. Sub. Pfd.		15,401		380,251
Royal Bank of Scotland Group PLC (The) (United Kingdom), Series R, 6.13% Jr. Unsec. Sub. Pfd.		9,900		247,401
Royal Bank of Scotland Group PLC (The) (United Kingdom), Series S, 6.60% Jr. Unsec. Sub. Pfd.		15,400		391,006
Royal Bank of Scotland Group PLC (The) (United Kingdom), Series T, 7.25% Jr. Unsec. Sub. Pfd.		4,500		114,660
Santander Finance Preferred SAU (Spain), 6.50% Jr. Unsec. Gtd. Sub. Pfd.		1,700		44,030
US Bancorp, Series F, 6.50% Pfd.		18,900		547,722
Wells Fargo & Co., 5.20% Pfd.		16,000		400,960
Wells Fargo & Co., 5.85% Pfd.		6,300		163,737
Wells Fargo & Co., 6.63% Pfd.		7,900		222,306
Wells Fargo & Co., Series J, 8.00% Pfd.		4,500		126,225
Wells Fargo & Co., Series O, 5.13% Pfd.		14,500		361,195
Wells Fargo & Co., Series T, 6.00% Pfd.		14,500		376,420
				11,217,494

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18                         Invesco Premium Income Fund

	Shares		Value
Diversified Capital Markets–0.72%
Deutsche Bank Contingent Capital Trust III (Germany), 7.60% Jr. Unsec. Sub. Gtd. Pfd.		13,600	$	363,664
Deutsche Bank Contingent Capital Trust V (Germany), 8.05% Jr. Unsec. Sub. Gtd. Pfd.		17,700		483,918
KKR Financial Holdings LLC, 8.38% Sr. Unsec. Pfd.		4,200		114,870
KKR Financial Holdings LLC, Series A, 7.38% Pfd.		4,500		119,115
				1,081,567
Diversified REIT’s–0.15%
PS Business Parks, Inc., Series S, 6.45% Pfd.		8,700		227,592
Electric Utilities–1.07%
BGE Capital Trust II, 6.20% Jr. Unsec. Sub. Gtd. Pfd.		2,300		59,156
Duke Energy Corp., 5.13% Jr. Unsec. Sub. Pfd.		5,500		139,040
Entergy Louisiana LLC, 5.25% Sr. Sec. First Mortgage Pfd.		3,300		84,183
Entergy Mississippi Inc., 6.00% Sr. Sec. First Mortgage Pfd.		5,500		140,800
Entergy Texas Inc., 5.63% Sr. Sec. First Mortgage Pfd.		5,600		146,776
Interstate Power & Light Co., Series D, 5.10% Pfd.		1,800		46,350
NextEra Energy Capital Holdings Inc., 5.00% Jr. Unsec. Sub. Gtd. Pfd.		6,600		157,278
NextEra Energy Capital Holdings Inc., Series G, 5.70% Jr. Unsec. Sub. Gtd. Pfd.		4,800		124,032
NextEra Energy Capital Holdings Inc., Series H, 5.63% Jr. Unsec. Sub. Gtd. Pfd.		8,000		202,960
Pacific Gas & Electric Co., Series A, 6.00% Pfd.		1,000		29,240
PPL Capital Funding, Inc., Series B, 5.90% Jr. Unsec. Sub. Gtd. Pfd.		5,400		136,836
SCE Trust I, 5.63% Jr. Unsec. Sub. Pfd.		10,000		256,600
SCE Trust IV, Series J, 5.38% Jr. Unsec. Sub. Pfd.		2,900		76,357
				1,599,608
Health Care REIT’s–0.14%
Senior Housing Properties Trust, 5.63% Sr. Unsec. Pfd.		3,200		79,008
Ventas Realty L.P. / Ventas Capital Corp., 5.45% Sr. Unsec. Gtd. Pfd.		2,300		60,812
Welltower Inc., Series J, 6.50% Pfd.		2,600		69,030
				208,850
Hotel and Resort REIT’s–0.05%
Hospitality Properties Trust, Series D, 7.13% Pfd.		2,600		68,510
Industrial Conglomerates–0.34%
General Electric Capital Corp., 4.70% Sr. Unsec. Pfd.		6,600		167,640

	Shares		Value
Industrial Conglomerates–(continued)
General Electric Capital Corp., 4.88% Sr. Unsec. Pfd.		6,400	$	164,032
General Electric Capital Corp., 4.88% Sr. Unsec. Pfd.		6,700		171,520
				503,192
Industrial Machinery–0.10%
Stanley Black & Decker Inc., 5.75% Jr. Unsec. Sub. Pfd.		6,000		156,540
Integrated Telecommunication Services–0.65%
Qwest Corp., 6.13% Sr. Unsec. Pfd.		5,400		134,352
Qwest Corp., 6.88% Sr. Unsec. Pfd.		4,900		126,420
Qwest Corp., 7.00% Sr. Unsec. Pfd.		4,800		125,376
Qwest Corp., 7.00% Sr. Unsec. Pfd.		6,700		176,947
Qwest Corp., 7.38% Sr. Unsec. Pfd.		5,600		144,536
Qwest Corp., 7.50% Sr. Unsec. Pfd.		4,900		128,380
Verizon Communications Inc., 5.90% Sr. Unsec. Pfd.		5,500		146,300
				982,311
Investment Banking & Brokerage–1.87%
BGC Partners Inc., 8.13% Sr. Unsec. Pfd.		1,000		27,170
Charles Schwab Corp. (The), Series B, 6.00% Pfd.		5,400		140,454
Charles Schwab Corp. (The), Series C, 6.00% Pfd.		4,800		124,368
Goldman Sachs Group, Inc. (The), 6.50% Sr. Unsec. Pfd.		2,400		63,840
Goldman Sachs Group, Inc. (The), Series I, 5.95% Pfd.		12,700		324,866
Goldman Sachs Group, Inc. (The), Series J, 5.50% Pfd.		13,600		338,504
Goldman Sachs Group, Inc. (The), Series K, 6.38% Pfd.		14,400		386,352
Morgan Stanley, Series E, 7.13% Pfd.		6,300		175,455
Morgan Stanley, Series F, 6.88% Pfd.		11,300		305,665
Morgan Stanley, Series G, 6.63% Pfd.		7,000		187,320
Morgan Stanley, Series I, 6.38% Pfd.		21,800		564,620
Raymond James Financial Inc., 6.90% Sr. Unsec. Pfd.		4,200		113,106
Stifel Financial Corp., 5.38% Sr. Unsec. Pfd.		1,900		49,134
				2,800,854
Life & Health Insurance–0.80%
Aegon N.V. (Netherlands), 6.38% Jr. Unsec. Sub. Pfd.		4,800		122,880
Aegon N.V. (Netherlands), 8.00% Unsec. Sub. Pfd.		10,100		279,568
Aflac Inc., 5.50% Jr. Unsec. Sub. Pfd.		5,500		140,470
Protective Life Corp., 6.25% Unsec. Sub. Pfd.		4,300		112,144
Prudential Financial Inc., 5.70% Jr. Unsec. Sub. Pfd.		7,200		186,840
Prudential Financial Inc., 5.75% Jr. Unsec. Sub. Pfd.		6,600		171,468
Prudential PLC (United Kingdom), 6.75% Jr. Unsec. Sub. Pfd.		6,100		160,003

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19                         Invesco Premium Income Fund

	Shares		Value
Life & Health Insurance–(continued)
Torchmark Corp., 5.88% Jr. Unsec. Sub. Pfd.		1,100	$	28,160
				1,201,533
Mortgage REIT’s–0.08%
Wells Fargo Real Estate Investment Corp., Series A, 6.38% Pfd.		4,600		121,348
Multi-Line Insurance–0.29%
American Financial Group Inc., 6.38% Sr. Unsec. Pfd.		4,100		108,732
Aviva PLC (United Kingdom), 8.25% Unsec. Sub. Pfd.		4,800		129,648
Hartford Financial Services Group Inc. (The), 7.88% Jr. Unsec. Sub. Pfd.		5,500		169,400
Kemper Corp., 7.38% Unsec. Sub. Pfd.		1,200		33,168
				440,948
Multi-Utilities–0.18%
DTE Energy Co., 6.50% Jr. Unsec. Sub. Pfd.		5,300		142,146
Integrys Holding, Inc., 6.00% Jr. Unsec. Sub. Pfd.		4,800		122,550
				264,696
Office REIT’s–0.36%
Alexandria Real Estate Equities Inc., Series E, 6.45% Pfd.		1,200		30,804
Boston Properties, Inc., 5.25% Pfd.		1,800		46,350
Equity Commonwealth, 5.75% Sr. Unsec. Pfd.		5,400		127,710
Kilroy Realty Corp., Series G, 6.88% Pfd.		900		23,112
Kilroy Realty Corp., Series H, 6.38% Pfd.		900		22,374
SL Green Realty Corp., Series I, 6.50% Pfd.		2,100		55,062
Vornado Realty Trust, Series J, 6.88% Pfd.		9,300		240,870
				546,282
Office Services & Supplies–0.09%
Pitney Bowes Inc., 5.25% Sr. Unsec. Pfd.		800		20,272
Pitney Bowes Inc., 6.70% Sr. Unsec. Pfd.		4,400		118,932
				139,204
Oil & Gas Exploration & Production–0.09%
WPX Energy Inc., Series A, $3.13% Conv. Pfd.		3,680		136,123
Oil & Gas Refining & Marketing–0.08%
NuStar Logistics L.P., 7.63% Jr. Unsec. Sub. Gtd. Pfd.		4,800		122,976
Other Diversified Financial Services–0.52%
ING Groep NV (Netherlands), 6.38% Jr. Unsec. Sub. Pfd.		30,600		783,666
Property & Casualty Insurance–0.90%
Allstate Corp. (The), 5.10% Unsec. Sub. Pfd.		4,300		110,639
Allstate Corp. (The), 5.63% Pfd.		2,800		72,772
Allstate Corp. (The), Series C, 6.75% Pfd.		3,000		81,780
Allstate Corp. (The), Series E, 6.63% Pfd.		9,000		244,710
Allstate Corp. (The), Series F, 6.25% Pfd.		3,600		95,796
Arch Capital Group Ltd., Series C, 6.75% Pfd.		3,900		104,754

	Shares		Value
Property & Casualty Insurance–(continued)
Argo Group U.S. Inc., 6.50% Sr. Unsec. Gtd. Pfd.		1,300	$	33,137
Aspen Insurance Holdings Ltd. (Bermuda), 5.95% Pfd.		2,300		58,627
Aspen Insurance Holdings Ltd. (Bermuda), 7.25% Pfd.		2,900		77,314
Assured Guaranty Municipal Holdings Inc., 6.25% Sr. Unsec. Gtd. Pfd.		5,100		130,866
Axis Capital Holdings Ltd., Series C, 6.88% Pfd.		6,600		178,464
Hanover Insurance Group, Inc. (The), 6.35% Jr. Unsec. Sub. Pfd.		1,600		40,704
Selective Insurance Group, Inc., 5.88% Sr. Unsec. Pfd.		1,600		41,248
W. R. Berkley Corp., 5.63% Jr. Unsec. Sub. Pfd.		3,200		79,744
				1,350,555
Regional Banks–1.58%
BB&T Corp., 5.85% Pfd.		5,600		146,776
BB&T Corp., Series E, 5.63% Pfd.		15,400		396,704
City National Corp., Series C, 5.50% Pfd.		2,500		61,800
Commerce Bancshares Inc., Series B, 6.00% Pfd.		1,600		42,224
Cullen/Frost Bankers, Inc., 5.38% Pfd.		1,400		35,518
Fifth Third Bancorp, Series I, 6.63% Pfd.		4,100		114,390
First Horizon National Corp., Series A, 6.20% Pfd.		900		22,644
First Niagara Financial Group Inc., Series B, 8.63% Pfd.		4,200		115,668
First Republic Bank, 5.50% Pfd.		3,000		74,730
First Republic Bank, 7.00% Pfd.		1,800		49,320
First Republic Bank, Series A, 6.70% Pfd.		2,100		55,230
First Republic Bank, Series B, 6.20% Pfd.		2,200		57,464
First Republic Bank,Series F, 5.70% Pfd.		2,300		57,155
FirstMerit Corp., Series A, 5.88% Pfd.		900		22,644
FNB Corp., 7.25% Pfd.		1,000		29,200
Hancock Holding Co., 5.95% Unsec. Sub. Pfd.		1,800		44,208
PNC Financial Services Group, Inc. (The), Series P, 6.13% Pfd.		14,100		392,685
Regions Financial Corp., Series A, 6.38% Pfd.		5,500		143,000
Regions Financial Corp., Series B, 6.38% Pfd.		5,600		148,288
SunTrust Banks Inc., Series E, 5.88% Pfd.		5,400		137,322
TCF Financial Corp., 7.50% Pfd.		1,200		32,400
TCF Financial Corp., Series B, 6.45% Pfd.		1,200		30,480
Texas Capital Bancshares, Inc., Series A, 6.50% Pfd.		2,400		61,368
Webster Financial Corp., Series E, 6.40% Pfd.		1,100		28,050
Zions Bancorp., Series F, 7.90% Pfd.		2,872		76,252
				2,375,520

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20                         Invesco Premium Income Fund

	Shares		Value
Reinsurance–0.50%
Endurance Specialty Holdings Ltd., Series A, 7.75% Pfd.		1,800	$	46,404
Endurance Specialty Holdings Ltd., Series B, 7.50% Pfd.		2,100		54,705
Maiden Holdings Ltd., Series A, 8.25% Pfd.		5,600		148,624
PartnerRe Ltd. (Bermuda), Series E, 7.25% Pfd.		8,200		234,356
Reinsurance Group of America, Inc., 6.20% Unsec. Sub. Pfd.		4,800		139,104
RenaissanceRe Holdings Ltd. (Bermuda), Series E, 5.38% Pfd.		4,800		119,232
				742,425
Retail REIT’s–0.44%
DDR Corp., Class J, 6.50% Pfd.		3,200		83,584
Kimco Realty Corp., Series I, 6.00% Pfd.		8,600		221,880
National Retail Properties Inc., Series D, 6.63% Pfd.		6,400		169,344
Realty Income Corp., Series F, 6.63% Pfd.		4,900		129,997
Regency Centers Corp., Series 6, 6.63% Pfd.		2,300		59,754
				664,559
Specialized REIT’s–0.80%
Digital Realty Trust, Inc., Series F, 6.63% Pfd.		3,300		85,602
Digital Realty Trust, Inc., Series G, 5.88% Pfd.		4,500		109,305
Digital Realty Trust, Inc., Series H, 7.38% Pfd.		4,400		120,780
EPR Properties, Series F, 6.63% Pfd.		1,100		27,918
Public Storage, Series A, 5.88% Pfd.		5,600		145,936
Public Storage, Series Q, 6.50% Pfd.		15,400		394,086
Public Storage, Series Y, 6.38% Pfd.		11,800		315,650
				1,199,277
Thrifts & Mortgage Finance–0.02%
Astoria Financial Corp., Series C, 6.50% Pfd.		1,200		30,912
Wireless Telecommunication Services–0.24%
Telephone & Data Systems Inc., 7.00% Sr. Unsec. Pfd.		8,300		212,480
United States Cellular Corp., 6.95% Sr. Unsec. Pfd.		3,100		79,081
United States Cellular Corp., 7.25% Sr. Unsec. Pfd.		2,800		71,736
				363,297
Total Preferred Stocks (Cost $29,384,684)				31,118,950
Common Stocks & Other Equity Interests–8.35%
Mortgage REIT’s–8.35%
Altisource Residential Corp.		18,900		271,971
American Capital Agency Corp.		68,200		1,216,006
American Capital Mortgage Investment Corp.		16,900		245,219
Annaly Capital Management Inc.		127,500		1,268,625
Apollo Commercial Real Estate Finance, Inc.		19,300		320,573
ARMOUR Residential REIT, Inc.		14,500		297,540
Blackstone Mortgage Trust, Inc.–Class A		30,800		847,616

	Shares		Value
Mortgage REIT’s–(continued)
Capstead Mortgage Corp.		31,700	$	305,905
Chimera Investment Corp.		68,000		957,440
Colony Capital, Inc.–Class A		36,900		750,546
CYS Investments, Inc.		51,900		400,668
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		10,300		185,503
Hatteras Financial Corp.		32,000		457,920
MFA Financial, Inc.		122,400		847,008
New Residential Investment Corp.		76,200		924,306
New York Mortgage Trust, Inc.		36,200		205,616
PennyMac Mortgage Investment Trust		24,700		361,114
Redwood Trust, Inc.		28,000		371,840
Starwood Property Trust, Inc.		63,300		1,271,697
Two Harbors Investment Corp.		121,500		1,027,890
Total Common Stocks & Other Equity Interests (Cost $12,986,740)				12,535,003
	Principal Amount
U.S. Treasury Securities–6.34%
U.S. Treasury Bills–0.29%
0.11%, 05/26/16(f)(g)	$	195,000		194,743
0.24%, 05/26/16(f)(g)		235,000		234,691
				429,434
U.S. Treasury STRIPS–6.05%
2.74%, 02/15/43(f)(h)		200,000		87,297
2.91%, 02/15/43(f)(h)		1,550,000		676,551
3.03%, 02/15/43(f)(h)		1,100,000		480,133
3.36%, 02/15/43(f)(h)		2,450,000		1,069,387
3.98%, 02/15/43(f)(h)		10,800,000		4,714,031
4.11%, 02/15/43(f)(h)		4,700,000		2,051,476
				9,078,875
Total U.S. Treasury Securities (Cost $7,927,507)				9,508,309
Exchange Traded Notes–4.60%
JPMorgan Alerian MLP Index ETN, 5.16%, 05/24/24 (Cost $6,607,292)		207,800		6,898,960
Non-U.S. Dollar Denominated Bonds & Notes–1.22%(i)
Automobile Manufacturers–0.07%
Hydra Dutch Holdings 2 B.V. (Netherlands), Sr. Sec. Gtd. First Lien Notes, 8.00%, 04/15/19(b)	EUR	100,000		112,719
Cable & Satellite–0.30%
Virgin Media Secured Finance PLC (United Kingdom), Sr. Sec. Gtd. First Lien Notes, 4.88%, 01/15/27(b)	GBP	100,000		147,049
REGS, Sr. Sec. Gtd. First Lien Medium-Term Euro Notes,
5.13%, 01/15/25(b)	GBP	200,000		297,568
				444,617

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21                         Invesco Premium Income Fund

	Principal Amount		Value
Hotels, Resorts & Cruise Lines–0.14%
Thomas Cook Finance PLC (United Kingdom), Sr. Unsec. Gtd. Bonds, 6.75%, 06/15/21(b)	EUR	100,000	$	117,118
Thomas Cook Group PLC (United Kingdom), Sr. Unsec. Gtd. Medium-Term Euro Notes, 7.75%, 06/22/17	GBP	57,000		93,046
				210,164
Internet Software & Services–0.08%
United Group B.V. (Serbia), REGS, Sr. Sec. Gtd. Euro Notes, 7.88%, 11/15/20(b)	EUR	100,000		118,124
Marine–0.07%
CMA CGM S.A. (France), Sr. Unsec. Notes, 7.75%, 01/15/21(b)	EUR	100,000		101,992
Multi-Sector Holdings–0.27%
Gala Electric Casinos PLC (United Kingdom), REGS, Sec. Gtd. Second Lien Euro Notes, 11.50%, 06/01/19(b)	GBP	100,000		164,606
Odeon & UCI Finco PLC (United Kingdom), REGS, Sr. Sec. Gtd. First Lien Medium-Term Euro Notes, 9.00%, 08/01/18(b)	GBP	150,000		241,673
				406,279
Other Diversified Financial Services–0.19%
Cabot Financial Luxembourg S.A. (United Kingdom), REGS, Sr. Sec. Gtd. First Lien Euro Notes, 10.38%, 10/01/19(b)	GBP	100,000		166,587

	Principal Amount		Value
Other Diversified Financial Services–(continued)
Financiere Gaillon 8 SAS (France), Sr. Sec. First Lien Notes, 7.00%, 09/30/19(b)	EUR	100,000	$	114,347
				280,934
Packaged Foods & Meats–0.10%
Moy Park (Bondco) PLC (United Kingdom), Sr. Unsec. Gtd. Notes, 6.25%, 05/29/21(b)	GBP	100,000		158,129
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,879,197)				1,832,958
	Shares
Money Market Funds–12.10%
Liquid Assets Portfolio–Institutional Class, 0.16%(j)		9,080,746		9,080,746
Premier Portfolio–Institutional Class, 0.12%(j)		9,080,746		9,080,746
Total Money Market Funds (Cost $18,161,492)				18,161,492
TOTAL INVESTMENTS–93.53% (Cost $137,899,235)				140,374,506
OTHER ASSETS LESS LIABILITIES–6.47%				9,712,060
NET ASSETS–100.00%			$	150,086,566

Investment Abbreviations:

Conv.	– Convertible
ETN	– Exchange Traded Notes
EUR	– Euro
GBP	– British Pound Sterling
Gtd.	– Guaranteed
Jr.	– Junior
MLP	– Master Limited Partnerships
Pfd.	– Preferred

PIK	– Payment in Kind
REGS	– Regulation S
REIT	– Real Estate Investment Trust
Sec.	– Secured
Sr.	– Senior
STRIPS	– Separately Traded Registered Interest and Principal Security
Sub.	– Subordinated
Unsec.	– Unsecured

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 October 31, 2015 was $36,749,486, which represented 24.49% of the Fund’s Net Assets.

^(c)  Perpetual bond with no specified maturity date.

^(d)  All or a portion of this security is Payment-in-Kind.

Issuer	Cash Rate			PIK Rate
Alphabet Holding Co., Inc., Sr. Unsec. Global PIK Notes		7.75	%		8.50	%

^(e)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(f)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(g)  All or a portion of the value was pledged as collateral to cover margin requirements for swap agreements. See Note 1L and Note 4.

^(h)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K and Note 4.

⁽ⁱ⁾  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(j)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22                         Invesco Premium Income Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $119,737,743)	$	122,213,014
Investments in affiliated money market funds, at value and cost		18,161,492
Total investments, at value (Cost $137,899,235)		140,374,506
Cash		2,414
Foreign currencies, at value (Cost $4,108)		4,016
Receivable for:
Investments sold		10,353,944
Variation margin — centrally cleared swap agreements		1,278
Fund shares sold		806,248
Dividends and interest		1,074,904
Investment for trustee deferred compensation and retirement plans		22,464
Unrealized appreciation on forward foreign currency contracts outstanding		16,900
Other assets		8,663
Total assets		152,665,337
Liabilities:
Payable for:
Investments purchased		2,316,862
Fund shares reacquired		81,613
Variation margin — futures		24,675
Accrued fees to affiliates		55,780
Accrued trustees’ and officers’ fees and benefits		1,657
Accrued other operating expenses		65,634
Trustee deferred compensation and retirement plans		24,745
Unrealized depreciation on forward foreign currency contracts outstanding		7,805
Total liabilities		2,578,771
Net assets applicable to shares outstanding	$	150,086,566
Net assets consist of:
Shares of beneficial interest	$	157,095,933
Undistributed net investment income		(122,117	)
Undistributed net realized gain (loss)		(10,072,056	)
Net unrealized appreciation		3,184,806
	$	150,086,566

Net Assets:
Class A	$	52,612,971
Class C	$	17,132,883
Class R	$	338,777
Class Y	$	12,423,766
Class R5	$	10,104
Class R6	$	67,568,065
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		5,215,927
Class C		1,700,117
Class R		33,593
Class Y		1,231,073
Class R5		1,001
Class R6		6,693,709
Class A:
Net asset value per share	$	10.09
Maximum offering price per share
(Net asset value of $10.09 ¸ 94.50%)	$	10.68
Class C:
Net asset value and offering price per share	$	10.08
Class R:
Net asset value and offering price per share	$	10.08
Class Y:
Net asset value and offering price per share	$	10.09
Class R5:
Net asset value and offering price per share	$	10.09
Class R6:
Net asset value and offering price per share	$	10.09

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23                         Invesco Premium Income Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Interest (net of foreign withholding taxes of $1,619)	$	5,250,803
Dividends (net of foreign withholding taxes of $1,209)		2,307,948
Dividends from affiliated money market funds		7,313
Total investment income		7,566,064
Expenses:
Advisory fees		893,205
Administrative services fees		50,000
Custodian fees		27,425
Distribution fees:
Class A		120,705
Class C		163,233
Class R		865
Transfer agent fees — A, C, R and Y		101,667
Transfer agent fees — R6		184
Trustees’ and officers’ fees and benefits		20,732
Other		230,508
Total expenses		1,608,524
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(305,363	)
Net expenses		1,303,161
Net investment income		6,262,903
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains from securities sold to affiliates of $1,211)		(3,117,885	)
Foreign currencies		(59,473	)
Forward foreign currency contracts		146,653
Futures contracts		(455,467	)
Swap agreements		82,098
		(3,404,074	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(1,163,866	)
Foreign currencies		1,000
Forward foreign currency contracts		(46,222	)
Futures contracts		663,375
Swap agreements		58,460
		(487,253	)
Net realized and unrealized gain (loss)		(3,891,327	)
Net increase in net assets resulting from operations	$	2,371,576

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24                         Invesco Premium Income Fund

Statement of Changes in Net Assets

For the years ended October 31, 2015 and 2014

	2015			2014
Operations:
Net investment income	$	6,262,903		$	6,899,924
Net realized gain (loss)		(3,404,074	)		1,242,323
Change in net unrealized appreciation (depreciation)		(487,253	)		3,867,728
Net increase in net assets resulting from operations		2,371,576			12,009,975
Distributions to shareholders from net investment income:
Class A		(2,285,486	)		(1,808,084	)
Class C		(649,749	)		(638,928	)
Class R		(7,758	)		(4,535	)
Class Y		(631,870	)		(339,729	)
Class R5		(513	)		(543	)
Class R6		(2,998,898	)		(4,760,854	)
Total distributions from net investment income		(6,574,274	)		(7,552,673	)
Share transactions–net:
Class A		12,053,236			560,935
Class C		2,778,173			(2,185,049	)
Class R		201,235			87,569
Class Y		6,112,094			(920,949	)
Class R6		18,253,102			(122,825,649	)
Net increase (decrease) in net assets resulting from share transactions		39,397,840			(125,283,143	)
Net increase (decrease) in net assets		35,195,142			(120,825,841	)
Net assets:
Beginning of year		114,891,424			235,717,265
End of year (includes undistributed net investment income of $(122,117) and $(112,914), respectively)	$	150,086,566		$	114,891,424

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Premium Income Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is to provide current income.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class 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 R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they

25                         Invesco Premium Income Fund

may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

26                         Invesco Premium Income Fund

D. Distributions — Distributions from net investment income, if any, are declared and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. Futures Contracts — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between 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

27                         Invesco Premium Income Fund

merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

L. Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

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,

28                         Invesco Premium Income Fund

recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. 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. 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 October 31, 2015 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

M. 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’ claim.

N. Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

O. Collateral — To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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		0.65%
Next $500 million		0.60%
Next $500 million		0.55%
Over $1.5 billion		0.54%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.65%.

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., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective March 1, 2015, the Adviser has contractually agreed, through at least February 28, 2017, 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 1.05%, 1.80%, 1.30%, 0.80%, 0.80% and 0.80% of average daily net assets, respectively. Prior to March 1, 2015, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.89%, 1.64%, 1.14%, 0.64%, 0.64% and 0.64% of average daily net assets, respectively. 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 February 28, 2017. The fee waiver agreement cannot be terminated during its term.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees of $203,512 and reimbursed class level expenses of $63,525, $21,477, $228, $16,269 and $184 of Class A, 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 October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

29                         Invesco Premium Income Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the 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. 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 October 31, 2015, 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 October 31, 2015, IDI advised the Fund that IDI retained $20,346 in front-end sales commissions from the sale of Class A shares and $1,954 and $1,865 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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
Equity Securities	$	61,692,895	$	122,550	$	—	$	61,815,445
Exchange Traded Notes		6,898,960		—		—		6,898,960
U.S. Treasury Securities		—		9,508,309		—		9,508,309
Corporate Debt Securities		—		51,432,841		—		51,432,841
Foreign Debt Securities		—		1,832,958		—		1,832,958
Foreign Sovereign Debt Securities		—		8,885,993		—		8,885,993
		68,591,855		71,782,651		—		140,374,506
Forward Foreign Currency Contracts*		—		9,095		—		9,095
Futures Contracts*		683,137		—		—		683,137
Swap Agreements*		—		17,616		—		17,616
Total Investments	$	69,274,992	$	71,809,362	$	—	$	141,084,354

* Unrealized appreciation.

30                         Invesco Premium Income Fund

NOTE 4—Derivative Investments

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 October 31, 2015:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Credit risk:
Swap agreements(a)	$	17,616	$	(—	)
Currency risk:
Forward foreign currency contracts(b)		16,900		(7,805	)
Equity risk:
Futures contracts(c)		591,277		(30,701	)
Interest rate risk:
Futures contracts(c)		214,615		(92,054	)
Total	$	840,408	$	(130,560	)

^(a)  Includes cumulative appreciation of centrally cleared swap agreements. Only current day’s variation margin receivable is reported within the Statement of Assets and Liabilities.

^(b)  Values are disclosed on the Statement of Assets and Liabilities under the captions Unrealized appreciation on forward foreign currency contracts outstanding and Unrealized depreciation on forward foreign currency contracts outstanding.

^(c)  Includes cumulative appreciation (depreciation) of futures contracts. Only current day’s variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended October 31, 2015

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
	Forward Foreign Currency Contracts			Futures Contracts			Swap Agreements
Realized Gain (Loss):
Credit risk	$	—		$	—		$	82,098
Currency risk		146,653			—			—
Equity risk		—			(829,957	)		—
Interest rate risk		—			374,490			—
Change in Net Unrealized Appreciation (Depreciation):
Credit risk		—			—			58,460
Currency risk		(46,222	)		—			—
Equity risk		—			796,349			—
Interest rate risk		—			(132,974	)		—
Total	$	100,431		$	207,908		$	140,558

The table below summarizes the average notional value of forward foreign currency contracts, futures contracts and swap agreements outstanding during the period.

	Forward Foreign Currency Contracts		Futures Contracts		Swap Agreements
Average notional value	$	2,151,002	$	25,530,964	$	2,075,339

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver			Receive
12/04/15	Deutsche Bank Securities Inc.		EUR	589,444		USD	665,465	$	648,565	$	16,900
12/04/15	Goldman Sachs International		GBP	753,808		USD	1,155,692		1,161,968		(6,276	)
12/04/15	Deutsche Bank Securities Inc.		USD	101,830		EUR	91,158		100,301		(1,529	)
Total Open Forward Foreign Currency Contracts — Currency Risk										$	9,095

Currency Abbreviations:

EUR	– Euro
GBP	– British Pound Sterling
USD	– U.S. Dollar

31                         Invesco Premium Income Fund

Open Futures Contracts
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation (Depreciation)
Australian 10 Year Bonds		Long		62		December-2015	$	5,719,364		$	40,331
Canada 10 Year Bonds		Long		62		December-2015		6,661,314			(92,054	)
Euro Bond		Long		36		December-2015		6,223,818			88,764
Japanese 10 Year Mini Bonds		Long		50		December-2015		6,154,802			34,447
Long Gilt		Long		37		December-2015		6,717,237			6,840
U.S. Treasury Long Bonds		Long		25		December-2015		3,910,938			44,233
Subtotal — Interest Rate Risk										$	122,561
Dow Jones Euro STOXX 50 Index		Short		7		December-2015	$	(261,960	)	$	(12,799	)
E-Mini S&P 500 Index		Long		19		December-2015		1,970,015			157,852
FTSE 100 Index		Long		13		December-2015		1,266,743			47,003
Hang Seng Index		Long		8		November-2015		1,170,696			(17,902	)
Russell 2000 Mini Index		Long		37		December-2015		4,285,710			168,090
Tokyo Stock Price Index		Long		20		December-2015		2,583,078			218,332
Subtotal — Equity Risk											560,576
Total Futures Contracts										$	683,137

Total Open Centrally Cleared Credit Default Swap Agreements — Credit Risk
Counterparty/Clearinghouse	Reference Entity	Buy/Sell Protection		(Pay)/Receive Fixed Rate			Expiration Date		Implied Credit Spread(a)			Notional Value		Upfront Payments		Unrealized Appreciation
Credit Suisse Securities (USA) LLC/CME	Markit CDX North America High Yield Index		Sell		5.00	%		12/20/19		3.09	%	$	1,346,360	$	81,289	$	17,616

Abbreviations:

CME – Chicago Mercantile Exchange

^(a)  Implied credit spreads represent the current level as of October 31, 2015 at which protection could be bought or sold given the terms of the existing credit default swap contract and serve as an indicator of the current status of the payment/performance risk of the credit default swap contract. An implied credit 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 generally.

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2015.

	Gross amounts of Recognized Assets		Gross Amounts Not Offset in the Statement of Assets and  Liabilities
			Financial Instruments			Collateral Received				Net Amount
Counterparty						Non-Cash		Cash
Credit Suisse Securities (USA) LLC/CME(a)	$	98,905	$	—		$	—	$	—	$	98,905
Deutsche Bank Securities Inc.(b)		16,900		(1,529	)		—		—		15,371
Total	$	115,805	$	(1,529	)	$	—	$	—	$	114,276
	Gross amounts of Recognized Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities
			Financial Instruments			Collateral Pledged				Net Amount
Counterparty						Non-Cash		Cash
Deutsche Bank Securities Inc.(b)	$	1,529	$	(1,529	)	$	—	$	—	$	—
Goldman Sachs International(b)		6,276		—			—		—		6,276
Total	$	7,805	$	(1,529	)	$	—	$	—	$	6,276

^(a)  Swap agreements — centrally cleared Counterparty. Includes cumulative appreciation (depreciation).

^(b)  Forward foreign currency contracts Counterparty.

32                         Invesco Premium Income Fund

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $168.

NOTE 6—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended October 31, 2015, the Fund engaged in securities securities sales of $234,253, which resulted in net realized gains of $1,211.

NOTE 7—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 8—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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 9—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2015 and 2014:

	2015		2014
Ordinary income	$	6,574,274	$	7,552,673

Tax Components of Net Assets at Period-End:

	2015
Undistributed ordinary income	$	53,689
Net unrealized appreciation — investments		2,020,274
Net unrealized appreciation — other investments		192,927
Temporary book/tax differences		(24,096	)
Capital loss carryforward		(9,252,161	)
Shares of beneficial interest		157,095,933
Total net assets	$	150,086,566

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gain and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation difference is attributable primarily to wash sales and bond premiums.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

33                         Invesco Premium Income Fund

The Fund has a capital loss carryforward as of October 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	7,113,589	$	2,138,572	$	9,252,161

* Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 10—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $166,152,389 and $145,945,033, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $4,752,391 and $4,102,567, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	4,228,709
Aggregate unrealized (depreciation) of investment securities		(2,208,435	)
Net unrealized appreciation of investment securities	$	2,020,274

Cost of investments for tax purposes is $138,354,232.

NOTE 11—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of swap income, foreign currency transactions and bond premium amortization, on October 31, 2015, undistributed net investment income was increased by $302,168 and undistributed net realized gain (loss) was decreased by $302,168. This reclassification had no effect on the net assets of the Fund.

NOTE 12—Share Information

	Summary of Share Activity
	Years ended October 31,
	2015(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		3,054,961		$	31,571,397			1,674,041		$	17,271,491
Class C		665,576			6,862,470			395,527			4,043,695
Class R		22,519			227,585			8,385			85,861
Class Y		1,777,827			18,357,253			999,906			10,319,807
Class R6		1,558,502			16,063,482			1,318,479			13,484,561
Issued as reinvestment of dividends:
Class A		149,450			1,530,255			121,004			1,228,961
Class C		42,814			438,178			44,317			449,554
Class R		705			7,215			395			4,044
Class Y		37,371			383,770			27,683			281,703
Class R6		292,705			2,998,897			473,502			4,760,854
Reacquired:
Class A		(2,049,651	)		(21,048,416	)		(1,769,874	)		(17,939,517	)
Class C		(442,432	)		(4,522,475	)		(660,296	)		(6,678,298	)
Class R		(3,273	)		(33,565	)		(223	)		(2,336	)
Class Y		(1,232,469	)		(12,628,929	)		(1,116,824	)		(11,522,459	)
Class R6		(78,709	)		(809,277	)		(13,919,440	)		(141,071,064	)
Net increase (decrease) in share activity		3,795,896		$	39,397,840			(12,403,418	)	$	(125,283,143	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 30% 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, 45% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds that are also advised by Invesco.

34                         Invesco Premium Income Fund

NOTE 13—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 10/31/15	$	10.37	$	0.46	$	(0.25	)	$	0.21		$	(0.49	)	$	—		$	(0.49	)	$	10.09		2.02	%	$	52,613		0.99	%(d)		1.27	%(d)		4.52	%(d)		120	%
Year ended 10/31/14		10.04		0.48		0.37			0.85			(0.52	)		—			(0.52	)		10.37		8.66			42,104		0.88			1.28			4.69			89
Year ended 10/31/13		10.83		0.50		(0.58	)		(0.08	)		(0.55	)		(0.16	)		(0.71	)		10.04		(0.83	)		40,515		0.88			1.22			4.83			86
Year ended 10/31/12(e)		10.03		0.43		0.81			1.24			(0.44	)		—			(0.44	)		10.83		12.64			24,388		0.88	(f)		1.18	(f)		4.54	(f)		79
Class C
Year ended 10/31/15		10.36		0.39		(0.26	)		0.13			(0.41	)		—			(0.41	)		10.08		1.26			17,133		1.74	(d)		2.02	(d)		3.77	(d)		120
Year ended 10/31/14		10.03		0.40		0.37			0.77			(0.44	)		—			(0.44	)		10.36		7.85			14,854		1.63			2.03			3.94			89
Year ended 10/31/13		10.82		0.42		(0.58	)		(0.16	)		(0.47	)		(0.16	)		(0.63	)		10.03		(1.58	)		16,592		1.63			1.97			4.08			86
Year ended 10/31/12(e)		10.03		0.36		0.81			1.17			(0.38	)		—			(0.38	)		10.82		11.91			10,469		1.63	(f)		1.93	(f)		3.79	(f)		79
Class R
Year ended 10/31/15		10.36		0.44		(0.26	)		0.18			(0.46	)		—			(0.46	)		10.08		1.77			339		1.24	(d)		1.52	(d)		4.27	(d)		120
Year ended 10/31/14		10.03		0.46		0.36			0.82			(0.49	)		—			(0.49	)		10.36		8.39			141		1.13			1.53			4.44			89
Year ended 10/31/13		10.83		0.47		(0.59	)		(0.12	)		(0.52	)		(0.16	)		(0.68	)		10.03		(1.17	)		51		1.13			1.47			4.58			86
Year ended 10/31/12(e)		10.03		0.40		0.82			1.22			(0.42	)		—			(0.42	)		10.83		12.43			50		1.13	(f)		1.43	(f)		4.29	(f)		79
Class Y
Year ended 10/31/15		10.37		0.49		(0.26	)		0.23			(0.51	)		—			(0.51	)		10.09		2.28			12,424		0.74	(d)		1.02	(d)		4.77	(d)		120
Year ended 10/31/14		10.05		0.51		0.35			0.86			(0.54	)		—			(0.54	)		10.37		8.82			6,725		0.63			1.03			4.94			89
Year ended 10/31/13		10.84		0.53		(0.58	)		(0.05	)		(0.58	)		(0.16	)		(0.74	)		10.05		(0.57	)		7,409		0.63			0.97			5.08			86
Year ended 10/31/12(e)		10.03		0.45		0.82			1.27			(0.46	)		—			(0.46	)		10.84		12.96			4,482		0.63	(f)		0.93	(f)		4.79	(f)		79
Class R5
Year ended 10/31/15		10.37		0.49		(0.26	)		0.23			(0.51	)		—			(0.51	)		10.09		2.28			10		0.74	(d)		0.89	(d)		4.77	(d)		120
Year ended 10/31/14		10.05		0.50		0.36			0.86			(0.54	)		—			(0.54	)		10.37		8.82			10		0.63			0.90			4.94			89
Year ended 10/31/13		10.84		0.54		(0.59	)		(0.05	)		(0.58	)		(0.16	)		(0.74	)		10.05		(0.57	)		10		0.63			0.90			5.08			86
Year ended 10/31/12(e)		10.03		0.44		0.83			1.27			(0.46	)		—			(0.46	)		10.84		12.96			766		0.63	(f)		0.85	(f)		4.79	(f)		79
Class R6
Year ended 10/31/15		10.37		0.49		(0.26	)		0.23			(0.51	)		—			(0.51	)		10.09		2.28			67,568		0.74	(d)		0.89	(d)		4.77	(d)		120
Year ended 10/31/14		10.04		0.50		0.37			0.87			(0.54	)		—			(0.54	)		10.37		8.93			51,057		0.63			0.90			4.94			89
Year ended 10/31/13		10.84		0.53		(0.59	)		(0.06	)		(0.58	)		(0.16	)		(0.74	)		10.04		(0.67	)		171,140		0.63			0.85			5.08			86
Year ended 10/31/12(e)		10.75		0.05		0.09			0.14			(0.05	)		—			(0.05	)		10.84		1.31			138,779		0.63	(f)		0.82	(f)		4.79	(f)		79

^(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) Ratios are based on average daily net assets (000’s omitted) of $48,282, $16,323, $173, $12,365, $10 and $60,262 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Commencement date of December 14, 2011 for Class A, Class C, Class R, Class Y and Class R5 shares and September 24, 2012 for Class R6 shares.

^(f) Annualized.

35                         Invesco Premium Income Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Premium Income Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Premium Income Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, 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 then ended and the financial highlights for each of the three years in the period then ended and for the period December 14, 2011 (commencement of operations) through October 31, 2012, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

36                         Invesco Premium Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2015 through October 31, 2015.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	983.80	$	5.20	$	1,019.66	$	5.30		1.04	%
C		1,000.00		980.10		8.93		1,016.18		9.10		1.79
R		1,000.00		982.60		6.45		1,018.70		6.56		1.29
Y		1,000.00		985.10		3.95		1,021.22		4.02		0.79
R5		1,000.00		984.10		3.95		1,021.22		4.02		0.79
R6		1,000.00		984.10		3.95		1,021.22		4.02		0.79

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

37                         Invesco Premium Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Premium Income Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports form the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s

consideration of Invesco Advisers’ investment process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s sub-advisory contracts.

B. Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco PowerShares Capital Management LLC currently manages certain assets of the Fund.

The Board noted that the Fund recently began operations and that comparative performance data for only the past three calendar years was available. The Board compared the Fund’s performance during the past three calendar years to the performance of funds in the Lipper performance universe and against the Lipper Mixed-Asset Target Allocation Conservative Funds Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year and in the fourth quintile for the three year period (the first quintile being

38                         Invesco Premium Income Fund

the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was above the performance of the Index for the one period and below the performance of the index for the three year periods. Invesco Advisers noted that performance benefited from duration and high yield exposures. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was at the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least February 29, 2016 in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and its affiliates manage two other mutual funds using an investment process substantially similar to the investment process used for the Fund. The Board noted that both of the other mutual funds are fund of funds and Invesco Advisers does not charge advisory fees at the fund level. Invesco Advisors and the Affiliated Sub-Advisers do not manage other client accounts using an investment process substantially similar to the investment process used for the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management other than day-to-day portfolio management. The Board also noted that the sub-advisory fees are not paid directly

by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board noted that although Invesco Advisers received a minimal amount of revenues from advising the Fund, Invesco Advisers and its affiliates did not make a profit from managing the Fund as a result of fee and expense waivers. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Lipper and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transaction through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

39                         Invesco Premium Income Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

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 October 31, 2015:

Federal and State Income Tax
Qualified Dividend Income *	1.12	%
Corporate Dividends Received Deduction *	0.98	%
U.S. Treasury Obligations*	3.68	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Distribution Information

The following table sets forth on a per share basis the distribution that was paid in September 2015. Included in the table is a written statement of the sources of the distribution on a generally accepted accounting principles (“GAAP”) basis.

		Net Income		Gain from Sale of Securities		Return of Principal		Total Distribution
09/17/15	Class A	$	0.0391	$	0.0000	$	0.0008	$	0.0399
09/17/15	Class C		0.0328		0.0000		0.0008		0.0336
09/17/15	Class R		0.0370		0.0000		0.0008		0.0378
09/17/15	Class Y		0.0413		0.0000		0.0008		0.0421
09/17/15	Class R5		0.0413		0.0000		0.0008		0.0421
09/17/15	Class R6		0.0413		0.0000		0.0008		0.0421

Please note that the information in the preceding chart is for financial accounting purposes only. Shareholders should be aware that the tax treatment of distributions likely differs from GAAP treatment. Form 1099-DIV for the calendar year will report distributions for federal income tax purposes. This Notice is sent to comply with certain Securities and Exchange Commission requirements.

40                         Invesco Premium Income Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Premium 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Premium 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Premium 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Premium Income Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338                        PIN-AR-1                                                               Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2015
	Invesco Select Companies Fund
	Nasdaq:
	A: ATIAX  n  B: ATIBX  n  C: ATICX  n  R: ATIRX  n  Y: ATIYX  n  R5: ATIIX

Letters to Shareholders

Philip Taylor

Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.     The US economy expanded and unemployment declined throughout the reporting period. Continuing low energy prices benefited consumers, but a strong US dollar crimped corporate profits. The US Federal Reserve signaled that it was increasingly likely to raise interest rates, based on generally positive economic data, but uncertainty remained about when it might act. Overseas, the story was much different. Low energy prices hurt the economies of some oil-producing nations, such as Brazil and Russia. During the reporting period, the European Central

Bank as well as central banks in China and Japan – among other countries – either instituted or maintained extraordinarily accommodative monetary policies in response to economic weakness.     Investor uncertainty, such as we saw for much of the reporting period – and market volatility, such as we saw at the end of the reporting period – are unfortunate facts of life when it comes to investing. Some investors use these things as excuses to delay saving and investing for their long-term financial goals. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

    Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

2                             Invesco Select Companies Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                             Invesco Select Companies Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2015, Class A shares of Invesco Select Companies Fund (the Fund), at net asset value (NAV), underperformed the Fund’s broad market, style-specific and peer group indexes, the S&P 500 Index, the Russell 2000 Index and the Lipper Small-Cap Core Funds Index, respectively.

    Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 10/31/14 to 10/31/15, 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	-10.79	%
Class B Shares	-11.44
Class C Shares	-11.45
Class R Shares	-11.03
Class Y Shares	-10.56
Class R5 Shares	-10.47
S&P 500 Index▼ (Broad Market Index)	5.20
Russell 2000 Index▼ (Style-Specific Index)	0.34
Lipper Small-Cap Core Funds Index¢ (Peer Group Index)	0.69
Source(s): ▼FactSet Research Systems Inc.; ¢Lipper Inc.

Market conditions and your Fund

The US economy improved slowly, but steadily, during the fiscal year ended October 31, 2015 – although the health of individual economic sectors varied dramatically. The headline story was the continued slowdown in energy markets, as oil prices plummeted when too much supply overwhelmed slowing global demand. However, the more subtle story, which drove the economy forward during the year, was the improved position of the US consumer.

    As the reporting period began in late 2014, economic growth appeared to be stronger in the US than in the rest of the world. US equity markets were recovering from the initial crash of oil prices when OPEC added additional uncertainty by deciding to maintain high production despite low prices and slowing global growth. In this environment, commodity-

based economies and most currencies underperformed those of the US. The continued strengthening of the US consumer led US equity markets higher through the spring. Continued low interest rates, the increasing availability of credit from lenders and an improving employment picture all contributed to higher consumer confidence. This strength also helped the market overcome fears that Greece and the eurozone would fail to reach an agreement on a financial bailout plan. In the summer of 2015, however, US equity markets moved sharply lower. A significant downturn in China’s financial markets and weak global economic growth led the US Federal Reserve to delay raising interest rates, which, in turn, increased investor uncertainty and market volatility. In October, however, the US market marched higher and recovered from its earlier decline, finishing higher for the fiscal year.

    We view ourselves as business people buying businesses, and we consider the purchase of a stock as an ownership interest in a business. We strive to develop a proprietary view of a business through in-depth, fundamental research that includes careful financial statement analysis and meetings with company management. We then seek to purchase businesses whose stock prices are below what we have calculated to be the true value of the company based on its future free cash flows.

    Our investment approach focuses on individual businesses rather than market sectors. Therefore, your Fund shares little in common with sector weightings of various market indexes. However, if we were to broadly categorize businesses with which we had the most success during the fiscal year, our investments in select information technology (IT) stocks were the largest contributors to Fund performance. Select holdings in the energy and IT sectors were among the largest detractors.

    IT sector companies Global Payments, Microsemi and Booz Allen Hamilton were the largest contributors to Fund performance during the fiscal year. Global Payments is the world’s fourth-largest data processing company and one of the few merchant acquirers with a global footprint. The company’s share price rose due to strong operating results as the business has shown robust international growth. Microsemi is a designer, manufacturer and marketer of analog and mixed-signal semiconductor solutions for communications, defense and security, aerospace and industrial markets. The company reported strong financial results for the reporting period. Booz Allen Hamilton provides high-end IT consulting services to the military and has a long-standing reputation as the elite of the

Portfolio Composition
By sector	% of total net assets

Information Technology	28.2	%
Health Care	13.0
Consumer Discretionary	11.8
Industrials	10.9
Financials	10.8
Energy	4.1
Materials	1.8
Telecommunication Services	1.4
Money Market Funds Plus Other Assets Less Liabilities	18.0

Top 10 Equity Holdings*
	% of total net assets

1.	Encore Capital Group, Inc	7.6	%
2.	Booz Allen Hamilton Holding Corp.	6.8
3.	Microsemi Corp.	6.4
4.	Alere, Inc.	5.7
5.	John Wiley & Sons, Inc.-Class A	5.1
6.	Charles River Laboratories International, Inc.	5.1
7.	Mitel Networks Corp.	4.9
8.	Cubic Corp.	4.8
9.	Regal-Beloit Corp.	4.6
10.	America’s Car-Mart, Inc.	3.8

Total Net Assets	$850.7 million
Total Number of Holdings*	24

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*Excluding money market fund holdings.

Data presented here are as of October 31, 2015.

4                             Invesco Select Companies Fund

government IT consulting industry. We were attracted to the company’s unique culture, in which every partner is paid the same regardless of his or her individual performance. This has resulted in a company run by individuals who row in the same direction, creating an environment where the whole is greater than each of its parts. Booz Allen Hamilton has a long history of double-digit organic growth as a result of its culture. We were able to purchase the company’s shares a couple of years ago at depressed levels due to investor concern about the impact of potential reductions in government spending on the military due to budget constraints. Shares of the company rose during the fiscal year after reporting strong operating results. We decreased our positions in these three companies during the reporting period on the strength of results.

    Among the largest detractors from Fund performance were energy sector companies Ultra Petroleum and ION Geophysical. Ultra Petroleum is a low-cost US natural gas producer with some exposure to oil assets. The company’s share price declined in sympathy with oil prices. Though Ultra Petroleum focuses mainly on natural gas, there is a link with oil prices because they are substitutable commodities. We have confidence in the company’s long-term fundamentals because it has over 25 years of reserves from its existing land base, giving it the flexibility to wait out low energy prices for an extended period. We added to the Fund’s position in Ultra Petroleum on price weakness. ION Geophysical’s share price declined after reporting disappointing operating results, largely due to a reduction in exploration as oil prices remained depressed. We consider this to be a cyclical issue, which eventually will turn around. We continue to believe in the long-term growth prospects of the business and that offshore oil is an asset that will eventually be required. In our view, ION Geophysical is trading at cheap valuations and has a strong balance sheet to weather the short-term headwinds.

    IT sector company Rovi was also a large detractor from Fund performance during the reporting period. Rovi is focused on delivering solutions that enable consumers to intuitively connect to new entertainment from

many sources and locations. Shares of the company declined after it released updates about ongoing litigation against Netflix (not a Fund holding) for five patents. These five patents are only a handful of Rovi’s 5,000+ patents, and not necessarily the most critical ones. We believe

markets overreacted to the news, and we added to our position in Rovi.

    During the fiscal year, we made some new investments and added to some of our existing holdings. We also sold several holdings based on valuations and other factors. The Fund’s large cash position was a result of existing holdings being acquired by other companies not held by the Fund over the past few years and therefore removed or sold from the portfolio as well as a lack of opportunities as markets continued to rise. We believe the cash may act as a shock absorber in the next market correction, while providing us with the ability to invest in attractive opportunities as they present themselves.

    We continued to focus on finding quality businesses trading at attractive values relative to what we believe are their long-term prospects. In contrast, the market is often driven by short-term events or outlooks in both good times and bad. Market volatility allows us to take advantage of investment opportunities we believe will benefit your Fund in the long term.

    While we can never predict future Fund performance, we pledge to you that we will adhere to our discipline of being business people who buy businesses; we will continually strive to upgrade the quality of your Fund’s portfolio.

    As always, we thank you for your investment in Invesco Select Companies Fund and for sharing our long-term investment perspective.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

	Robert Mikalachki Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco Select Companies
Fund. He joined Invesco in 1999. Mr. Mikalachki earned a business degree from Wilfrid Laurier University.

	Virginia Au Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Select Companies Fund. She
joined Invesco in 2006. Ms. Au earned a Bachelor of Commerce degree in finance from The University of British Columbia.

	Jason Whiting Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Select Companies Fund. He
joined Invesco in 2003. Mr. Whiting earned a BBA from Wilfrid Laurier University.

5                             Invesco Select Companies Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/05

Past performance cannot guarantee comparable future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable.

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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6                             Invesco Select Companies Fund

Average Annual Total Returns As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (11/4/03)	9.19	%
10 Years	7.63
5 Years	9.34
1 Year	-15.69
Class B Shares
Inception (11/4/03)	9.18	%
10 Years	7.61
5 Years	9.48
1 Year	-15.39
Class C Shares
Inception (11/4/03)	8.91	%
10 Years	7.44
5 Years	9.77
1 Year	-12.23
Class R Shares
Inception (4/30/04)	9.36	%
10 Years	7.98
5 Years	10.31
1 Year	-11.03
Class Y Shares
10 Years	8.44	%
5 Years	10.87
1 Year	-10.56
Class R5 Shares
Inception (4/30/04)	10.08	%
10 Years	8.70
5 Years	10.97
1 Year	-10.47

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y and Class R5

Average Annual Total Returns As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (11/4/03)	8.83	%
10 Years	6.84
5 Years	9.39
1 Year	-16.05
Class B Shares
Inception (11/4/03)	8.81	%
10 Years	6.81
5 Years	9.53
1 Year	-15.74
Class C Shares
Inception (11/4/03)	8.55	%
10 Years	6.64
5 Years	9.81
1 Year	-12.61
Class R Shares
Inception (4/30/04)	8.98	%
10 Years	7.18
5 Years	10.35
1 Year	-11.40
Class Y Shares
10 Years	7.64	%
5 Years	10.92
1 Year	-10.96
Class R5 Shares
Inception (4/30/04)	9.69	%
10 Years	7.89
5 Years	11.01
1 Year	-10.92

shares was 1.20%, 1.95%, 1.95%, 1.45%, 0.95% and 0.88%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B,
Class C, Class R, Class Y and Class R5 shares was 1.24%, 1.99%, 1.99%, 1.49%, 0.99% and 0.92%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The

CDSC on Class C shares is 1% for the first year after purchase.
Class R, Class Y and Class R5 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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

7                             Invesco Select Companies Fund

Invesco Select Companies Fund’s investment objective is long-term growth of capital.

n Unless otherwise stated, information presented in this report is as of October 31, 2015, and is based on total net assets.

n Unless otherwise noted, all data provided by Invesco.

n To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About share classes

n Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

n Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

n Class Y shares are available only to certain investors. Please see the prospectus for more information.

n Class R5 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing

in the Fund

n Cash/cash equivalents risk. Holding cash or cash equivalents may negatively affect performance.

n Debt securities risk. The Fund may invest in debt securities that are affected by changing interest rates and changes in their effective maturities and credit quality.

n Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

n Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

n Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

n Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

n US government obligations risk. The Fund may invest in obligations issued by US government agencies and instrumentalities that may receive varying levels of support from the government, which could affect the Fund’s ability to recover should they default.

n Value investing style risk. The Fund emphasizes a value style of investing, which focuses on undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on value equity securities are less than returns on other styles of investing or the overall stock market. Value stocks also may decline in price, even though in theory they are already underpriced.

About indexes used in this report

n The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

n The Russell 2000^® Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

n The Lipper Small-Cap Core Funds Index is an unmanaged index considered representative of small-cap core funds tracked by Lipper.

n 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).

n 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.

Other information

n The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

n Industry 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.

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

8                             Invesco Select Companies Fund

Schedule of Investments^(a)

October 31, 2015

	Shares		Value
Common Stocks & Other Equity Interests–82.00%
Aerospace & Defense–4.77%
Cubic Corp.		903,682	$	40,530,138
Aluminum–0.00%
Cymat Technologies Ltd. (Canada)(b)		249,750		19,098
Apparel, Accessories & Luxury Goods–0.01%
Hampshire Group, Ltd.(b)(c)		592,824		88,924
Automotive Retail–3.79%
America’s Car-Mart, Inc.(b)(c)		942,136		32,258,737
Commodity Chemicals–1.75%
Chemtrade Logistics Income Fund (Canada)		1,045,784		14,866,655
Communications Equipment–4.91%
Mitel Networks Corp.(b)		5,334,275		41,767,373
Consumer Finance–7.64%
Encore Capital Group, Inc.(b)(c)		1,597,305		65,010,313
Data Processing & Outsourced Services–6.74%
Alliance Data Systems Corp.(b)		101,995		30,324,133
Global Payments Inc.		197,755		26,975,760
				57,299,893
Diversified Support Services–1.50%
Performant Financial Corp.(b)(c)		5,527,196		12,767,823
Education Services–2.91%
American Public Education Inc.(b)(c)		1,140,072		24,773,765
Electrical Components & Equipment–4.61%
Regal-Beloit Corp.		614,559		39,202,719
Health Care Supplies–7.96%
Alere, Inc.(b)		1,043,442		48,123,545
Cooper Cos., Inc. (The)		128,239		19,538,494
				67,662,039
Integrated Telecommunication Services–1.42%
General Communication, Inc.–Class A(b)		590,716		12,029,931

	Shares		Value
IT Consulting & Other Services–6.84%
Booz Allen Hamilton Holding Corp.		1,976,094	$	58,215,729
Life Sciences Tools & Services–5.08%
Charles River Laboratories International, Inc.(b)		662,655		43,231,612
Oil & Gas Equipment & Services–0.61%
ION Geophysical Corp.(b)(c)		14,077,289		5,208,597
Oil & Gas Exploration & Production–3.50%
Ultra Petroleum Corp.(b)		5,439,470		29,808,296
Other Diversified Financial Services–0.00%
Brompton Corp. (Canada)(b)		69,374		0
Publishing–5.12%
John Wiley & Sons, Inc.–Class A		831,616		43,518,465
Real Estate Services–3.12%
Colliers International Group Inc. (Canada)		535,253		26,535,484
Semiconductors–6.37%
Microsemi Corp.(b)		1,505,279		54,205,097
Systems Software–3.35%
Rovi Corp.(b)		3,115,677		28,508,444
Total Common Stocks & Other Equity Interests (Cost $687,925,182)				697,509,132
Money Market Funds–15.66%
Liquid Assets Portfolio–Institutional Class, 0.16%(d)		66,619,029		66,619,029
Premier Portfolio–Institutional Class, 0.12%(d)		66,619,030		66,619,030
Total Money Market Funds (Cost $133,238,059)				133,238,059
TOTAL INVESTMENTS–97.66% (Cost $821,163,241)				830,747,191
OTHER ASSETS LESS LIABILITIES–2.34%				19,909,895
NET ASSETS–100.00%			$	850,657,086

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  Affiliated company during the period. The Investment Company Act of 1940 defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The aggregate value of these securities as of October 31, 2015 was $140,108,159, which represented 16.47% of the Fund’s Net Assets. See Note 4.

^(d)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                         Invesco Select Companies Fund

Statement of Assets and Liabilities

October 31, 2015

Assets:
Investments, at value (Cost $412,473,060)	$	557,400,973
Investments in affiliates, at value (Cost $408,690,181)		273,346,218
Total investments, at value (Cost $821,163,241)		830,747,191
Receivable for:
Investments sold		26,221,555
Fund shares sold		239,868
Dividends		83,846
Investment for trustee deferred compensation and retirement plans		139,141
Other assets		40,138
Total assets		857,471,739
Liabilities:
Payable for:
Investments purchased		836,625
Fund shares reacquired		5,073,245
Accrued fees to affiliates		664,945
Accrued trustees’ and officers’ fees and benefits		2,796
Accrued other operating expenses		78,398
Trustee deferred compensation and retirement plans		158,644
Total liabilities		6,814,653
Net assets applicable to shares outstanding	$	850,657,086
Net assets consist of:
Shares of beneficial interest	$	687,636,573
Undistributed net investment income (loss)		(9,250,127	)
Undistributed net realized gain		162,685,716
Net unrealized appreciation		9,584,924
	$	850,657,086

Net Assets:
Class A	$	475,536,221
Class B	$	4,027,115
Class C	$	125,947,457
Class R	$	45,560,521
Class Y	$	147,927,044
Class R5	$	51,658,728
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		23,260,989
Class B		216,598
Class C		6,783,714
Class R		2,293,651
Class Y		7,143,704
Class R5		2,422,417
Class A:
Net asset value per share	$	20.44
Maximum offering price per share
(Net asset value of $20.44 ¸ 94.50%)	$	21.63
Class B:
Net asset value and offering price per share	$	18.59
Class C:
Net asset value and offering price per share	$	18.57
Class R:
Net asset value and offering price per share	$	19.86
Class Y:
Net asset value and offering price per share	$	20.71
Class R5:
Net asset value and offering price per share	$	21.33

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                         Invesco Select Companies Fund

Statement of Operations

For the year ended October 31, 2015

Investment income:
Dividends (net of foreign withholding taxes of $186,973)	$	3,406,941
Dividends from affiliates		156,829
Interest		7,835
Total investment income		3,571,605
Expenses:
Advisory fees		8,470,773
Administrative services fees		294,681
Custodian fees		33,502
Distribution fees:
Class A		1,602,192
Class B		69,037
Class C		1,608,700
Class R		295,040
Transfer agent fees — A, B, C, R and Y		1,879,989
Transfer agent fees — R5		62,386
Trustees’ and officers’ fees and benefits		38,689
Other		267,948
Total expenses		14,622,937
Less: Fees waived and expense offset arrangement(s)		(375,047	)
Net expenses		14,247,890
Net investment income (loss)		(10,676,285	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains from securities sold to affiliates of $868,030)		163,032,981
Foreign currencies		(3,210,344	)
		159,822,637
Change in net unrealized appreciation (depreciation) of:
Investment securities		(272,074,353	)
Foreign currencies		753,892
		(271,320,461	)
Net realized and unrealized gain (loss)		(111,497,824	)
Net increase (decrease) in net assets resulting from operations	$	(122,174,109	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                         Invesco Select Companies Fund

Statement of Changes in Net Assets

For the years ended October 31, 2015 and 2014

	2015			2014
Operations:
Net investment income (loss)	$	(10,676,285	)	$	(4,716,720	)
Net realized gain		159,822,637			136,727,123
Change in net unrealized appreciation (depreciation)		(271,320,461	)		35,296,385
Net increase (decrease) in net assets resulting from operations		(122,174,109	)		167,306,788
Distributions to shareholders from net realized gains:
Class A		(71,199,853	)		(41,356,017	)
Class B		(916,857	)		(565,193	)
Class C		(18,752,500	)		(9,079,104	)
Class R		(6,758,426	)		(3,610,155	)
Class Y		(28,688,490	)		(17,699,816	)
Class R5		(6,188,617	)		(3,696,664	)
Total distributions from net realized gains		(132,504,743	)		(76,006,949	)
Share transactions–net:
Class A		(140,909,514	)		(180,545,095	)
Class B		(3,398,328	)		(2,998,780	)
Class C		(17,809,047	)		(10,931,159	)
Class R		(11,731,066	)		(10,410,262	)
Class Y		(104,389,400	)		(88,773,706	)
Class R5		(1,476,849	)		(19,977,867	)
Net increase (decrease) in net assets resulting from share transactions		(279,714,204	)		(313,636,869	)
Net increase (decrease) in net assets		(534,393,056	)		(222,337,030	)
Net assets:
Beginning of year		1,385,050,142			1,607,387,172
End of year (includes undistributed net investment income (loss) of $(9,250,127) and $(4,763,959), respectively)	$	850,657,086		$	1,385,050,142

Notes to Financial Statements

October 31, 2015

NOTE 1—Significant Accounting Policies

Invesco Select Companies Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment 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 consisting of twenty-four separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class R, Class Y and Class R5. 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 R, Class Y and Class R5 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

As of the open of business on March 5, 2014, the Fund has closed to all investors, except Employer Sponsored Retirement and Benefit Plans already invested in the Fund.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based

12                         Invesco Select Companies Fund

on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

13                         Invesco Select Companies Fund

D. Distributions — Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

14                         Invesco Select Companies Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $250 million		0	.745%
Next $250 million		0	.73%
Next $500 million		0	.715%
Next $1.5 billion		0	.70%
Next $2.5 billion		0	.685%
Next $2.5 billion		0	.67%
Next $2.5 billion		0	.655%
Over $10 billion		0	.64%

For the year ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.72%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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, 2016, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y and Class R5 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75% and 1.75% of average daily net assets, respectively. 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 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, 2016. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 October 31, 2015, the Adviser waived advisory fees of $372,793.

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 October 31, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2015, 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 B, Class C, Class R, Class Y and Class R5 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 B, 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 B and Class C shares and 0.50% of the average daily net assets of Class R shares. 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 October 31, 2015, 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 October 31, 2015, IDI advised the Fund that IDI retained $1,865 in front-end sales commissions from the sale of Class A shares and $18,228, $2,672 and $882 from Class A, Class B and Class C 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.

15                         Invesco Select Companies Fund

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. 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
Equity Securities	$	830,658,267	$	88,924	$	0	$	830,747,191

NOTE 4—Investments in Other Affiliates

The 1940 Act defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The following is a summary of the investments in other affiliates for the year ended October 31, 2015.

	Value 10/31/14		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 10/31/15		Interest / Dividend Income
America’s Car-Mart, Inc.	$	43,319,413	$	—	$	—		$	(11,060,676	)	$	—		$	32,258,737	$	—
American Public Education Inc.		44,098,925		—		(8,567,854	)		(8,695,866	)		(2,061,440	)		24,773,765		—
Encore Capital Group, Inc.		50,744,469		20,676,989		—			(6,411,145	)		—			65,010,313		—
Hampshire Group, Ltd.		1,487,988		—		—			(1,399,064	)		—			88,924		—
ION Geophysical Corp.		39,416,409		—		—			(34,207,812	)		—			5,208,597		—
Performant Financial Corp.		28,744,105		14,640,846		(20,900	)		(30,570,716	)		(25,512	)		12,767,823		—
Total	$	207,811,309	$	35,317,835	$	(8,588,754	)	$	(92,345,279	)	$	(2,086,952	)	$	140,108,159	$	—

NOTE 5—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended October 31, 2015, the Fund engaged in securities sales of $3,107,936, which resulted in net realized gains of $868,030.

NOTE 6—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,254.

NOTE 7—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

16                         Invesco Select Companies Fund

NOTE 8—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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 9—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2015 and 2014:

	2015		2014
Long-term capital gain	$	132,504,743	$	76,006,949

Tax Components of Net Assets at Period-End:

	2015
Undistributed long-term gain	$	162,883,270
Net unrealized appreciation — investments		9,386,396
Net unrealized appreciation — other investments		974
Temporary book/tax differences		(159,046	)
Late-Year ordinary loss deferral		(9,091,081	)
Shares of beneficial interest		687,636,573
Total net assets	$	850,657,086

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 difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of October 31, 2015.

NOTE 10—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2015 was $131,694,553 and $338,379,074, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	217,282,846
Aggregate unrealized (depreciation) of investment securities		(207,896,450	)
Net unrealized appreciation of investment securities	$	9,386,396

Cost of investments for tax purposes is $821,360,795.

NOTE 11—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating loss and foreign currency transactions, on October 31, 2015, undistributed net investment income (loss) was increased by $6,190,117, undistributed net realized gain was increased by $3,210,345 and shares of beneficial interest was decreased by $9,400,462. This reclassification had no effect on the net assets of the Fund.

17                         Invesco Select Companies Fund

NOTE 12—Share Information

	Summary of Share Activity
	Years ended October 31,
	2015(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		1,412,942		$	31,995,201			3,644,392		$	86,862,251
Class B		3,991			75,134			13,561			301,065
Class C		108,970			2,269,796			333,846			7,383,566
Class R		489,174			10,794,717			669,277			15,849,454
Class Y		754,311			17,155,525			4,809,060			116,897,383
Class R5		506,037			11,854,368			613,241			15,312,739
Issued as reinvestment of dividends:
Class A		3,010,749			66,718,192			1,721,956			38,847,334
Class B		42,091			854,027			24,878			522,441
Class C		881,605			17,861,315			411,569			8,634,710
Class R		313,180			6,758,426			163,418			3,608,270
Class Y		1,152,785			25,822,392			623,137			14,157,670
Class R5		264,206			6,089,938			133,694			3,115,068
Automatic conversion of Class B shares to Class A shares:
Class A		133,661			2,972,639			78,001			1,886,904
Class B		(146,438	)		(2,972,639	)		(84,013	)		(1,886,904	)
Reacquired:
Class A		(10,911,072	)		(242,595,546	)		(12,693,542	)		(308,141,584	)
Class B		(66,806	)		(1,354,850	)		(86,383	)		(1,935,382	)
Class C		(1,894,478	)		(37,940,158	)		(1,203,216	)		(26,949,435	)
Class R		(1,329,652	)		(29,284,209	)		(1,265,120	)		(29,867,986	)
Class Y		(6,613,315	)		(147,367,317	)		(9,038,247	)		(219,828,759	)
Class R5		(851,150	)		(19,421,155	)		(1,544,955	)		(38,405,674	)
Net increase (decrease) in share activity		(12,739,209	)	$	(279,714,204	)		(12,675,446	)	$	(313,636,869	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% 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.

18                         Invesco Select Companies Fund

NOTE 13—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Year ended 10/31/15	$	25.47	$	(0.19	)	$	(2.37	)	$	(2.56	)	$	—		$	(2.47	)	$	(2.47	)	$	20.44		(10.79	)%	$	475,536		1.17	%(d)		1.20	%(d)		(0.86	)%(d)		14	%
Year ended 10/31/14		23.95		(0.06	)		2.71			2.65			—			(1.13	)		(1.13	)		25.47		11.66			754,310		1.16			1.20			(0.28	)		10
Year ended 10/31/13		20.57		(0.12	)		4.95			4.83			(0.23	)		(1.22	)		(1.45	)		23.95		25.11			883,072		1.16			1.20			(0.55	)		19
Year ended 10/31/12		18.97		(0.07	)		1.67	(e)		1.60			—			—			—			20.57		8.43			725,950		1.18			1.23			(0.34	)		37
Year ended 10/31/11		15.50		(0.12	)		3.59			3.47			—			—			—			18.97		22.39			485,609		1.24			1.27			(0.64	)		38
Class B
Year ended 10/31/15		23.55		(0.33	)		(2.16	)		(2.49	)		—			(2.47	)		(2.47	)		18.59		(11.44	)		4,027		1.92	(d)		1.95	(d)		(1.61	)(d)		14
Year ended 10/31/14		22.40		(0.23	)		2.51			2.28			—			(1.13	)		(1.13	)		23.55		10.77			9,039		1.91			1.95			(1.03	)		10
Year ended 10/31/13		19.32		(0.26	)		4.65			4.39			(0.09	)		(1.22	)		(1.31	)		22.40		24.22			11,551		1.91			1.95			(1.30	)		19
Year ended 10/31/12		17.95		(0.21	)		1.58	(e)		1.37			—			—			—			19.32		7.63			13,251		1.93			1.98			(1.09	)		37
Year ended 10/31/11		14.78		(0.24	)		3.41			3.17			—			—			—			17.95		21.45			15,478		1.99			2.02			(1.39	)		38
Class C
Year ended 10/31/15		23.53		(0.33	)		(2.16	)		(2.49	)		—			(2.47	)		(2.47	)		18.57		(11.45	)		125,947		1.92	(d)		1.95	(d)		(1.61	)(d)		14
Year ended 10/31/14		22.37		(0.23	)		2.52			2.29			—			(1.13	)		(1.13	)		23.53		10.83			180,853		1.91			1.95			(1.03	)		10
Year ended 10/31/13		19.30		(0.26	)		4.64			4.38			(0.09	)		(1.22	)		(1.31	)		22.37		24.19			182,221		1.91			1.95			(1.30	)		19
Year ended 10/31/12		17.93		(0.21	)		1.58	(e)		1.37			—			—			—			19.30		7.64			160,090		1.93			1.98			(1.09	)		37
Year ended 10/31/11		14.76		(0.24	)		3.41			3.17			—			—			—			17.93		21.48			123,286		1.99			2.02			(1.39	)		38
Class R
Year ended 10/31/15		24.88		(0.24	)		(2.31	)		(2.55	)		—			(2.47	)		(2.47	)		19.86		(11.03	)		45,561		1.42	(d)		1.45	(d)		(1.11	)(d)		14
Year ended 10/31/14		23.48		(0.12	)		2.65			2.53			—			(1.13	)		(1.13	)		24.88		11.37			70,177		1.41			1.45			(0.53	)		10
Year ended 10/31/13		20.19		(0.17	)		4.86			4.69			(0.18	)		(1.22	)		(1.40	)		23.48		24.83			76,385		1.41			1.45			(0.80	)		19
Year ended 10/31/12		18.66		(0.12	)		1.65	(e)		1.53			—			—			—			20.19		8.20			71,040		1.43			1.48			(0.59	)		37
Year ended 10/31/11		15.29		(0.16	)		3.53			3.37			—			—			—			18.66		22.04			62,112		1.49			1.52			(0.89	)		38
Class Y
Year ended 10/31/15		25.71		(0.13	)		(2.40	)		(2.53	)		—			(2.47	)		(2.47	)		20.71		(10.56	)		147,927		0.92	(d)		0.95	(d)		(0.61	)(d)		14
Year ended 10/31/14		24.11		(0.01	)		2.74			2.73			—			(1.13	)		(1.13	)		25.71		11.92			304,629		0.91			0.95			(0.03	)		10
Year ended 10/31/13		20.69		(0.06	)		4.98			4.92			(0.28	)		(1.22	)		(1.50	)		24.11		25.47			372,632		0.91			0.95			(0.30	)		19
Year ended 10/31/12		19.03		(0.02	)		1.68	(e)		1.66			—			—			—			20.69		8.72			235,268		0.93			0.98			(0.09	)		37
Year ended 10/31/11		15.51		(0.07	)		3.59			3.52			—			—			—			19.03		22.70			41,476		0.99			1.02			(0.39	)		38
Class R5
Year ended 10/31/15		26.38		(0.12	)		(2.46	)		(2.58	)		—			(2.47	)		(2.47	)		21.33		(10.47	)		51,659		0.85	(d)		0.88	(d)		(0.54	)(d)		14
Year ended 10/31/14		24.69		0.01			2.81			2.82			—			(1.13	)		(1.13	)		26.38		12.01			66,042		0.84			0.88			0.04			10
Year ended 10/31/13		21.16		(0.05	)		5.10			5.05			(0.30	)		(1.22	)		(1.52	)		24.69		25.53			81,527		0.83			0.87			(0.22	)		19
Year ended 10/31/12		19.45		(0.00	)		1.71	(e)		1.71			—			—			—			21.16		8.79			71,138		0.84			0.89			(0.00	)		37
Year ended 10/31/11		15.82		(0.04	)		3.67			3.63			—			—			—			19.45		22.95			70,652		0.83			0.86			(0.23	)		38

^(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) Ratios are based on average daily net assets (000’s omitted) of $640,877, $6,904, $160,870, $59,008, $242,317 and $62,550 for Class A, Class B, Class C, Class R, Class Y and Class R5 shares, respectively.

^(e) Net gains (losses) on securities (both realized and unrealized) include capital gains realized on distributions from Booz Allen Hamilton Holding Corp. on June 7, 2012 and Generac Holdings, Inc. on July 2, 2012. Net gains (losses) on securities (both realized and unrealized) excluding the capital gains are $1.55, $1.46, $1.46, $1.53, $1.56 and $1.59 for Class A, Class B, Class C, Class R, Class Y and Class R5, respectively.

19                         Invesco Select Companies Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds)

and Shareholders of Invesco Select Companies Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Select Companies Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) at October 31, 2015, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

December 23, 2015

Houston, Texas

20                         Invesco Select Companies 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 May 1, 2015 through October 31, 2015.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	888.30	$	5.57	$	1,019.31	$	5.96		1.17	%
B		1,000.00		885.20		9.12		1,015.53		9.75		1.92
C		1,000.00		1,114.50		10.23		1,015.53		9.75		1.92
R		1,000.00		887.40		6.76		1,018.05		7.22		1.42
Y		1,000.00		889.60		4.38		1,020.57		4.69		0.92
R5		1,000.00		890.20		4.00		1,020.97		4.28		0.84

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

21                         Invesco Select Companies Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Select Companies Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco Funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports form the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s

consideration of Invesco Advisers’ investment process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s sub-advisory contracts.

B. Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Canada Ltd. currently manages assets of the Fund.

The Board compared the Fund’s performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Small-Cap Core Funds Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the fifth quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance

22                         Invesco Select Companies Fund

of the Index for the one and five year periods and below the performance of the Index for the three year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was below the effective advisory fee rate of one off-shore advised by Invesco Advisers using a similar investment process. The Board also noted how the Fund’s rate compared to the effective sub-adviser fee rate of one fund sub-advised by Invesco Advisers. The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other client accounts with investment strategies comparable to those of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual

breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Lipper and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be

invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

23                         Invesco Select Companies 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 advisors.

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 October 31, 2015:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	132,504,743
Qualified Dividend Income*		0	%
Corporate Dividends Received Deduction*		0	%
U.S. Treasury Obligations*		0	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

24                         Invesco Select Companies Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	145	None
Philip A. Taylor2 —  1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc..	145	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.

²  Mr. Taylor 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 and a director of the Adviser.

T-1                         Invesco Select Companies 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
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	145	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	145	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Chairman, Board of Governors, Western Golf Association	145	Chairman of the Board of Trustees, Evans Scholars Foundation; and Chairman of the Board, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC, LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	145	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	145	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	145	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	145	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	145	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	145	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	145	None

T-2                         Invesco Select Companies 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	145	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, 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.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, 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, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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 and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A

T-3                         Invesco Select Companies 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
Other Officers—(continued)
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc..	N/A	N/A
Lisa O. Brinkley — 1959 Chief Compliance Officer	2015	Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A., Inc.); and Chief Compliance Officer, The Invesco Funds Formerly: Global Assurance Officer, Invesco Ltd. and Vice President, The Invesco Funds; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company.	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 prospectus for information on the Fund’s sub-advisers.

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. 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 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Select Companies Fund

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 holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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. The information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338                         SCO-AR-1                                                               Invesco Distributors, Inc.

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 expert is Raymond Stickel, Jr. Mr. Stickel is “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) to (d)

Fees Billed by PWC Related to the Registrant

PWC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as follows:

	Fees Billed for Services Rendered to the Registrant for fiscal year end 2015			(e)(2) Percentage of Fees Billed Applicable to Non-Audit Services Provided for fiscal year end 2015 Pursuant to Waiver of Pre-Approval Requirement(1)	Fees Billed for Services Rendered to the Registrant for fiscal year end 2014			(e)(2) Percentage of Fees Billed Applicable to Non-Audit Services Provided for fiscal year end 2014 Pursuant to Waiver of Pre-Approval Requirement(1)
Audit Fees		$	931,700	N/A		$	892,000	N/A
Audit-Related Fees		$	0	0%		$	0	0%
Tax Fees(2)		$	376,200	0%		$	298,893	0%
All Other Fees		$	0	0%		$	0	0%
Total Fees		$	1,307,900	0%		$	1,190,893	0%

(g) PWC billed the Registrant aggregate non-audit fees of $376,200 for the fiscal year ended 2015, and $298,893

for the fiscal year ended 2014, for non-audit services rendered to the Registrant.

(1) With respect to the provision of non-audit services, the pre-approval requirement is waived pursuant to a de minimis exception if (i) such services were not recognized as non-audit services by the Registrant at the time of engagement, (ii) the aggregate amount of all such services provided is no more than 5% of the aggregate audit and non-audit fees paid by the Registrant to PWC during a fiscal year; and (iii) such services are promptly brought to the attention of the Registrant’s Audit Committee and approved by the Registrant’s Audit Committee prior to the completion of the audit.

(2) Tax fees for the fiscal year end 2015 include fees billed for reviewing tax returns and consultation services. Tax fees for the fiscal year end 2014 includes fees billed for reviewing tax returns.

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 follows:

	Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2015 That Were Required to be Pre-Approved by the Registrant’s Audit Committee			(e)(2) Percentage of Fees Billed Applicable to Non-Audit Services Provided for fiscal year end 2015 Pursuant to Waiver of Pre- Approval Requirement(1)			Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2014 That Were Required to be Pre-Approved by the Registrant’s Audit Committee			(e)(2) Percentage of Fees Billed Applicable to Non-Audit Services Provided for fiscal year end 2014 Pursuant to Waiver of Pre- Approval Requirement(1)
Audit-Related Fees		$	574,000		0	%		$	574,000		0	%
Tax Fees		$	0		0	%		$	0		0	%
All Other Fees		$	3,750,000		0	%		$	0		0	%
Total Fees(2)		$	4,324,000		0	%		$	574,000		0	%

(1) With respect to the provision of non-audit services, the pre-approval requirement is waived pursuant to a de minimis exception if (i) such services were not recognized as non-audit services by the Registrant at the time of engagement, (ii) the aggregate amount of all such services provided is no more than 5% of the aggregate audit and non-audit fees paid by the Registrant, Invesco and Invesco Affiliates to PWC during a fiscal year; and (iii) such services are promptly brought to the attention of the Registrant’s Audit Committee and approved by the Registrant’s Audit Committee prior to the completion of the audit.

(2) Audit-Related fees for the year end 2015 include fees billed related to reviewing controls at a service organization. Audit-Related fees for the year end 2014 include fees billed related to reviewing controls at a service organization.

(g) Including the fees for services not required to be pre-approved by the registrant’s audit committee, PWC billed Invesco and Invesco Affiliates aggregate non-audit fees of $9,083,022 for the fiscal year ended 2015, and $2,939,346 for the fiscal year ended 2014 for non-audit services rendered to Invesco and Invesco Affiliates.

(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. To the extent that such services were provided, the Audit Committee determined that the provision of such services is compatible with PWC maintaining independence with respect to the Registrant.

(f) Not applicable.

(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 May 4, 2010

Statement of Principles

Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committees of the Funds’ (the “Audit Committees”) Board of Trustees (the “Board”) are responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committees pre-approve the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.

Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committees (“general pre-approval”) or require the specific pre-approval of the Audit Committees (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committees. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committees before payment is made. The Audit Committees will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previously pre-approved services.

The Audit Committees will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee generally on an annual basis. The term of any general pre-approval runs from the date of such pre-approval through September 30^th of the following year, unless the Audit Committees consider a different period and state otherwise. The Audit Committees will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committees in fulfilling their responsibilities.

Delegation

The Audit Committees may from time to time delegate pre-approval authority to one or more of its members who are Independent Trustees. All decisions to pre-approve a service by a delegated member shall be reported to the Audit Committees at the next quarterly meeting.

Audit Services

The annual audit services engagement terms will be subject to specific pre-approval of the Audit Committees. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committees will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.

In addition to the annual Audit services engagement, the Audit Committees may grant either general or specific pre-approval of other audit services, which are those services that only the independent auditor

reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

Non-Audit Services

The Audit Committees may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committees believe that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committees’ general principles and policies as set forth herein.

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 the 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; and agreed-upon procedures related to mergers, compliance with ratings agency requirements and interfund lending activities.

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 Committees will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committees will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committees’ pre-approval of permissible Tax services, the Auditor shall:

1. Describe in writing to the Audit Committees, which writing may be in the form of the proposed engagement letter:

a. The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and

b. Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service;

2. Discuss with the Audit Committees the potential effects of the services on the independence of the Auditor; and

3. Document the substance of its discussion with the Audit Committees.

All Other Auditor Services

The Audit Committees may pre-approve non-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.

Pre-Approval Fee Levels or Established Amounts

Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committees. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committees at the quarterly Audit Committees meeting and will require specific approval by the Audit Committees before payment is made. The Audit Committees will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.

Procedures

Generally on an annual basis, Invesco Advisers, Inc. (“Invesco”) will submit to the Audit Committees for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.

Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committees will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committees. The Audit Committees will be informed at the next quarterly scheduled Audit Committees meeting of any such services for which the Auditor rendered an invoice and whether such services and fees had been pre-approved and if so, by what means.

Each request to provide services that require specific approval by the Audit Committees shall be submitted to the Audit Committees jointly by the Fund’s Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the policies and procedures and the SEC Rules.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committees will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committees the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committees for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.

The Audit Committees have designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committees on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management of Invesco will immediately report to the chairman of the Audit Committees any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management of Invesco.

Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures

Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s 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

● Internal audit outsourcing services

Categorically Prohibited 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

● Any other service that the Public Company Oversight Board determines by regulation is impermissible.

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 November 20, 2015, 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 November 20, 2015, 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 second fiscal quarter of 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. EXHIBITS.

 12(a) (1) Code of Ethics.

 12(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.

 12(a) (3) Not applicable.

 12(b) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

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 Funds (Invesco Investment Funds)

By:	/s/ Philip A. Taylor
	Philip A. Taylor
	Principal Executive Officer
Date:	January 8, 2016

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/ Philip A. Taylor
	Philip A. Taylor
	Principal Executive Officer
Date:	January 8, 2016

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Financial Officer
Date:	January 8, 2016

EXHIBIT INDEX

12(a) (1)	Code of Ethics.
12(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.
12(a) (3)	Not applicable.
12(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.