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)

Sheri Morris    11 Greenway Plaza, Suite 1000    Houston, Texas 77046

(Name and address of agent for service)

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

Date of fiscal year end:         10/31                

Date of reporting period:      10/31/16            

Item 1. Report to Stockholders.

	Annual Report to Shareholders	October 31, 2016
	Invesco All Cap Market Neutral Fund
	Nasdaq:
	A: CPNAX  ∎  C: CPNCX  ∎  R: CPNRX  ∎  Y: CPNYX  ∎  R5: CPNFX  ∎  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. In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to sink at the start of calendar year 2016, but they eventually recovered; they sank again following the UK’s decision to leave the European Union, but

then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

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.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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:
	∎	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.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, Class A shares of Invesco All Cap Market Neutral Fund (the Fund), at net asset value (NAV), underperformed 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, 10/31/15 to 10/31/16, 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	-7.42%
Class C Shares	-8.19
Class R Shares	-7.66
Class Y Shares	-7.24
Class R5 Shares	-7.23
Class R6 Shares	-7.24
Citigroup 90-Day Treasury Bill Indexq (Broad Market/Style-Specific Index)	0.22
Lipper Alternative Equity Market Neutral Funds Index∎ (Peer Group Index)	1.39
Source(s): qFactSet Research Systems Inc; ∎Lipper Inc.

Market conditions and your Fund

During the fiscal year, the US economy continued to expand. The initial estimate of US gross domestic product (GDP) showed the US economy grew by 2.9% in the third quarter, beating consensus estimates.¹ However, annualized GDP is expected to be lower. Employment data were mixed, though the unemployment rate had a surprise uptick from 4.9% in August to 5.0% in September before ending the fiscal year at 4.9%.² Oil prices traded in a range from the high $20s to the low $50s during the reporting period.³

The US Federal Reserve (the Fed) raised interest rates in December 2015 – its first increase since 2006 – but that was its only increase during the reporting period. Major US stock market indexes posted gains for the reporting period, but they were fairly volatile. Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China, falling oil prices and uncertainty over Fed policy, including rumors of possible negative interest rates in the US. Markets recovered in late February and posted gains until June when UK voters opted to leave the European

Union, sending markets sharply lower once again. Markets again recovered, and major US equity indexes hit record highs during the summer.⁴ In this environment, investors generally favored the perceived safety of government bonds and more defensive, dividend-paying equities often found in the telecommunication services, utilities and consumer staples sectors.

  The Fund 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. 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.

  The Fund implements its strategy by purchasing highly-ranked stocks as long positions, and selling poorly-ranked stocks as short positions within their respective industries. Stock selection is the primary source of return for the Fund, which uses offsetting long and short positions to generate return and manage risk.

  In a market neutral construct, a positive spread between the top- and bottom-ranked stocks (long and short candidates for the portfolio) is intended to result in the Fund’s outperformance relative to the Citigroup 90-Day Treasury Bill Index. During the fiscal year, the Fund benefited the most from a positive long/short spread in seven of 11 sectors, led by the materials,

Portfolio Composition
By sector, based on total net assets
	Equity Securities						Gross			Net
	Long1			Short2			Exposure3			Exposure4
Health Care		25.1	%		24.9	%		50.0	%		0.2	%
Information Technology		14.8			12.6			27.4			2.2
Consumer Discretionary		12.7			14.5			27.2			-1.8
Energy		11.6			10.8			22.4			0.8
Materials		9.2			8.1			17.3			1.1
Industrials		6.4			6.8			13.2			-0.4
Financials		4.9			5.0			9.9			-0.1
Consumer Staples		2.1			1.9			4.0			0.2
Real Estate		0.8			1.7			2.5			-0.9
Telecommunication Services		0.7			0.5			1.2			0.2
Money Market Funds Plus Other Assets Less Liabilities		11.7			–			11.7			11.7
Total		100.0			86.8			186.8			13.2

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 $ 168.1 million

Data presented here are as of October 31, 2016.

4                         Invesco All Cap Market Neutral Fund

consumer discretionary and industrials sectors. However, the long/short spread in the energy, health care and information technology sectors meaningfully detracted from the Fund’s returns during reporting period.

During the fiscal year, the strongest contributors to Fund performance were holdings in the materials sector – specifically, the long holdings in aluminum/ diversified metals and gold generated a positive spread. The Fund’s long positions outperformed its short positions in the industrials sector; notably, long positions in capital goods added to Fund returns.

The energy sector was the largest detractor from Fund performance as its long/short spread was negative mostly due to short positions in the oil and gas exploration industry. In the health care sector, both the long and short positions moved against us. Early in the calendar year, long biotechnology holdings in the sector sold off as investors sought to reduce risk given strong returns in 2015, and due to the threat of additional regulation regarding drug pricing. Later in the fiscal year, a few of the sector’s short positions rallied due to positive news regarding new drug development, FDA drug approvals and acquisition activity. We note that the positive sentiment was short lived for some of these stocks, which declined toward the end of the reporting period.

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.

1 Source: Bureau of Economic Analysis

2 Source: Bureau of Labor Statistics

3 Source: Thompson-Reuters

4 Source: Reuters

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 from the University of Massachusetts at 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.
Dr. Waisburd earned a BS in statistics from Cornell University and an MS and a PhD in finance from Indiana University.
	Donna Chapman Wilson Portfolio Manager and Director of Portfolio Management, is manager of Invesco
All Cap Market Neutral Fund. She joined Invesco in 1997. Ms. Chapman Wilson earned a BA in economics from Hampton University and an MBA in finance from the Wharton School of the University of Pennsylvania.

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

1 Source: Lipper Inc.

2 Source: FactSet Research Systems Inc.

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

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

About indexes used in this report

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

∎ The Lipper Alternative Equity Market Neutral Funds Index is an unmanaged index considered representative of alternative equity market neutral 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.

∎ 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 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	1.48	%
1 Year	-12.49
Class C Shares
Inception (12/17/13)	2.71	%
1 Year	-9.01
Class R Shares
Inception (12/17/13)	3.22	%
1 Year	-7.66
Class Y Shares
Inception (12/17/13)	3.71	%
1 Year	-7.24
Class R5 Shares
Inception (12/17/13)	3.75	%
1 Year	-7.23
Class R6 Shares
Inception (12/17/13)	3.71	%
1 Year	-7.24

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 2.56%, 3.31%, 2.81%, 2.31%, 2.21% and 2.21%, 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 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	0.85	%
1 Year	-11.50
Class C Shares
Inception (12/17/13)	2.17	%
1 Year	-7.86
Class R Shares
Inception (12/17/13)	2.66	%
1 Year	-6.60
Class Y Shares
Inception (12/17/13)	3.14	%
1 Year	-6.20
Class R5 Shares
Inception (12/17/13)	3.18	%
1 Year	-6.10
Class R6 Shares
Inception (12/17/13)	3.14	%
1 Year	-6.20

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 June 30, 2018. 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 February 28, 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.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

∎ 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

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

∎ 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/bonds.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective. 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.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ Sector focus risk. The Fund may from time to time invest a significant amount of its assets (i.e. over 25%) in one market sector or group of related industries. In this event, the Fund’s performance will depend to a greater extent on the overall condition of the sector or group of industries and there is increased risk that the Fund will lose significant value if conditions adversely affect that sector or group of industries.

∎ Short position risk. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the Fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Fund’s short positions will cause the Fund to underperform the overall market and its peers that do not engage in shorting. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund’s returns.

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, 2016

	Shares		Value
Common Stocks & Other Equity Interests–88.29%
Airlines–1.02%
Hawaiian Holdings, Inc.(b)		38,000	$	1,710,950
Apparel Retail–1.72%
Abercrombie & Fitch Co.–Class A		54,300		793,323
Urban Outfitters, Inc.(b)		62,650		2,095,642
				2,888,965
Apparel, Accessories & Luxury Goods–0.62%
Delta Apparel, Inc.(b)		12,600		207,900
PVH Corp.		7,850		839,793
				1,047,693
Application Software–2.64%
Citrix Systems, Inc.(b)		27,250		2,310,800
Nuance Communications, Inc.(b)		151,200		2,119,824
				4,430,624
Auto Parts & Equipment–1.13%
American Axle & Manufacturing Holdings, Inc.(b)		94,500		1,693,440
Stoneridge, Inc.(b)		14,150		209,703
				1,903,143
Biotechnology–11.75%
Aptevo Therapeutics Inc.(b)		40,775		90,113
BioSpecifics Technologies Corp.(b)		18,300		794,037
ChemoCentryx, Inc.(b)		47,300		282,854
Concert Pharmaceuticals, Inc.(b)		59,100		456,252
Emergent Biosolutions, Inc.(b)		81,550		2,179,016
Exelixis, Inc.(b)		202,850		2,148,182
FibroGen, Inc.(b)		134,250		2,221,837
Five Prime Therapeutics, Inc.(b)		55,750		2,705,547
Gilead Sciences, Inc.		30,100		2,216,263
GlycoMimetics, Inc.(b)		36,950		222,809
Lexicon Pharmaceuticals, Inc.(b)		32,200		477,526
PDL BioPharma Inc.		127,250		409,745
Repligen Corp.(b)		86,800		2,479,876
Spectrum Pharmaceuticals, Inc.(b)		172,000		608,880
Vanda Pharmaceuticals Inc.(b)		9,800		145,530
Xencor, Inc.(b)		108,450		2,308,900
				19,747,367
Casinos & Gaming–0.36%
Boyd Gaming Corp.(b)		15,750		281,295
International Game Technology PLC		11,300		324,536
				605,831
Coal & Consumable Fuels–2.50%
Cloud Peak Energy Inc.(b)		155,250		956,340
CONSOL Energy Inc.		138,450		2,346,727
Hallador Energy Co.		51,900		458,796

	Shares		Value
Coal & Consumable Fuels–(continued)
Westmoreland Coal Co.(b)		48,800	$	433,344
				4,195,207
Commercial Printing–1.77%
Ennis Inc.		28,150		412,397
Quad/Graphics, Inc.		107,850		2,562,516
				2,974,913
Commodity Chemicals–2.07%
Cabot Corp.		41,950		2,187,273
Trinseo S.A.		24,600		1,290,270
				3,477,543
Communications Equipment–1.44%
Black Box Corp.		40,800		469,200
Digi International Inc.(b)		19,500		178,425
Extreme Networks, Inc.(b)		94,250		396,793
NETGEAR, Inc.(b)		13,900		701,950
Sonus Networks, Inc.(b)		116,550		674,824
				2,421,192
Computer & Electronics Retail–1.69%
Best Buy Co., Inc.		62,050		2,414,365
Rent-A-Center, Inc.		42,650		430,339
				2,844,704
Construction Machinery & Heavy Trucks–0.21%
Commercial Vehicle Group, Inc.(b)		78,100		354,574
Consumer Electronics–0.26%
Garmin Ltd.		9,150		442,494
Consumer Finance–1.97%
Navient Corp.		176,750		2,258,865
Nelnet, Inc.–Class A		4,900		191,982
Santander Consumer USA Holdings Inc.(b)		69,900		852,780
				3,303,627
Data Processing & Outsourced Services–0.19%
Xerox Corp.		33,050		322,899
Department Stores–1.91%
J. C. Penney Co., Inc.(b)		109,250		938,458
Kohl’s Corp.		51,850		2,268,437
				3,206,895
Diversified Banks–0.38%
Citigroup Inc.		12,850		631,578
Diversified Metals & Mining–1.37%
Teck Resources Ltd.–Class B (Canada)		106,650		2,301,507
Education Services–0.81%
Cambium Learning Group Inc.(b)		27,450		142,191

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

9                         Invesco All Cap Market Neutral Fund

	Shares		Value
Education Services–(continued)
K12 Inc.(b)		111,950	$	1,213,538
				1,355,729
Electrical Components & Equipment–0.27%
General Cable Corp.		31,900		446,600
Electronic Manufacturing Services–0.32%
TTM Technologies, Inc.(b)		40,850		537,178
Food Retail–0.34%
SUPERVALU Inc.(b)		135,250		580,223
General Merchandise Stores–0.21%
Big Lots, Inc.		7,950		345,030
Gold–2.98%
Barrick Gold Corp. (Canada)		149,050		2,621,789
Kinross Gold Corp. (Canada)(b)		618,150		2,386,059
				5,007,848
Health Care Equipment–1.67%
AngioDynamics, Inc.(b)		41,050		654,337
Baxter International Inc.		23,100		1,099,329
Fonar Corp.(b)		8,150		147,923
LeMaitre Vascular, Inc.		43,150		903,561
				2,805,150
Health Care Facilities–0.05%
Quorum Health Corp.(b)		20,550		83,022
Health Care Services–0.43%
BioTelemetry, Inc.(b)		40,450		715,965
Health Care Supplies–1.20%
Halyard Health Inc.(b)		5,550		179,543
Lantheus Holdings, Inc.(b)		87,700		758,605
OraSure Technologies, Inc.(b)		143,150		1,075,056
				2,013,204
Health Care Technology–2.29%
HMS Holdings Corp.(b)		107,300		2,260,811
Veeva Systems Inc.–Class A(b)		40,900		1,588,965
				3,849,776
Hotels, Resorts & Cruise Lines–0.14%
Hyatt Hotels Corp.–Class A(b)		4,650		236,174
Housewares & Specialties–0.07%
Tupperware Brands Corp.		2,000		119,040
Hypermarkets & Super Centers–0.19%
Wal-Mart Stores, Inc.		4,500		315,090
Industrial Machinery–0.43%
Kennametal Inc.		17,050		482,686
SPX Corp.(b)		12,800		243,328
				726,014

	Shares		Value
Integrated Telecommunication Services–0.67%
Verizon Communications Inc.		23,450	$	1,127,945
Internet Software & Services–2.85%
Care.com, Inc.(b)		50,150		455,362
CommerceHub, Inc.–Series C(b)		14,350		215,967
DHI Group, Inc.(b)		58,050		330,885
Earthlink Holdings Corp.		270,850		1,549,262
eBay Inc.(b)		78,700		2,243,737
				4,795,213
IT Consulting & Other Services–1.84%
Hackett Group, Inc. (The)		10,650		171,678
International Business Machines Corp.		5,950		914,455
Teradata Corp.(b)		74,400		2,005,824
				3,091,957
Leisure Products–0.86%
Brunswick Corp.		31,050		1,350,675
Johnson Outdoors Inc.–Class A		2,800		100,744
				1,451,419
Life Sciences Tools & Services–1.41%
Cambrex Corp.(b)		49,700		2,002,910
Enzo Biochem, Inc.(b)		45,750		279,075
Waters Corp.(b)		650		90,441
				2,372,426
Managed Health Care–2.06%
Triple-S Management Corp.–Class B (Puerto Rico)(b)		67,350		1,392,798
WellCare Health Plans Inc.(b)		18,250		2,071,557
				3,464,355
Metal & Glass Containers–0.05%
Greif Inc.–Class A		1,850		86,691
Movies & Entertainment–0.38%
Liberty Braves Group–Class A(b)		16,350		277,133
Liberty Media Group–Class A(b)		13,250		368,747
				645,880
Oil & Gas Drilling–3.67%
Atwood Oceanics, Inc.		46,350		353,651
Ensco PLC–Class A		252,700		1,976,114
Noble Corp. PLC (United Kingdom)		200,300		989,482
Rowan Cos. PLC–Class A		105,000		1,393,350
Seadrill Ltd. (United Kingdom)(b)		369,350		786,715
Unit Corp.(b)		39,150		670,639
				6,169,951
Oil & Gas Exploration & Production–5.40%
Bill Barrett Corp.(b)		108,900		565,191
Continental Resources, Inc.(b)		19,500		953,745
Denbury Resources Inc.(b)		274,500		656,055
Encana Corp. (Canada)		85,700		817,578
Enerplus Corp. (Canada)		147,850		993,552

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

10                         Invesco All Cap Market Neutral Fund

	Shares		Value
Oil & Gas Exploration & Production–(continued)
Evolution Petroleum Corp.		79,000	$	608,300
Jones Energy, Inc.–Class A(b)		91,250		374,125
Oasis Petroleum Inc.(b)		264,300		2,772,507
Panhandle Oil & Gas, Inc.–Class A		17,793		320,274
Resolute Energy Corp.(b)		39,400		1,020,460
				9,081,787
Packaged Foods & Meats–0.76%
Omega Protein Corp.(b)		56,950		1,269,985
Personal Products–0.56%
LifeVantage Corp.(b)		6,750		55,350
Natural Health Trends Corp.		9,550		222,802
Nu Skin Enterprises, Inc.–Class A		10,900		671,985
				950,137
Pharmaceuticals–4.27%
Corcept Therapeutics Inc.(b)		83,850		581,919
Heska Corp.(b)		10,000		494,000
Innoviva, Inc.(b)		110,500		1,138,150
Merck & Co., Inc.		22,050		1,294,776
SciClone Pharmaceuticals, Inc.(b)		104,650		936,617
Sucampo Pharmaceuticals, Inc.–Class A(b)		42,300		482,220
Supernus Pharmaceuticals Inc.(b)		113,450		2,246,310
				7,173,992
Property & Casualty Insurance–1.84%
Ambac Financial Group, Inc.(b)		119,900		2,212,155
Assured Guaranty Ltd.		29,750		889,227
				3,101,382
Publishing–0.19%
McClatchy Co. (The)–Class A(b)		22,350		315,135
Real Estate Services–0.76%
Altisource Portfolio Solutions S.A.(b)		49,550		1,275,913
Regional Banks–0.30%
Central Valley Community Bancorp		24,053		344,439
Citizens Financial Group, Inc.		6,200		163,308
				507,747
Research & Consulting Services–0.43%
Acacia Research Corp.		123,750		723,938
Restaurants–1.42%
Darden Restaurants, Inc.		36,750		2,381,033
Semiconductor Equipment–1.32%
Applied Materials, Inc.		76,300		2,218,804
Semiconductors–1.74%
Advanced Micro Devices, Inc.(b)		405,500		2,931,765

	Shares		Value
Specialty Chemicals–0.62%
Ingevity Corp.(b)		7,600	$	314,640
Rayonier Advanced Materials Inc.		56,650		732,485
				1,047,125
Specialty Stores–0.97%
Staples, Inc.		220,950		1,635,030
Steel–2.09%
Cliffs Natural Resources Inc.(b)		404,300		2,231,736
Commercial Metals Co.		81,450		1,279,579
				3,511,315
Technology Distributors–0.39%
PC Mall, Inc.(b)		30,700		650,840
Technology Hardware, Storage & Peripherals–2.11%
HP Inc.		195,750		2,836,417
NetApp, Inc.		20,800		705,952
				3,542,369
Thrifts & Mortgage Finance–0.41%
Walker & Dunlop, Inc.(b)		28,700		690,809
Tobacco–0.22%
Alliance One International, Inc.(b)		25,100		372,735
Trading Companies & Distributors–1.52%
Herc Holdings, Inc.(b)		7,100		213,639
MRC Global Inc.(b)		140,800		2,075,392
Neff Corp.–Class A(b)		8,450		76,473
Titan Machinery, Inc.(b)		20,650		191,838
				2,557,342
Trucking–0.78%
Swift Transportation Co.(b)		58,300		1,304,754
Total Common Stocks & Other Equity Interests (Cost $139,517,156)				148,397,523
Money Market Funds–10.75%
Government & Agency Portfolio–Institutional Class, 0.29%(c)		10,841,804		10,841,804
Treasury Portfolio–Institutional Class, 0.22%(c)		7,227,869		7,227,869
Total Money Market Funds (Cost $18,069,673)				18,069,673
TOTAL INVESTMENTS–99.04% (Cost $157,586,829)				166,467,196
OTHER ASSETS LESS LIABILITIES–0.96%				1,615,066
NET ASSETS–100.00%			$	168,082,262

Investment Abbreviations:

REIT – Real Estate Investment Trust

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

11                         Invesco All Cap Market Neutral Fund

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  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, 2016.

Open Over-The-Counter Total Return Swap Agreements
Reference Entity	Counterparty		Expiration Date		Floating Rate Index(1)		Notional Value			Unrealized Appreciation			Net Value of Reference Entities
Equity Securities — Short		Morgan Stanley & Co. LLC		04/24/2017		Federal Funds floating rate	$	(153,805,420	)	$	7,923,557	(2)	$	(145,828,981	)

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

⁽²⁾  Amount includes $(52,882) of dividends payable long and financing fees payable by the Fund to the Counterparty.

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, 2016.

	Shares			Value
Equity Securities — Short
Airlines
Allegiant Travel Co.		(800	)	$	(110,320	)
Spirit Airlines, Inc.		(47,150	)		(2,259,899	)
					(2,370,219	)
Alternative Carriers
pdvWireless, Inc.		(34,650	)		(817,740	)
Aluminum
Real Industry, Inc.		(47,000	)		(251,450	)
Apparel Retail
Ascena Retail Group, Inc.		(136,850	)		(669,196	)
Boot Barn Holdings, Inc.		(64,150	)		(821,120	)
Guess?, Inc.		(35,700	)		(481,950	)
					(1,972,266	)
Apparel, Accessories & Luxury Goods
Fossil Group, Inc.		(31,200	)		(850,824	)
Sequential Brands Group, Inc.		(60,650	)		(436,680	)
Under Armour, Inc.–Class A		(55,350	)		(1,721,385	)
					(3,008,889	)
Application Software
Digimarc Corp.		(25,250	)		(797,900	)
EnerNOC, Inc.		(56,100	)		(291,720	)
MobileIron, Inc.		(31,350	)		(114,428	)
Park City Group, Inc		(8,350	)		(109,803	)
Tyler Technologies, Inc.		(4,650	)		(745,860	)
					(2,059,711	)
Asset Management & Custody Banks
Brookfield Asset Management Inc.–Class A (Canada)		(11,450	)		(400,979	)
Financial Engines, Inc.		(14,050	)		(388,483	)
WisdomTree Investments, Inc.		(95,350	)		(818,103	)
					(1,607,565	)
Auto Parts & Equipment
Kandi Technologies Group Inc.		(48,150	)		(240,750	)

	Shares			Value
Auto Parts & Equipment–(continued)
Workhorse Group Inc.		(61,550	)	$	(408,692	)
					(649,442	)
Automobile Manufacturers
General Motors Co.		(2,300	)		(72,680	)
Tesla Motors, Inc.		(2,800	)		(553,644	)
					(626,324	)
Automotive Retail
Advance Auto Parts, Inc.		(9,500	)		(1,330,760	)
CarMax, Inc.		(39,700	)		(1,982,618	)
Monro Muffler Brake, Inc.		(4,850	)		(266,750	)
					(3,580,128	)
Biotechnology
ACADIA Pharmaceuticals Inc.		(88,950	)		(2,073,424	)
Advaxis, Inc.		(48,950	)		(396,006	)
Alnylam Pharmaceuticals, Inc.		(61,100	)		(2,175,160	)
Amicus Therapeutics, Inc.		(107,150	)		(739,335	)
Anthera Pharmaceuticals, Inc.		(81,300	)		(178,860	)
Argos Therapeutics, Inc.		(95,050	)		(399,210	)
Arrowhead Pharmaceuticals, Inc.		(60,700	)		(352,060	)
bluebird bio, Inc.		(27,400	)		(1,308,350	)
Corbus Pharmaceuticals Holdings, Inc.		(107,450	)		(601,720	)
Dicerna Pharmaceuticals, Inc.		(19,500	)		(60,645	)
Genocea Biosciences, Inc.		(63,250	)		(217,580	)
Heron Therapeutics, Inc.		(95,100	)		(1,412,235	)
Inotek Pharmaceuticals Corp.		(18,150	)		(127,050	)
Invitae Corp.		(65,500	)		(503,040	)
Keryx Biopharmaceuticals, Inc.		(77,500	)		(349,525	)
Kite Pharma, Inc.		(35,550	)		(1,574,509	)
Kura Oncology, Inc.		(9,163	)		(37,110	)
La Jolla Pharmaceutical Co.		(22,700	)		(397,250	)
Medgenics Inc. (Israel)		(57,581	)		(277,540	)
Mirati Therapeutics, Inc.		(43,850	)		(221,443	)
Novavax, Inc.		(187,750	)		(285,380	)
OvaScience, Inc.		(86,300	)		(434,952	)

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

12                         Invesco All Cap Market Neutral Fund

	Shares			Value
Biotechnology–(continued)
PTC Therapeutics, Inc.		(26,250	)	$	(163,013	)
Sarepta Therapeutics, Inc.		(23,550	)		(924,102	)
T2 Biosystems, Inc.		(58,450	)		(369,404	)
Ultragenyx Pharmaceutical Inc.		(28,350	)		(1,672,366	)
Vital Therapies, Inc.		(30,300	)		(162,105	)
					(17,413,374	)
Cable & Satellite
Liberty Broadband Corp.–Class C		(4,350	)		(289,928	)
Loral Space & Communications Inc.		(3,300	)		(128,040	)
					(417,968	)
Casinos & Gaming
Wynn Resorts Ltd.		(17,200	)		(1,626,260	)
Commodity Chemicals
BioAmber Inc. (Canada)		(44,500	)		(207,370	)
Methanex Corp. (Canada)		(9,650	)		(350,778	)
					(558,148	)
Communications Equipment
NetScout Systems, Inc.		(39,800	)		(1,092,510	)
ViaSat, Inc.		(12,250	)		(865,585	)
					(1,958,095	)
Construction Materials
U.S. Concrete, Inc.		(24,900	)		(1,242,510	)
Consumer Finance
OneMain Holdings Inc.		(2,900	)		(82,186	)
Data Processing & Outsourced Services
MAXIMUS, Inc.		(17,650	)		(918,859	)
Diversified Chemicals
LSB Industries, Inc.		(64,950	)		(343,586	)
Diversified Metals & Mining
Compass Minerals International, Inc.		(7,000	)		(502,950	)
Diversified Support Services
Ritchie Bros. Auctioneers Inc.		(5,100	)		(176,409	)
Electrical Components & Equipment
American Superconductor Corp.		(30,400	)		(194,864	)
Revolution Lighting Technologies, Inc.		(30,500	)		(209,230	)
Sunrun Inc.		(203,150	)		(1,058,411	)
					(1,462,505	)
Electronic Equipment & Instruments
CUI Global, Inc.		(10,950	)		(51,903	)
Zebra Technologies Corp.–Class A		(28,600	)		(1,883,024	)
					(1,934,927	)
Environmental & Facilities Services
Covanta Holding Corp.		(38,600	)		(579,000	)
Stericycle, Inc.		(28,150	)		(2,254,533	)
Waste Connections, Inc. (Canada)		(17,900	)		(1,346,259	)
					(4,179,792	)

	Shares			Value
Fertilizers & Agricultural Chemicals
AgroFresh Solutions, Inc.		(54,700	)	$	(257,090	)
CF Industries Holdings, Inc.		(88,750	)		(2,130,887	)
					(2,387,977	)
Food Retail
Natural Grocers by Vitamin Cottage, Inc.		(48,300	)		(573,804	)
General Merchandise Stores
Tuesday Morning Corp.		(105,150	)		(520,492	)
Gold
Franco-Nevada Corp. (Canada)		(35,650	)		(2,333,649	)
Health Care Equipment
AtriCure, Inc.		(42,800	)		(780,672	)
Avinger, Inc.		(53,900	)		(188,650	)
ConforMIS Inc.		(99,500	)		(759,185	)
CytoSorbents Corp.		(57,250	)		(337,775	)
DexCom, Inc.		(24,100	)		(1,885,584	)
GenMark Diagnostics Inc.		(41,400	)		(441,738	)
InVivo Therapeutics Holdings Corp.		(71,850	)		(312,548	)
Invuity, Inc.		(40,400	)		(410,060	)
Rockwell Medical, Inc.		(11,750	)		(68,268	)
Tandem Diabetes Care, Inc.		(79,200	)		(479,160	)
Veracyte, Inc.		(47,050	)		(341,583	)
					(6,005,223	)
Health Care Facilities
Acadia Healthcare Co., Inc.		(60,150	)		(2,162,994	)
Tenet Healthcare Corp.		(55,650	)		(1,096,861	)
					(3,259,855	)
Health Care Services
Addus HomeCare Corp.		(13,300	)		(336,490	)
Diplomat Pharmacy, Inc.		(7,850	)		(181,885	)
Teladoc, Inc.		(4,400	)		(71,500	)
					(589,875	)
Health Care Supplies
Cerus Corp.		(260,150	)		(1,253,923	)
Endologix, Inc.		(168,550	)		(1,763,033	)
Sientra, Inc.		(40,050	)		(314,393	)
VolitionRx Ltd.		(29,319	)		(129,883	)
					(3,461,232	)
Health Care Technology
Castlight Health, Inc.–Class B		(30,750	)		(133,763	)
Homebuilding
New Home Co. Inc. (The)		(48,850	)		(489,477	)
Homefurnishing Retail
Restoration Hardware Holdings, Inc.		(28,450	)		(824,196	)
Hotels, Resorts & Cruise Lines
Norwegian Cruise Line Holdings Ltd.		(58,850	)		(2,287,499	)
Royal Caribbean Cruises Ltd.		(21,000	)		(1,614,270	)
					(3,901,769	)

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

13                         Invesco All Cap Market Neutral Fund

	Shares			Value
Household Products
Orchids Paper Products Co.		(8,550	)	$	(219,393	)
Industrial Conglomerates
Roper Technologies, Inc.		(500	)		(86,655	)
Industrial Machinery
Middleby Corp. (The)		(17,400	)		(1,950,714	)
Proto Labs, Inc.		(17,800	)		(795,660	)
					(2,746,374	)
Integrated Oil & Gas
Chevron Corp.		(22,050	)		(2,309,737	)
Exxon Mobil Corp.		(25,800	)		(2,149,656	)
					(4,459,393	)
Internet & Direct Marketing Retail
Netflix, Inc.		(13,500	)		(1,685,745	)
Internet Software & Services
Hortonworks, Inc.		(139,200	)		(1,063,488	)
Pandora Media, Inc.		(174,350	)		(1,975,385	)
					(3,038,873	)
Investment Banking & Brokerage
Investment Technology Group, Inc.		(36,100	)		(552,691	)
IT Consulting & Other Services
EPAM Systems, Inc.		(3,700	)		(238,169	)
Mattersight Corp.		(20,950	)		(85,895	)
Virtusa Corp.		(74,150	)		(1,404,401	)
					(1,728,465	)
Leisure Products
Arctic Cat Inc.		(30,900	)		(463,191	)
Polaris Industries Inc.		(7,800	)		(597,558	)
					(1,060,749	)
Life & Health Insurance
Trupanion, Inc.		(39,700	)		(642,743	)
Life Sciences Tools & Services
Accelerate Diagnostics, Inc.		(105,700	)		(2,246,125	)
Pacific Biosciences of California, Inc.		(191,450	)		(1,627,325	)
					(3,873,450	)
Multi-Line Insurance
Kemper Corp.		(8,000	)		(300,400	)
Oil & Gas Equipment & Services
Bristow Group, Inc.		(25,300	)		(253,253	)
CARBO Ceramics Inc.		(15,450	)		(94,245	)
Halliburton Co.		(6,750	)		(310,500	)
Schlumberger Ltd.		(28,300	)		(2,213,909	)
Weatherford International PLC		(395,100	)		(1,904,382	)
					(4,776,289	)
Oil & Gas Exploration & Production
Gulfport Energy Corp.		(2,550	)		(61,481	)

	Shares			Value
Oil & Gas Exploration & Production–(continued)
Kosmos Energy Ltd.		(42,150	)	$	(219,602	)
Synergy Resources Corp.		(300,150	)		(2,053,026	)
Whiting Petroleum Corp.		(200,850	)		(1,655,004	)
					(3,989,113	)
Oil & Gas Refining & Marketing
CVR Energy, Inc.		(64,400	)		(853,944	)
Pacific Ethanol, Inc.		(35,450	)		(264,103	)
					(1,118,047	)
Oil & Gas Storage & Transportation
Cheniere Energy, Inc.		(44,000	)		(1,658,800	)
Dorian LPG Ltd.		(58,800	)		(331,044	)
Golar LNG Ltd. (Bermuda)		(68,600	)		(1,501,654	)
Pembina Pipeline Corp. (Canada)		(9,500	)		(292,220	)
					(3,783,718	)
Packaged Foods & Meats
Freshpet, Inc.		(44,250	)		(376,125	)
Inventure Foods, Inc.		(18,850	)		(159,471	)
					(535,596	)
Personal Products
Coty, Inc.–Class A		(83,700	)		(1,924,263	)
Pharmaceuticals
Achaogen Inc		(64,850	)		(297,662	)
Aerie Pharmaceuticals, Inc.		(24,550	)		(816,287	)
Allergan PLC		(8,850	)		(1,849,119	)
Collegium Pharmaceutical, Inc.		(61,900	)		(926,643	)
Corium International, Inc.		(28,000	)		(133,000	)
Egalet Corp.		(65,700	)		(368,577	)
Endo International PLC		(109,100	)		(2,045,625	)
Flex Pharma Inc.		(14,350	)		(69,741	)
Neos Therapeutics, Inc.		(34,600	)		(204,140	)
Ocular Therapeutix, Inc.		(58,700	)		(332,242	)
Omeros Corp.		(14,950	)		(122,590	)
					(7,165,626	)
Property & Casualty Insurance
Allied World Assurance Company Holdings, AG		(20,050	)		(861,749	)
RLI Corp.		(1,350	)		(75,249	)
White Mountains Insurance Group, Ltd.		(730	)		(605,695	)
					(1,542,693	)
Real Estate Development
Howard Hughes Corp. (The)		(7,300	)		(801,759	)
Real Estate Operating Companies
Kennedy-Wilson Holdings Inc.		(22,650	)		(466,590	)
Real Estate Services
Jones Lang LaSalle Inc.		(10,550	)		(1,021,767	)

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

14                         Invesco All Cap Market Neutral Fund

	Shares			Value
Regional Banks
Pacific Mercantile Bancorp		(45,200	)	$	(253,120	)
United Bankshares, Inc.		(13,800	)		(520,260	)
					(773,380	)
Reinsurance
Greenlight Capital Re, Ltd.–Class A		(43,350	)		(862,665	)
Residential REIT’s
Bluerock Residential Growth REIT, Inc.		(11,100	)		(137,640	)
Restaurants
Habit Restaurants, Inc. (The)		(26,150	)		(370,023	)
Kona Grill, Inc.		(24,050	)		(258,538	)
Noodles & Co.		(15,900	)		(74,730	)
					(703,291	)
Semiconductors
First Solar Inc.		(55,150	)		(2,233,023	)
Microsemi Corp.		(1,800	)		(75,834	)
SunPower Corp.		(27,700	)		(200,548	)
Synaptics Inc.		(16,400	)		(854,768	)
					(3,364,173	)
Silver–1.19%
Silver Wheaton Corp. (Canada)		(83,000	)		(2,001,130	)
Specialized Finance
On Deck Capital, Inc.		(164,800	)		(805,872	)
Specialized REIT’s
Life Storage, Inc.		(4,400	)		(354,860	)
Specialty Chemicals
Platform Specialty Products Corp.		(184,150	)		(1,342,453	)
Senomyx, Inc.		(93,850	)		(109,805	)
					(1,452,258	)
Specialty Stores
Signet Jewelers Ltd.		(27,500	)		(2,234,650	)
Tractor Supply Co.		(14,500	)		(908,135	)
					(3,142,785	)
Steel
Allegheny Technologies, Inc.		(84,150	)		(1,147,806	)
United States Steel Corp.		(72,350	)		(1,399,249	)
					(2,547,055	)
Systems Software
FireEye, Inc.		(125,050	)		(1,453,081	)
Tableau Software, Inc.–Class A		(47,100	)		(2,263,155	)
TubeMogul Inc.		(40,050	)		(292,365	)
					(4,008,601	)
Technology Hardware, Storage & Peripherals
Immersion Corp.		(69,000	)		(563,040	)
Nimble Storage, Inc.		(206,900	)		(1,578,647	)
					(2,141,687	)

	Shares			Value
Thrifts & Mortgage Finance
LendingTree, Inc.		(16,150	)	$	(1,289,577	)
Trucking
Werner Enterprises Inc.		(20,000	)		(481,000	)
Total Equity Securities — Short				$	(145,828,981	)

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

15                         Invesco All Cap Market Neutral Fund

Statement of Assets and Liabilities

October 31, 2016

Assets:
Investments, at value (Cost $139,517,156)	$	148,397,523
Investments in affiliated money market funds, at value and cost		18,069,673
Total investments, at value (Cost $157,586,829)		166,467,196
Foreign currencies, at value (Cost $52)		51
Receivable for:
Deposits with brokers for swap agreements		50,000
Investments sold		7,095,750
Fund shares sold		111,133
Dividends		44,136
Fund expenses absorbed		25,223
Swaps receivables		378,693
Investment for trustee deferred compensation and retirement plans		6,260
Unrealized appreciation on swap agreements — OTC		7,923,557
Other assets		54,417
Total assets		182,156,416
Liabilities:
Payable for:
Investments purchased		13,737,956
Fund shares reacquired		189,560
Accrued fees to affiliates		77,601
Accrued trustees’ and officers’ fees and benefits		1,553
Accrued other operating expenses		61,224
Trustee deferred compensation and retirement plans		6,260
Total liabilities		14,074,154
Net assets applicable to shares outstanding	$	168,082,262
Net assets consist of:
Shares of beneficial interest	$	159,726,344
Undistributed net investment income (loss)		(7,969,348	)
Undistributed net realized gain (loss)		(478,658	)
Net unrealized appreciation		16,803,924
	$	168,082,262

Net Assets:
Class A	$	42,539,401
Class C	$	10,135,527
Class R	$	103,526
Class Y	$	41,368,962
Class R5	$	492,869
Class R6	$	73,441,977
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		4,341,481
Class C		1,055,275
Class R		10,638
Class Y		4,197,956
Class R5		50,001
Class R6		7,456,411
Class A:
Net asset value per share	$	9.80
Maximum offering price per share
(Net asset value of $9.80 ¸ 94.50%)	$	10.37
Class C:
Net asset value and offering price per share	$	9.60
Class R:
Net asset value and offering price per share	$	9.73
Class Y:
Net asset value and offering price per share	$	9.85
Class R5:
Net asset value and offering price per share	$	9.86
Class R6:
Net asset value and offering price per share	$	9.85

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

16                         Invesco All Cap Market Neutral Fund

Statement of Operations

For the year ended October 31, 2016

Investment income:
Dividends (net of foreign withholding taxes of $14,870)	$	1,955,898
Dividends from affiliated money market funds		64,155
Total investment income		2,020,053
Expenses:
Advisory fees		1,866,749
Administrative services fees		50,000
Custodian fees		19,884
Distribution fees:
Class A		119,858
Class C		97,430
Class R		742
Transfer agent fees — A , C, R and Y		152,576
Transfer agent fees — R5		20
Transfer agent fees — R6		245
Trustees’ and officers’ fees and benefits		20,227
Registration and filing fees		95,432
Reports to shareholders		23,110
Professional services fees		59,145
Other		18,997
Total expenses		2,524,415
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(279,358	)
Net expenses		2,245,057
Net investment income (loss)		(225,004	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		11,754,648
Foreign currencies		418
Swap agreements		(43,228,000	)
		(31,472,934	)
Change in net unrealized appreciation of:
Investment securities		7,869,064
Swap agreements		7,570,082
		15,439,146
Net realized and unrealized gain (loss)		(16,033,788	)
Net increase (decrease) in net assets resulting from operations	$	(16,258,792	)

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

17                         Invesco All Cap Market Neutral Fund

Statement of Changes in Net Assets

For the years ended October 31, 2016 and 2015

	2016			2015
Operations:
Net investment income (loss)	$	(225,004	)	$	(478,489	)
Net realized gain (loss)		(31,472,934	)		2,942,975
Change in net unrealized appreciation (depreciation)		15,439,146			(223,209	)
Net increase (decrease) in net assets resulting from operations		(16,258,792	)		2,241,277
Distributions to shareholders from net investment income:
Class A		(1,996,674	)		—
Class C		(342,508	)		—
Class R		(5,987	)		—
Class Y		(2,153,585	)		—
Class R5		(67,476	)		—
Class R6		(84,398	)		—
Total distributions from net investment income		(4,650,628	)		—
Share transactions–net:
Class A		37,820,319			2,123,323
Class C		9,875,981			837,576
Class R		106,118			(19,669	)
Class Y		30,769,232			1,182,147
Class R5		—			(112,330	)
Class R6		77,562,633			83,572
Net increase in net assets resulting from share transactions		156,134,283			4,094,619
Net increase in net assets		135,224,863			6,335,896
Net assets:
Beginning of year		32,857,399			26,521,503
End of year (includes undistributed net investment income (loss) of $(7,969,348) and $4,240,112, respectively)	$	168,082,262		$	32,857,399

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

18                         Invesco All Cap Market Neutral Fund

Statement of Cash Flows

For the year ended October 31, 2016

Cash provided by (used in) operating activities:
Net increase (decrease) in net assets resulting from operations	$	(16,258,792	)
Adjustments to reconcile the change in net assets from operations to net cash provided by (used in) operating activities:
Purchases of investments		(308,061,401	)
Net change in unrealized appreciation on swap agreements		(7,570,082	)
Proceeds from sales of investments		214,087,901
Increase in receivables and other assets		(496,740	)
Increase in accrued expenses and other payables		25,549
Net realized gain from investment securities		(11,754,648	)
Net change in unrealized appreciation on investment securities		(7,869,064	)
Net cash provided by (used in) operating activities		(137,897,277	)
Cash provided by financing activities:
Dividends paid to shareholders from net investment income		(1,344,801	)
Proceeds from shares of beneficial interest sold		264,815,707
Disbursements from shares of beneficial interest reacquired		(111,455,884	)
Net cash provided by financing activities		152,015,022
Net increase in cash and cash equivalents		14,117,745
Cash at beginning of year		3,951,979
Cash at end of year	$	18,069,724

Notes to Financial Statements

October 31, 2016

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-two 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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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

19                         Invesco All Cap Market Neutral Fund

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 and short stock rebate income are recorded on the accrual basis. Dividend income 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.

20                         Invesco All Cap Market Neutral Fund

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

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 the daily mark-to-market obligation for forward foreign currency contracts.

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

L. 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. 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.

21                         Invesco All Cap Market Neutral Fund

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 cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. 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, 2016, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least 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%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $126,518 and reimbursed class level expenses of $74,650, $15,170, $231, $62,143, $20 and $245 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, 2016, 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, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

22                         Invesco All Cap Market Neutral 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $26,343 in front-end sales commissions from the sale of Class A shares and $898 and $4,625 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, 2016. 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
Common Stocks & Other Equity Interests	$	148,397,523	$	—	$	—	$	148,397,523
Money Market Funds		18,069,673		—		—		18,069,673
		166,467,196		—		—		166,467,196
Swap Agreements*		—		7,923,557		—		7,923,557
Total Investments	$	166,467,196	$	7,923,557	$	—	$	174,390,753

* Unrealized appreciation.

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2016:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on swap agreements — OTC	$	7,923,557
Derivatives not subject to master netting agreements		—
Total Derivative Assets subject to master netting agreements	$	7,923,557

23                         Invesco All Cap Market Neutral Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2016.

	Financial Derivative Assets		Collateral (Received)/ Pledged
Counterparty	Swap agreements		Non-Cash		Cash			Net amount
Morgan Stanley & Co. LLC	$	8,302,250	$	—	$	(50,000	)	$	8,252,250

Effect of Derivative Investments for the year ended October 31, 2016

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

	Location of Gain (Loss) on Statement of Operations
	Equity Risk
Realized Gain (Loss):
Swap agreements	$	(43,228,000	)
Change in Net Unrealized Appreciation:
Swap agreements		7,570,082
Total	$	(35,657,918	)

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

	Swap Agreements
Average notional value	$	139,104,057

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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $381.

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 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.

24                         Invesco All Cap Market Neutral 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, 2016 and 2015:

	2016		2015
Ordinary income	$	4,597,598	$	—
Long-term capital gain		53,030		—
Total distributions	$	4,650,628	$	—

Tax Components of Net Assets at Period-End:

	2016
Undistributed long-term gain	$	61,992
Net unrealized appreciation — investments		8,339,718
Temporary book/tax differences		(6,059	)
Late-Year ordinary loss deferrals		(39,733	)
Shares of beneficial interest		159,726,344
Total net assets	$	168,082,262

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 does not have a capital loss carryforward as of October 31, 2016.

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, 2016 was $320,063,626 and $219,206,454, 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	$	17,127,720
Aggregate unrealized (depreciation) of investment securities		(8,788,002	)
Net unrealized appreciation of investment securities	$	8,339,718

Cost of investments for tax purposes is $158,127,478.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of swap agreement income and net operating losses, on October 31, 2016, undistributed net investment income (loss) was decreased by $7,333,828, undistributed net realized gain (loss) was increased by $33,161,220 and shares of beneficial interest was decreased by $25,827,392. This reclassification had no effect on the net assets of the Fund.

25                         Invesco All Cap Market Neutral Fund

NOTE 11—Share Information

	Summary of Share Activity
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		9,254,725		$	98,705,258			1,145,421		$	12,745,791
Class C		1,785,156			18,630,806			193,382			2,124,532
Class R		25,401			266,205			23,122			252,070
Class Y		5,966,976			62,854,381			1,461,895			16,219,741
Class R6(b)		8,048,947			84,017,175			12,424			134,891
Issued as reinvestment of dividends:
Class A		132,014			1,395,381			—			—
Class C		32,714			341,201			—			—
Class R		444			4,665			—			—
Class Y		145,868			1,547,659			—			—
Class R6		1,595			16,921			—			—
Reacquired:
Class A		(6,120,260	)		(62,280,320	)		(980,822	)		(10,622,468	)
Class C		(913,301	)		(9,096,026	)		(123,275	)		(1,286,956	)
Class R		(17,120	)		(164,752	)		(24,922	)		(271,739	)
Class Y		(3,326,932	)		(33,632,808	)		(1,416,243	)		(15,037,594	)
Class R5		—			—			(10,386	)		(112,330	)
Class R6		(656,366	)		(6,471,463	)		(4,685	)		(51,319	)
Net increase in share activity		14,359,861		$	156,134,283			275,911		$	4,094,619

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 29% 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, 47% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)  On February 18, 2016, 6,524,352 Class R6 shares valued at $68,766,670 were sold to affiliated mutual funds.

26                         Invesco All Cap Market Neutral 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			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 10/31/16	$	11.92	$	(0.03	)	$	(0.76	)	$	(0.79	)	$	(1.33	)	$	9.80		(7.42	)%	$	42,539		1.61	%(d)		1.85	%(d)		1.61	%(d)		1.85	%(d)		(0.26	)%(d)		—			168	%
Year ended 10/31/15		10.70		(0.20	)		1.42			1.22			—			11.92		11.40			12,812		3.69			4.62			1.60			2.53			(1.85	)		2.09			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 10/31/16		11.76		(0.10	)		(0.76	)		(0.86	)		(1.30	)		9.60		(8.19	)		10,136		2.36	(d)		2.60	(d)		2.36	(d)		2.60	(d)		(1.01	)(d)		—			168
Year ended 10/31/15		10.63		(0.28	)		1.41			1.13			—			11.76		10.63			1,772		4.44			5.37			2.35			3.28			(2.60	)		2.09			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 10/31/16		11.86		(0.05	)		(0.76	)		(0.81	)		(1.32	)		9.73		(7.66	)		104		1.86	(d)		2.10	(d)		1.86	(d)		2.10	(d)		(0.51	)(d)		—			168
Year ended 10/31/15		10.68		(0.22	)		1.40			1.18			—			11.86		11.05			23		3.94			4.87			1.85			2.78			(2.10	)		2.09			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 10/31/16		11.97		(0.00	)		(0.77	)		(0.77	)		(1.35	)		9.85		(7.24	)		41,369		1.36	(d)		1.60	(d)		1.36	(d)		1.60	(d)		(0.01	)(d)		—			168
Year ended 10/31/15		10.72		(0.17	)		1.42			1.25			—			11.97		11.66			16,907		3.44			4.37			1.35			2.28			(1.60	)		2.09			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 10/31/16		11.97		(0.00	)		(0.76	)		(0.76	)		(1.35	)		9.86		(7.15	)		493		1.36	(d)		1.45	(d)		1.36	(d)		1.45	(d)		(0.01	)(d)		—			168
Year ended 10/31/15		10.72		(0.17	)		1.42			1.25			—			11.97		11.66			599		3.44			4.28			1.35			2.19			(1.60	)		2.09			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 10/31/16		11.97		(0.00	)		(0.77	)		(0.77	)		(1.35	)		9.85		(7.24	)		73,442		1.36	(d)		1.44	(d)		1.36	(d)		1.44	(d)		(0.01	)(d)		—			168
Year ended 10/31/15		10.72		(0.17	)		1.42			1.25			—			11.97		11.66			745		3.44			4.28			1.35			2.19			(1.60	)		2.09			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 $47,943, $9,743, $148, $39,911, $518 and $51,076 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.

NOTE 13—Subsequent Event

Effective January 1, 2017, the Fund will pay 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		0.85%
Next $250 million		0.82%
Next $500 million		0.80%
Next $1.5 billion		0.77%
Next $2.5 billion		0.75%
Next $2.5 billion		0.72%
Next $2.5 billion		0.70%
Over $10 billion		0.67%

In addition, effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2018, 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 in Note 2) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets.

27                         Invesco All Cap Market Neutral Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of the 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 and of changes in net assets, and of cash flows and the financial highlights present fairly, in all material respects, the financial position of the Invesco All Cap Market Neutral Fund (the “Fund”) as of October 31, 2016, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the two years in the period 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 as of October 31, 2016 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

Houston, Texas

December 21, 2016

28                         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, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio2
			Ending Account Value (10/31/16)1		Expenses Paid  During Period2,3		Ending Account Value (10/31/16)		Expenses Paid  During Period2,4
A	$	1,000.00	$	963.60	$	7.95	$	1,017.04	$	8.16		1.61	%
C		1,000.00		959.00		11.62		1,013.27		11.94		2.36
R		1,000.00		961.50		9.17		1,015.79		9.42		1.86
Y		1,000.00		963.80		6.71		1,018.30		6.90		1.36
R5		1,000.00		964.80		6.72		1,018.30		6.90		1.36
R6		1,000.00		963.80		6.71		1,018.30		6.90		1.36

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 to reflect the most recent fiscal half year. Effective January 1, 2017, the Fund’s Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses 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% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.49%, 2.24%, 1.74%, 1.24%, 1.24% and 1.24% for Class A, Class C, Class R, Class Y Class R5 and Class R6 shares, respectively.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $7.35, $11.03, $8.58, $6.12, $6.12 and $6.12 for Class A, Class C, Class R, Class Y Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $7.56, $11.34, $8.82, $6.29, $6.29 and $6.29 for Class A, Class C, Class R, Class Y Class R5 and Class R6 shares, respectively.

29                         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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the

independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 and two calendar years to the performance of funds in the Broadridge performance universe and against the Lipper Alternative Equity Market Neutral 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 two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and two 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

30                         Invesco All Cap Market Neutral Fund

Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of 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 28, 2017 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, based on asset balances as of December 31, 2015. The Board noted how the Fund’s rate compared to the effective sub-adviser fee rate of one fund 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 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 and a report from an independent consultant engaged by the Senior Officer 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 comparative information regarding fees charged for these services, including information provided by Broadridge 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 certain 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.

31                         Invesco All Cap 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, 2016:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	53,030
Qualified Dividend Income*		7.07	%
Corporate Dividends Received Deduction*		5.89	%
U.S. Treasury Obligations*		0.00	%

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

32                         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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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, 2016
	Invesco Balanced-Risk Allocation Fund Nasdaq: A: ABRZX  ∎  B: ABRBX   ∎  C: ABRCX  ∎  R: ABRRX  ∎   Y: ABRYX  ∎  R5: ABRIX  ∎  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.     In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to sink at the start of calendar year 2016, but they eventually recovered; they sank again following the UK’s decision to leave the European Union,

but then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

    Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

    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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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: ∎ 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. ∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, Class A shares of Invesco Balanced-Risk Allocation Fund (the Fund), at net asset value (NAV), outperformed 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, 10/31/15 to 10/31/16, 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	7.59	%
Class B Shares	6.67
Class C Shares	6.67
Class R Shares	7.26
Class Y Shares	7.75
Class R5 Shares	7.88
Class R6 Shares	7.93
S&P 500 Indexq (Broad Market Index)	4.51
Custom Invesco Balanced-Risk Allocation Broad Index∎ (Style-Specific Index)	4.74
Custom Invesco Balanced-Risk Allocation Style Index∎ (Style-Specific Index)	2.71
Lipper Alternative Global Macro Funds Index◆ (Peer Group Index)	2.16
Source (s): qFactSet Research Systems Inc.; ∎Invesco, FactSet Research Systems Inc.; ◆Lipper Inc.

Market conditions and your Fund

During the fiscal year ended October 31, 2016, each of the asset classes in which the Fund invests provided positive contributions to Fund performance, and the Fund at NAV ended the reporting period in positive territory. The Fund invests in derivatives, such as swaps and futures, which are expected to correspond to the performance of 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 more than 50 assets. Next, we seek to construct the portfolio so that an approximately equal amount of risk comes from our 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 exposure to global government bonds, obtained through the use of swaps and futures, led results for the reporting period. A combination of equity market volatility early in the reporting period, concerns over the fallout of the Brexit vote (the UK referendum on whether to remain a part of, or leave, the European Union) in early summer and generally tepid economic data throughout the reporting period created demand for perceived safe haven assets.¹ Within the government bond asset class, UK gilts were the top performers on Brexit fears and the resulting accommodative policy response from central banks. German bunds also benefited from these events, although these events also drove their yields into negative territory. The price of Canadian government bonds rallied as the Canadian central bank cut interest rates twice to combat the economic slowdown complicated by weak

energy prices. US Treasury prices rallied on market volatility early in the reporting period and “flight to safety” demand in the wake of Brexit, but they surrendered some of those gains late in the reporting period on the incessant jawboning from the US Federal Reserve on the likelihood of a rate increase. Despite engaging in a policy of negative interest rates, Japanese government bonds also posted modest gains for the reporting period. Tactical positioning in government bonds bolstered Fund results due to general overweight exposure to the asset class for the fiscal year.

    Exposure to commodities, obtained through the use of swaps, futures and commodity-linked notes, also provided positive returns for the Fund for the fiscal year as gains in agriculture, precious metals and energy outweighed losses in industrial metals. Agriculture was the Fund’s leading performer during the fiscal year due to gains in sugar, soybeans, soymeal, cotton and coffee. Generally speaking, supply shortages due to inclement weather and reduced plantings was the primary catalyst for higher prices. Strategic positioning in precious metals was also favorable as gains in silver outpaced gold. Precious metals prices benefited from a combination of volatility in equity prices in the reporting period as well as the inability of central banks to implement interest rate increases. Tactical exposure to precious metals detracted from Fund performance. Energy prices struggled with high levels of oversupply for much of the reporting period, leading to marked volatility in crude oil and distillates. The Fund’s ability to tactically adjust exposures helped to offset weak performance across the energy complex; the Fund had underweight exposure to energy for most of the fiscal year. The result was a gain from the combined exposure to energy. Industrial metals prices detracted from Fund results as

Target Risk Allocation and Notional Asset Weights as of 10/31/16
By asset class
Asset Class	Target Risk Allocation*	Notional Asset Weights**
Equities	45.03%		41.41	%
Fixed Income	19.06		58.55
Commodities	35.91		34.53
Total	100.00		134.49

 * 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 $5.4 billion

4                         Invesco Balanced-Risk Allocation Fund

copper prices declined more than aluminum prices rose. Tactical industrial metals exposure detracted from Fund results due to underweight exposure to aluminum.

    Performance across developed equity markets was bifurcated though a contributor to Fund results. Perhaps surprisingly, given the angst leading up to and after the Brexit vote, UK equities led results in the asset class; US small caps and large caps and Hong Kong equities made lesser contributions to Fund performance. European and Japanese equities detracted from Fund performance as a combination of weak economic data and concerns over whether the exceptionally accommodative policy response from the European Central Bank and the Bank of Japan was having any of the intended effects on growth and inflation pressured share prices. Tactical exposure to equities helped boost the Fund’s return owing to a combination of underweight exposure during the volatility of the first quarter of 2016 and general overweight exposure when equities recovered in subsequent quarters.

    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 investment in Invesco Balanced-Risk Allocation 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.

	Mark Ahnrud Chartered Financial Analyst, Portfolio Manager, is 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 in finance 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

1 Source: FactSet Research Systems Inc.

2 Source(s): Invesco, FactSet Research Systems Inc.

3 Source: Lipper Inc.

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 10/31/16, including maximum  applicable sales charges
Class A Shares
Inception (6/2/09)	6.80	%
5 Years	3.93
1 Year	1.64
Class B Shares
Inception (6/2/09)	6.79	%
5 Years	3.99
1 Year	1.67
Class C Shares
Inception (6/2/09)	6.79	%
5 Years	4.32
1 Year	5.67
Class R Shares
Inception (6/2/09)	7.33	%
5 Years	4.85
1 Year	7.26
Class Y Shares
Inception (6/2/09)	7.87	%
5 Years	5.36
1 Year	7.75
Class R5 Shares
Inception (6/2/09)	7.89	%
5 Years	5.40
1 Year	7.88
Class R6 Shares
Inception	7.82	%
5 Years	5.42
1 Year	7.93

Average Annual Total Returns  As of 9/30/16, the most recent calendar  quarter end, including maximum  applicable sales charges
Class A Shares
Inception (6/2/09)	7.12	%
5 Years	4.91
1 Year	6.01
Class B Shares
Inception (6/2/09)	7.13	%
5 Years	5.00
1 Year	6.40
Class C Shares
Inception (6/2/09)	7.14	%
5 Years	5.32
1 Year	10.40
Class R Shares
Inception (6/2/09)	7.66	%
5 Years	5.84
1 Year	11.90
Class Y Shares
Inception (6/2/09)	8.22	%
5 Years	6.37
1 Year	12.48
Class R5 Shares
Inception (6/2/09)	8.24	%
5 Years	6.41
1 Year	12.52
Class R6 Shares
Inception	8.16	%
5 Years	6.41
1 Year	12.57

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 1.27%, 2.02%, 2.02%,

1.52%, 1.02%, 0.99% and 0.89%, 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 1.32%, 2.07%, 2.07%, 1.57%, 1.07%, 1.04% and 0.94%, 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.

    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, 2018. 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.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

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

∎ 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

∎ 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 near, at or below zero. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

∎ 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. 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, among other consequences, limit the Fund’s ability to pursue its investment strategy.

∎ Commodity-linked notes risk. In addition to risks associated with the underlying commodities, investments in commodity-linked notes may be subject to additional risks, such as non-payment of interest and loss of principal, counterparty risk, lack of a secondary market and risk of greater volatility than traditional equity and debt securities. The value of the commodity-linked notes the Fund buys may fluctuate significantly because the values of the underlying investments to which they are linked are themselves volatile. Additionally, certain commodity-linked notes employ “economic” leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index, or other economic variable. Such economic leverage will increase the volatility of the value of these commodity-linked notes and the Fund to the extent it invests in such notes.

∎ Commodity risk. The Fund may have 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. Volatility in the commodities markets may be caused by 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, investment and trading activities of mutual funds, hedge funds and commodities funds, and factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments or supply and demand disruptions. Because the Fund’s performance may be linked to the performance of volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of the Fund’s shares.

∎ Correlation risk. Because the Fund’s investment strategy seeks to balance risk across three asset classes and, within each asset class, across different countries and investments, to the extent either the asset classes or the selected countries and investments become correlated in a way not anticipated by the Adviser, the Fund’s risk allocation process may result in magnified risks and loss instead of balancing (reducing) the risk of loss.

∎ Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at

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

an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ 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/bonds.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political,

social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Exchange-traded funds risk. In addition to the risks associated with the underlying assets held by the exchange-traded fund, investments in exchange-traded funds are subject to the following additional risks: (1) an exchange-traded fund’s shares may trade above or below its net asset value; (2) an active trading market for the exchange-traded fund’s shares may not develop or be maintained; (3) trading an exchange- traded fund’s shares may be halted by the listing exchange; (4) a passively managed exchange-traded fund may not track the performance of the reference asset; and (5) a passively managed exchange-traded fund may hold troubled securities. Investment 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 exchange-traded funds in which the Fund may invest are leveraged, which may result in economic leverage, permitting the Fund to gain exposure that is greater than would be the case in an unlevered instrument and potentially resulting in greater volatility.

∎ Exchange-traded notes risk. Exchange-traded notes are subject to credit risk, counterparty risk, and the risk that the value of the exchange-traded note may drop due to a downgrade in the issuer’s credit rating. 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, and economic, legal, political, or geographic events that affect the referenced underlying market or assets. The Fund will bear its proportionate share of any fees and expenses borne by an exchange-traded note in which it invests. For certain exchange-traded notes, there may be restrictions on the Fund’s right to redeem its investment, which is meant to be held until maturity.

∎ Foreign government debt risk. Investments in foreign government debt securities (sometimes referred to as sovereign debt securities) 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.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

continued on page 10

9                         Invesco Balanced-Risk Allocation Fund

continued from page 9

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. 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. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ Short position risk. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the Fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Fund’s short positions will cause the Fund to underperform the overall market and its peers that do not engage in shorting. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund’s long positions. Certain types of short positions involve leverage, which

may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund’s returns.

∎ 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 the 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 the prospectus and the SAI, and could negatively affect the Fund and its shareholders.

∎ US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

∎ Volatility risk. Although the Fund’s investment strategy targets a specific volatility level, certain of the Fund’s investments may 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

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

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

∎ The Custom Invesco Balanced-Risk Allocation Style Index consists of 60% MSCI World Index and 40% Bloomberg 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 Bloomberg Barclays U.S. Aggregate Index.

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

∎ 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 non-resident investors.

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

∎ The JP Morgan GBI (Traded) Index is a total return, market capitalization-weighted index, rebalanced monthly, consisting of the following countries: Australia, Germany, Spain, Belgium, Italy, Sweden, Canada, Japan, the United Kingdom, Denmark, the Netherlands and the United States.

∎ 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.

10                         Invesco Balanced-Risk Allocation Fund

Consolidated Schedule of Investments

October 31, 2016

	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Securities–41.99%
U.S. Treasury Bills–17.30%(a)
U.S. Treasury Bills		0.35	%		11/03/2016	$	119,000,000	$	118,999,272
U.S. Treasury Bills(b)		0.33	%		12/08/2016		35,150,000		35,144,036
U.S. Treasury Bills(b)		0.34	%		12/15/2016		65,830,000		65,815,914
U.S. Treasury Bills(b)		0.34	%		01/05/2017		37,600,000		37,582,343
U.S. Treasury Bills(b)		0.40	%		01/26/2017		64,900,000		64,853,477
U.S. Treasury Bills		0.40	%		01/26/2017		168,280,000		168,159,369
U.S. Treasury Bills(b)		0.47	%		06/22/2017		64,000,000		63,790,779
U.S. Treasury Bills		0.47	%		06/22/2017		275,000,000		274,101,002
U.S. Treasury Bills(b)		0.57	%		08/17/2017		100,000,000		99,550,363
									927,996,555
U.S. Treasury Notes–24.69%
U.S. Treasury Floating Rate Notes(b)(c)		0.61	%		01/31/2018		128,630,000		128,951,832
U.S. Treasury Floating Rate Notes(c)		0.61	%		01/31/2018		413,350,000		414,384,202
U.S. Treasury Floating Rate Notes(b)(c)		0.53	%		04/30/2018		133,026,000		133,196,273
U.S. Treasury Floating Rate Notes(c)		0.53	%		04/30/2018		346,240,000		346,683,187
U.S. Treasury Floating Rate Notes(b)(c)		0.51	%		07/31/2018		63,900,000		63,926,993
U.S. Treasury Floating Rate Notes(c)		0.51	%		07/31/2018		237,520,000		237,620,336
									1,324,762,823
Total U.S. Treasury Securities (Cost $2,250,658,432)									2,252,759,378
				Expiration Date
Commodity-Linked Securities–4.74%
Canadian Imperial Bank of Commerce Commodity-Linked EMTN, U.S. Federal Funds Effective Rate minus 0.02% (linked to the Canadian Imperial Bank of Commerce Custom 5 Agriculture Commodity Index, multiplied by 2)(b)(d)					08/22/2017		83,500,000		76,245,558
Cargill, Inc. Commodity-Linked Notes, one month LIBOR minus 0.10% (linked to the Monthly Rebalance Commodity Excess Return Index, multiplied by 2)(b)(d)					08/07/2017		74,940,000		72,704,060
RBC Capital Markets, LLC Commodity-Linked Notes, U.S. Federal Funds Effective Rate minus 0.04% (linked to the RBC Enhanced Agricultural Basket 04 Excess Return Index)(b)(d)					08/15/2017		107,350,000		105,468,782
Total Commodity-Linked Securities (Cost $265,790,000)									254,418,400
						Shares
Money Market Funds–47.51%
Government & Agency Portfolio–Institutional Class, 0.29%(e)							871,347,694		871,347,694
Government TaxAdvantage Portfolio–Institutional Class, 0.12%(e)							1,000,000,000		1,000,000,000
STIC (Global Series) PLC–U.S. Dollar Liquidity Portfolio (Ireland)–Institutional Class, 0.62%(b)(e)							97,048,363		97,048,363
Treasury Portfolio–Institutional Class, 0.22%(e)							580,898,463		580,898,463
Total Money Market Funds (Cost $2,549,294,520)									2,549,294,520
TOTAL INVESTMENTS–94.24% (Cost $5,065,742,952)									5,056,472,298
OTHER ASSETS LESS LIABILITIES–5.76%									309,027,044
NET ASSETS–100.00%								$	5,365,499,342

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(f)
Futures Contracts	Type of Contract							Number of Contracts		Expiration Month		Notional Value		Unrealized Appreciation (Depreciation)
Brent Crude(b)		Long							1,760		May-2017	$	89,654,400	$	(3,373,591	)
Gasoline Reformulated Blendstock Oxygenate Blending(b)		Long							1,925		December-2016		114,766,575		(5,882,538	)
Heating Oil(b)		Long							715		April-2017		46,405,359		(1,187,966	)
Silver(b)		Long							1,805		December-2016		160,608,900		(10,227,070	)
WTI Crude(b)		Long							1,470		April-2017		72,221,100		(3,087,210	)
Subtotal — Commodity Risk															(23,758,375	)
Dow Jones EURO STOXX 50 Index		Long							12,630		December-2016		423,285,704		7,871,864
E-Mini S&P 500 Index		Long							3,120		December-2016		330,735,600		(6,068,343	)
FTSE 100 Index		Long							4,510		December-2016		382,434,930		15,931,114
Hang Seng Index		Long							2,170		November-2016		320,444,655		(7,432,872	)
Russell 2000 Index Mini		Long							2,310		December-2016		275,190,300		(11,053,610	)
Tokyo Stock Price Index		Long							3,210		December-2016		427,020,455		18,585,704
Subtotal — Equity Risk															17,833,857
Australian 10 Year Bonds		Long							10,390		December-2016		1,048,135,264		(29,139,572	)
Canadian 10 Year Bonds		Long							9,240		December-2016		996,301,062		(13,598,531	)
Long Gilt		Long							3,380		December-2016		518,461,891		(24,916,359	)
U.S. Treasury Long Bonds		Long						��	2,840		December-2016		462,121,250		(21,520,555	)
Subtotal — Interest Rate Risk															(89,175,017	)
Total Future Contracts														$	(95,099,535	)
Open Over-The-Counter Total Return Swap Agreements
Counterparty	Pay/ Receive		Reference Entity		Fixed Rate			Number of Contracts		Termination Date		Notional Value(g)		Unrealized Appreciation (Depreciation)
Barclays Bank PLC(b)		Receive		Barclays Commodity Strategy 1452 Excess Return Index		0.33	%		195,500		October-2017	$	74,287,693	$	3,388,386
Barclays Bank PLC(b)		Receive		Barclays Commodity Strategy 1719 Excess Return Index		0.45			15,000		July-2017		4,362,723		(22,527	)
Canadian Imperial Bank of Commerce(b)		Receive		Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.30			1,785,000		April-2017		108,905,349		685,440
Cargill, Inc.(b)		Receive		Monthly Rebalance Commodity Excess Return Index		0.47			108,200		July-2017		99,076,500		0
Cargill, Inc.(b)		Receive		Single Commodity Index Excess Return		0.12			77,200		January-2017		69,501,269		0
Goldman Sachs International(b)		Receive		Goldman Sachs Alpha Basket B823 Excess Return Strategy		0.40			1,092,000		July-2017		96,929,414		2,210,492
J.P. Morgan Chase Bank, N.A.(b)		Receive		J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25			277,000		April-2017		58,610,236		(3,023,427	)
J.P. Morgan Chase Bank, N.A.(b)		Receive		S&P GSCI Gold Index Excess Return		0.09			707,000		October-2017		73,983,732		550,258
Merrill Lynch International(b)		Receive		Merrill Lynch Gold Excess Return Index		0.14			553,000		June-2017		91,366,771		0
Merrill Lynch International(b)		Receive		MLCX Aluminum Annual Excess Return Index		0.28			327,000		September-2017		32,140,447		0
Merrill Lynch International(b)		Receive		MLCX Natural Gas Annual Excess Return Index		0.25			1,165,000		August-2017		56,239,163		0
Morgan Stanley Capital Services LLC(b)		Receive		S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.38			1,185,000		October-2017		108,536,473		4,885,933
Subtotal — Commodity Risk															8,674,555
Goldman Sachs International		Receive		Hang Seng Index Futures		—			480		November-2016		70,881,767		(1,663,329	)
Subtotal — Equity Risk															(1,663,329	)
Macquarie Bank Ltd.		Receive		Macquarie CGB 10 Year Index		0.34			310,000		June-2017		CAD 58,433,698		(269,449	)
Subtotal — Interest Rate Risk															(269,449	)
Total Swap Agreements														$	6,741,777

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

12                         Invesco Balanced-Risk Allocation Fund

Investment Abbreviations:

CAD	– Canadian Dollar
CGB	– Canadian Government Bonds
EMTN	– Euro Medium Term Notes
LIBOR	– London Interbank Offered Rate

Index Information:

Canadian Imperial Bank of Commerce Custom 5 Agriculture Commodity Index	– a basket of indices that provide exposure to various components of the agriculture markets. The underlying commodities comprising the indices are: Cocoa, Coffee, Corn, Cotton, Lean Hogs, Live Cattle, Soybean Meal, Soybean Oil, Soybeans, Sugar and Wheat.
Monthly Rebalance Commodity Excess Return Index	– a commodity index composed of futures contracts on Cocoa, Coffee ‘C’, Corn, Cotton No.2, Lean Hogs, Live Cattle, Soybean Meal, Soybean Oil, Soybeans, Sugar No.11 and Wheat.
RBC Enhanced Agricultural Basket 04 Excess Return Index	– a commodity index composed of futures contracts on Cocoa, Coffee, Corn, Cotton, Lean Hogs, Live Cattle, Soybean Meal, Soybean Oil, Soybeans, Sugar and Wheat.
Barclays Commodity Strategy 1452 Excess Return Index	– a commodity index that provides exposure to futures contracts on Copper.
Barclays Commodity Strategy 1719 Excess Return Index	– a commodity index that provides exposure to futures contracts on Cocoa, Coffee, Corn, Cotton, Lean Hogs, Live Cattle, Soybean Meal, Soybean Oil, Soybeans, Sugar and Wheat.
Single Commodity Index Excess Return	– a commodity index that provides exposure to futures contracts on Gold.
Goldman Sachs Alpha Basket B823 Excess Return Strategy	– a basket of indices that provide exposure to various components of the agriculture markets. The underlying commodities comprising the indices are: Cocoa, Coffee, Corn, Cotton, Lean Hogs, Live Cattle, Soybeans, Soybean Oil, Soybean Meal, 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)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2016.

^(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, 2016 was $254,418,400, which represented 4.75% of the Fund’s Net Assets.

^(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, 2016.

^(f)  Futures contracts collateralized by $273,220,000 cash held by Bank of America Merrill Lynch, the futures commission merchant.

^(g)  Notional Value is denominated in U.S. Dollars unless otherwise noted.

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, 2016

Assets:
Investments, at value (Cost $2,516,448,432)	$	2,507,177,778
Investments in affiliated money market funds, at value and cost		2,549,294,520
Total investments, at value (Cost $5,065,742,952)		5,056,472,298
Receivable for:
Deposits with brokers for open futures contracts and swap agreements		314,651,293
Fund shares sold		6,326,895
Dividends and interest		968,981
Fund expenses absorbed		11,931
Swaps receivables		5,993,298
Investment for trustee deferred compensation and retirement plans		544,546
Unrealized appreciation on swap agreements — OTC		11,720,509
Other assets		80,094
Total assets		5,396,769,845
Liabilities:
Payable for:
Fund shares reacquired		8,460,983
Swaps payable		5,772,431
Variation margin — futures		8,005,435
Accrued fees to affiliates		2,967,540
Accrued trustees’ and officers’ fees and benefits		8,584
Accrued other operating expenses		425,568
Trustee deferred compensation and retirement plans		651,230
Unrealized depreciation on swap agreements — OTC		4,978,732
Total liabilities		31,270,503
Net assets applicable to shares outstanding	$	5,365,499,342
Net assets consist of:
Shares of beneficial interest	$	5,003,987,990
Undistributed net investment income (loss)		179,178,674
Undistributed net realized gain		279,961,090
Net unrealized appreciation (depreciation)		(97,628,412	)
	$	5,365,499,342

Net Assets:
Class A	$	1,864,270,914
Class B	$	8,490,559
Class C	$	1,278,217,737
Class R	$	27,358,654
Class Y	$	1,755,256,585
Class R5	$	144,960,427
Class R6	$	286,944,466
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		164,476,857
Class B		778,773
Class C		117,238,450
Class R		2,448,196
Class Y		152,993,131
Class R5		12,627,670
Class R6		24,975,970
Class A:
Net asset value per share	$	11.34
Maximum offering price per share
(Net asset value of $11.34 ¸ 94.50%)	$	12.00
Class B:
Net asset value and offering price per share	$	10.90
Class C:
Net asset value and offering price per share	$	10.90
Class R:
Net asset value and offering price per share	$	11.18
Class Y:
Net asset value and offering price per share	$	11.47
Class R5:
Net asset value and offering price per share	$	11.48
Class R6:
Net asset value and offering price per share	$	11.49

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, 2016

Investment income:
Interest	$	9,860,546
Dividends from affiliated money market funds		7,825,351
Total investment income		17,685,897
Expenses:
Advisory fees		49,482,652
Administrative services fees		651,528
Custodian fees		7,948
Distribution fees:
Class A		4,950,270
Class B		106,088
Class C		13,584,102
Class R		122,481
Transfer agent fees — A, B, C, R and Y		6,550,290
Transfer agent fees — R5		103,818
Transfer agent fees — R6		6,415
Trustees’ and officers’ fees and benefits		152,997
Registration and filing fees		249,580
Reports to shareholders		299,196
Professional services fees		53,757
Other		113,794
Total expenses		76,434,916
Less: Fees waived and expense offset arrangement(s)		(3,957,896	)
Net expenses		72,477,020
Net investment income (loss)		(54,791,123	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		63,834,042
Foreign currencies		(4,478,068	)
Futures contracts		486,277,803
Swap agreements		46,169,644
		591,803,421
Change in net unrealized appreciation (depreciation) of:
Investment securities		(3,854,875	)
Futures contracts		(207,858,080	)
Swap agreements		22,985,298
		(188,727,657	)
Net realized and unrealized gain		403,075,764
Net increase in net assets resulting from operations	$	348,284,641

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, 2016 and 2015

	2016			2015
Operations:
Net investment income (loss)	$	(54,791,123	)	$	(102,432,841	)
Net realized gain (loss)		591,803,421			(80,757,544	)
Change in net unrealized appreciation (depreciation)		(188,727,657	)		42,119,499
Net increase (decrease) in net assets resulting from operations		348,284,641			(141,070,886	)
Distributions to shareholders from net investment income:
Class A		(57,902,283	)		(56,654,014	)
Class B		(224,978	)		(243,139	)
Class C		(26,864,376	)		(22,928,504	)
Class R		(541,614	)		(492,454	)
Class Y		(65,220,904	)		(81,503,225	)
Class R5		(4,519,268	)		(4,180,439	)
Class R6		(12,605,397	)		(11,328,824	)
Total distributions from net investment income		(167,878,820	)		(177,330,599	)
Distributions to shareholders from net realized gains:
Class A		(83,448,580	)		(152,016,609	)
Class B		(487,027	)		(1,108,269	)
Class C		(58,155,269	)		(104,512,062	)
Class R		(878,445	)		(1,529,651	)
Class Y		(84,286,403	)		(191,523,927	)
Class R5		(5,762,170	)		(9,729,719	)
Class R6		(15,388,645	)		(25,148,843	)
Total distributions from net realized gains		(248,406,539	)		(485,569,080	)
Share transactions–net:
Class A		(494,455,959	)		(315,179,338	)
Class B		(4,653,827	)		(5,990,731	)
Class C		(302,047,491	)		(176,875,307	)
Class R		1,391,792			83,322
Class Y		(804,827,082	)		(777,963,492	)
Class R5		(13,958,529	)		(12,008,689	)
Class R6		(120,976,238	)		(20,668,805	)
Net increase (decrease) in net assets resulting from share transactions		(1,739,527,334	)		(1,308,603,040	)
Net increase (decrease) in net assets		(1,807,528,052	)		(2,112,573,605	)
Net assets:
Beginning of year		7,173,027,394			9,285,600,999
End of year (includes undistributed net investment income (loss) of $179,178,674 and $183,388,056, respectively)	$	5,365,499,342		$	7,173,027,394

Notes to Consolidated Financial Statements

October 31, 2016

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-two 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 and other securities that may provide leveraged and non-leveraged exposure to commodities. 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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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 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 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 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.

18                         Invesco Balanced-Risk Allocation Fund

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

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

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

L. Futures Contracts — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between 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.

M. Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. 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

19                         Invesco Balanced-Risk Allocation Fund

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 cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the 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.

N. 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.

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

P. 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, 2016, the effective advisory fees incurred by the Fund was 0.87%.

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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 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 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or 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, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

20                         Invesco Balanced-Risk Allocation Fund

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $3,941,809.

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, 2016, 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, 2016, 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $324,434 in front-end sales commissions from the sale of Class A shares and $47,646, $3,299 and $107,538 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, 2016. 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
U.S. Treasury Securities	$	—		$	2,252,759,378	$	—	$	2,252,759,378
Commodity-Linked Securities		—			254,418,400		—		254,418,400
Money Market Funds		2,549,294,520			—		—		2,549,294,520
	$	2,549,294,520		$	2,507,177,778	$	—	$	5,056,472,298
Futures Contracts*		(95,099,535	)		—		—		(95,099,535	)
Swap Agreements*		—			6,741,777		—		6,741,777
Total Investments	$	2,454,194,985		$	2,513,919,555	$	—	$	4,968,114,540

* Unrealized appreciation (depreciation).

21                         Invesco Balanced-Risk Allocation Fund

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2016:

	Value
Derivative Assets	Commodity Risk		Equity Risk			Interest Rate Risk		Total
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	—	$	42,388,682		$	—	$	42,388,682
Unrealized appreciation on swap agreements — OTC		11,720,509		—			—		11,720,509
Total Derivative Assets	$	11,720,509	$	42,388,682		$	—	$	54,109,191
Derivatives not subject to master netting agreements		—		(42,388,682	)		—		(42,388,682	)
Total Derivative Assets subject to master netting agreements	$	11,720,509	$	—		$	—	$	11,720,509

	Value
Derivative Liabilities	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	(23,758,375	)	$	(24,554,825	)	$	(89,175,017	)	$	(137,488,217	)
Unrealized depreciation on swap agreements — OTC		(3,045,954	)		(1,663,329	)		(269,449	)		(4,978,732	)
Total Derivative Liabilities	$	(26,804,329	)	$	(26,218,154	)	$	(89,444,466	)	$	(142,466,949	)
Derivatives not subject to master netting agreements		23,758,375			24,554,825			89,175,017			137,488,217
Total Derivative Liabilities subject to master netting agreements	$	(3,045,954	)	$	(1,663,329	)	$	(269,449	)	$	(4,978,732	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2016.

	Financial Derivative Assets		Financial Derivative Liabilities			Net value of derivatives			Collateral (Received)/Pledged					Net amount (a)
Counterparty	Swap agreements		Swap agreements						Non-Cash		Cash
Parent
Goldman Sachs International	$	—	$	(1,663,329	)	$	(1,663,329	)	$	—	$	—		$	(1,663,329	)
Macquarie Bank		—		(272,297	)		(272,297	)		—		272,297			—
Subtotal — Parent		—		(1,935,626	)		(1,935,626	)		—		272,297			(1,663,329	)
Subsidiary
Barclays Bank PLC		3,388,386		(30,722	)		3,357,664			—		—			3,357,664
Canadian Imperial Bank of Commerce		711,480		(48,557	)		662,923			—		—			662,923
Cargill, Inc.		2,261,218		(2,449,569	)		(188,351	)		—		—			(188,351	)
Goldman Sachs International		2,217,447		(48,879	)		2,168,568			—		—			2,168,568
J.P. Morgan Chase Bank, N.A.		550,898		(3,028,833	)		(2,477,935	)		—		2,477,935			—
Merrill Lynch International		3,695,752		(3,189,142	)		506,610			—		—			506,610
Morgan Stanley Capital Services LLC		4,888,626		(19,835	)		4,868,791			—		(4,868,791	)		—
Subtotal — Subsidiary		17,713,807		(8,815,537	)		8,898,270			—		(2,390,856	)		6,507,414
Total	$	17,713,807	$	(10,751,163	)	$	6,962,644		$	—	$	(2,118,559	)	$	4,844,085

^(a)  The Fund and the Subsidiary are recognized as separate legal entities and as such are subject to separate netting arrangements with the Counterparty.

22                         Invesco Balanced-Risk Allocation Fund

Effect of Derivative Investments for the year ended October 31, 2016

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
	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Realized Gain:
Futures contracts	$	49,371,971		$	80,879,049		$	356,026,783		$	486,277,803
Swap agreements		41,225,864			4,515,687			428,093			46,169,644
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts	$	(29,715,372	)	$	(76,460,779	)	$	(101,681,929	)	$	(207,858,080	)
Swap agreements		24,918,076			(1,663,329	)		(269,449	)		22,985,298
Total	$	85,800,539		$	7,270,628		$	254,503,498		$	347,574,665

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	$	6,707,336,439	$	838,885,693

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	$	1,144,624,888
Total liabilities		(22,225,389	)
Net assets		1,122,399,499
Total investment income		5,218,279
Net investment income (loss)		(7,157,970	)
Net realized gain from:
Investment securities		63,783,264
Futures contracts		49,371,971
Swap agreements		41,225,864
Change in net unrealized appreciation (depreciation) of:
Investment securities		(5,314,836	)
Futures contracts		(29,715,374	)
Swap agreements		24,918,077
Increase in net assets resulting from operations	$	137,110,996

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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $16,087.

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.

23                         Invesco Balanced-Risk Allocation 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.

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, 2016 and 2015:

	2016		2015
Ordinary income	$	304,855,039	$	424,395,963
Long-term capital gain		111,430,320		238,503,716
Total distributions	$	416,285,359	$	662,899,679

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	276,797,250
Undistributed long-term gain		128,434,909
Net unrealized appreciation (depreciation) — investments		(9,328,928	)
Net unrealized appreciation (depreciation) — other investments		(33,710,007	)
Temporary book/tax differences		(681,872	)
Shares of beneficial interest		5,003,987,990
Total net assets	$	5,365,499,342

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, 2016.

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, 2016 was $787,675,050 and $541,935,146, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $1,021,245,969 and $1,789,366,250, 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	$	2,183,431
Aggregate unrealized (depreciation) of investment securities		(11,512,359	)
Net unrealized appreciation (depreciation) of investment securities	$	(9,328,928	)

Cost of investments for tax purposes is $5,065,801,226.

NOTE 11—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of income and distributions from the Subsidiary, futures contracts, swap agreements and return of capital distributions, on October 31, 2016, undistributed net investment income (loss) was increased by $218,460,561 and undistributed net realized gain was decreased by 218,460,561. 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,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		22,578,985		$	245,970,130			43,654,078		$	512,090,070
Class B		23,520			246,424			64,824			734,775
Class C		9,157,449			95,744,113			20,321,786			230,708,386
Class R		854,075			9,171,029			641,261			7,394,690
Class Y		45,959,002			505,120,404			84,612,580			1,001,576,661
Class R5		713,325			7,891,295			1,701,447			20,065,413
Class R6		1,685,506			18,696,169			3,580,174			42,622,159
Issued as reinvestment of dividends:
Class A		12,003,891			123,039,883			16,242,163			186,297,618
Class B		68,184			676,382			115,320			1,281,199
Class C		6,816,812			67,622,773			10,454,377			116,148,130
Class R		117,113			1,186,352			176,446			2,000,904
Class Y		8,632,272			89,344,012			15,160,636			175,560,162
Class R5		972,969			10,070,231			1,161,565			13,462,539
Class R6		2,695,857			27,902,119			3,133,557			36,317,925
Automatic conversion of Class B shares to Class A shares:
Class A		285,285			3,100,212			371,264			4,348,290
Class B		(295,706	)		(3,100,212	)		(384,362	)		(4,348,290	)
Reacquired:
Class A		(80,825,479	)		(866,566,184	)		(87,559,656	)		(1,017,915,316	)
Class B		(238,135	)		(2,476,421	)		(325,008	)		(3,658,415	)
Class C		(44,870,865	)		(465,414,377	)		(46,655,632	)		(523,731,823	)
Class R		(833,996	)		(8,965,589	)		(815,247	)		(9,312,272	)
Class Y		(129,540,888	)		(1,399,291,498	)		(167,648,057	)		(1,955,100,315	)
Class R5		(2,976,458	)		(31,920,055	)		(3,887,143	)		(45,536,641	)
Class R6		(16,039,347	)		(167,574,526	)		(8,438,929	)		(99,608,889	)
Net increase (decrease) in share activity		(163,056,629	)	$	(1,739,527,334	)		(114,322,556	)	$	(1,308,603,040	)

^(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.

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 10/31/16	$	11.27	$	(0.10	)	$	0.88		$	0.78		$	(0.29	)	$	(0.42	)	$	(0.71	)	$	11.34		7.59	%	$	1,864,271		1.20	%(d)		1.27	%(d)		(0.89	)%(d)		96	%
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			1.26			(1.16	)		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
Class B
Year ended 10/31/16		10.85		(0.17	)		0.83			0.66			(0.19	)		(0.42	)		(0.61	)		10.90		6.67			8,491		1.95	(d)		2.02	(d)		(1.64	)(d)		96
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			2.01			(1.91	)		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
Class C
Year ended 10/31/16		10.85		(0.17	)		0.83			0.66			(0.19	)		(0.42	)		(0.61	)		10.90		6.67			1,278,218		1.95	(d)		2.02	(d)		(1.64	)(d)		96
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			2.01			(1.91	)		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
Class R
Year ended 10/31/16		11.12		(0.12	)		0.86			0.74			(0.26	)		(0.42	)		(0.68	)		11.18		7.26			27,359		1.45	(d)		1.52	(d)		(1.14	)(d)		96
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			1.51			(1.41	)		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
Class Y
Year ended 10/31/16		11.41		(0.07	)		0.87			0.80			(0.32	)		(0.42	)		(0.74	)		11.47		7.75			1,755,257		0.95	(d)		1.02	(d)		(0.64	)(d)		96
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			1.01			(0.91	)		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
Class R5
Year ended 10/31/16		11.41		(0.06	)		0.88			0.82			(0.33	)		(0.42	)		(0.75	)		11.48		7.88			144,960		0.89	(d)		0.96	(d)		(0.58	)(d)		96
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			0.98			(0.88	)		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
Class R6
Year ended 10/31/16		11.43		(0.06	)		0.88			0.82			(0.34	)		(0.42	)		(0.76	)		11.49		7.93			286,944		0.82	(d)		0.89	(d)		(0.51	)(d)		96
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			0.88			(0.78	)		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(e)		13.13		(0.01	)		(0.15	)		(0.16	)		—			—			—			12.97		(3.14	)		554,557		0.76	(f)		0.85	(f)		(0.66	)(f)		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 $1,980,108, $10,609, $1,358,410, $24,496, $1,874,274, $146,260 and $323,437 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.

26                         Invesco Balanced-Risk Allocation Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees

and Shareholders of the 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 the Invesco Balanced-Risk Allocation Fund and its subsidiary (the “Fund”) as of October 31, 2016, the results of their operations for the year then ended, the changes in their 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 as of October 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

Houston, Texas

December 21, 2016

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, 2016, through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/16)1		Expenses Paid During Period2		Ending Account Value (10/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,051.90	$	6.19	$	1,019.10	$	6.09		1.20	%
B		1,000.00		1,047.10		10.03		1,015.33		9.88		1.95
C		1,000.00		1,047.10		10.03		1,015.33		9.88		1.95
R		1,000.00		1,050.80		7.47		1,017.85		7.35		1.45
Y		1,000.00		1,052.30		4.90		1,020.36		4.82		0.95
R5		1,000.00		1,053.20		4.64		1,020.61		4.57		0.90
R6		1,000.00		1,053.20		4.34		1,020.91		4.27		0.84

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s

evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 Broadridge 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 third quintile of its performance universe for the one year period , the second quintile for the three year period and the first quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. Invesco Advisers noted that recent

29                         Invesco Balanced-Risk Allocation Fund

underperformance was a result of strategic commodity allocations. 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 Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge 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, based on asset balances as of December 31, 2015. The Board noted that the Fund’s rate was below the rate of one 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 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 and a report from an independent consultant engaged by the Senior Officer 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 Broadridge 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.

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, 2016:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	111,430,320
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		3.32	%

* 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	$	136,976,219

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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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, 2016
	Invesco Balanced-Risk Commodity Strategy Fund Nasdaq: A: BRCAX  ∎  B: BRCBX  ∎  C: BRCCX  ∎  R: BRCRX  ∎  Y: BRCYX  ∎  R5: BRCNX  ∎  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. In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market

indexes to sink at the start of calendar year 2016, but they eventually recovered; they sank again following the UK’s decision to leave the European Union, but then quickly recovered and reached record highs later in the summer.

Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

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.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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:
	∎	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.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, 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, 10/31/15 to 10/31/16, 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	4.59	%
Class B Shares	3.79
Class C Shares	3.79
Class R Shares	4.32
Class Y Shares	4.83
Class R5 Shares	4.97
Class R6 Shares	4.96
Bloomberg Commodity Indexq (Broad Market/Style-Specific Index)	-2.62
Source(s): qBloomberg L.P.

Market conditions and your Fund

The fiscal year ended October 31, 2016, was a strong period for commodities, as gains in agriculture and precious metals outweighed losses in energy and industrial metals. The Fund’s ability to tactically adjust exposure to assets helped Fund performance with gains in agriculture and energy offsetting losses in industrial metals and precious metals. The Fund’s performance, at NAV, was positive for the reporting period. The Fund invests with a long bias in four commodity complexes – agriculture, energy, industrial metals and precious metals – 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.

    Agriculture was the Fund’s leading performer during the fiscal year due to gains in sugar, soybeans, soymeal, cotton and

coffee. Sugar was the top performer within the agriculture complex as a decline in Brazilian production was further reduced by bad weather, resulting in supply shortages. Soybeans and soymeal prices spiked during the middle of the fiscal year due to heavy rains in Argentina and expectations for a dry growing season in the US. Coffee prices rose as drought conditions across key growing regions in South America and Asia raised concerns over shortages, while cotton prices rose as years of depressed prices caused farmers to reduce plantings. Tactical agriculture exposure, obtained through the use of swaps, futures and commodity-linked notes, was favorable due to an overweight position in sugar.

    Strategic positioning in precious metals was also favorable for Fund performance as gains in silver outpaced gold. Precious metals prices began to rise in 2016 as stock market volatility spiked after the US Federal Reserve (the Fed) increased interest rates despite a sluggish global economy

and as interest rates in Japan and Europe crossed into negative territory. Then in June, the United Kingdom’s vote to leave the European Union led to further price increases as uncertainty roiled global financial markets. Precious metals prices were also supported as the Fed slowed the expected pace of interest rate increases. The Fund’s tactical exposure to precious metals, obtained through the use of swaps, futures and commodity-linked notes, detracted from results due to losses in both gold and silver.

    Strategic positioning in energy was the largest detractor from Fund performance, led by declines in West Texas Intermediate (WTI) crude, unleaded gasoline and Brent crude. Oil prices continued to be pressured by a strong US dollar and rising supplies. Restrictions on supply output were constrained by overleveraged producers in the US and OPEC’s efforts to maintain market share. Further compounding the oversupply issue was Russia, whose production hit a post-Soviet high in September 2016.¹ The Fund’s tactical energy exposure, obtained through the use of swaps, futures and commodity-linked notes, was a contributor to Fund performance due to our complex-wide underweight positions relative to the strategic allocation that were most beneficial in WTI, natural gas and Brent crude.

    Industrial metals prices detracted from Fund results as copper prices declined while aluminum gained. Declines in copper prices were attributable to a strong US dollar, excess supplies and slowing global economic growth, especially in China. Despite choppy price action, aluminum gained as producers continued to curtail production, resulting in tighter supplies. Tactical industrial metals exposure, obtained through the use of swaps, futures and commodity-linked notes, detracted from Fund results due to our underweight exposure relative to the strategic allocation to aluminum.

Target Risk Allocation and Notional Asset Weights as of 10/31/16

By asset class

Asset Class Target Risk
Allocation* Notional Asset 
Weights**

Agriculture	29.66	%	38.69	%
Energy	26.80		26.03
Industrial Metals	18.73		23.68
Precious Metals	24.81		29.36
Total	100.00		117.76

  * 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 $820.3 million  

4                         Invesco Balanced-Risk Commodity Strategy Fund

    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 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 investment in Invesco Balanced-Risk Commodity Strategy Fund.

1  Source: Bloomberg L.P.

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 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 in finance 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

1  Source: Bloomberg L.P.

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

About indexes used in this report

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

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

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

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.

6                         Invesco Balanced-Risk Commodity Strategy Fund

Average Annual Total Returns
As of 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (11/30/10)	-6.90	%
5 Years	-8.77
1 Year	-1.16
Class B Shares
Inception (11/30/10)	-6.83	%
5 Years	-8.77
1 Year	-1.21
Class C Shares
Inception (11/30/10)	-6.70	%
5 Years	-8.42
1 Year	2.79
Class R Shares
Inception (11/30/10)	-6.21	%
5 Years	-7.97
1 Year	4.32
Class Y Shares
Inception (11/30/10)	-5.73	%
5 Years	-7.50
1 Year	4.83
Class R5 Shares
Inception (11/30/10)	-5.68	%
5 Years	-7.45
1 Year	4.97
Class R6 Shares
Inception	-5.77	%
5 Years	-7.47
1 Year	4.96

Average Annual Total Returns
As of 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (11/30/10)	-6.86	%
5 Years	-7.33
1 Year	0.73
Class B Shares
Inception (11/30/10)	-6.78	%
5 Years	-7.32
1 Year	0.90
Class C Shares
Inception (11/30/10)	-6.65	%
5 Years	-6.98
1 Year	4.91
Class R Shares
Inception (11/30/10)	-6.13	%
5 Years	-6.47
1 Year	6.55
Class Y Shares
Inception (11/30/10)	-5.67	%
5 Years	-6.02
1 Year	6.86
Class R5 Shares
Inception (11/30/10)	-5.62	%
5 Years	-5.94
1 Year	7.00
Class R6 Shares
Inception	-5.72	%
5 Years	-6.01
1 Year	7.15

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 1.60%, 2.35%, 2.35%, 1.85%, 1.35%, 1.20% 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 1.64%, 2.39%, 2.39%, 1.89%, 1.39%, 1.24% 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 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, 2018. 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.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

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

∎ 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

∎ 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. 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, among other consequences, limit the Fund’s ability to pursue its investment strategy.

∎ Commodity-linked notes risk. In addition to risks associated with the underlying commodities, investments in commodity-linked notes may be subject to additional risks, such as non-payment of interest and loss of principal, counterparty risk, lack of a secondary market and risk of greater volatility than traditional equity and debt securities. The value of the commodity-linked notes the Fund buys may fluctuate significantly because the values of

the underlying investments to which they are linked are themselves volatile. Additionally, certain commodity-linked notes employ “economic” leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index, or other economic variable. Such economic leverage will increase the volatility of the value of these commodity-linked notes and the Fund to the extent it invests in such notes.

∎ Commodity risk. The Fund will concentrate its investments in commodities markets and will therefore have investment exposure to the commodities markets and one or more sectors of the commodities markets, which may subject the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. Volatility in the commodities markets may be caused by 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, investment and trading activities of mutual funds, hedge funds and commodities funds, and factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments, or supply and demand disruptions. Because the Fund’s performance is linked to the performance of volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of the Fund’s shares.

∎ Correlation risk. Because the Fund’s investment strategy seeks to balance risk across the four sectors of the commodities market and, within each commodity sector, across different commodities, to the extent either the sectors of the commodities markets or the selected commodities become correlated in a way not anticipated by the Adviser the Fund’s risk allocation process may result in magnified risks and loss instead of balancing (reducing) the risk of loss.

∎ Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ 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

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

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/bonds.

∎ Exchange-traded funds risk. In addition to the risks associated with the underlying assets held by the exchange-traded fund, investments in exchange-traded funds are subject to the following additional risks: (1) an exchange-traded fund’s shares may trade above or below its net asset value; (2) an active trading market for the exchange-traded fund’s shares may not develop or be maintained; (3) trading an exchange-traded fund’s shares may be halted by the listing exchange; (4) a passively managed exchange-traded fund may not track the performance of the reference asset; and (5) a passively managed exchange-traded fund may hold troubled securities. Investment 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 exchange-traded funds in which the Fund may invest are leveraged, which may result in economic leverage, permitting the Fund to gain exposure

that is greater than would be the case in an unlevered instrument and potentially resulting in greater volatility.

∎ Exchange-traded notes risk. Exchange-traded notes are subject to credit risk, counterparty risk, and the risk that the value of the exchange-traded note may drop due to a downgrade in the issuer’s credit rating. 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, and economic, legal, political, or geographic events that affect the referenced underlying market or assets. The Fund will bear its proportionate share of any fees and expenses borne by an exchange-traded note in which it invests. For certain exchange-traded notes, there may be restrictions on the Fund’s right to redeem its investment, which is meant to be held until maturity.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. 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. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can

be no assurance that specific investments held by the Fund will rise in value.

∎ Short position risk. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the Fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Fund’s short positions will cause the Fund to underperform the overall market and its peers that do not engage in shorting. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund’s returns.

∎ 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 the 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 the prospectus and the SAI, and could negatively affect the Fund and its shareholders.

∎ US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

continued on page 6

9                         Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Schedule of Investments

October 31, 2016

	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Securities–55.82%
U.S. Treasury Bills–33.74%(a)
U.S. Treasury Bills		0.27	%		11/03/2016	$	68,600,000	$	68,599,580
U.S. Treasury Bills(b)(c)		0.33	%		12/08/2016		11,960,000		11,957,971
U.S. Treasury Bills(b)		0.34	%		12/15/2016		12,190,000		12,187,392
U.S. Treasury Bills		0.34	%		12/15/2016		14,680,000		14,676,859
U.S. Treasury Bills(b)		0.34	%		01/05/2017		5,400,000		5,397,464
U.S. Treasury Bills(b)(c)		0.40	%		01/26/2017		10,550,000		10,542,437
U.S. Treasury Bills		0.40	%		01/26/2017		43,060,000		43,029,133
U.S. Treasury Bills(b)		0.46	%		04/06/2017		13,360,000		13,335,680
U.S. Treasury Bills		0.47	%		06/22/2017		29,000,000		28,905,196
U.S. Treasury Bills(b)(c)		0.57	%		08/17/2017		6,440,000		6,411,043
U.S. Treasury Bills		0.57	%		08/17/2017		62,000,000		61,721,225
									276,763,980
U.S. Treasury Notes–22.08%(d)
U.S. Treasury Floating Rate Notes(b)		0.61	%		01/31/2018		8,410,000		8,431,042
U.S. Treasury Floating Rate Notes		0.61	%		01/31/2018		62,880,000		63,037,326
U.S. Treasury Floating Rate Notes(b)		0.53	%		04/30/2018		6,180,000		6,187,910
U.S. Treasury Floating Rate Notes		0.53	%		04/30/2018		53,010,000		53,077,853
U.S. Treasury Floating Rate Notes(b)		0.51	%		07/31/2018		6,450,000		6,452,725
U.S. Treasury Floating Rate Notes		0.51	%		07/31/2018		43,910,000		43,928,549
									181,115,405
Total U.S. Treasury Securities (Cost $457,583,851)									457,879,385
				Expiration Date
Commodity-Linked Securities–5.18%
Barclays PLC (United Kingdom), U.S. Federal Funds (Effective) rate minus 0.06% (linked to the Barclays Diversified Energy-Metals TR Index Total Return, multiplied by 3)(e)					06/12/2017		20,250,000		23,146,021
International Bank for Reconstruction and Development, U.S. Federal Funds (Effective) rate minus 0.60% (linked to the Barclays Diversified Energy-Metals TR Index Total Return, multiplied by 3)(e)					04/26/2018		20,000,000		19,345,241
Total Commodity-Linked Securities (Cost $40,250,000)									42,491,262
						Shares
Exchange Traded Fund–1.94%
PowerShares DB Gold Fund (Cost $20,864,052)(f)							385,000		15,900,500
Money Market Funds–31.33%
Government & Agency Portfolio–Institutional Class, 0.29%(g)							141,868,735		141,868,735
STIC (Global Series) PLC–U.S. Dollar Liquidity Portfolio (Ireland)–Institutional Class, 0.62%(b)(g)							20,611,791		20,611,791
Treasury Portfolio–Institutional Class, 0.22%(g)							94,579,156		94,579,156
Total Money Market Funds (Cost $257,059,682)									257,059,682
TOTAL INVESTMENTS–94.27% (Cost $775,757,585)									773,330,829
OTHER ASSETS LESS LIABILITIES–5.73%									46,986,779
NET ASSETS–100.00%								$	820,317,608

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)
Cocoa(b)						Long			86		March-2017	$	2,272,980		$	(579	)
Coffee C(b)						Long			392		December-2016		24,130,050			3,345,819
Corn(b)						Long			1,415		December-2016		25,098,563			(2,820,936	)
Cotton No. 2(b)						Long			686		December-2016		23,618,980			292,061
Lean Hogs(b)						Short			153		December-2016		(2,934,540	)		495,461
LME Nickel(b)						Long			162		December-2016		10,162,746			151,616
LME Zinc(b)						Long			259		January-2017		15,938,213			890,805
NYH RBOB Gasoline (Globex)(b)						Long			660		December-2016		39,348,540			(1,859,788	)
Soybeans(b)						Long			427		July-2017		21,958,475			1,000,879
Wheat(b)						Long			582		December-2016		12,112,875			(669,931	)
Total Futures Contracts — Commodity Risk															$	825,407
Open Over-The-Counter Total Return Swap Agreements
Counterparty	Pay/ Receive		Reference Entity		Fixed Rate			Number of Contracts		Termination Date		Notional Value			Unrealized Appreciation (Depreciation)
Barclays Bank PLC		Receive		Barclays Brent Crude Roll Yield Excess Return Index(b)		0.35	%		106,100		March–2017	$	29,162,614		$	(1,501,527	)
Barclays Bank PLC		Receive		Barclays Live Cattle Roll Yield Excess Return Index(b)		0.47			43,700		February–2017		4,692,480			132,411
Barclays Bank PLC		Receive		Barclays Soybeans Seasonal Excess Return Index(b)		0.30			103,300		June–2017		30,651,248			740,144
Barclays Bank PLC		Receive		Barclays WTI Crude Roll Yield Excess Return Index(b)		0.35			82,900		March–2017		20,478,124			(1,137,463	)
Barclays Bank PLC		Receive		Optimum GSCI Heating Oil Roll Yield 9m Excess Return Index(b)		0.37			91,300		February–2017		20,961,138			(970,236	)
Canadian Imperial Bank of Commerce		Receive		CIBC Silver Index(b)		0.11			164,000		February–2017		16,787,844			275,176
Goldman Sachs International		Receive		Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index(b)		0.45			928,000		October–2017		34,316,855			888,124
Goldman Sachs International		Receive		Enhanced Strategy Sugar A141 on the S&P GSCI Sugar Excess Return Index(b)		0.37			117,200		March–2017		38,470,877			(3,038,926	)
Goldman Sachs International		Receive		S&P GSCI Soybean Meal Excess Return Index(b)		0.30			46,050		February–2017		50,589,287			2,679,424
JPMorgan Chase Bank, N.A.		Receive		J.P. Morgan Contag Beta Gas Oil Excess Return Index(b)		0.25			48,300		April–2017		10,219,763			(527,190	)
JPMorgan Chase Bank, N.A.		Receive		S&P GSCI Gold Index Excess Return(b)		0.09			587,000		October–2017		61,426,380			456,862
Macquarie Bank Ltd.		Receive		Macquarie Single Commodity Silver type A Excess Return Index(b)		0.16			288,700		May–2017		61,180,669			55,055
Macquarie Bank Ltd.		Receive		Modified Macquarie Single Commodity Sugar type A Excess Return Index(b)		0.34			82,100		January–2017		23,739,905			(1,408,031	)
Merrill Lynch International		Receive		Merrill Lynch Gold Excess Return Index(b)		0.14			202,900		June–2017		33,523,179			0
Merrill Lynch International		Receive		MLCX Aluminum Annual Excess Return Index(b)		0.28			714,000		September–2017		70,178,225			0
Merrill Lynch International		Receive		MLCX Dynamic Enhanced Copper Excess Return Index(b)		0.25			158,250		May–2017		74,817,688			0
Merrill Lynch International		Receive		MLCX Natural Gas Annual Excess Return Index(b)		0.25			522,500		August–2017		25,223,144			0
Morgan Stanley Capital Services LLC		Receive		MS Soybean Oil Dynamic Roll Index(b)		0.30			113,200		April–2017		18,567,041			(204,824	)
Total Swap Agreements — Commodity Risk															$	(3,561,001	)

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

11                         Invesco Balanced-Risk Commodity Strategy Fund

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: Brent Crude Oil, Copper, Gasoil, Gold, Silver, Unleaded Gasoline and WTI Crude Oil.

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 pledged as collateral to cover margin requirements for open futures contracts. See Note 1J and Note 4.

^(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2016.

^(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, 2016 was $42,491,262, which represented 5.18% of the Fund’s Net Assets.

^(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, 2016 represented 1.94% of the Fund’s Net Assets. See Note 6.

^(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, 2016.

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, 2016

Assets:
Investments, at value (Cost $497,833,851)	$	500,370,647
Investments in affiliates, at value (Cost $ 277,923,734)		272,960,182
Total investments, at value (Cost $775,757,585)		773,330,829
Receivable for:
Deposits with brokers for open swap agreements		43,903,500
Fund shares sold		6,072,008
Dividends and interest		101,559
Swaps receivables		3,257,987
Investment for trustee deferred compensation and retirement plans		65,679
Unrealized appreciation on swap agreements — OTC		5,227,196
Other assets		71,343
Total assets		832,030,101
Liabilities:
Payable for:
Fund shares reacquired		627,711
Swaps payable		1,461,353
Variation margin — futures		382,817
Accrued fees to affiliates		249,937
Accrued trustees’ and officers’ fees and benefits		2,193
Accrued other operating expenses		69,303
Trustee deferred compensation and retirement plans		130,982
Unrealized depreciation on swap agreements — OTC		8,788,197
Total liabilities		11,712,493
Net assets applicable to shares outstanding	$	820,317,608
Net assets consist of:
Shares of beneficial interest	$	840,838,755
Undistributed net investment income		33,321,004
Undistributed net realized gain (loss)		(48,679,801	)
Net unrealized appreciation (depreciation)		(5,162,350	)
	$	820,317,608

Net Assets:
Class A	$	40,843,674
Class B	$	152,128
Class C	$	5,914,701
Class R	$	781,826
Class Y	$	574,877,764
Class R5	$	195,776,586
Class R6	$	1,970,929
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		5,975,306
Class B		23,132
Class C		900,898
Class R		115,616
Class Y		82,726,342
Class R5		28,097,892
Class R6		282,197
Class A:
Net asset value per share	$	6.84
Maximum offering price per share
(Net asset value of $6.84 ¸ 94.50%)	$	7.24
Class B:
Net asset value and offering price per share	$	6.58
Class C:
Net asset value and offering price per share	$	6.57
Class R:
Net asset value and offering price per share	$	6.76
Class Y:
Net asset value and offering price per share	$	6.95
Class R5:
Net asset value and offering price per share	$	6.97
Class R6:
Net asset value and offering price per share	$	6.98

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, 2016

Investment income:
Dividends from affiliates	$	835,592
Interest		1,599,129
Total investment income		2,434,721
Expenses:
Advisory fees		6,877,980
Administrative services fees		183,881
Custodian fees		28,831
Distribution fees:
Class A		92,043
Class B		1,945
Class C		32,326
Class R		2,488
Transfer agent fees — A, B, C, R and Y		751,196
Transfer agent fees — R5		242,313
Transfer agent fees — R6		338
Trustees’ and officers’ fees and benefits		34,381
Registration and filing fees		117,004
Reports to shareholders		97,386
Professional services fees		89,884
Other		34,454
Total expenses		8,586,450
Less: Fees waived and expense offset arrangement(s)		(580,336	)
Net expenses		8,006,114
Net investment income (loss)		(5,571,393	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(6,807,388	)
Futures contracts		(5,662,324	)
Swap agreements		38,588,109
		26,118,397
Change in net unrealized appreciation (depreciation) of:
Investment securities		7,540,512
Futures contracts		3,578,020
Swap agreements		(1,823,328	)
		9,295,204
Net realized and unrealized gain		35,413,601
Net increase in net assets resulting from operations	$	29,842,208

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, 2016 and 2015

	2016			2015
Operations:
Net investment income (loss)	$	(5,571,393	)	$	(7,756,931	)
Net realized gain (loss)		26,118,397			(134,498,509	)
Change in net unrealized appreciation		9,295,204			2,450,038
Net increase (decrease) in net assets resulting from operations		29,842,208			(139,805,402	)
Share transactions–net:
Class A		3,941,729			(4,063,412	)
Class B		(109,926	)		(174,641	)
Class C		3,261,855			(420,247	)
Class R		395,187			70,412
Class Y		334,368,542			302,605
Class R5		(77,810,884	)		44,452,063
Class R6		(106,334,147	)		11,895,316
Net increase (decrease) in net assets resulting from share transactions		157,712,356			(52,062,096	)
Net increase (decrease) in net assets		187,554,564			(87,743,306	)
Net assets:
Beginning of year		632,763,044			720,506,350
End of year (includes undistributed net investment income of $33,321,004 and $4,027,493, respectively)	$	820,317,608		$	632,763,044

Notes to Consolidated Financial Statements

October 31, 2016

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-two 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 and other securities that may provide leveraged and non-leveraged exposure to commodities. 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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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

15                         Invesco Balanced-Risk Commodity Strategy 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 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 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 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 cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the 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.

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, 2016, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

18                         Invesco Balanced-Risk Commodity Strategy Fund

The Adviser has contractually agreed, through at least June 30, 2017, 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%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. 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, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $579,737.

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, 2016, 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, 2016, 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $12,606 in front-end sales commissions from the sale of Class A shares and $5,046, $126 and $201 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, 2016. 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	$	—	$	42,491,262		$	—	$	42,491,262
Exchange Traded Funds		15,900,500		—			—		15,900,500
U.S. Treasury Securities		—		457,879,385			—		457,879,385
Money Market Funds		257,059,682		—			—		257,059,682
		272,960,182		500,370,647			—		773,330,829
Futures Contracts*		825,407		—			—		825,407
Swap Agreements*		—		(3,561,001	)		—		(3,561,001	)
Total Investments	$	273,785,589	$	496,809,646		$	—	$	770,595,235

* Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2016:

	Value
Derivative Assets	Commodity Risk
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	6,176,641
Unrealized appreciation on swap agreements — OTC		5,227,196
Total Derivative Assets		11,403,837
Derivatives not subject to master netting agreements		(6,176,641	)
Total Derivative Assets subject to master netting agreements	$	5,227,196
	Value
Derivative Liabilities	Commodity Risk
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	(5,351,234	)
Unrealized depreciation on swap agreements — OTC		(8,788,197	)
Total Derivative Liabilities		(14,139,431	)
Derivatives not subject to master netting agreements		5,351,234
Total Derivative Liabilities subject to master netting agreements	$	(8,788,197	)

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

20                         Invesco Balanced-Risk Commodity Strategy Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2016.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap agreements		Swap agreements			Net value of derivatives			Non-Cash		Cash		Net amount
Subsidiary
Barclays Bank PLC	$	872,968	$	(3,624,239	)	$	(2,751,271	)	$	—	$	2,751,271	$	—
Canadian Imperial Bank of Commerce		275,176		(1,062	)		274,114			—		—		274,114
Goldman Sachs International		3,591,008		(3,097,965	)		493,043			—		—		493,043
JPMorgan Chase Bank, N.A.		457,602		(529,784	)		(72,182	)		—		72,182		—
Macquarie Bank Ltd.		56,404		(1,412,944	)		(1,356,540	)		—		1,356,540		—
Merrill Lynch International		3,232,025		(1,376,443	)		1,855,582			—		—		1,855,582
Morgan Stanley Capital Services LLC		—		(207,113	)		(207,113	)		—		207,113		—
Total	$	8,485,183	$	(10,249,550	)	$	(1,764,367	)	$	—	$	4,387,106	$	2,622,739

Effect of Derivative Investments for the year ended October 31, 2016

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
	Commodity Risk
Realized Gain (Loss):
Futures contracts	$	(5,662,324	)
Swap agreements		38,588,109
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		3,578,020
Swap agreements		(1,823,328	)
Total	$	(34,680,477	)

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	$	144,426,345	$	448,597,809

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	$	153,936,359
Total liabilities		(10,631,310	)
Net assets		143,305,049
Total investment income		474,970
Net investment income (loss)		(1,165,203	)
Net realized gain (loss) from:
Futures contracts		(5,662,324	)
Swap agreements		38,588,109
Change in net unrealized appreciation (depreciation) of:
Investment securities		26,585
Futures contracts		3,578,020
Swap agreements		(1,823,328	)
Increase in net assets resulting from operations	$	33,541,859

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, 2016.

	Value 10/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value 10/31/16		Dividend Income
Invesco PowerShares DB Gold Fund	$	20,009,000	$	4,147,376	$	(9,820,954	)	$	3,411,550	$	(1,846,472	)	$	15,900,200	$	—

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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $599.

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2016 and 2015:

There were no ordinary income and long-term gain distributions paid for the years ended October 31, 2015 and October 31, 2016.

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	22,996,145
Net unrealized appreciation — investments		4,239,023
Net unrealized appreciation — other investments		1,042,423
Temporary book/tax differences		(132,362	)
Capital loss carryforward		(48,666,376	)
Shares of beneficial interest		840,838,755
Total net assets	$	820,317,608

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 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, 2016, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	40,438,997	$	8,227,379	$	48,666,376

* 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, 2016 was $127,563,340 and $54,453,017, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $137,828,396 and $293,309,704, 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	$	8,631,887
Aggregate unrealized (depreciation) of investment securities		(4,392,864	)
Net unrealized appreciation of investment securities	$	4,239,023

Cost of investments for tax purposes is $769,091,806.

NOTE 12—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions from subsidiary, swap agreement income and return of capital distributions, on October 31, 2016, undistributed net investment income was increased by $34,864,904, undistributed net realized gain (loss) was decreased by $34,588,400 and shares of beneficial interest was decreased by $276,504. This reclassification had no effect on the net assets of the Fund.

23                         Invesco Balanced-Risk Commodity Strategy Fund

NOTE 13—Share Information

	Summary of Share Activity
	Year ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		3,954,842		$	26,314,513			1,108,280		$	7,837,926
Class B		544			3,483			1,605			10,000
Class C		626,084			4,046,670			75,087			523,510
Class R		69,351			459,130			11,649			84,240
Class Y		86,924,324			575,119,186			37,995,426			284,276,655
Class R5		1,680,206			10,775,399			9,523,280			69,940,562
Class R6		1,497,079			9,823,548			4,086,457			29,552,374
Automatic conversion of Class B shares to Class A shares:
Class A		11,168			72,498			9,717			68,576
Class B		(11,562	)		(72,498	)		(9,992	)		(68,576	)
Reacquired:
Class A		(3,328,683	)		(22,445,282	)		(1,670,209	)		(11,969,914	)
Class B		(6,604	)		(40,911	)		(16,316	)		(116,065	)
Class C		(127,332	)		(784,815	)		(133,757	)		(943,757	)
Class R		(9,717	)		(63,943	)		(2,039	)		(13,828	)
Class Y		(37,010,378	)		(240,750,644	)		(38,158,873	)		(283,974,050	)
Class R5		(12,695,346	)		(88,586,283	)		(3,555,024	)		(25,488,499	)
Class R6(b)		(18,888,038	)		(116,157,695	)		(2,526,951	)		(17,657,058	)
Net increase in share activity		22,685,938		$	157,712,356			6,738,340		$	52,062,096

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 78% 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.

^(b)  On February 18, 2016, 18,209,594 Class R6 shares valued at $111,989,004 were redeemed by affiliated mutual funds.

24                         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 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 10/31/16	$	6.54	$	(0.07	)	$	0.37		$	0.30		$	—		$	6.84		4.59	%	$	40,844		1.47	%(d)		1.56	%(d)		(1.11	)%(d)		98	%
Year ended 10/31/15		8.04		(0.10	)		(1.40	)		(1.50	)		—			6.54		(18.66	)		34,892		1.55			1.59			(1.47	)		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
Class B
Year ended 10/31/16		6.34		(0.12	)		0.36			0.24			—			6.58		3.79			152		2.22	(d)		2.31	(d)		(1.86	)(d)		98
Year ended 10/31/15		7.85		(0.16	)		(1.35	)		(1.51	)		—			6.34		(19.24	)		258		2.30			2.34			(2.22	)		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
Class C
Year ended 10/31/16		6.33		(0.12	)		0.36			0.24			—			6.57		3.79			5,915		2.22	(d)		2.31	(d)		(1.86	)(d)		98
Year ended 10/31/15		7.84		(0.15	)		(1.36	)		(1.51	)		—			6.33		(19.26	)		2,544		2.30			2.34			(2.22	)		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
Class R
Year ended 10/31/16		6.48		(0.09	)		0.37			0.28			—			6.76		4.32			782		1.72	(d)		1.81	(d)		(1.36	)(d)		98
Year ended 10/31/15		7.99		(0.12	)		(1.39	)		(1.51	)		—			6.48		(18.90	)		363		1.80			1.84			(1.72	)		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
Class Y
Year ended 10/31/16		6.63		(0.06	)		0.38			0.32			—			6.95		4.83			574,878		1.22	(d)		1.31	(d)		(0.86	)(d)		98
Year ended 10/31/15		8.13		(0.09	)		(1.41	)		(1.50	)		—			6.63		(18.45	)		217,528		1.30			1.34			(1.22	)		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
Class R5
Year ended 10/31/16		6.64		(0.05	)		0.38			0.33			—			6.97		4.97			195,777		1.13	(d)		1.22	(d)		(0.77	)(d)		98
Year ended 10/31/15		8.13		(0.08	)		(1.41	)		(1.49	)		—			6.64		(18.33	)		259,674		1.15			1.19			(1.07	)		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
Class R6
Year ended 10/31/16		6.65		(0.04	)		0.37			0.33			—			6.98		4.96			1,971		1.03	(d)		1.12	(d)		(0.67	)(d)		98
Year ended 10/31/15		8.13		(0.07	)		(1.41	)		(1.48	)		—			6.65		(18.20	)		117,504		1.05			1.09			(0.97	)		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 $36,817, $195, $3,233, $498, $350,698, $242,334 and $35,274 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.

25                         Invesco Balanced-Risk Commodity Strategy Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of the 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 the Invesco Balanced-Risk Commodity Strategy Fund and its subsidiary (the “Fund”) as of October 31, 2016, the results of their operations for the year then ended, the changes in their 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 as of October 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

Houston, Texas

December 21, 2016

26                         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, 2016, through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/16)1		Expenses Paid During Period2		Ending Account Value (10/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	998.50	$	7.08	$	1,018.05	$	7.15		1.41	%
B		1,000.00		995.50		10.83		1,014.28		10.94		2.16
C		1,000.00		995.50		10.83		1,014.28		10.94		2.16
R		1,000.00		997.10		8.33		1,016.79		8.42		1.66
Y		1,000.00		1,000.00		5.83		1,019.30		5.89		1.16
R5		1,000.00		1,000.00		5.73		1,019.41		5.79		1.14
R6		1,000.00		1,000.00		5.23		1,019.91		5.28		1.04

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 to reflect the most recent fiscal half year.

27                         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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s

evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 Broadridge 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 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 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.

28                         Invesco Balanced-Risk Commodity Strategy Fund

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 Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge 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 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 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 and a report from an independent consultant engaged by the Senior Officer 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 Broadridge 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.

29                         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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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, 2016
	Invesco Developing Markets Fund
	Nasdaq:
	A: GTDDX  ∎  B: GTDBX  ∎  C: GTDCX  ∎  Y: GTDYX  ∎  R5: GTDIX  ∎  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.     In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to

sink at the start of calendar year 2016, but they eventually recovered; they sank again following the UK’s decision to leave the European Union, but then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

    Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

    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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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:
	∎	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.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, Class A shares of Invesco Developing Markets Fund (the Fund), at net asset value (NAV), outperformed 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, 10/31/15 to 10/31/16, 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	19.83	%
Class B Shares	18.95
Class C Shares	18.93
Class Y Shares	20.14
Class R5 Shares	20.29
Class R6 Shares	20.35
MSCI Emerging Markets Indexq (Broad Market/Style-Specific Index)	9.27
Lipper Emerging Market Funds Index∎ (Peer Group Index)	11.25
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

The global economy continued to expand, albeit slowly, for the fiscal year ended October 31, 2016. However, that growth became increasingly uneven across developed and emerging economies, amid continued volatility in oil prices and as the policies of central banks globally began to diverge.

    Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China and falling oil prices. Markets recovered in late February and posted gains amid concerted central bank commitments to very loose monetary policy. All major global stock indexes experienced steep declines again in June after UK voters opted to leave the European Union. After the initial shock of the UK vote, stocks made a strong recovery, regaining most of their losses as fears of a shock to consumer confidence never materialized.

    Within this environment, emerging markets delivered strong performance in 2016, comfortably outperforming developed

markets. This strength was driven by improved economic conditions and stabilized corporate earnings. The macro-level strengthening included lower inflation, stable commodity prices, improved current account balances and a reversal in currency depreciation.

    Regardless of the macroeconomic environment, we remain focused on our bottom-up investment approach of identifying attractive companies that fit our earnings, quality and valuation (EQV) process.

    On a geographic basis, the Fund’s holdings in Brazil, Hong Kong, Russia, Indonesia and South Korea delivered double-digit gains, outperforming the MSCI Emerging Markets Index in each of these markets and contributing favorably to both absolute returns and returns versus the broad market/style-specific benchmark. In contrast, Fund holdings in Israel, Nigeria, Mexico and Turkey delivered negative returns and detracted from both absolute and relative Fund performance.

    The Fund’s overweight exposure to Brazil, one of the reporting period’s strongest markets, contributed to performance relative to the Fund’s broad market/style-specific benchmark. Despite Brazil’s long, deep economic contraction, the Brazilian market rebounded strongly during the reporting period and the country saw renewed optimism on the strength of a change in government, a new economic team and signs of a shift in economic policy. Despite the political situation in Brazil, our strategy, as always, was to focus on underlying EQV company fundamentals. For example, Fund holdings BM&FBOVESPA, Fleury and CETIP, all reported strong earnings growth in 2015 despite Brazil’s deep recession and steep decline in Brazilian equity market earnings.

    From a sector perspective, the Fund’s holdings in the financials, health care, telecommunication services, real estate and consumer staples sectors outperformed the sectors of the MSCI Emerging Markets Index and contributed favorably to both relative and absolute returns. The Fund’s holdings in the energy and utilities sectors, however, underperformed those of the MSCI Emerging Markets Index and were among the most significant detractors from the Fund’s performance versus the broad market/style-specific index.

    The Fund’s cash exposure, in a rising-market environment, was a meaningful detractor from Fund performance versus the broad market/style-specific index. It is important to note that, similar to the Fund’s sector and regional allocations, cash is a residual of our bottom-up investment process and not the result of any “top-down” tactical asset allocation or risk-management allocation decision. During the reporting period, cash exposure rose for a couple of reasons. First, it was a function of us taking profits in some sharply rallying names. Second, in

Portfolio Composition
By sector	% of total net assets

Financials	31.2	%
Information Technology	12.8
Consumer Staples	10.4
Health Care	7.4
Telecommunication Services	6.4
Consumer Discretionary	5.6
Materials	4.1
Utilities	1.9
Energy	1.4
Industrials	1.1
Money Market Funds Plus Other Assets Less Liabilities	17.7

Top 10 Equity Holdings*
	% of total net assets

1.	BM&FBOVESPA S.A.	3.6	%
2.	Taiwan Semiconductor Manufacturing Co. Ltd.	3.5
3.	Fleury S.A.	3.4
4.	Kasikornbank PCL	3.4
5.	WH Group Ltd.	3.3
6.	PT Telekomunikasi Indonesia Persero Tbk	3.3
7.	Haci Omer Sabanci Holding A.S.	2.9
8.	Richter Gedeon Nyrt	2.7
9.	Sberbank PAO-Preference Shares	2.6
10.	China Mobile Ltd.	2.5

Total Net Assets	$2.5 billion
Total Number of Holdings*	52

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, 2016.

4                         Invesco Developing Markets Fund

a growth-starved market the highest quality names continued to trade at elevated valuations.

    From an individual securities perspective, BM&FBOVESPA, one of the world’s largest stock exchanges, was the top contributor to Fund performance for the reporting period. BM&F’s stock was significantly depressed in 2015 due to Brazil’s political and economic turmoil, but the stock price rose after the ousting of Brazil’s President Rousseff and the expectation that this change could allow for reforms and a more orthodox economic policy. This high quality company enjoyed monopoly status in its key businesses and its process of acquiring Brazil’s largest security registration business is expected to add stability to BM&F’s earnings.

    In contrast, Teva Pharmaceutical Industries was the largest detractor from Fund performance for the reporting period. Teva is an Israel-based company that manufactures and sells generic, proprietary and over-the-counter pharmaceuticals. Over the reporting period, Teva was affected by a revaluation of the pharmaceutical sector and a delay in the closing of its acquisition of Allergan’s (not a Fund holding) generics business.

    In terms of activity over the reporting period, most of it was on the sell side. We trimmed several of our financials and information technology names, taking some profits. Weakening fundamentals led us to sell certain portfolio holdings including BRF SA and CNOOC. Only two new holdings were added to the Fund’s portfolio during the reporting period – South-Korean internet content service operator NAVER and China-based automotive glass manufacturer Fuyao Glass Industry Group.

    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 companies that exhibit the following characteristics: strong organic 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.

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 10/31/06

1  Source: FactSet Research Systems Inc.

2  Source: Lipper Inc.

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 Developing Markets Fund

Average Annual Total Returns
As of 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (1/11/94)	4.89	%
10 Years	4.11
5 Years	0.79
1 Year	13.26
Class B Shares
Inception (11/3/97)	6.00	%
10 Years	4.08
5 Years	0.80
1 Year	13.95
Class C Shares
Inception (3/1/99)	8.99	%
10 Years	3.92
5 Years	1.18
1 Year	17.93
Class Y Shares
10 Years	4.91	%
5 Years	2.19
1 Year	20.14
Class R5 Shares
Inception (10/25/05)	8.22	%
10 Years	5.14
5 Years	2.34
1 Year	20.29
Class R6 Shares
10 Years	4.89	%
5 Years	2.30
1 Year	20.35

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.

Average Annual Total Returns
As of 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (1/11/94)	4.89%
10 Years	4.82
5 Years	2.60
1 Year	22.83
Class B Shares
Inception (11/3/97)	6.00%
10 Years	4.79
5 Years	2.64
1 Year	23.99
Class C Shares
Inception (3/1/99)	9.02%
10 Years	4.63
5 Years	2.99
1 Year	27.99
Class Y Shares
10 Years	5.63%
5 Years	4.03
1 Year	30.27
Class R5 Shares
Inception (10/25/05)	8.25%
10 Years	5.86
5 Years	4.17
1 Year	30.41
Class R6 Shares
10 Years	5.60%
5 Years	4.13
1 Year	30.52

    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 1.44%, 2.19%, 2.19%, 1.19%, 1.04% and 1.01%, 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 1.45%, 2.20%, 2.20%, 1.20%, 1.05% and 1.02%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses 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, 2018. See current prospectus for more information.

7                         Invesco Developing Markets Fund

Invesco Developing Markets Fund’s investment objective is long-term growth of capital.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

∎ 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

∎ Depositary receipts risk. Investing in depositary receipts involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

∎ 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.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer

or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Geographic focus risk. The Fund may from time to time invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund’s investment performance.

∎ Growth investing risk. Growth stocks tend to be more expensive relative to the issuing company’s earnings or assets compared with other types of stock. As a result, they tend to be more sensitive to changes in, or investors’ expectations of, the issuing company’s earnings and can be more volatile.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than

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

those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

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

∎ Sector focus risk. The Fund may from time to time invest a significant amount of its assets (i.e. over 25%) in one market sector or group of related industries. In this event, the Fund’s performance will depend to a greater extent on the overall condition of the sector or group of industries and there is increased risk that the Fund will lose significant value if conditions adversely affect that sector or group of industries.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

About indexes used in this report

∎ 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.

∎ The Lipper Emerging Market Funds Index is an unmanaged index considered representative of emerging market 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

∎ CPA^® and Certified Public Accountant^® are trademarks owned by the American Institute of Certified Public Accountants.

∎ 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.

∎ 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 Developing Markets Fund

Schedule of Investments

October 31, 2016

	Shares		Value
Common Stocks & Other Equity Interests–82.26%
Brazil–19.07%
Arcos Dorados Holdings, Inc.–Class A(a)		5,688,509	$	34,984,330
Banco Bradesco S.A.–ADR		4,034,304		41,997,105
BM&FBOVESPA S.A.		14,869,420		87,597,367
BR Malls Participacoes S.A.(a)		12,605,580		50,481,571
CETIP S.A.–Mercados Organizados		4,354,486		61,225,472
Cielo S.A.		4,533,547		46,028,021
Duratex S.A.		12,791,942		34,552,774
Fleury S.A.		6,293,700		83,324,348
TOTVS S.A.		2,092,600		18,989,956
Wilson Sons Ltd.–BDR		962,600		10,406,486
				469,587,430
China–13.16%
Baidu, Inc.–ADR(a)		98,098		17,349,612
China Mobile Ltd.		5,451,500		62,454,890
Fuyao Glass Industry Group Co., Ltd.–Class A		4,959,490		12,952,144
Industrial & Commercial Bank of China Ltd.–Class H		58,050,000		34,861,545
Kweichow Moutai Co., Ltd.–Class A		1,034,561		48,546,101
Lee & Man Paper Manufacturing Ltd.		68,668,000		51,510,994
NetEase, Inc.–ADR		241,880		62,160,741
Stella International Holdings Ltd.		11,189,000		19,419,110
Want Want China Holdings Ltd.		24,448,000		14,910,681
				324,165,818
Egypt–0.44%
Egyptian Financial Group-Hermes Holding Co.(a)		6,185,376		10,910,414
France–0.73%
Bollore S.A.		5,436,306		17,903,115
Hong Kong–4.38%
Galaxy Entertainment Group Ltd.		6,518,000		26,768,053
WH Group Ltd.–REGS(b)		99,909,000		81,030,451
				107,798,504
Hungary–2.71%
Richter Gedeon Nyrt		3,104,462		66,718,120
Indonesia–6.57%
PT Bank Central Asia Tbk		32,068,500		38,105,147
PT Bank Mandiri Persero Tbk		30,063,300		26,390,910
PT Perusahaan Gas Negara Persero Tbk		87,008,300		17,037,849
PT Telekomunikasi Indonesia Persero Tbk		248,402,100		80,193,598
				161,727,504
Israel–1.87%
Israel Chemicals Ltd.		3,907,788		13,914,730

	Shares		Value
Israel–(continued)
Teva Pharmaceutical Industries Ltd.–ADR		755,127	$	32,274,128
				46,188,858
Malaysia–2.16%
Public Bank Bhd.		11,209,800		53,075,844
Mexico–4.94%
Fomento Economico Mexicano, S.A.B. de C.V.–ADR		602,044		57,597,549
Grupo Televisa S.A.B.–ADR		1,762,846		43,242,612
Kimberly-Clark de Mexico, S.A.B. de C.V.–Class A		9,717,670		20,939,454
				121,779,615
Nigeria–0.85%
Zenith Bank PLC		440,176,509		20,814,471
Peru–1.32%
Credicorp Ltd.		218,960		32,554,973
Philippines–2.60%
Energy Development Corp.		246,329,900		29,996,830
SM Prime Holdings Inc.		61,407,100		34,093,932
				64,090,762
Russia–8.04%
Gazprom PAO–ADR		3,731,713		16,093,675
Mobile TeleSystems PJSC–ADR		1,836,494		14,159,369
Sberbank of Russia PJSC		25,812,144		60,003,529
Sberbank of Russia PJSC–Preference Shares		35,854,175		63,098,687
Yandex N.V.–Class A(a)		2,272,126		44,738,161
				198,093,421
South Korea–1.57%
NAVER Corp.		24,807		18,587,221
Samsung Electronics Co., Ltd.		14,170		20,215,576
				38,802,797
Taiwan–3.53%
Taiwan Semiconductor Manufacturing Co. Ltd.		14,556,000		86,947,619
Thailand–3.36%
Kasikornbank PCL		16,868,700		82,687,054
Turkey–4.96%
Anadolu Efes Biracilik ve Malt Sanayii A.S.		3,181,985		19,446,178
EIS Eczacibasi Ilaç, Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A.S.		10,359,196		13,038,973
Haci Omer Sabanci Holding A.S.		23,428,223		70,506,998
Tupras-Turkiye Petrol Rafinerileri A.S.		950,357		19,312,010
				122,304,159
Total Common Stocks & Other Equity Interests (Cost $1,792,937,191)				2,026,150,478

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

10                         Invesco Developing Markets Fund

	Shares		Value
Money Market Funds–17.32%
Government & Agency Portfolio–Institutional Class, 0.29%(c)		255,904,452	$	255,904,452
Treasury Portfolio–Institutional Class, 0.22%(c)		170,602,968		170,602,968
Total Money Market Funds (Cost $426,507,420)				426,507,420
TOTAL INVESTMENTS–99.58% (Cost $2,219,444,611)				2,452,657,898
OTHER ASSETS LESS LIABILITIES–0.42%				10,432,359
NET ASSETS–100.00%			$	2,463,090,257

Investment Abbreviations:

ADR	– American Depositary Receipt
BDR	– Brazilian 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, 2016 represented 3.29% 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, 2016.

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

11                         Invesco Developing Markets Fund

Statement of Assets and Liabilities

October 31, 2016

Assets:
Investments, at value (Cost $1,792,937,191)	$	2,026,150,478
Investments in affiliated money market funds, at value and cost		426,507,420
Total investments, at value (Cost $2,219,444,611)		2,452,657,898
Foreign currencies, at value (Cost $2,025,528)		1,721,896
Receivable for:
Investments sold		6,071,150
Fund shares sold		10,956,937
Dividends		2,012,569
Investment for trustee deferred compensation and retirement plans		314,460
Other assets		72,826
Total assets		2,473,807,736
Liabilities:
Payable for:
Fund shares reacquired		3,402,203
Accrued foreign taxes		5,272,124
Accrued fees to affiliates		1,043,457
Accrued trustees’ and officers’ fees and benefits		4,415
Accrued other operating expenses		629,322
Trustee deferred compensation and retirement plans		365,958
Total liabilities		10,717,479
Net assets applicable to shares outstanding	$	2,463,090,257
Net assets consist of:
Shares of beneficial interest	$	2,479,001,775
Undistributed net investment income		22,958,558
Undistributed net realized gain (loss)		(271,756,793	)
Net unrealized appreciation		232,886,717
	$	2,463,090,257

Net Assets:
Class A	$	824,702,225
Class B	$	8,847,774
Class C	$	82,513,121
Class Y	$	1,055,132,257
Class R5	$	331,079,348
Class R6	$	160,815,532
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		26,887,844
Class B		296,695
Class C		2,770,405
Class Y		34,328,474
Class R5		10,789,483
Class R6		5,241,071
Class A:
Net asset value per share	$	30.67
Maximum offering price per share
(Net asset value of $30.67 ¸ 94.50%)	$	32.46
Class B:
Net asset value and offering price per share	$	29.82
Class C:
Net asset value and offering price per share	$	29.78
Class Y:
Net asset value and offering price per share	$	30.74
Class R5:
Net asset value and offering price per share	$	30.69
Class R6:
Net asset value and offering price per share	$	30.68

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

12                         Invesco Developing Markets Fund

Statement of Operations

For the year ended October 31, 2016

Investment income:
Dividends (net of foreign withholding taxes of $5,998,022)	$	52,435,978
Dividends from affiliated money market funds		819,791
Total investment income		53,255,769
Expenses:
Advisory fees		19,452,255
Administrative services fees		462,432
Custodian fees		1,130,481
Distribution fees:
Class A		1,924,776
Class B		103,733
Class C		763,406
Transfer agent fees — A, B, C and Y		3,180,314
Transfer agent fees — R5		174,903
Transfer agent fees — R6		11,905
Trustees’ and officers’ fees and benefits		72,991
Registration and filing fees		154,404
Reports to shareholders		265,081
Professional services fees		77,070
Other		63,524
Total expenses		27,837,275
Less: Fees waived and expense offset arrangement(s)		(299,602	)
Net expenses		27,537,673
Net investment income		25,718,096
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $1,139,064)		(138,259,587	)
Foreign currencies		(1,101,983	)
		(139,361,570	)
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $1,713,741)		487,623,945
Foreign currencies		(9,474	)
		487,614,471
Net realized and unrealized gain		348,252,901
Net increase in net assets resulting from operations	$	373,970,997

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

13                         Invesco Developing Markets Fund

Statement of Changes in Net Assets

For the years ended October 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	25,718,096		$	35,501,710
Net realized gain (loss)		(139,361,570	)		(91,322,225	)
Change in net unrealized appreciation (depreciation)		487,614,471			(689,222,179	)
Net increase (decrease) in net assets resulting from operations		373,970,997			(745,042,694	)
Distributions to shareholders from net investment income:
Class A		(7,250,678	)		(11,257,345	)
Class B		—			(46,124	)
Class C		—			(226,637	)
Class Y		(12,161,332	)		(20,165,279	)
Class R5		(4,959,683	)		(9,883,834	)
Class R6		(2,633,867	)		(2,640,173	)
Total distributions from net investment income		(27,005,560	)		(44,219,392	)
Distributions to shareholders from net realized gains:
Class A		—			(18,963,500	)
Class B		—			(466,766	)
Class C		—			(2,293,467	)
Class Y		—			(26,008,645	)
Class R5		—			(11,459,346	)
Class R6		—			(3,014,719	)
Total distributions from net realized gains		—			(62,206,443	)
Share transactions–net:
Class A		(99,784,850	)		(191,882,572	)
Class B		(5,494,664	)		(10,229,125	)
Class C		(12,607,620	)		(26,078,129	)
Class Y		(99,163,924	)		(72,994,311	)
Class R5		(69,725,261	)		(200,072,110	)
Class R6		(37,179,196	)		46,374,190
Net increase (decrease) in net assets resulting from share transactions		(323,955,515	)		(454,882,057	)
Net increase (decrease) in net assets		23,009,922			(1,306,350,586	)
Net assets:
Beginning of year		2,440,080,335			3,746,430,921
End of year (includes undistributed net investment income of $22,958,558 and $26,487,068, respectively)	$	2,463,090,257		$	2,440,080,335

Notes to Financial Statements

October 31, 2016

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-two 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.

As of the open of business on February 26, 2016, the Fund has reopened public sales of its shares to all investors.

The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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.

14                         Invesco Developing Markets Fund

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.

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.

15                         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 the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the

16                         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, 2016, the effective advisory fees incurred by the Fund was 0.88%.

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

The Adviser has contractually agreed, through at least June 30, 2017, 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%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $291,636.

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, 2016, 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, 2016, 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $111,793 in front-end sales commissions from the sale of Class A shares and $2,346, $3,574 and $2,512 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.

17                         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, 2016. 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, 2016, there were transfers from Level 1 to Level 2 of $131,131,712 and from Level 2 to Level 1 of $457,243,511, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Brazil	$	469,587,430	$	—	$	—	$	469,587,430
China		224,841,135		99,324,683		—		324,165,818
Egypt		10,910,414		—		—		10,910,414
France		17,903,115		—		—		17,903,115
Hong Kong		107,798,504		—		—		107,798,504
Hungary		66,718,120		—		—		66,718,120
Indonesia		—		161,727,504		—		161,727,504
Israel		46,188,858		—		—		46,188,858
Malaysia		53,075,844		—		—		53,075,844
Mexico		121,779,615		—		—		121,779,615
Nigeria		20,814,471		—		—		20,814,471
Peru		32,554,973		—		—		32,554,973
Philippines		64,090,762		—		—		64,090,762
Russia		58,897,530		139,195,891		—		198,093,421
South Korea		18,587,221		20,215,576		—		38,802,797
Taiwan		86,947,619		—		—		86,947,619
Thailand		—		82,687,054		—		82,687,054
Turkey		19,446,178		102,857,981		—		122,304,159
Money Market Funds		426,507,420		—		—		426,507,420
Total Investments	$	1,846,649,209	$	606,008,689	$	—	$	2,452,657,898

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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $7,966.

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.

18                         Invesco Developing Markets 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, 2016 and 2015:

	2016		2015
Ordinary income	$	27,005,560	$	44,260,569
Long-term capital gain		—		62,165,266
Total distributions	$	27,005,560	$	106,425,835

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	23,853,646
Net unrealized appreciation — investments		228,932,422
Net unrealized appreciation (depreciation) — other investments		(323,981	)
Temporary book/tax differences		(380,793	)
Capital loss carryforward		(267,992,812	)
Shares of beneficial interest		2,479,001,775
Total net assets	$	2,463,090,257

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 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. 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, 2016, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
October 31, 2017	$	47,338,828	$	—	$	47,338,828
Not subject to expiration		11,714,863		208,939,121		220,653,984
	$	59,053,691	$	208,939,121	$	267,992,812

* 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.

19                         Invesco Developing Markets 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, 2016 was $61,477,640 and $697,722,622, 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	$	492,440,504
Aggregate unrealized (depreciation) of investment securities		(263,508,082	)
Net unrealized appreciation of investment securities	$	228,932,422

Cost of investments for tax purposes is $2,223,725,476.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of expired capital loss carryforward, foreign currency transactions and foreign capital gain taxes, on October 31, 2016, undistributed net investment income was decreased by $2,241,046, undistributed net realized gain (loss) was increased by $24,062,513 and shares of beneficial interest was decreased by $21,821,467. This reclassification had no effect on the net assets of the Fund.

NOTE 10—Share Information

	Summary of Share Activity
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		6,223,706		$	172,445,345			5,164,688		$	150,282,799
Class B		3,413			93,276			5,133			146,970
Class C		434,158			12,231,991			125,838			3,571,339
Class Y		16,687,212			462,805,113			22,922,032			689,193,614
Class R5		2,612,537			71,219,411			4,254,113			125,236,418
Class R6		4,221,542			115,075,056			2,249,248			63,230,870
Issued as reinvestment of dividends:
Class A		263,221			6,388,370			895,102			26,763,551
Class B		—			—			15,823			462,034
Class C		—			—			78,547			2,290,442
Class Y		256,399			6,222,812			935,688			28,005,135
Class R5		176,828			4,281,012			510,501			15,243,554
Class R6		108,882			2,633,867			189,444			5,654,891
Automatic conversion of Class B shares to Class A shares:
Class A		121,188			3,279,616			209,759			6,203,277
Class B		(124,281	)		(3,279,616	)		(215,577	)		(6,203,277	)
Reacquired:
Class A		(10,482,846	)		(281,898,181	)		(12,551,420	)		(375,132,199	)
Class B		(89,538	)		(2,308,324	)		(163,634	)		(4,634,852	)
Class C		(955,039	)		(24,839,611	)		(1,131,871	)		(31,939,910	)
Class Y		(21,827,088	)		(568,191,849	)		(27,825,234	)		(790,193,060	)
Class R5		(5,620,816	)		(145,225,684	)		(11,400,501	)		(340,552,082	)
Class R6		(6,069,981	)		(154,888,119	)		(757,305	)		(22,511,571	)
Net increase (decrease) in share activity		(14,060,503	)	$	(323,955,515	)		(16,489,626	)	$	(454,882,057	)

^(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.

20                         Invesco Developing Markets 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(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 10/31/16	$	25.84	$	0.27	$	4.80		$	5.07		$	(0.24	)	$	—		$	(0.24	)	$	30.67		19.88	%	$	824,702		1.40	%(e)		1.41	%(e)		1.01	%(e)		3	%
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			1.44			0.96			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
Class B
Year ended 10/31/16		25.06		0.07		4.69			4.76			—			—			—			29.82		18.99			8,848		2.15	(e)		2.16	(e)		0.26	(e)		3
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			2.19			0.21			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
Class C
Year ended 10/31/16		25.03		0.07		4.68			4.75			—			—			—			29.78		18.98			82,513		2.15	(e)		2.16	(e)		0.26	(e)		3
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			2.19			0.21			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
Class Y
Year ended 10/31/16		25.92		0.35		4.79			5.14			(0.32	)		—			(0.32	)		30.74		20.18			1,055,132		1.15	(e)		1.16	(e)		1.26	(e)		3
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			1.19			1.21			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
Class R5
Year ended 10/31/16		25.90		0.38		4.79			5.17			(0.38	)		—			(0.38	)		30.69		20.33			331,079		1.03	(e)		1.04	(e)		1.38	(e)		3
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			1.04			1.36			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
Class R6
Year ended 10/31/16		25.90		0.39		4.78			5.17			(0.39	)		—			(0.39	)		30.68		20.35			160,816		0.98	(e)		0.99	(e)		1.43	(e)		3
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			1.01			1.39			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 which were less than $0.005 per share, for the fiscal year ended October 31,2012.

^(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 $769,910, $10,373, $76,341, $895,075, $313,324 and $145,996 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.

21                         Invesco Developing Markets Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees

and Shareholders of the 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 the Invesco Developing Markets Fund (the “Fund”) as of October 31, 2016, 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 as of October 31, 2016 by correspondence with the custodian, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

Houston, Texas

December 21, 2016

22                         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, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/16)1		Expenses Paid During Period2		Ending Account Value (10/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,084.90	$	7.07	$	1,018.35	$	6.85		1.35	%
B		1,000.00		1,080.80		10.98		1,014.58		10.63		2.10
C		1,000.00		1,080.50		10.98		1,014.58		10.63		2.10
Y		1,000.00		1,085.90		5.77		1,019.61		5.58		1.10
R5		1,000.00		1,086.80		5.09		1,020.26		4.93		0.97
R6		1,000.00		1,087.20		4.88		1,020.46		4.72		0.93

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 to reflect the most recent fiscal half year.

23                         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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s

evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 Broadridge 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 fifth quintile of its performance universe for the one year period, the fourth 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 below the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. Invesco Advisers noted that weak performance since the third quarter of 2014 is expected to be a drag on medium term performance. The Trustees also

24                         Invesco Developing Markets Fund

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 Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge 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, based on asset balances as of December 31, 2015. 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 and a report from an independent consultant engaged by the Senior Officer 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 Broadridge 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 certain 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 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, 2016:

Federal and State Income Tax
Qualified Dividend Income*		99.96	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%
Foreign Taxes	$	0.0736	per share
Foreign Source Income	$	0.3038	per share

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

26                         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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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, 2016
	Invesco Emerging Markets Flexible Bond Fund
	Nasdaq:
	A: IAEMX  ∎  B: IBEMX  ∎  C: ICEMX  ∎  R: IREMX  ∎  Y: IYEMX  ∎  R5: IIEMX  ∎  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.     In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to sink at the start of calendar year 2016, but they eventually recovered; they sank again following the UK’s decision to leave the European Union, but then quickly

recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

    Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

    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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

2                         Invesco Emerging Markets Flexible Bond 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:
	∎	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.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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 Flexible Bond Fund

Management’s Discussion of Fund Performance

Performance summary For the fiscal year ended October 31, 2016, Class A shares of Invesco Emerging Markets Flexible Bond Fund (the Fund), at net asset value (NAV), underperformed the 3-Month USD Libor Index, the Fund’s style-specific index.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 10/31/15 to 10/31/16, 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	0.45	%
Class B Shares	-0.37
Class C Shares	-0.21
Class R Shares	0.33
Class Y Shares	0.72
Class R5 Shares	0.72
Class R6 Shares	0.73
JP Morgan EMBI Global Diversified Indexq (Broad Market Index)*	11.70
JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Indexq (Former Broad Market/Style-Specific Index)*	11.04
3-Month USD Libor Index∎ (Style-Specific Index)*	0.62
Lipper Emerging Markets Hard Currency Debt Funds Index◆ (Peer Group Index)	12.11
Source(s): qFactSet Research Systems Inc.; ∎Bloomberg L.P.; ◆Lipper Inc.

*The Fund has elected to use the JP Morgan EMBI Global Diversified Index and the 3-Month USD Libor Index as its broad market index and its style-specific index, respectively, rather than the JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index because the JP Morgan EMBI Global Diversified Index and the 3-Month USD Libor Index more closely reflect the performance of the types of securities in which the Fund invests.

Market conditions and your Fund

Effective February 26, 2016 the Fund changed its name from Invesco Emerging Markets Local Currency Debt Fund to Invesco Emerging Markets Flexible Bond Fund. The change reflects the Fund’s

change in strategy, which seeks to provide attractive risk-adjusted returns over a full market cycle through investments in emerging market hard and local currency denominated sovereign and corporate debt securities.

Portfolio Composition
By industry	% of total net assets

Sovereign Debt	37.6	%
Diversified Banks	9.9
Integrated Oil & Gas	6.2
Packaged Foods & Meats	5.5
Integrated Telecommunication Services	2.4
Oil & Gas Exploration & Production	2.0
Oil & Gas Refining & Marketing	1.8
Electric Utilities	1.8
Construction & Engineering	1.7
Wireless Telecommunication Services	1.5
Independent Power Producers & Energy Traders	1.5
Diversified Capital Markets	1.5
Airlines	1.5
Oil & Gas Storage & Transportation	1.2
Construction Materials	1.1
Gold	1.0
Consumer Finance	1.0
Industry Type Each Less Than 1% of Portfolio	3.5
Money Market Funds Plus Other Assets Less Liabilities	17.3

Top Five Debt Issuers*
	% of total net assets

1.	Mexican Bonos	7.6	%
2.	Hungary Government Bond	6.3
3.	Standard Chartered Bank	5.5
4.	Russian Federal Bond-OFZ	3.0
5.	Petrobras Global Finance B.V.	3.0

Total Net Assets	$	67.8 million
Total Number of Holdings*		64

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, 2016.

    Emerging market debt securities posted strong returns during the reporting period. Hard currency sovereign debt securities returned 11.7%, corporate debt securities returned 9.2% and local currency debt securities returned 11.0%.¹ Price appreciation for dollar-denominated debt securities was driven by a combination of a rally in US Treasuries and credit spread tightening. US 10-year Treasuries ended the fiscal year yielding 1.84%, 32 basis points lower than a year prior.² (A basis point is one one-hundredth of a percentage point.) Emerging market sovereign spreads tightened 53 basis points during the reporting period to end at 3.40%, despite a lower overall credit rating for the hard currency index.¹ Corporate spreads also tightened by 90 basis points, while corporate credit saw an overall improvement in ratings.¹ The rally in US Treasuries reflected expectations for lower US growth and inflation going forward, while the tightening in emerging market spreads was largely the result of sustained flows into the asset class, driven by a global hunt for yield in a low yield environment. For local currency debt securities, returns were driven primarily by high local carry, while both price appreciation in local terms and currency appreciation versus the US dollar and euro contributed to Fund performance during the fiscal year.

    Emerging market bonds had a difficult first couple of months of the fiscal year, due to weakness in oil and soft economic data in the US and China, which drove commodity prices lower. However, the asset class rebounded strongly starting in February, posting positive returns in seven of the following eight months. In March, reflationary policies led by major central banks, further supported by fiscal stimulus measures in China, supercharged local emerging markets, which posted a 9.1% return for the month.¹ During the reporting period, emerging markets debt benefited tremendously from dovish global central bank policies, macroeconomic improvements, a recovery in oil prices and improved emerging market funds inflows. The asset class performed well during the reporting period despite global volatility resulting from events such as Brexit, the June 2016 referendum in which UK voters opted to leave the European Union. Inflows for hard currency alone from the beginning of 2016 to the end of the reporting period

4                         Invesco Emerging Markets Flexible Bond Fund

were nearly $38 billion.³ October 2016 saw a sell-off in emerging market debt securities driven by higher global yields and a fall in oil prices.

For both corporate and sovereign debt securities, high yield bonds outperformed investment grade bonds for the reporting period.¹ All regions had positive returns, led by Latin America and Africa, while the Middle East lagged. The top-performing sovereigns for the reporting period included Venezuela, Ecuador, Zambia and Argentina, while Mozambique, Belize and Turkey were the worst performers. For corporate debt securities, transport and metals and mining were the top-performing sectors for the reporting period, while the diversified and financial sectors lagged. For local currency denominated debt securities, the top-performing countries during the reporting period were Brazil and Indonesia, while Mexico and Poland were the only two countries to post negative returns.

The Fund generated its return during the reporting period with significantly less volatility than the underlying emerging markets themselves. The Fund’s returns were generated from exposure to US dollar-denominated sovereign and corporate debt securities, in addition to local market interest rate exposures. Currency exposures, led by the negative carry from short emerging market foreign exchange positions, detracted from Fund performance.

From a regional and sector perspective, contributors to Fund performance were diversified and broad based. Key investment themes included meaningful exposure to Latin American assets that benefited from rising commodity prices. Brazilian and Mexican corporate and local currency debt were significant contributors to the Fund’s performance. Russian corporate credit exposure was an outsized contributor to Fund performance, benefiting from rising oil prices and the paying down of external debt. Central American sovereign credit exposure benefited from the US duration rally and interest from market participants given the bonds’ attractive relative valuations.

Our key emerging market foreign currency investment theme centered on the rich valuations in Asian currency markets most impacted by an anticipated depreciation of the Chinese renminbi. This has proven slower to develop than anticipated. In southern Asia, the Fund benefited significantly from its exposure to Indian and Indonesian local bond markets, on an unhedged basis.

At the close of the reporting period, medium-term emerging market fundamentals remained challenged as debt levels continued to rise, although near-term economic activity stabilized. In our view, the potential for increased growth in China in 2017 could support commodity-exporting emerging markets, with Latin America a more likely beneficiary. We see prospective tightening in financial conditions as a threat to these outcomes. Valuations remained fair to slightly rich at the close of the reporting period, yet we believe continued portfolio flows may provide ongoing price support as institutional investors increasingly allocate to the asset class.

Please note that the Fund’s strategy is partly implemented with derivative instruments that include futures, forwards, options and 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 investment in Invesco Emerging Markets Flexible Bond Fund.

1  Source: J.P. Morgan

2  Source: US Department of the Treasury

3  Source: EPFR Global

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 Emerging Markets Flexible Bond Fund. He joined Invesco in 2010. Mr. Hooper earned a BAS with a focus in accounting and finance from York University.

Rashique Rahman

Portfolio Manager, is lead manager of Invesco Emerging Markets Flexible Bond Fund. Mr. Rahman is the Head of Emerging Markets for Invesco Fixed Income. He joined Invesco in 2014. Mr. Rahman did undergraduate work at the University of California, Los Angeles, and earned an MA and an MBA from Columbia University.

Michael Hyman

Portfolio Manager, is manager of Invesco Emerging Markets Flexible Bond Fund. He joined Invesco in 2013. Mr. Hyman earned a BSE in finance from Pennsylvania State University and an MBA from the Stern School of Business at New York University.

Jorge Ordonez

Portfolio Manager, is manager of Invesco Emerging Markets Flexible Bond Fund. He joined Invesco in 2015. Mr. Ordonez earned a BA in economics from Haverford College and an MBA from the Tuck School of Business at Dartmouth.

5                         Invesco Emerging Markets Flexible Bond 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

1  Source: Factset Research Systems Inc.

2  Source: Lipper Inc.

3  Source: Bloomberg L.P.

Past performance cannot guarantee comparable future results.

    During the reporting period, the Fund has elected to use the JP Morgan EMBI Global Diversified Index and the 3-Month USD Libor Index as its broad market index and its style-specific index, respectively, rather than the JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index because the JP Morgan EMBI Global Diversified Index and the 3-Month USD Libor Index more closely reflect 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 9

a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Fund’s short positions will cause the Fund to underperform the overall market and its peers that do not engage in shorting. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund’s returns.

∎ 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 the Fund’s prospectus and the SAI, and could negatively affect the Fund and its shareholders.

About indexes used in this report

∎ The JP Morgan EMBI Global Diversified Index is an unmanaged index that tracks the traded market for US-dollar-denominated Brady bonds, eurobonds,

traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities.

∎ 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.

∎ The 3-Month USD Libor Index is unmanaged index considered representative of the average interest rate at which a selection of banks in London are prepared to lend to one another in American dollars with a maturity of three months.

∎ The Lipper Emerging Markets Hard Currency Debt Funds Index is an unmanaged index considered representative of emerging market debt funds tracked by Lipper.

∎ The Fund is not managed to track the performance of any particular index,

continued on page 7

6                         Invesco Emerging Markets Flexible Bond Fund

Average Annual Total Returns
As of 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (6/16/10)	-1.34	%
5 Years	-4.16
1 Year	-3.81
Class B Shares
Inception (6/16/10)	-1.42	%
5 Years	-4.34
1 Year	-5.19
Class C Shares
Inception (6/16/10)	-1.40	%
5 Years	-4.01
1 Year	-1.18
Class R Shares
Inception (6/16/10)	-0.92	%
5 Years	-3.55
1 Year	0.33
Class Y Shares
Inception (6/16/10)	-0.43	%
5 Years	-3.08
1 Year	0.72
Class R5 Shares
Inception (6/16/10)	-0.42	%
5 Years	-3.05
1 Year	0.72
Class R6 Shares
Inception	-0.51	%
5 Years	-3.12
1 Year	0.73

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

Average Annual Total Returns

As of 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (6/16/10)	-1.38	%
5 Years	-3.13
1 Year	0.01
Class B Shares
Inception (6/16/10)	-1.47	%
5 Years	-3.34
1 Year	-1.30
Class C Shares
Inception (6/16/10)	-1.44	%
5 Years	-3.01
1 Year	2.70
Class R Shares
Inception (6/16/10)	-0.98	%
5 Years	-2.57
1 Year	4.15
Class Y Shares
Inception (6/16/10)	-0.48	%
5 Years	-2.08
1 Year	4.59
Class R5 Shares
Inception (6/16/10)	-0.48	%
5 Years	-2.06
1 Year	4.59
Class R6 Shares
Inception	-0.57	%
5 Years	-2.11
1 Year	4.76

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%, 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 1.89%, 2.64%, 2.64%, 2.14%, 1.64%, 1.34% and 1.33%, 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, 2018. See current prospectus for more information.

continued from page 6

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.

∎ 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 Emerging Markets Flexible Bond Fund

Invesco Emerging Markets Flexible Bond Fund’s investment objective is total return through growth of capital and current income.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

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

∎ 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

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

∎ 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 near, at or below zero. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

∎ 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. Should the Internal Revenue Service issue guidance, or Congress enact legislation, that adversely affects the tax treatment of the Fund’s use of the Subsidiary (which guidance might be applied to the Fund retroactively), it could, among other consequences, limit the Fund’s ability to pursue its investment strategy.

∎ Commodity risk. The Fund may have 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. Volatility in the commodities markets may be caused by 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, investment and trading activities of mutual funds, hedge funds and commodities funds, and factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments or supply and demand disruptions. Because the Fund’s performance may be linked to the performance of volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of the Fund’s shares.

∎ 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, in some cases, foreign currency risk. 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. Credit linked notes may be less liquid than other investments and therefore harder to dispose of at the desired time and price. In addition, credit linked notes may be leveraged and, as a result, small changes in the value of the underlying reference obligation may produce disproportionate losses to the Fund.

∎ Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ 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

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 Flexible Bond Fund

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 strategies.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ 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, 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.

∎ Foreign government debt risk. Investments in foreign government debt securities (sometimes referred to as sovereign debt securities) 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.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Geographic focus risk. The Fund may from time to time invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. Adverse

economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund’s investment performance.

∎ High yield debt securities (junk bond) risk. Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ Non-diversification risk. The Fund is non-diversified and can invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund.

∎ Short position risk. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the Fund will incur a loss on

continued on page 6

9                         Invesco Emerging Markets Flexible Bond Fund

Consolidated Schedule of Investments

October 31, 2016

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–56.55%
Angola–1.00%
Republic of Angola Via Northern Lights III B.V., REGS, Sr. Sec. Euro Notes, 7.00%, 08/16/2019(a)	$	675,000	$	677,265
Argentina–4.89%
Banco Hipotecario S.A., REGS, Sr. Unsec. Euro Notes, 9.75%, 11/30/2020(a)		861,000		975,083
Generación Mediterránea S.A./Generación Frías S.A./Central Térmica Roca S.A., REGS, Sr. Unsec. Gtd. Euro Notes, 9.63%, 07/27/2023(a)		600,000		642,900
Provincia de Buenos Aires Sr. Unsec. Notes, 5.75%, 06/15/2019(a)		520,000		533,650
7.88%, 06/15/2027(a)		600,000		618,000
YPF S.A., REGS, Sr. Unsec. Euro Notes, 8.50%, 07/28/2025(a)		500,000		546,250
				3,315,883
Azerbaijan–1.17%
Southern Gas Corridor CJSC, Sr. Unsec. Government Gtd. Notes, 6.88%, 03/24/2026(a)		700,000		791,119
Bahrain–1.34%
Bahrain Government International Bond, Sr. Unsec. Bonds, 7.00%, 10/12/2028(a)		880,000		908,600
Brazil–10.86%
BRF GmbH, Sr. Unsec. Gtd. Notes, 4.35%, 09/29/2026(a)		321,000		312,173
BTG Investments L.P., REGS, Sr. Unsec. Gtd. Euro Notes, 4.50%, 04/17/2018(a)		1,050,000		992,250
Cosan Luxembourg S.A., Sr. Unsec. Gtd. Notes, 7.00%, 01/20/2027(a)		495,000		516,656
Cosan Overseas Ltd., REGS, Sr. Unsec. Gtd. Euro Notes, 8.25%, 12/31/2049(a)		700,000		704,375
Marfrig Holdings Europe B.V., Sr. Unsec. Gtd. Notes, 8.00%, 06/08/2023(a)		900,000		933,750
Minerva Luxembourg S.A., Sr. Unsec. Gtd. Notes, 6.50%, 09/20/2026(a)		1,006,000		992,138
Odebrecht Finance Ltd., REGS, Sr. Unsec. Gtd. Euro Notes, 5.25%, 06/27/2029(a)		200,000		98,000
Petrobras Global Finance B.V., Sr. Unsec. Gtd. Global Notes, 8.75%, 05/23/2026		1,800,000		2,031,750

	Principal Amount		Value
Brazil–(continued)
Votorantim Cimentos S.A., REGS, Sr. Unsec. Gtd. Euro Notes, 7.25%, 04/05/2041(a)	$	800,000	$	782,000
				7,363,092
Canada–0.51%
First Quantum Minerals Ltd., Sr. Unsec. Gtd. Notes, 7.25%, 10/15/2019(a)		349,000		345,946
Colombia–1.76%
Avianca Holdings S.A./ Avianca Leasing LLC/ Grupo Taca Holdings, REGS, Sr. Unsec. Gtd. Euro Notes, 8.38%, 05/10/2020(a)		1,000,000		990,000
Banco de Bogotá S.A., Unsec. Sub. Notes, 6.25%, 05/12/2026(a)		200,000		206,489
				1,196,489
Costa Rica–1.54%
Banco Nacional de Costa Rica, REGS, Sr. Unsec. Euro Notes, 6.25%, 11/01/2023(a)		1,000,000		1,044,640
Dominican Republic–0.54%
Dominican Republic International Bond, Sr. Unsec. Notes, 6.88%, 01/29/2026(a)		333,000		369,630
Ecuador–1.25%
Ecuador Government International Bond, REGS, Sr. Unsec. Euro Bonds, 10.75%, 03/28/2022(a)		800,000		848,000
El Salvador–0.83%
AES El Salvador Trust II, REGS, Sr. Unsec. Gtd. Euro Notes, 6.75%, 03/28/2023(a)		600,000		565,500
Georgia–0.72%
BGEO Group JSC, Sr. Unsec. Bonds, 6.00%, 07/26/2023(a)		475,000		490,076
Ghana–1.20%
Ghana Government International Bond, REGS, Sr. Unsec. Euro Notes, 7.88%, 08/07/2023(a)		850,000		816,939
Honduras–1.65%
Honduras Government International Bond, REGS, Sr. Unsec. Euro Notes, 7.50%, 03/15/2024(a)		1,000,000		1,120,000

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

10                         Invesco Emerging Markets Flexible Bond Fund

	Principal Amount		Value
Hungary–1.13%
Hungary Government International Bond, Sr. Unsec. Global Notes, 7.63%, 03/29/2041	$	500,000	$	763,875
India–2.30%
Delhi International Airport (Pvt.) Ltd., Sr. Sec. First Lien Bonds, 6.13%, 10/31/2026(a)		1,000,000		1,028,847
Vedanta Resources PLC, REGS, Sr. Unsec. Euro Notes, 7.13%, 05/31/2023(a)		550,000		532,125
				1,560,972
Indonesia–0.65%
Listrindo Capital B.V., Sr. Unsec. Gtd. Notes, 4.95%, 09/14/2026(a)		439,000		444,262
Ivory Coast–0.62%
Ivory Coast Government International Bond, REGS, Sr. Unsec. Euro Notes, 6.38%, 03/03/2028(a)		400,000		418,850
Jamaica–1.19%
Digicel Group Ltd., REGS, Sr. Unsec. Euro Notes, 7.13%, 04/01/2022(a)		300,000		239,160
Jamaica Government International Bond, Sr. Unsec. Global Notes, 6.75%, 04/28/2028		500,000		566,250
				805,410
Jordan–0.29%
Jordan Government International Bond, Sr. Unsec. Notes, 5.75%, 01/31/2027(a)		200,000		199,260
Kazakhstan–1.37%
Zhaikmunai LLP, REGS, Sr. Unsec. Gtd. Euro Notes, 6.38%, 02/14/2019(a)		1,000,000		930,000
Kenya–1.03%
Kenya Government International Bond, REGS, Sr. Unsec. Euro Notes, 6.88%, 06/24/2024(a)		700,000		700,875
Kuwait–0.40%
Equate Petrochemical B.V., Sr. Unsec. Gtd. Notes, 4.25%, 11/03/2026(a)		270,000		268,175
Mexico–2.95%
Petróleos Mexicanos, Sr. Unsec. Gtd. Global Bonds, 6.63%, 06/15/2035		800,000		811,680
SixSigma Networks México, S.A. de C.V., REGS, Sr. Unsec. Gtd. Euro Notes, 8.25%, 11/07/2021(a)		500,000		491,250

	Principal Amount		Value
Mexico–(continued)
Unifin Financiera, S.A.B. de C.V., SOFOM, E.N.R., Sr. Unsec. Gtd. Bonds, 7.25%, 09/27/2023(a)	$	700,000	$	699,261
				2,002,191
Netherlands–1.36%
GTH Finance B.V., Sr. Unsec. Gtd. Notes, 7.25%, 04/26/2023(a)		857,000		920,204
Pakistan–1.51%
Third Pakistan International Sukuk Co. Ltd. (The), Sr. Unsec. Bonds, 5.50%, 10/13/2021(a)		1,000,000		1,021,316
Paraguay–0.63%
Paraguay Government International Bond, Sr. Unsec. Bonds, 5.00%, 04/15/2026(a)		400,000		426,000
Peru–0.81%
Banco Internacional del Perú S.A.A. Interbank, REGS, Unsec. Sub. Euro Notes, 6.63%, 03/19/2029(a)		500,000		551,100
Russia–3.64%
Credit Bank of Moscow Via CBOM Finance PLC, Sr. Unsec. Notes, 5.88%, 11/07/2021(a)		300,000		300,000
Evraz Group S.A., REGS, Sr. Unsec. Euro Bonds, 8.25%, 01/28/2021(a)		600,000		654,600
Gazprom OAO Via Gaz Capital S.A., REGS, Sr. Unsec. Medium-Term Euro Notes, 8.63%, 04/28/2034(a)		630,000		811,066
Polyus Gold International Ltd., Sr. Unsec. Gtd. Bonds, 4.70%, 03/28/2022(a)		700,000		700,000
				2,465,666
South Africa–2.35%
Eskom Holdings SOC Ltd., REGS, Sr. Unsec. Euro Notes, 7.13%, 02/11/2025(a)		550,000		570,509
MTN (Mauritius) Investments Ltd., Sr. Unsec. Gtd. Notes, 6.50%, 10/13/2026(a)		1,006,000		1,024,863
				1,595,372
Sri Lanka–1.46%
Sri Lanka Government International Bond, Sr. Unsec. Bonds, 6.83%, 07/18/2026(a)		938,000		993,200
Turkey–0.74%
Export Credit Bank of Turkey, Sr. Unsec. Notes, 5.38%, 10/24/2023(a)		500,000		498,728

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

11                         Invesco Emerging Markets Flexible Bond Fund

	Principal Amount		Value
Ukraine–2.18%
MHP S.A., REGS, Sr. Unsec. Gtd. Euro Notes, 8.25%, 04/02/2020(a)	$	1,500,000	$	1,476,135
United Kingdom–0.68%
Tullow Oil PLC, REGS, Sr. Unsec. Gtd. Euro Notes, 6.25%, 04/15/2022(a)		500,000		461,250
Total U.S. Dollar Denominated Bonds & Notes (Cost $37,271,060)				38,356,020
Non U.S. Dollar Denominated Bonds & Notes–20.65%(b)
Canada–1.04%
Province of British Columbia, Sr. Unsec. Bonds, 6.60%, 01/9/2020(a)	INR	47,000,000		702,706
Hungary–6.32%
Hungary Government Bond, Unsec. Bonds, 5.50%, 06/24/2025	HUF	1,000,000,000		4,286,832
Indonesia–2.60%
Indonesia Treasury Bond, Sr. Unsec. Bonds, 9.50%, 07/15/2031	IDR	20,000,000,000		1,764,706
Mexico–7.64%
Mexican Bonos, Sr. Unsec. Bonds, 5.00%, 12/11/2019	MXN	100,000,000		5,180,860
Russia–3.05%
Russian Federal Bond — OFZ, Series 6214, Unsec. Bonds, 6.40%, 05/27/2020	RUB	140,000,000		2,067,719
Total Non U.S. Dollar Denominated Bonds & Notes (Cost $13,993,204)				14,002,823

	Principal Amount		Value
Credit-Linked Securities–5.49%(b)
Standard Chartered Bank
REGS, Sr. Unsec. Medium-Term Euro Notes (Credit-Linked to India Government Bonds, 7.80%, 05/03/2020),
7.80%, 05/05/2020(a)	INR	33,600,000	$	521,361
REGS, Sr. Unsec. Medium-Term Euro Notes (Credit-Linked to India Government Bonds, 8.12%, 12/10/2020),
8.12%, 12/14/2020(a)	INR	40,000,000		630,105
REGS, Sr. Unsec. Medium-Term Euro Notes (Credit-Linked to India Government Bonds, 8.28%, 09/21/2027),
8.28%, 09/23/2027(a)	INR	58,000,000		945,974
Sr. Unsec. Medium-Term Euro Notes (Credit-Linked to India Government Bonds, 8.40%, 07/28/2024),
8.40%, 07/30/2024(a)	INR	100,000,000		1,623,757
Total Credit-Linked Securities (Cost $3,781,038)				3,721,197
	Shares
Money Market Funds–15.43%
Government & Agency Portfolio–Institutional Class, 0.29%(c)		6,279,958		6,279,958
Treasury Portfolio–Institutional Class, 0.22%(c)		4,186,639		4,186,639
Total Money Market Funds (Cost $10,466,597)				10,466,597
TOTAL INVESTMENTS–98.12% (Cost $65,511,899)				66,546,637
OTHER ASSETS LESS LIABILITIES–1.88%				1,278,249
NET ASSETS–100.00%			$	67,824,886

Investment Abbreviations:

Gtd.	– Guaranteed
HUF	– Hungary Forint
IDR	– Indonesian Rupiah
INR	– Indian Rupee

MXN	– Mexican Peso
REGS	– Regulation S
RUB	– Russian Ruble
Sec.	– Secured

Sr.	– Senior
Sub.	– Subordinated
Unsec.	– Unsecured

Notes to Consolidated Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2016 was $38,606,368, which represented 56.92% of the Fund’s Net Assets.

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

^(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, 2016.

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

12                         Invesco Emerging Markets Flexible Bond Fund

Consolidated Statement of Assets and Liabilities

October 31, 2016

Assets:
Investments, at value (Cost $55,045,302)	$	56,080,040
Investments in affiliated money market funds, at value and cost		10,466,597
Total investments, at value (Cost $65,511,899)		66,546,637
Cash		262,749
Receivable for:
Deposits with brokers		426,768
Investments sold		2,473,881
Variation margin — futures		35,739
Variation margin — centrally cleared swap agreements		3,476
Fund shares sold		32,166
Dividends and interest		920,970
Fund expenses absorbed		23,870
Swaps receivables		3,472
Premiums paid on swap agreements		1,032,376
Investment for trustee deferred compensation and retirement plans		24,025
Unrealized appreciation on forward foreign currency contracts outstanding		1,245,550
Other assets		28,583
Total assets		73,060,262
Liabilities:
Payable for:
Investments purchased		3,112,295
Fund shares reacquired		21,770
Amount due custodian — foreign currency (cost $96,076)		94,604
Swaps payable		12,367
Accrued fees to affiliates		7,767
Accrued trustees’ and officers’ fees and benefits		1,789
Accrued other operating expenses		66,031
Trustee deferred compensation and retirement plans		25,151
Unrealized depreciation on forward foreign currency contracts outstanding		1,479,821
Unrealized depreciation on swap agreements — OTC		413,781
Total liabilities		5,235,376
Net assets applicable to shares outstanding	$	67,824,886
Net assets consist of:
Shares of beneficial interest	$	69,318,856
Undistributed net investment income		9,583
Undistributed net realized gain (loss)		(1,993,790	)
Net unrealized appreciation		490,237
	$	67,824,886

Net Assets:
Class A	$	5,181,649
Class B	$	121,239
Class C	$	1,195,011
Class R	$	264,422
Class Y	$	354,133
Class R5	$	6,678
Class R6	$	60,701,754
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		792,980
Class B		18,563
Class C		182,780
Class R		40,517
Class Y		54,208
Class R5		1,023
Class R6		9,299,165
Class A:
Net asset value per share	$	6.53
Maximum offering price per share
(Net asset value of $6.53 ¸ 95.75%)	$	6.82
Class B:
Net asset value and offering price per share	$	6.53
Class C:
Net asset value and offering price per share	$	6.54
Class R:
Net asset value and offering price per share	$	6.53
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	$	6.53

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

13                         Invesco Emerging Markets Flexible Bond Fund

Consolidated Statement of Operations

For the year ended October 31, 2016

Investment income:
Interest (net of foreign withholding taxes of $71,807)	$	3,268,980
Dividends from affiliated money market funds		25,674
Total investment income		3,294,654
Expenses:
Advisory fees		458,292
Administrative services fees		50,000
Custodian fees		47,172
Distribution fees:
Class A		13,865
Class B		2,003
Class C		11,535
Class R		1,453
Transfer agent fees — A, B, C, R, and Y		28,459
Transfer agent fees — R6		185
Trustees’ and officers’ fees and benefits		19,971
Registration and filing fees		86,323
Reports to shareholders		22,937
Professional services fees		61,239
Other		39,054
Total expenses		842,488
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(217,524	)
Net expenses		624,964
Net investment income		2,669,690
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(8,760,828	)
Foreign currencies		(475,018	)
Forward foreign currency contracts		(2,290,836	)
Futures contracts		(117,318	)
Option contracts written		27,625
Swap agreements		(496,302	)
		(12,112,677	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		11,522,957
Foreign currencies		23,834
Forward foreign currency contracts		(296,786	)
Futures contracts		127,328
Swap agreements		(437,044	)
		10,940,289
Net realized and unrealized gain (loss)		(1,172,388	)
Net increase in net assets resulting from operations	$	1,497,302

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

14                         Invesco Emerging Markets Flexible Bond Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	2,669,690		$	2,788,125
Net realized gain (loss)		(12,112,677	)		(4,854,316	)
Change in net unrealized appreciation (depreciation)		10,940,289			(6,674,360	)
Net increase (decrease) in net assets resulting from operations		1,497,302			(8,740,551	)
Return of capital:
Class A		(225,952	)		(368,524	)
Class B		(6,797	)		(14,244	)
Class C		(37,979	)		(68,983	)
Class R		(10,957	)		(19,363	)
Class Y		(12,799	)		(39,924	)
Class R5		(284	)		(2,106	)
Class R6		(2,118,421	)		(2,025,139	)
Total return of capital		(2,413,189	)		(2,538,283	)
Share transactions–net:
Class A		(865,850	)		(1,355,045	)
Class B		(161,303	)		26,014
Class C		(141,744	)		(469,716	)
Class R		(82,056	)		(2,139	)
Class Y		59,060			(2,338,926	)
Class R5		—			(163,230	)
Class R6		23,922,971			6,445,058
Net increase in net assets resulting from share transactions		22,731,078			2,142,016
Net increase (decrease) in net assets		21,815,191			(9,136,818	)
Net assets:
Beginning of year		46,009,695			55,146,513
End of year (includes undistributed net investment income of $9,583 and $(261,153), respectively)	$	67,824,886		$	46,009,695

Notes to Consolidated Financial Statements

October 31, 2016

NOTE 1—Significant Accounting Policies

Invesco Emerging Markets Flexible Bond Fund (the “Fund”), formerly Invesco Emerging Market Local Currency Debt 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-two 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 Emerging Markets Flexible Bond Cayman 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 total return through growth of capital and current income.

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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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.

15                         Invesco Emerging Markets Flexible Bond Fund

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 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 Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

16                         Invesco Emerging Markets Flexible Bond 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 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, 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.

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. 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.

17                         Invesco Emerging Markets Flexible Bond 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.

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

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

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the 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.

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

M. Call Options Written — The Fund may write call options. A covered call option gives the purchaser of such option the right to buy, and the writer (the Fund) 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. Written call options are recorded as a 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 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. 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.

N. Put Options Purchased and Written — The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the 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 put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

O. Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits

18                         Invesco Emerging Markets Flexible Bond Fund

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 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.

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.

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 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 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 cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the 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.

19                         Invesco Emerging Markets Flexible Bond Fund

P. 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.

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

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

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, 2016, the effective advisory fees incurred by the Fund was 0.75%.

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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least February 28, 2018, 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%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $188,879 and reimbursed class level expenses of $20,881, $754, $4,343, $1,094, $1,182 and $186 of Class A, Class B, 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, 2016, 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, 2016, 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, 2016, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

20                         Invesco Emerging Markets Flexible Bond Fund

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2016, IDI advised the Fund that IDI retained $790 in front-end sales commissions from the sale of Class A shares and $7 and $93 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, 2016. 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
U.S. Dollar Denominated Bonds & Notes	$	—	$	38,356,020		$	—	$	38,356,020
Non U.S. Dollar Denominated Bonds & Notes		—		14,002,823			—		14,002,823
Credit-Linked Securities		—		3,721,197			—		3,721,197
Money Market Funds		10,466,597		—			—		10,466,597
		10,466,597		56,080,040			—		66,546,637
Forward Foreign Currency Contracts*		—		(234,271	)		—		(234,271	)
Futures Contracts*		127,328		—			—		127,328
Swap Agreements*		—		(437,044	)		—		(437,044	)
Total Investments	$	10,593,925	$	55,408,725		$	—	$	66,002,650

* Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2016:

	Value
Derivative Assets	Commodity Risk			Credit Risk		Currency Risk		Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	39,825		$	—	$	—	$	28,629		$	58,874		$	127,328
Unrealized appreciation on forward foreign currency contracts outstanding		—			—		1,245,550		—			—			1,245,550
Total Derivative Assets	$	39,825		$	—	$	1,245,550	$	28,629		$	58,874		$	1,372,878
Derivatives not subject to master netting agreements		(39,825	)		—		—		(28,629	)		(58,874	)		(127,328	)
Total Derivative Assets subject to master netting agreements	$	—		$	—	$	1,245,550	$	—		$	—		$	1,245,550

21                         Invesco Emerging Markets Flexible Bond Fund

	Value
Derivative Liabilities	Commodity Risk		Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk		Total
Unrealized depreciation on swap agreements — Centrally Cleared(a)	$	—	$	(23,263	)	$	—		$	—		$	—	$	(23,263	)
Unrealized depreciation on swap agreements — OTC		—		(379,437	)		—			(34,344	)		—		(413,781	)
Unrealized depreciation forward foreign currency contracts outstanding		—		—			(1,479,821	)		—			—		(1,479,821	)
Total Derivative Liabilities	$	—	$	(402,700	)	$	(1,479,821	)	$	(34,344	)	$	—	$	(1,916,865	)
Derivatives not subject to master netting agreements		—		23,263			—			—			—		23,263
Total Derivative Liabilities subject to master netting agreements	$	—	$	(379,437	)	$	(1,479,821	)	$	(34,344	)	$	—	$	(1,893,602	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2016.

	Financial Derivative Assets						Financial Derivative Liabilities												Collateral (Received)/Pledged
Counterparty	Forward foreign currency contracts		Swap agreements		Total assets		Forward foreign currency contracts			Swap agreements			Total liabilities			Net value of derivatives			Non-Cash			Cash		Net amount
Fund
Barclays Bank PLC	$	—	$	140,590	$	140,590	$	—		$	(31,101	)	$	(31,101	)	$	109,489		$	—		$	—	$	109,489
Citigroup Global Markets Inc.		27,041		—		27,041		(10,626	)		—			(10,626	)		16,415			—			—		16,415
Deutsche Bank Securities Inc.		219,982		—		219,982		(423,004	)		—			(423,004	)		(203,022	)		—			—		(203,022	)
Goldman Sachs International		803,370		895,258		1,698,628		(896,078	)		(395,047	)		(1,291,125	)		407,503			(386,647	)		—		20,856
JPMorgan Chase Bank, N.A.		131,309		—		131,309		(78,114	)		—			(78,114	)		53,195			—			—		53,195
Merrill Lynch International		—		—		—		(35,179	)		—			(35,179	)		(35,179	)		—			—		(35,179	)
Morgan Stanley Capital Services LLC		21,301		—		21,301		(18,620	)		—			(18,620	)		2,681			—			—		2,681
Toronto-Dominion Bank (The)		42,547		—		42,547		(18,200	)		—			(18,200	)		24,347			—			—		24,347
Total	$	1,245,550	$	1,035,848	$	2,281,398	$	(1,479,821	)	$	(426,148	)	$	(1,905,969	)	$	375,429		$	(386,647	)	$	—	$	(11,218	)

Effect of Derivative Investments for the year ended October 31, 2016

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
	Commodity Risk		Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	—	$	—		$	(2,290,836	)	$	—		$	—		$	(2,290,836	)
Futures contracts		82,791		—			—			(63,699	)		(136,410	)		(117,318	)
Options purchased(a)		—		(53,900	)		(3,181	)		—			—			(57,081	)
Options written		—		12,950			14,675			—			—			27,625
Swap agreements		—		(249,048	)		1,053			(177,265	)		(71,042	)		(496,302	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		—		—			(296,786	)		—			—			(296,786	)
Futures contracts		39,825		—			—			28,629			58,874			127,328
Swap agreements		—		(402,700	)		—			(34,344	)		—			(437,044	)
Total	$	122,616	$	(692,698	)	$	(2,575,075	)	$	(246,679	)	$	(148,578	)	$	(3,540,414	)

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

The table below summarizes the twelve-month average notional value of forward foreign currency contracts, the eight-month average notional value of futures contracts and swap agreements, the two-month average notional value of options purchased and the six-month notional value of options written outstanding during the period.

	Forward Foreign Currency Contracts		Futures Contracts		Options Purchased		Options Written		Swap Agreements
Average notional value	$	73,794,705	$	5,384,744	$	3,872,704	$	3,240,901	$	10,950,000

22                         Invesco Emerging Markets Flexible Bond Fund

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver			Receive
11/21/16	Goldman Sachs International		CNY	15,000,000		USD	2,270,265	$	2,210,792	$	59,473
11/21/16	Toronto-Dominion Bank (The)		USD	2,228,992		CNY	15,000,000		2,210,792		(18,200	)
11/30/16	Citigroup Global Markets Inc.		HUF	400,000,000		USD	1,442,065		1,422,121		19,944
11/30/16	Citigroup Global Markets Inc.		USD	757,046		PLN	3,000,000		764,143		7,097
11/30/16	Citigroup Global Markets Inc.		ZAR	4,250,000		USD	302,708		313,334		(10,626	)
11/30/16	Deutsche Bank Securities Inc.		HUF	2,607,000,000		USD	9,186,720		9,268,674		(81,954	)
11/30/16	Deutsche Bank Securities Inc.		KRW	2,780,000,000		USD	2,451,447		2,429,295		22,152
11/30/16	Deutsche Bank Securities Inc.		RUB	402,000,000		USD	6,030,729		6,292,498		(261,769	)
11/30/16	Deutsche Bank Securities Inc.		TWD	57,000,000		USD	1,785,323		1,804,540		(19,217	)
11/30/16	Deutsche Bank Securities Inc.		USD	793,512		HUF	220,000,000		782,167		(11,345	)
11/30/16	Deutsche Bank Securities Inc.		USD	1,419,331		KRW	1,580,000,000		1,380,678		(38,653	)
11/30/16	Deutsche Bank Securities Inc.		USD	768,437		PLN	3,000,000		764,143		(4,294	)
11/30/16	Deutsche Bank Securities Inc.		USD	4,021,993		RUB	267,000,000		4,179,346		157,353
11/30/16	Deutsche Bank Securities Inc.		USD	1,789,077		WD	57,000,000		1,804,540		15,463
11/30/16	Goldman Sachs International		AUD	1,000,000		USD	758,050		760,050		(2,000	)
11/30/16	Goldman Sachs International		CAD	6,800,000		USD	5,126,917		5,070,888		56,029
11/30/16	Goldman Sachs International		CLP	700,000,000		USD	1,039,733		1,069,160		(29,427	)
11/30/16	Goldman Sachs International		COP	6,200,000,000		USD	2,039,352		2,051,771		(12,419	)
11/30/16	Goldman Sachs International		HUF	950,000,000		USD	3,429,618		3,377,538		52,080
11/30/16	Goldman Sachs International		IDR	67,400,000,000		USD	5,050,237		5,150,936		(100,699	)
11/30/16	Goldman Sachs International		INR	75,000,000		USD	1,096,010		1,119,737		(23,727	)
11/30/16	Goldman Sachs International		MXN	190,734,901		USD	10,127,559		10,054,475		73,084
11/30/16	Goldman Sachs International		MYR	8,700,000		USD	2,126,241		2,070,233		56,008
11/30/16	Goldman Sachs International		PLN	17,300,000		USD	4,422,970		4,406,559		16,411
11/30/16	Goldman Sachs International		RUB	317,000,000		USD	4,794,888		4,961,995		(167,107	)
11/30/16	Goldman Sachs International		SGD	2,000,000		USD	1,493,061		1,437,995		55,066
11/30/16	Goldman Sachs International		TRY	15,800,000		USD	5,159,131		5,073,860		85,271
11/30/16	Goldman Sachs International		USD	2,364,320		CAD	3,100,000		2,311,728		(52,592	)
11/30/16	Goldman Sachs International		USD	414,110		CLP	270,000,000		412,390		(1,720	)
11/30/16	Goldman Sachs International		USD	686,323		COP	2,050,000,000		678,408		(7,915	)
11/30/16	Goldman Sachs International		USD	9,110,252		HUF	2,520,000,000		8,959,363		(150,889	)
11/30/16	Goldman Sachs International		USD	3,192,812		IDR	41,720,000,000		3,188,384		(4,428	)
11/30/16	Goldman Sachs International		USD	379,542		JPY	40,000,000		381,812		2,270
11/30/16	Goldman Sachs International		USD	3,474,370		MXN	65,000,000		3,426,436		(47,934	)
11/30/16	Goldman Sachs International		USD	2,906,751		PLN	11,300,000		2,878,273		(28,478	)
11/30/16	Goldman Sachs International		USD	6,048,588		RUB	402,000,000		6,292,498		243,910
11/30/16	Goldman Sachs International		USD	1,471,854		SGD	2,000,000		1,437,995		(33,859	)
11/30/16	Goldman Sachs International		USD	3,099,621		TRY	9,400,000		3,018,626		(80,995	)
11/30/16	Goldman Sachs International		USD	3,002,785		ZAR	42,000,000		3,096,477		93,692
11/30/16	Goldman Sachs International		ZAR	57,200,000		USD	4,070,623		4,217,107		(146,484	)
11/30/16	JPMorgan Chase Bank, N.A.		AUD	1,000,000		USD	758,266		760,050		(1,784	)
11/30/16	JPMorgan Chase Bank, N.A.		CAD	2,000,000		USD	1,532,425		1,491,438		40,987
11/30/16	JPMorgan Chase Bank, N.A.		JPY	260,000,000		USD	2,556,977		2,481,780		75,197
11/30/16	JPMorgan Chase Bank, N.A.		USD	1,532,474		AUD	2,000,000		1,520,100		(12,374	)
11/30/16	JPMorgan Chase Bank, N.A.		USD	848,837		CAD	1,100,000		820,291		(28,546	)
11/30/16	JPMorgan Chase Bank, N.A.		USD	1,456,354		JPY	150,000,000		1,431,796		(24,558	)
11/30/16	Merrill Lynch International		USD	703,351		JPY	70,000,000		668,172		(35,179	)
11/30/16	Toronto-Dominion Bank (The)		USD	721,533		ZAR	10,000,000		737,257		15,724
12/02/16	JPMorgan Chase Bank, N.A.		BRL	3,000,000		USD	945,686		930,561		15,125
12/02/16	JPMorgan Chase Bank, N.A.		USD	941,413		BRL	3,000,000		930,561		(10,852	)
01/20/17	Goldman Sachs International		USD	1,381,443		PHP	67,000,000		1,376,038		(5,405	)
01/23/17	Morgan Stanley Capital Services LLC		CNY	16,931,250		USD	2,500,000		2,478,699		21,301
01/23/17	Morgan Stanley Capital Services LLC		USD	2,497,319		CNY	16,931,250		2,478,699		(18,620	)

23                         Invesco Emerging Markets Flexible Bond Fund

Open Forward Foreign Currency Contracts—(continued)
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver			Receive
03/03/17	Goldman Sachs International		CNY	9,500,000		USD	1,396,809	$	1,386,733	$	10,076
04/28/17	Deutsche Bank Securities Inc.		CNY	7,662,350		USD	1,139,050		1,114,036		25,014
04/28/17	Deutsche Bank Securities Inc.		USD	700,000		CNY	4,774,910		694,228		(5,772	)
04/28/17	Toronto-Dominion Bank (The)		CNY	25,000,000		USD	3,661,594		3,634,771		26,823
Total Forward Foreign Currency Contracts — Currency Risk										$	(234,271	)

Currency Abbreviations:

AUD	– Australian Dollar
BRL	– Brazilian Real
CAD	– Canadian Dollar
CLP	– Chilean Peso
CNY	– Chinese Yuan
COP	– Colombian Peso

HUF	– Hungarian Forint
IDR	– Indonesian Rupiah
INR	– Indian Rupee
JPY	– Japanese Yen
KRW	– South Korean Won
MXN	– Mexican Peso

MYR	– Malaysian Ringgit
PHP	– Philippine Paso
PLN	– Poland Zloty
RUB	– Russian Ruble
SGD	– Singapore Dollar
TRY	– Turkish Lira

TWD	– Taiwan Dollar
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
Brent Crude(b)		Short		13		March-2017	$	(648,960	)	$	39,825
Subtotal — Commodity Risk											39,825
E-Mini S&P 500 Index		Short		18		December-2016		(1,908,090	)		28,629
Subtotal — Equity Risk											28,629
Euro-BTP Italian Government Bonds		Short		22		December-2016		(3,346,293	)		58,874
Subtotal — Interest Rate Risk											58,874
Total Futures Contracts										$	127,328

^(a)  Futures contracts collateralized by $246,155 cash held with Bank of America Merrill Lynch, the futures commission merchant.

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

Options Written Transactions
	Call Options							Put Options
	Notional Value				Premiums Received			Notional Value				Notional Value				Premiums Received
Beginning of period		USD	—		$	—			EUR	—			USD	—		$	—
Written		USD	3,200,000			21,136			EUR	670,000			USD	7,000,000			13,831
Closed		USD	(3,200,000	)		(21,136	)		EUR	(670,000	)		USD	—			(881	)
Exercised		USD	—			—			EUR	—			USD	(7,000,000	)		(12,950	)
End of period		USD	—		$	—			EUR	—			USD	—		$	—

Abbreviations:

EUR	– Euro
USD	– U.S. Dollar

Open Centrally Cleared Credit Default Swap Agreements — Credit Risk
Counterparty	Reference Entity	Buy/Sell Protection		(Pay)/Receive Fixed Rate			Expiration Date		Implied Credit Spread(a)			Notional Value		Upfront Payments		Unrealized Appreciation (Depreciation)
Credit Suisse Securities (USA) LLC/ICE	Markit CDX North America Emerging Markets Index, Series 25, Version 1		Buy		(1.00	)%		June-2021		2.43	%	$	4,200,000	$	286,124	$	(23,263	)

Open Over-The-Counter Credit Default Swap Agreements
Counterparty	Reference Entity	Buy/Sell Protection		(Pay)/Receive Fixed Rate			Expiration Date		Implied Credit Spread(a)			Notional Value		Upfront Payments		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	Republic of South Africa		Buy		(1.00	)%		June-2021		2.22	%	$	2,100,000	$	140,590	$	(28,651	)
Goldman Sachs International	Federative Republic of Brazil		Buy		(1.00	)		June-2021		2.47			8,500,000		891,786		(350,786	)
Total Credit Default Swap Agreements — Credit Risk														$	1,032,376	$	(379,437	)

^(a)  Implied credit spreads represent the current level as of October 31, 2016 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.

24                         Invesco Emerging Markets Flexible Bond Fund

Open Over-The-Counter Total Return Swap Agreements — Equity Risk

Counterparty

Pay/Receive

Reference Entity

Floating Rate

Number of Contracts

Termination Date

Notional Value

Unrealized Appreciation (Depreciation)

Goldman Sachs International

Pay

iBoxx USD Liquid High Yield Index

3 Month USD LIBOR

35,000

December-2016

$

3,500,000

$

(34,344

)

Abbreviations:

ICE	– Intercontinental Exchange
LIBOR	– London Interbank Offer Rate
USD	– U.S. Dollar

NOTE 5—Subsidiary Information

The Fund’s Consolidated Schedule of Investments and any investments in derivatives include the holdings 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 Emerging Markets Flexible Bond Cayman Ltd. (the  “Subsidiary”)
Total assets	$	338,215
Total liabilities		(1,223	)
Net assets		336,992
Total investment income		1,671
Net investment income (loss)		(13,393	)
Net realized gain (loss) from:
Investment securities		(67,211	)
Futures contracts		82,792
Change in net unrealized appreciation of:
Futures contracts		39,825
Increase in net assets resulting from operations	$	42,013

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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $205.

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.

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, 2016 and 2015:

	2016		2015
Return of capital	$	2,413,189	$	2,538,283

25                         Invesco Emerging Markets Flexible Bond Fund

Tax Components of Net Assets at Period-End:

	2016
Net unrealized appreciation — investments	$	1,034,738
Net unrealized appreciation (depreciation) — other investments		(455,214	)
Temporary book/tax differences		(24,761	)
Capital loss carryforward		(2,048,733	)
Shares of beneficial interest		69,318,856
Total net assets	$	67,824,886

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, 2016, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	—	$	2,048,733	$	2,048,733

* 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, 2016 was $147,393,161 and $137,181,622, 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	$	1,470,915
Aggregate unrealized (depreciation) of investment securities		(436,177	)
Net unrealized appreciation of investment securities	$	1,034,738

Cost of investments is the same for tax and financial reporting purposes.

NOTE 11—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating loss and return of capital distributions, on October 31, 2016, undistributed net investment income was increased by $14,235, undistributed net realized gain (loss) was increased by $10,947,677 and shares of beneficial interest was decreased by $10,961,912. This reclassification had no effect on the net assets of the Fund.

26                         Invesco Emerging Markets Flexible Bond Fund

NOTE 12—Share Information

	Summary of Share Activity
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		143,177		$	928,190			171,421		$	1,323,790
Class B		—			—			23,303			179,312
Class C		35,582			232,573			25,413			192,441
Class R		2,927			18,832			3,719			27,958
Class Y		58,493			379,745			48,034			372,122
Class R6(b)		4,090,830			25,979,109			1,007,671			7,589,645
Issued as reinvestment of dividends:
Class A		28,963			185,353			38,573			288,494
Class B		1,048			6,690			1,855			13,761
Class C		4,497			28,821			6,510			48,750
Class R		1,675			10,710			2,549			19,004
Class Y		1,801			11,513			2,763			20,882
Class R5		—			—			213			1,707
Class R6		331,014			2,118,421			272,414			2,025,139
Automatic conversion of Class B shares to Class A shares:
Class A		20,241			130,337			12,487			90,553
Class B		(20,247	)		(130,337	)		(12,503	)		(90,553	)
Reacquired:
Class A		(326,629	)		(2,109,730	)		(399,796	)		(3,057,882	)
Class B		(5,922	)		(37,656	)		(10,146	)		(76,506	)
Class C		(61,797	)		(403,138	)		(91,702	)		(710,907	)
Class R		(17,762	)		(111,598	)		(6,892	)		(49,101	)
Class Y		(50,921	)		(332,198	)		(348,793	)		(2,731,930	)
Class R5		—			—			(21,098	)		(164,937	)
Class R6		(645,466	)		(4,174,559	)		(427,880	)		(3,169,726	)
Net increase in share activity		3,591,504		$	22,731,078			298,115		$	2,142,016

^(a)  90% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)  On February 18, 2016, 3,744,455 Class R6 shares valued at $23,739,847 were sold to affiliated mutual funds.

27                         Invesco Emerging Markets Flexible Bond 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 10/31/16		$	6.77		$	0.27		$	(0.25	)		$	0.02			$	—			$	—			$	(0.26	)		$	(0.26	)		$	6.53		0.45	%		$	5,182		1.23	%(e)		1.91	%(e)		4.16	%(e)		266	%
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			1.89			5.46			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
Class B
Year ended 10/31/16			6.77			0.22			(0.25	)			(0.03	)			—				—				(0.21	)			(0.21	)			6.53		(0.37	)			121		1.98	(e)		2.66	(e)		3.41	(e)		266
Year ended 10/31/15			8.48			0.35			(1.75	)			(1.40	)			—				—				(0.31	)			(0.31	)			6.77		(16.72	)			296		1.99			2.64			4.71			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
Class C
Year ended 10/31/16			6.77			0.22			(0.24	)			(0.02	)			—				—				(0.21	)			(0.21	)			6.54		(0.21	)			1,195		1.98	(e)		2.66	(e)		3.41	(e)		266
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			2.64			4.71			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
Class R
Year ended 10/31/16			6.76			0.25			(0.24	)			0.01				—				—				(0.24	)			(0.24	)			6.53		0.33				264		1.48	(e)		2.16	(e)		3.91	(e)		266
Year ended 10/31/15			8.48			0.39			(1.76	)			(1.37	)			—				—				(0.35	)			(0.35	)			6.76		(16.43	)			363		1.49			2.14			5.21			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
Class Y
Year ended 10/31/16			6.77			0.29			(0.25	)			0.04				—				—				(0.28	)			(0.28	)			6.53		0.72				354		0.98	(e)		1.66	(e)		4.41	(e)		266
Year ended 10/31/15			8.49			0.45			(1.78	)			(1.33	)			—				—				(0.39	)			(0.39	)			6.77		(15.99	)			304		0.99			1.64			5.71			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
Class R5
Year ended 10/31/16			6.77			0.29			(0.25	)			0.04				—				—				(0.28	)			(0.28	)			6.53		0.72				7		0.98	(e)		1.28	(e)		4.41	(e)		266
Year ended 10/31/15			8.48			0.45			(1.77	)			(1.32	)			—				—				(0.39	)			(0.39	)			6.77		(15.89	)			7		0.99			1.34			5.71			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
Class R6
Year ended 10/31/16			6.77			0.29			(0.25	)			0.04				—				—				(0.28	)			(0.28	)			6.53		0.73				60,702		0.98	(e)		1.28	(e)		4.41	(e)		266
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			1.33			5.71			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 the fiscal year ended October 31, 2012.

^(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 $5,546, $200, $1,154, $291, $314, $7 and $53,595 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.

28                         Invesco Emerging Markets Flexible Bond Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of the Invesco Emerging Markets Flexible Bond 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 the Invesco Emerging Markets Flexible Bond Fund and its subsidiary (the “Fund”) as of October 31, 2016, the results of their operations for the year then ended, the changes in their 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 as of October 31, 2016 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

Houston, Texas

December 21, 2016

29                         Invesco Emerging Markets Flexible Bond Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/16)1		Expenses Paid During Period2		Ending Account Value (10/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,029.70	$	6.28	$	1,018.95	$	6.24		1.23	%
B		1,000.00		1,025.90		10.08		1,015.18		10.03		1.98
C		1,000.00		1,025.80		10.08		1,015.18		10.03		1.98
R		1,000.00		1,030.00		7.55		1,017.70		7.51		1.48
Y		1,000.00		1,031.00		5.00		1,020.21		4.98		0.98
R5		1,000.00		1,031.00		5.00		1,020.21		4.98		0.98
R6		1,000.00		1,032.60		5.01		1,020.21		4.98		0.98

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 to reflect the most recent fiscal half year.

30                         Invesco Emerging Markets Flexible Bond 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 Flexible Bond Fund’s (the Fund) (formerly, Invesco Emerging Market Local Currency Debt Fund) investment advisory agreements. During contract renewal meetings held on June 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of

the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 had recently changed its name, investment strategy and index against which future performance will be compared. As a result, the Board did not consider past performance of the fund to be relevant. 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.

C. Advisory and Sub-Advisory Fees

The Board also noted that comparative information with respect to the Fund’s contractual management fee rate was provided by Broadridge, but with respect to the Fund’s performance universe under its prior investment strategy. The Board did not consider such comparative information to be relevant.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least February 28, 2018 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.

31                         Invesco Emerging Markets Flexible Bond Fund

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, based on asset balances as of December 31, 2015. The Board also noted how the Fund’s rate compared to the effective advisory fee of five off-shore funds advised by Invesco Advisers and its affiliates.

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 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 and a report from an independent consultant engaged by the Senior Officer 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 subsidiaries did not make a profit from managing the Fund as a result of expense limitations. 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 Broadridge 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 certain 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 Emerging Markets Flexible Bond Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax 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, 2016:

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.

33                         Invesco Emerging Markets Flexible Bond 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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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 Flexible Bond Fund

Trustees and Officers—(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Bruce L. Crockett — 1944 Trustee and Chair	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	None

T-2                         Invesco Emerging Markets Flexible Bond Fund

Trustees and Officers—(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees—(continued)
Suzanne H. Woolsey — 1941 Trustee	2014	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

T-3                         Invesco Emerging Markets Flexible Bond Fund

Trustees and Officers—(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Other Officers—(continued)
Karen Dunn Kelley — 1960 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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 Flexible Bond Fund

Explore High-Conviction Investing with Invesco

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 EMFB-AR-1 Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2016
	Invesco Emerging Markets Equity Fund
	Nasdaq:
	A: IEMAX  ∎  C: IEMCX  ∎  R: IEMRX  ∎  Y: IEMYX  ∎  R5: IEMIX   ∎  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. In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to sink at the start of calendar year 2016, but they eventually recovered; they sank again following the UK’s decision to leave the European Union, but

then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

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.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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:
	∎	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.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, Class A shares of Invesco Emerging Markets Equity 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, 10/31/15 to 10/31/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	9.19	%
Class C Shares	8.40
Class R Shares	8.77
Class Y Shares	9.49
Class R5 Shares	9.49
Class R6 Shares	9.33
MSCI EAFE Index q(Broad Market Index)	-3.23
MSCI Emerging Markets Indexq (Style-Specific Index)	9.27
Lipper Emerging Market Funds Index∎ (Peer Group Index)	11.25
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

The global economy continued to expand, albeit slowly, for the fiscal year. However, that growth became increasingly uneven across developed and emerging economies, amid continued volatility in oil prices and as the policies of central banks globally began to diverge.

An equity market rally in November 2015 was offset by negative performance in December, as a late-year crash in oil prices rattled the markets. Also in December, the US Federal Reserve (the Fed) followed through on its commitment to normalize monetary policy by raising interest rates – its first increase since 2006 – even as the European Central Bank extended its asset purchase program and Japan introduced additional quantitative easing and negative interest rates.

Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China

and falling oil prices. Markets recovered in late February and posted gains amid concerted central bank commitments to very loose monetary policy. As a result, the US dollar fell sharply against the euro and Japanese yen, a development that was largely supportive of oil and stock prices.

All major global stock indexes experienced steep declines again in June after UK voters opted to leave the European Union. Stocks in economically sensitive sectors, including energy and financials, were hardest hit, and investors flocked to the perceived safety of US Treasuries and more defensive, dividend-paying equities often found in the telecommunication services, utilities and consumer staples sectors.

After the initial shock of the UK vote, stocks made a strong recovery, regaining most of their losses as fears of a shock to consumer confidence never materialized. For the remainder of the reporting period,

emerging markets outperformed as the Fed left interest rates unchanged and expectations for an interest rate increase were delayed again.

 The Fund stayed true to its process by emphasizing its quality orientation in stock selection. Our stock selection in the consumer discretionary, financials and information technology (IT) sectors made the largest contributions to the Fund’s results versus its style-specific benchmark. Holdings in the health care and industrials sectors detracted from Fund performance for the reporting period. In addition, the Fund’s lack of holdings in the energy sector hampered Fund performance.

 From a geographic perspective, stock selection in India, Hong Kong, China and Taiwan were the greatest contributors to the Fund’s performance relative to its style-specific benchmark. Conversely, stock selection in South Korea detracted from relative performance.

 The largest contributor to Fund performance was Taiwan Semiconductor Manufacturing Company. During the fiscal year, the company, a parts supplier to the iPhone 7, benefited from a broader rally in technology companies and record profits as demand for new iPhones fueled orders for its processor chips. Also within the Asia Pacific region was Tencent Holdings, which reported strong earnings and revenue growth contributing to Fund performance. In addition, Brazilian drugstore chain Raia Drogasil contributed to Fund performance due to better-than-expected earnings during the reporting period.

 Conversely, Kepco Plant Service & Engineering, an integrated electric utility company, was the largest individual detractor from Fund performance. Kepco’s stock was hurt by poor earnings and analyst downgrades. Also detracting from

Portfolio Composition
By sector	% of total net assets

Financials	27.8	%
Information Technology	26.0
Consumer Discretionary	21.2
Consumer Staples	12.0
Industrials	8.8
Health Care	1.2
Utilities	1.1
Materials	0.5
Money Market Funds Plus Other Assets Less Liabilities	1.4

Top 10 Equity Holdings*
	% of total net assets

1.	Taiwan Semiconductor Manufacturing Co. Ltd.	5.8	%
2.	Tencent Holdings Ltd.	5.4
3.	Samsung Electronics Co., Ltd.	4.7
4.	Baidu, Inc.-ADR	3.3
5.	Sberbank of Russia PSJC-ADR	2.5
6.	PT Bank Rakyat Indonesia (Persero) Tbk	2.4
7.	BB Seguridade Participacoes S.A.	2.3
8.	AIA Group Ltd.	2.2
9.	Fomento Economico Mexicano, S.A.B. de C.V.-ADR	2.2
10.	PT Bank Negara Indonesia (Persero) Tbk	2.2

Total Net Assets	$29.2 million
Total Number of Holdings*	55

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, 2016.

4                         Invesco Emerging Markets Equity Fund

Fund performance was Phoenix Healthcare Group, a Chinese private hospital company. The stock performed poorly after the announcement that a major shareholder was trimming his position and because investors worried about delays in the company’s acquisition of hospitals. We sold our position in Phoenix Healthcare during the reporting period. In addition, Korean food company Ottogi detracted from Fund performance as the company’s stock price declined due to disappointing earnings.

Relative to its style-specific benchmark, the Fund ended the reporting period with overweight positions in the consumer discretionary, consumer staples, financials, industrials and IT sectors, and underweight positions in the health care, materials and utilities sectors.

Geographically, the Fund maintained overweight positions in India, Indonesia, Mexico and Thailand throughout the reporting period. Conversely, the Fund maintained underweight positions in Malaysia and South Africa.

Following our mandate as a conservative cornerstone for our clients’ portfolios, our team continues to seek out attractive risk-return growth-value anomalies with a long-term perspective.

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 from the IESE Business School in Barcelona, Spain.

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

1 Source: FactSet Research Systems Inc.

2 Source: Lipper Inc.

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; perfor-

mance 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

∎ 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.

∎ 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.

∎ The Lipper Emerging Market Funds Index is an unmanaged index considered representative of emerging market 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.

∎ 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 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (5/31/11)	-6.40	%
5 Years	-2.85
1 Year	3.18
Class C Shares
Inception (5/31/11)	-6.14	%
5 Years	-2.47
1 Year	7.40
Class R Shares
Inception (5/31/11)	-5.69	%
5 Years	2.01
1 Year	8.77
Class Y Shares
Inception (5/31/11)	-5.21	%
5 Years	-1.50
1 Year	9.49
Class R5 Shares
Inception (5/31/11)	-5.21	%
5 Years	-1.50
1 Year	9.49
Class R6 Shares
Inception	-5.27	%
5 Years	-1.57
1 Year	9.33

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 1.55%, 2.30%, 1.80%, 1.30%, 1.30% and 1.30%, 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

Average Annual Total Returns
As of 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (5/31/11)	-6.21	%
5 Years	-0.14
1 Year	10.69
Class C Shares
Inception (5/31/11)	-5.93	%
5 Years	0.22
1 Year	15.04
Class R Shares
Inception (5/31/11)	-5.48	%
5 Years	0.70
1 Year	16.53
Class Y Shares
Inception (5/31/11)	-5.00	%
5 Years	1.22
1 Year	17.45
Class R5 Shares
Inception (5/31/11)	-5.00	%
5 Years	1.22
1 Year	17.26
Class R6 Shares
Inception	-5.03	%
5 Years	1.21
1 Year	17.42

2.59%, 3.34%, 2.84%, 2.34%, 1.99% and 1.99%, 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 June 30, 2018. 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 March 31, 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.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

∎ 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

∎ Depositary receipts risk. Investing in depositary receipts involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected

by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Geographic focus risk. The Fund may from time to time invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund’s investment performance.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably.

Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

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

∎ Sector focus risk. The Fund may from time to time invest a significant amount of its assets (i.e. over 25%) in one market sector or group of related industries. In this event, the Fund’s performance will depend to a greater extent on the overall condition of the sector or group of industries and there is increased risk that the Fund will lose significant value if conditions adversely affect that sector or group of industries.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

∎ Value investing style risk. A value investing style subjects the Fund 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.

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 Emerging Markets Equity Fund

Schedule of Investments

October 31, 2016

	Shares		Value
Common Stocks & Other Equity Interests–98.58%
Argentina–1.76%
Banco Macro S.A.–ADR		3,534	$	269,397
Grupo Financiero Galicia S.A.–ADR		7,820		243,515
				512,912
Brazil–9.17%
BB Seguridade Participacoes S.A.		67,400		678,805
Cia Energética de Minas Gerais–Preference Shares		100,100		305,828
Grendene S.A.		94,800		582,836
MAHLE Metal Leve S.A.		67,100		465,311
Multiplus S.A.		23,900		324,134
Raia Drogasil S.A.		14,600		324,185
				2,681,099
China–20.10%
Baidu, Inc.–ADR(a)		5,518		975,914
Bank of China Ltd.–Class H		1,320,000		590,675
Industrial & Commercial Bank of China Ltd.–Class H		501,000		300,872
Ping An Insurance (Group) Co. of China Ltd.–Class H		114,500		604,578
Shenzhou International Group Holdings Ltd.		84,000		557,260
TAL Education Group–ADR(a)		7,847		639,060
Tencent Holdings Ltd.		59,900		1,586,157
Zhuzhou CRRC Times Electric Co., Ltd.–Class H		128,000		619,588
				5,874,104
Hong Kong–4.98%
AIA Group Ltd.		103,400		652,629
Man Wah Holdings Ltd.		563,200		373,992
Techtronic Industries Co. Ltd.		113,500		427,338
				1,453,959
India–11.80%
Asian Paints Ltd.		9,345		150,537
Axis Bank Ltd.		38,753		283,016
Britannia Industries Ltd.		6,132		305,305
Eicher Motors Ltd.		1,021		365,171
Emami Ltd.		14,837		267,457
HDFC Bank Ltd.		27,940		524,367
InterGlobe Aviation Ltd.–REGS(b)		31,721		445,723
Maruti Suzuki India Ltd.		6,135		541,672
Tata Consultancy Services Ltd.		15,770		564,643
				3,447,891
Indonesia–4.64%
PT Bank Negara Indonesia (Persero) Tbk		1,511,100		644,285
PT Bank Rakyat Indonesia (Persero) Tbk		764,300		713,139
				1,357,424

	Shares		Value
Malaysia–1.28%
My E.G. Services Bhd		646,200	$	375,352
Mexico–5.93%
Banregio Grupo Financiero, S.A.B. de C.V.		59,700		391,291
Fomento Economico Mexicano, S.A.B. de C.V.–ADR		6,797		650,269
Grupo Financiero Inbursa, S.A.B. de C.V.–Class O		183,800		299,492
Wal-Mart de México, S.A.B. de C.V.–Series V		185,800		392,986
				1,734,038
Peru–1.27%
Credicorp Ltd.		2,496		371,105
Russia–3.99%
Sberbank of Russia PJSC–ADR		77,614		734,822
Yandex N.V.–Class A(a)		21,880		430,817
				1,165,639
South Africa–3.86%
Clicks Group Ltd.		32,342		301,040
Mr. Price Group Ltd.		37,521		427,778
Naspers Ltd.–Class N		2,376		398,244
				1,127,062
South Korea–13.99%
AMOREPACIFIC Group		3,802		491,964
Hanssem Co., Ltd.		4,117		637,595
KEPCO Plant Service & Engineering Co., Ltd.		11,550		554,388
LOEN Entertainment, Inc.(a)		4,859		286,330
Medy-Tox Inc.		1,006		357,798
Ottogi Corp.		676		388,895
Samsung Electronics Co., Ltd.		962		1,372,434
				4,089,404
Taiwan–10.96%
Eclat Textile Co., Ltd.		47,000		534,683
King Slide Works Co., Ltd.		48,000		587,993
President Chain Store Corp.		53,000		396,362
Taiwan Semiconductor Manufacturing Co. Ltd.		282,000		1,684,476
				3,203,514
Thailand–4.85%
Delta Electronics (Thailand) PCL		265,500		594,969
Kasikornbank PCL		94,700		464,201
Thanachart Capital PCL		316,800		357,225
				1,416,395
Total Common Stocks & Other Equity Interests (Cost $26,766,132)				28,809,898

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

9                         Invesco Emerging Markets Equity Fund

	Shares		Value
Money Market Funds–1.46%
Government & Agency Portfolio–Institutional Class, 0.29%(c)		256,451	$	256,451
Treasury Portfolio–Institutional Class, 0.22%(c)		170,968		170,968
Total Money Market Funds (Cost $427,419)				427,419
TOTAL INVESTMENTS–100.04% (Cost $27,193,551)				29,237,317
OTHER ASSETS LESS LIABILITIES–(0.04)%				(11,365	)
NET ASSETS–100.00%			$	29,225,952

Investment Abbreviations:

ADR	– American 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, 2016 represented 1.53% 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, 2016.

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

10                         Invesco Emerging Markets Equity Fund

Statement of Assets and Liabilities

October 31, 2016

Assets:
Investments, at value (Cost $26,766,132)	$	28,809,898
Investments in affiliated money market funds, at value and cost		427,419
Total investments, at value (Cost $27,193,551)		29,237,317
Foreign currencies, at value (Cost $19,680)		19,736
Receivable for:
Fund shares sold		86,546
Dividends		18,866
Investment for trustee deferred compensation and retirement plans		17,759
Other assets		20,180
Total assets		29,400,404
Liabilities:
Payable for:
Fund shares reacquired		19,926
Accrued foreign taxes		57,380
Accrued fees to affiliates		19,295
Accrued trustees’ and officers’ fees and benefits		1,526
Accrued other operating expenses		57,753
Trustee deferred compensation and retirement plans		18,572
Total liabilities		174,452
Net assets applicable to shares outstanding	$	29,225,952
Net assets consist of:
Shares of beneficial interest	$	33,051,227
Undistributed net investment income		32,215
Undistributed net realized gain (loss)		(5,901,049	)
Net unrealized appreciation		2,043,559
	$	29,225,952

Net Assets:
Class A	$	11,855,269
Class C	$	3,149,030
Class R	$	1,263,083
Class Y	$	4,857,846
Class R5	$	1,496,643
Class R6	$	6,604,081
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		1,663,885
Class C		451,894
Class R		178,750
Class Y		679,661
Class R5		209,350
Class R6		923,084
Class A:
Net asset value per share	$	7.13
Maximum offering price per share
(Net asset value of $7.13 ¸ 94.50%)	$	7.54
Class C:
Net asset value and offering price per share	$	6.97
Class R:
Net asset value and offering price per share	$	7.07
Class Y:
Net asset value and offering price per share	$	7.15
Class R5:
Net asset value and offering price per share	$	7.15
Class R6:
Net asset value and offering price per share	$	7.15

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

11                         Invesco Emerging Markets Equity Fund

Statement of Operations

For the year ended October 31, 2016

Investment income:
Dividends (net of foreign withholding taxes of $54,125)	$	533,382
Dividends from affiliated money market funds		1,102
Total investment income		534,484
Expenses:
Advisory fees		250,760
Administrative services fees		50,000
Custodian fees		41,474
Distribution fees:
Class A		27,524
Class C		28,117
Class R		6,252
Transfer agent fees — A, C, R and Y		66,971
Transfer agent fees — R5		20
Transfer agent fees — R6		91
Trustees’ and officers’ fees and benefits		19,254
Registration and filing fees		71,129
Reports to shareholders		19,120
Professional services fees		63,541
Other		17,606
Total expenses		661,859
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(222,285	)
Net expenses		439,574
Net investment income		94,910
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $9,441)		(174,611	)
Foreign currencies		(50,565	)
		(225,176	)
Change in net unrealized appreciation of:
Investment securities (net of foreign taxes of $57,864)		2,613,749
Foreign currencies		2,953
		2,616,702
Net realized and unrealized gain		2,391,526
Net increase in net assets resulting from operations	$	2,486,436

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

12                         Invesco Emerging Markets Equity Fund

Statement of Changes in Net Assets

For the years ended October 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	94,910		$	72,645
Net realized gain (loss)		(225,176	)		(3,148,831	)
Change in net unrealized appreciation (depreciation)		2,616,702			(705,812	)
Net increase (decrease) in net assets resulting from operations		2,486,436			(3,781,998	)
Distributions to shareholders from net investment income:
Class A		—			(44,461	)
Class R		—			(2,660	)
Class Y		—			(24,019	)
Class R5		—			(6,406	)
Class R6		—			(59,556	)
Total distributions from net investment income		—			(137,102	)
Share transactions–net:
Class A		308,968			1,351,218
Class C		325,234			163,778
Class R		(42,617	)		35,294
Class Y		886,210			854,056
Class R5		477,784			141,935
Class R6		(1,154,945	)		183,789
Net increase in net assets resulting from share transactions		800,634			2,730,070
Net increase (decrease) in net assets		3,287,070			(1,189,030	)
Net assets:
Beginning of year		25,938,882			27,127,912
End of year (includes undistributed net investment income of $32,215 and $(16,270), respectively)	$	29,225,952		$	25,938,882

Notes to Financial Statements

October 31, 2016

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-two 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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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”).

13                         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

14                         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 the daily mark-to-market obligation for forward foreign currency contracts.

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

15                         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, 2016, the effective advisory fees incurred by the Fund was 0.935%.

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

Effective April 1, 2016, the Adviser has contractually agreed, through at least March 31, 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 1.54%, 2.29%, 1.79%, 1.29%, 1.29% and 1.29%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to April 1, 2016, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.85%, 2.60%, 2.10%, 1.60%, 1.60% and 1.60%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary 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 March 31, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $155,203 and reimbursed class level expenses of $38,504, $9,833, $4,373, $13,715, $20 and $91 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, 2016, 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, 2016, 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $6,037 in front-end sales commissions from the sale of Class A shares and $1,274 and $392 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.

16                         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, 2016. 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, 2016, there were transfers from Level 1 to Level 2 of $464,201 and from Level 2 to Level 1 of $7,584,483, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Argentina	$	512,912	$	—	$	—	$	512,912
Brazil		2,681,099		—		—		2,681,099
China		2,776,812		3,097,292		—		5,874,104
Hong Kong		1,453,959		—		—		1,453,959
India		2,777,415		670,476		—		3,447,891
Indonesia		—		1,357,424		—		1,357,424
Malaysia		—		375,352		—		375,352
Mexico		1,734,038		—		—		1,734,038
Peru		371,105		—		—		371,105
Russia		430,817		734,822		—		1,165,639
South Africa		1,127,062		—		—		1,127,062
South Korea		2,079,375		2,010,029		—		4,089,404
Taiwan		2,615,521		587,993		—		3,203,514
Thailand		952,194		464,201		—		1,416,395
Money Market Funds		427,419		—		—		427,419
Total Investments	$	19,939,728	$	9,297,589	$	—	$	29,237,317

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $546.

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.

17                         Invesco Emerging Markets Equity 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, 2016 and 2015:

	2016		2015
Ordinary income	$	—	$	137,102

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	50,217
Net unrealized appreciation — investments		1,983,678
Net unrealized appreciation (depreciation) — other investments		(208	)
Temporary book/tax differences		(18,003	)
Capital loss carryforward		(5,840,959	)
Shares of beneficial interest		33,051,227
Total net assets	$	29,225,952

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, 2016, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	4,287,273	$	1,553,686	$	5,840,959

* 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, 2016 was $13,507,221 and $12,546,752, 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	$	4,243,529
Aggregate unrealized (depreciation) of investment securities		(2,259,851	)
Net unrealized appreciation of investment securities	$	1,983,678

Cost of investments for tax purposes is $27,253,639.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on October 31, 2016, undistributed net investment income was decreased by $46,425, undistributed net realized gain (loss) was increased by $46,529 and shares of beneficial interest was decreased by $104. This reclassification had no effect on the net assets of the Fund.

18                         Invesco Emerging Markets Equity Fund

NOTE 10—Share Information

	Summary of Share Activity
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		568,397		$	3,728,060			1,104,682		$	7,871,597
Class C		213,062			1,353,474			141,652			995,838
Class R		52,852			338,812			69,316			486,729
Class Y		176,392			1,205,752			134,043			961,871
Class R5		76,169			491,379			27,217			210,117
Class R6		98,907			603,936			115,002			814,045
Issued as reinvestment of dividends:
Class A		—			—			6,447			44,096
Class R		—			—			387			2,645
Class Y		—			—			3,508			23,965
Class R5		—			—			918			6,282
Class R6		—			—			8,707			59,556
Reacquired:
Class A		(516,029	)		(3,419,092	)		(904,652	)		(6,564,475	)
Class C		(161,069	)		(1,028,240	)		(118,737	)		(832,060	)
Class R		(56,971	)		(381,429	)		(64,467	)		(454,080	)
Class Y		(49,137	)		(319,542	)		(19,136	)		(131,780	)
Class R5		(2,300	)		(13,595	)		(10,622	)		(74,464	)
Class R6		(272,981	)		(1,758,881	)		(94,195	)		(689,812	)
Net increase in share activity		127,292		$	800,634			400,070		$	2,730,070

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 28% 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, 29% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

19                         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 10/31/16	$	6.53	$	0.02		$	0.58		$	0.60		$	—		$	—		$	—		$	7.13		9.19	%	$	11,855		1.66	%(d)		2.59	%(d)		0.33	%(d)		47	%
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			2.58			0.23			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
Class C
Year ended 10/31/16		6.43		(0.03	)		0.57			0.54			—			—			—			6.97		8.40			3,149		2.41	(d)		3.34	(d)		(0.42	)(d)		47
Year ended 10/31/15		7.49		(0.04	)		(1.02	)		(1.06	)		—			—			—			6.43		(14.15	)		2,572		2.60			3.33			(0.52	)		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
Class R
Year ended 10/31/16		6.50		0.01			0.56			0.57			—			—			—			7.07		8.77			1,263		1.91	(d)		2.84	(d)		0.08	(d)		47
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			2.83			(0.02	)		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
Class Y
Year ended 10/31/16		6.53		0.04			0.58			0.62			—			—			—			7.15		9.49			4,858		1.41	(d)		2.34	(d)		0.58	(d)		47
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			2.33			0.48			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
Class R5
Year ended 10/31/16		6.53		0.04			0.58			0.62			—			—			—			7.15		9.49			1,497		1.41	(d)		1.99	(d)		0.58	(d)		47
Year ended 10/31/15		7.60		0.03			(1.05	)		(1.02	)		(0.05	)		—			(0.05	)		6.53		(13.40	)		885		1.60			1.98			0.48			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
Class R6
Year ended 10/31/16		6.54		0.04			0.57			0.61			—			—			—			7.15		9.33			6,604		1.41	(d)		1.99	(d)		0.58	(d)		47
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			1.98			0.48			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 $11,010, $2,812, $1,250, $3,922, $1,142 and $6,685 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Commencement date of September 24, 2012 for Class R6 shares.

^(f)  Annualized.

NOTE 12—Subsequent Event

Effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2018, 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 in Note 2) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.33%, 2.08%, 1.58%, 1.08%, 1.08% and 1.08%, respectively, of the Fund’s average daily net assets.

20                         Invesco Emerging Markets Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of the 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 the Invesco Emerging Markets Equity Fund (the “Fund”) as of October 31, 2016, 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 as of October 31, 2016 by correspondence with the custodian, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

Houston, Texas

December 21, 2016

21                         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, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio2
			Ending Account Value (10/31/16)1		Expenses Paid During Period2,3		Ending Account Value (10/31/16)		Expenses Paid During Period2,4
Class A	$	1,000.00	$	1,107.10	$	8.16	$	1,017.39	$	7.81		1.54	%
Class C		1,000.00		1,102.80		12.10		1,013.62		11.59		2.29
Class R		1,000.00		1,104.70		9.47		1,016.14		9.07		1.79
Class Y		1,000.00		1,108.50		6.84		1,018.65		6.55		1.29
Class R5		1,000.00		1,108.50		6.84		1,018.65		6.55		1.29
Class R6		1,000.00		1,106.80		6.83		1,018.65		6.55		1.29

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 to reflect the most recent fiscal half year. Effective January 1, 2017, the Fund’s adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.33%, 2.08%, 1.58%, 1.08%, 1.08%, and 1.08% of average daily net assets, respectively. The annualized ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.33%, 2.08%, 1.58%, 1.08%, 1.08% and 1.08%, for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $7.04, $10.99, $8.36, $5.72, $5.72 and $5.72 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $6.75, $10.53, $8.01, $5.48, $5.48 and $5.48 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

22                         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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s

evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 four calendar years was available. The Board compared the Fund’s performance during the past four calendar years to the performance of funds in the Broadridge 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 second quintile of its performance universe for the one year period and in 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 above the performance of the Index for the one year

23                         Invesco Emerging Markets Equity Fund

period and below the performance of the Index for the three year period. Invesco Advisers noted that a new co-chief investment officer had been added to the portfolio management team. 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 Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge 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 March 31, 2017 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, based on asset balances as of December 31, 2015. The Board noted that the Fund’s rate was above the rate of one 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 and a report from an independent consultant engaged by the Senior Officer 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 Broadridge 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 certain 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 that the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and was 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 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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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, 2016
	Invesco Endeavor Fund
	Nasdaq:
	A: ATDAX  ∎  B: ATDBX  ∎  C: ATDCX  ∎  R: ATDRX  ∎  Y: ATDYX  ∎  R5: ATDIX ∎  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.     In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to sink at the start of calendar year 2016, but they eventually recovered; they sank again following the UK’s decision to leave the European Union, but then quickly recovered and

reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

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.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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: ∎ 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. ∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, Class A shares of Invesco Endeavor Fund (the Fund), at net asset value (NAV), underperformed the Russell Midcap Index, the Fund’s style-specific benchmark.     Your Fund’s long-term performance appears later in this report.		��
Fund vs. Indexes Total returns, 10/31/15 to 10/31/16, 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	2.08	%
Class B Shares	1.28
Class C Shares	1.27
Class R Shares	1.78
Class Y Shares	2.37
Class R5 Shares	2.49
Class R6 Shares	2.59
S&P 500 Indexq (Broad Market Index)	4.51
Russell Midcap Indexq (Style-Specific Index)	4.17
Lipper Mid-Cap Core Funds Index∎ (Peer Group Index)	3.91
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

During the fiscal year ended October 31, 2016, the US economy continued to expand. The initial estimate of US gross domestic product (GDP) showed the US economy grew by 2.9% in the third quarter, beating consensus estimates.¹ However, annualized GDP is expected to be lower. Employment data were mixed, though the unemployment rate had a surprise uptick from 4.9% in August to 5.0% in September before ending the fiscal year at 4.9%.² Oil prices traded in a range from the high $20s to the low $50s during the reporting period.³

    The US Federal Reserve (the Fed) raised interest rates in December 2015 – its first increase since 2006 – but that was its only increase during the reporting period. Major US stock market indexes posted gains for the reporting period, but they were fairly volatile. Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China, falling oil prices

and uncertainty over Fed policy, including rumors of possible negative interest rates in the US. Markets recovered in late February and posted gains until June when UK voters opted to leave the European Union, sending markets sharply lower once again. Markets again recovered, and major US equity indexes hit record highs during the summer.⁴ In this environment, investors generally favored the perceived safety of government bonds and more defensive, dividend-paying equities often found in the telecommunication services, utilities and consumer staples sectors.

    Before we discuss the Fund’s results during the fiscal year, it is helpful to briefly explain how we manage the Fund for shareholders. 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 has little in common with sector weightings of the Fund’s indexes. Select industrials and consumer discretionary stocks were among the largest contributors to Fund performance for the reporting period. Select holdings in the financials and energy sectors were among the largest detractors. Our avoidance of holdings within the utilities and consumer staples sectors also hurt the Fund’s relative performance as these were the best-performing sectors in the Russell Midcap Index for the fiscal year.

    Industrials sector holding Orion Group Holdings was the largest contributor to absolute Fund performance during the fiscal year. Orion Marine Group provides a broad range of construction and specialty services both on- and offshore in the continental US, Alaska, Canada and the Caribbean Basin through its heavy civil marine construction and its commercial concrete construction segments. Shares of the company rose after management reported better-than-expected financial results and the company’s business outlook improved.

    Consumer discretionary holding Capella Education was also a large contributor to the Fund’s absolute performance. Capella Education is a for-profit education company targeting the online adult learning market. The company is well-positioned to compete in a highly competitive market due to its high-quality offerings and focus on the graduate degree niche. Capella Education’s competency-based education model (which aims to better prepare students for the

Portfolio Composition
By sector	% of total net assets

Financials	20.8	%
Industrials	20.6
Information Technology	15.5
Consumer Discretionary	8.9
Health Care	7.7
Energy	6.3
Real Estate	5.6
Money Market Funds Plus Other Assets Less Liabilities	14.6

Top 10 Equity Holdings*
	% of total net assets

1.	Brookfield Property Partners L.P.	5.6	%
2.	Encore Capital Group, Inc.	5.3
3.	Orion Group Holdings, Inc.	5.2
4.	Cognizant Technology Solutions Corp.–Class A	4.8
5.	Oaktree Capital Group LLC	4.2
6.	Bank of America Corp.	3.6
7.	Ryanair Holdings PLC-ADR	3.5
8.	Titan Machinery, Inc.	3.4
9.	Deere & Co.	3.4
10.	Echo Global Logistics, Inc.	3.1

Total Net Assets	$256.8 million
Total Number of Holdings*	27

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

*Excluding money market fund holdings.

Data presented here are as of October 31, 2016.

4                         Invesco Endeavor Fund

real world) and new Flexpath programs (which offers students flexibility and the potential to reduce overall costs) are meaningful differentiators. The company’s share price rose during the fiscal year due to strong financial results, and we sold some of our position before the close of the reporting period.

    Financials sector holding Encore Capital Group was the largest detractor from Fund performance for the fiscal year. Encore Capital Group is a leading global provider of debt recovery services. The company purchases portfolios of defaulted credit and seeks repayment that amounts to multiple the amounts of its acquisition costs. As one of the largest companies in the space, Encore Capital Group has established the scale and infrastructure to meet heavy regulatory requirements, a key competitive advantage. The company’s share price declined during the fiscal year due to industry uncertainty and a changing regulatory environment.

    Energy sector holding Ultra Petroleum was also a large detractor from the Fund’s absolute performance. Ultra Petroleum is a low-cost natural gas producer in the US. The company’s share price declined during the reporting period due to increased balance sheet risk that resulted from low commodity prices that occurred throughout 2015 and in early 2016. Ultra Petroleum filed for bankruptcy protection in May 2016 and we subsequently sold our position in the company.

    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 cash position is a result of our disciplined approach, which compels us to trim and sell holdings when their stock prices reach or exceed our estimation of intrinsic value, as well as only buy new businesses when we can purchase shares at a meaningful discount to our estimation of intrinsic value. We believe any portfolio cash provides us with the opportunity to invest in attractive opportunities as they present themselves.

    In a market often driven by short-term factors, we continued to focus on finding quality businesses trading at attractive values relative to what we believe are their long-term prospects. 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.

1 Source: Bureau of Economic Analysis

2 Source: Bureau of Labor Statistics

3 Source: Thompson-Reuters

4 Source: Reuters

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 manager of Invesco Endeavor Fund. He joined
Invesco in 2005. Mr. Uptigrove earned a BA 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 10/31/06

1  Source: FactSet Research Systems Inc.

2  Source: Lipper Inc.

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

About indexes used in this report

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

∎ 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.

∎ The Lipper Mid-Cap Core Funds Index is an unmanaged index considered representative of mid-cap core 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.

∎ 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 Endeavor Fund

Average Annual Total Returns
As of 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (11/4/03)	8.15	%
10 Years	5.84
5 Years	7.75
1 Year	-3.52
Class B Shares
Inception (11/4/03)	8.14	%
10 Years	5.80
5 Years	7.88
1 Year	-3.08
Class C Shares
Inception (11/4/03)	7.83	%
10 Years	5.64
5 Years	8.16
1 Year	0.40
Class R Shares
Inception (4/30/04)	7.98	%
10 Years	6.17
5 Years	8.71
1 Year	1.78
Class Y Shares
10 Years	6.66	%
5 Years	9.25
1 Year	2.37
Class R5 Shares
Inception (4/30/04)	8.75	%
10 Years	6.94
5 Years	9.41
1 Year	2.49
Class R6 Shares
10 Years	6.64	%
5 Years	9.40
1 Year	2.59

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

Average Annual Total Returns
As of 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (11/4/03)	8.28	%
10 Years	6.57
5 Years	10.20
1 Year	-1.04
Class B Shares
Inception (11/4/03)	8.26	%
10 Years	6.53
5 Years	10.35
1 Year	-0.54
Class C Shares
Inception (11/4/03)	7.96	%
10 Years	6.38
5 Years	10.63
1 Year	3.03
Class R Shares
Inception (4/30/04)	8.11	%
10 Years	6.91
5 Years	11.17
1 Year	4.41
Class Y Shares
10 Years	7.40	%
5 Years	11.74
1 Year	4.95
Class R5 Shares
Inception (4/30/04)	8.88	%
10 Years	7.68
5 Years	11.89
1 Year	5.11
Class R6 Shares
10 Years	7.38	%
5 Years	11.87
1 Year	5.21

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 1.29%, 2.04%, 2.04%,

1.54%, 1.04%, 0.92% and 0.83%, 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 1.32%, 2.07%, 2.07%, 1.57%, 1.07%, 0.95% and 0.86%, 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, 2018. See current prospectus for more information.

7                         Invesco Endeavor Fund

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

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

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

∎ 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

∎ Cash/cash equivalents risk. In rising markets, holding cash or cash equivalents will negatively affect the Fund’s performance relative to its benchmark.

∎ Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The

Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single

issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

∎ US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

∎ Value investing style risk. A value investing style subjects the Fund 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.

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 Endeavor Fund

Schedule of Investments^(a)

October 31, 2016

	Shares		Value
Common Stocks & Other Equity Interests–85.39%
Agricultural & Farm Machinery–3.38%
Deere & Co.		98,359	$	8,685,100
Air Freight & Logistics–3.08%
Echo Global Logistics, Inc.(b)		373,296		7,913,875
Airlines–3.46%
Ryanair Holdings PLC–ADR (Ireland)(b)		118,205		8,876,013
Apparel Retail–2.86%
Ross Stores, Inc.		117,258		7,333,315
Asset Management & Custody Banks–7.29%
Affiliated Managers Group, Inc.(b)		59,494		7,892,474
Oaktree Capital Group LLC		260,639		10,842,582
				18,735,056
Automotive Retail–3.01%
CarMax, Inc.(b)		154,626		7,722,022
Communications Equipment–2.83%
Plantronics, Inc.		140,664		7,273,735
Construction & Engineering–5.17%
Orion Group Holdings, Inc.(b)(c)		1,644,823		13,290,170
Consumer Finance–5.28%
Encore Capital Group, Inc.(b)		682,722		13,552,032
Data Processing & Outsourced Services–2.57%
Alliance Data Systems Corp.(b)		32,253		6,594,771
Diversified Banks–3.57%
Bank of America Corp.		555,902		9,172,383
Education Services–2.99%
Capella Education Co.		105,075		7,680,983
Health Care Distributors–2.07%
McKesson Corp.		41,851		5,322,192
Health Care Equipment–2.54%
Zimmer Biomet Holdings, Inc.		61,893		6,523,522
Integrated Oil & Gas–2.96%
Cenovus Energy Inc. (Canada)		527,548		7,610,851

	Shares		Value
IT Consulting & Other Services–4.84%
Cognizant Technology Solutions Corp.–Class A(b)		242,213	$	12,437,638
Life & Health Insurance–2.92%
Unum Group		211,579		7,489,897
Managed Health Care–3.06%
UnitedHealth Group Inc.		55,522		7,846,924
Multi-Line Insurance–1.74%
Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria)		226,500		4,468,068
Oil & Gas Equipment & Services–0.75%
Newalta Corp. (Canada)		1,135,958		1,922,553
Oil & Gas Exploration & Production–2.63%
Devon Energy Corp.		178,152		6,750,179
Real Estate Operating Companies–5.60%
Brookfield Property Partners L.P.		647,836		14,369,003
Systems Software–2.98%
Check Point Software Technologies Ltd. (Israel)(b)		90,586		7,659,952
Technology Distributors–2.28%
CDW Corp.		130,528		5,862,012
Trading Companies & Distributors–5.53%
Grafton Group PLC (United Kingdom)(d)		900,893		5,482,797
Titan Machinery, Inc.(b)		938,725		8,720,755
				14,203,552
Total Common Stocks & Other Equity Interests (Cost $210,507,401)				219,295,798
Money Market Funds–16.36%
Government & Agency Portfolio–Institutional Class, 0.29%(e)		25,203,204		25,203,204
Treasury Portfolio–Institutional Class, 0.22%(e)		16,802,136		16,802,136
Total Money Market Funds (Cost $42,005,340)				42,005,340
TOTAL INVESTMENTS–101.75% (Cost $252,512,741)				261,301,138
OTHER ASSETS LESS LIABILITIES–(1.75)%				(4,485,202	)
NET ASSETS–100.00%			$	256,815,936

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, 2016 represented 5.17% 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, 2016.

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, 2016

Assets:
Investments, at value (Cost $199,640,809)	$	206,005,628
Investments in affiliates, at value (Cost $52,871,932)		55,295,510
Total investments, at value (Cost $252,512,741)		261,301,138
Foreign currencies, at value (Cost $180)		182
Receivable for:
Investments sold		1,797,028
Fund shares sold		148,666
Dividends		248,193
Investment for trustee deferred compensation and retirement plans		61,783
Other assets		43,310
Total assets		263,600,300
Liabilities:
Payable for:
Investments purchased		5,075,562
Fund shares reacquired		1,401,773
Accrued fees to affiliates		180,026
Accrued trustees’ and officers’ fees and benefits		1,706
Accrued other operating expenses		54,355
Trustee deferred compensation and retirement plans		70,942
Total liabilities		6,784,364
Net assets applicable to shares outstanding	$	256,815,936
Net assets consist of:
Shares of beneficial interest	$	240,664,410
Undistributed net investment income (loss)		(173,954	)
Undistributed net realized gain		7,554,510
Net unrealized appreciation		8,770,970
	$	256,815,936

Net Assets:
Class A	$	115,588,100
Class B	$	1,126,530
Class C	$	30,857,470
Class R	$	17,468,874
Class Y	$	19,937,945
Class R5	$	21,192,494
Class R6	$	50,644,523
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		6,725,864
Class B		73,869
Class C		2,021,766
Class R		1,051,007
Class Y		1,132,445
Class R5		1,173,623
Class R6		2,794,016
Class A:
Net asset value per share	$	17.19
Maximum offering price per share
(Net asset value of $17.19 ¸ 94.50%)	$	18.19
Class B:
Net asset value and offering price per share	$	15.25
Class C:
Net asset value and offering price per share	$	15.26
Class R:
Net asset value and offering price per share	$	16.62
Class Y:
Net asset value and offering price per share	$	17.61
Class R5:
Net asset value and offering price per share	$	18.06
Class R6:
Net asset value and offering price per share	$	18.13

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, 2016

Investment income:
Dividends (net of foreign withholding taxes of $56,039)	$	3,473,161
Dividends from affiliates		123,881
Total investment income		3,597,042
Expenses:
Advisory fees		2,196,320
Administrative services fees		98,018
Custodian fees		15,049
Distribution fees:
Class A		311,502
Class B		15,446
Class C		351,329
Class R		104,692
Transfer agent fees — A, B, C, R and Y		515,191
Transfer agent fees — R5		25,742
Transfer agent fees — R6		4,331
Trustees’ and officers’ fees and benefits		25,842
Registration and filing fees		90,536
Reports to shareholders		43,310
Professional services fees		57,490
Other		23,844
Total expenses		3,878,642
Less: Fees waived and expense offset arrangement(s)		(58,914	)
Net expenses		3,819,728
Net investment income (loss)		(222,686	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		7,963,342
Foreign currencies		(12,086	)
		7,951,256
Change in net unrealized appreciation (depreciation) of:
Investment securities		(9,949,963	)
Foreign currencies		2,034
		(9,947,929	)
Net realized and unrealized gain (loss)		(1,996,673	)
Net increase (decrease) in net assets resulting from operations	$	(2,219,359	)

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, 2016 and 2015

	2016			2015
Operations:
Net investment income (loss)	$	(222,686	)	$	79,190
Net realized gain		7,951,256			44,320,413
Change in net unrealized appreciation (depreciation)		(9,947,929	)		(68,639,695	)
Net increase (decrease) in net assets resulting from operations		(2,219,359	)		(24,240,092	)
Distributions to shareholders from net realized gains:
Class A		(16,953,146	)		(16,971,372	)
Class B		(267,843	)		(453,713	)
Class C		(5,458,567	)		(5,169,171	)
Class R		(3,009,806	)		(3,063,577	)
Class Y		(4,208,147	)		(6,396,326	)
Class R5		(3,853,359	)		(4,210,075	)
Class R6		(10,628,285	)		(8,572,104	)
Total distributions from net realized gains		(44,379,153	)		(44,836,338	)
Share transactions–net:
Class A		(16,330,124	)		(18,245,220	)
Class B		(752,329	)		(2,074,219	)
Class C		(6,649,697	)		(2,285,842	)
Class R		(4,522,551	)		(5,006,283	)
Class Y		(15,501,361	)		(22,528,058	)
Class R5		(9,049,506	)		(9,336,329	)
Class R6		(26,818,592	)		4,570,049
Net increase (decrease) in net assets resulting from share transactions		(79,624,160	)		(54,905,902	)
Net increase (decrease) in net assets		(126,222,672	)		(123,982,332	)
Net assets:
Beginning of year		383,038,608			507,020,940
End of year (includes undistributed net investment income (loss) of $(173,954) and $12,384, respectively)	$	256,815,936		$	383,038,608

Notes to Financial Statements

October 31, 2016

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-two 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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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

12                         Invesco Endeavor Fund

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.

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,

13                         Invesco Endeavor Fund

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 the daily mark-to-market obligation for forward foreign currency contracts.

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

14                         Invesco Endeavor 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, 2016, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 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 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or 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, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $56,643.

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, 2016, 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, 2016, 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $25,526 in front-end sales commissions from the sale of Class A shares and $622, $573 and $2,503 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 Endeavor 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, 2016, 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—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, 2016.

	Value 10/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value 10/31/2016		Dividend Income
Orion Group Holdings, Inc.	$	10,999,464	$	604,141	$	(9,253,740	)	$	15,102,077	$	(4,161,772	)	$	13,290,170	$	—

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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,271.

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, 2016 and 2015:

	2016		2015
Ordinary income	$	8,302,567	$	3,648,252
Long-term capital gain		36,076,586		41,188,086
Total distributions	$	44,379,153	$	44,836,338

Tax Components of Net Assets at Period-End:

	2016
Undistributed long-term gain	$	8,944,569
Net unrealized appreciation — investments		7,818,841
Net unrealized appreciation (depreciation) — other investments		(17,427	)
Temporary book/tax differences		(594,457	)
Shares of beneficial interest		240,664,410
Total net assets	$	256,815,936

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 and partnership 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.

The Fund does not have a capital loss carryforward as of October 31, 2016.

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, 2016 was $72,084,690 and $184,183,052, 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	$	46,131,109
Aggregate unrealized (depreciation) of investment securities		(38,312,268	)
Net unrealized appreciation of investment securities	$	7,818,841

Cost of investments for tax purposes is $253,482,297.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships and foreign currency transactions, on October 31, 2016, undistributed net investment income (loss) was increased by $36,348 and undistributed net realized gain was decreased by $36,348. 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,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		860,186		$	14,340,623			1,272,962		$	26,412,566
Class B		2,418			36,076			9,544			186,297
Class C		178,482			2,641,468			314,817			5,940,578
Class R		207,312			3,306,725			373,372			7,499,961
Class Y		343,957			5,943,184			845,439			17,788,622
Class R5		202,044			3,521,471			447,301			9,680,718
Class R6		336,427			6,002,904			466,434			9,759,478
Issued as reinvestment of dividends:
Class A		1,016,193			16,015,191			804,187			15,947,033
Class B		18,509			260,602			23,396			423,933
Class C		365,900			5,155,537			269,529			4,886,566
Class R		196,832			3,007,596			158,224			3,061,643
Class Y		197,663			3,184,354			248,068			5,001,049
Class R5		229,868			3,792,828			177,190			3,644,799
Class R6		642,192			10,628,285			416,122			8,572,104
Automatic conversion of Class B shares to Class A shares:
Class A		41,420			690,224			86,498			1,786,311
Class B		(46,444	)		(690,224	)		(94,907	)		(1,786,311	)
Reacquired:
Class A		(2,835,913	)		(47,376,162	)		(3,041,053	)		(62,391,130	)
Class B		(23,972	)		(358,783	)		(47,852	)		(898,138	)
Class C		(973,922	)		(14,446,702	)		(703,371	)		(13,112,986	)
Class R		(676,277	)		(10,836,872	)		(777,312	)		(15,567,887	)
Class Y		(1,464,934	)		(24,628,899	)		(2,176,314	)		(45,317,729	)
Class R5		(944,280	)		(16,363,805	)		(1,054,881	)		(22,661,846	)
Class R6(b)		(2,719,196	)		(43,449,781	)		(647,593	)		(13,761,533	)
Net increase (decrease) in share activity		(4,845,535	)	$	(79,624,160	)		(2,630,200	)	$	(54,905,902	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 12% 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, 17% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)  On February 18, 2016, 2,004,623 Class R6 shares valued at $30,931,333 were redeemed by affiliated mutual funds.

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 10/31/16	$	19.30	$	(0.02	)	$	0.21		$	0.19		$	—		$	(2.30	)	$	(2.30	)	$	17.19		2.08	%	$	115,588		1.34	%(d)		1.36	%(d)		(0.12	)%(d)		28	%
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			1.29			(0.04	)		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
Class B
Year ended 10/31/16		17.52		(0.13	)		0.16			0.03			—			(2.30	)		(2.30	)		15.25		1.28			1,127		2.09	(d)		2.11	(d)		(0.87	)(d)		28
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			2.04			(0.79	)		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
Class C
Year ended 10/31/16		17.53		(0.13	)		0.16			0.03			—			(2.30	)		(2.30	)		15.26		1.27			30,857		2.09	(d)		2.11	(d)		(0.87	)(d)		28
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			2.04			(0.79	)		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
Class R
Year ended 10/31/16		18.78		(0.06	)		0.20			0.14			—			(2.30	)		(2.30	)		16.62		1.83			17,469		1.59	(d)		1.61	(d)		(0.37	)(d)		28
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			1.54			(0.29	)		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
Class Y
Year ended 10/31/16		19.66		0.02			0.23			0.25			—			(2.30	)		(2.30	)		17.61		2.37			19,938		1.09	(d)		1.11	(d)		0.13	(d)		28
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			1.04			0.21			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
Class R5
Year ended 10/31/16		20.08		0.05			0.23			0.28			—			(2.30	)		(2.30	)		18.06		2.49			21,192		0.94	(d)		0.96	(d)		0.28	(d)		28
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			0.92			0.33			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
Class R6
Year ended 10/31/16		20.13		0.06			0.24			0.30			—			(2.30	)		(2.30	)		18.13		2.59			50,645		0.85	(d)		0.87	(d)		0.37	(d)		28
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			0.83			0.42			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 $124,601, $1,545, $35,133, $20,938, $24,372, $25,759 and $63,382 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

and Shareholders of the 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 the Invesco Endeavor Fund (the “Fund”) as of October 31, 2016, 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 as of October 31, 2016 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

Houston, Texas

December 21, 2016

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, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/16)1		Expenses Paid During Period2		Ending Account Value (10/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,000.00	$	6.69	$	1,018.45	$	6.75		1.33	%
B		1,000.00		996.10		10.44		1,014.68		10.53		2.08
C		1,000.00		996.10		10.44		1,014.68		10.53		2.08
R		1,000.00		998.80		7.94		1,017.19		8.01		1.58
Y		1,000.00		1,001.70		5.43		1,019.71		5.48		1.08
R5		1,000.00		1,002.20		4.78		1,020.36		4.82		0.95
R6		1,000.00		1,002.80		4.33		1,020.81		4.37		0.86

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees.

The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 Broadridge 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 fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The 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

22                         Invesco Endeavor Fund

Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge 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, based on asset balances as of December 31, 2015. 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 and a report from an independent consultant engaged by the Senior Officer 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 Broadridge 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 certain 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 that the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and was 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, 2016:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	36,076,586
Qualified Dividend Income*		65.86	%
Corporate Dividends Received Deduction*		39.56	%
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	$	8,302,567

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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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, 2016
	Invesco Global Health Care Fund
	Nasdaq:
	A: GGHCX  ∎  B: GTHBX  ∎  C: GTHCX  ∎  Y: GGHYX  ∎  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.     In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to

sink at the start of calendar year 2016, but they eventually recovered; they sank again following the UK’s decision to leave the European Union, but then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

    Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

    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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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:
	∎	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.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, 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, 10/31/15 to 10/31/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-12.89	%
Class B Shares	-13.54
Class C Shares	-13.53
Class Y Shares	-12.67
Investor Class Shares	-12.89
MSCI World Index▼ (Broad Market Index)	1.18
MSCI World Health Care Index▼ (Style-Specific Index)	-7.56
Lipper Global Health/Biotechnology Funds Index∎ (Peer Group Index)	-11.48
Source(s): ▼FactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

The global economy continued to expand, albeit slowly, for the fiscal year ended October 31, 2016. However, that growth became increasingly uneven across developed and emerging economies, amid continued volatility in oil prices and as the policies of central banks globally began to diverge.

    An equity market rally in November was offset by negative performance in December, as a late-year crash in oil prices rattled the markets. Also in December, the US Federal Reserve (the Fed) followed through on its commitment to normalize monetary policy by raising interest rates – its first increase since 2006 – even as the European Central Bank extended its asset purchase program and Japan introduced additional quantitative easing and negative interest rates.

    Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China and falling oil prices. Markets recovered in late February and posted gains amid concerted central bank commitments to

very loose monetary policy. As a result, the US dollar fell sharply against the euro and Japanese yen, a development that was largely supportive of oil and stock prices.

    All major global stock indexes experienced steep declines again in June after UK voters opted to leave the European Union. Stocks in economically sensitive sectors, including energy and financials, were hardest hit, and investors flocked to the perceived safety of US Treasuries and more defensive, dividend-paying equities often found in the telecommunication services, utilities and consumer staples sectors.

    After the initial shock of the UK vote, stocks made a strong recovery, regaining most of their losses as fears of a shock to consumer confidence never materialized. For the remainder of the reporting period, emerging markets outperformed as the Fed left interest rates unchanged and expectations for an interest rate increase were delayed again.

    During the fiscal year, the health care sector experienced significant pressure as US presidential candidates and a series

of press reports focused attention on drug pricing and price increases. This caused a selloff during the fiscal year, particularly in the biotechnology and specialty pharmaceuticals industries.

    Overweight exposure to the life science tools and services industry was the largest contributor to the Fund’s relative and absolute return during the fiscal year. Thermo Fisher Scientific, a company that markets scientific instruments and lab equipment, was a strong contributor. Following a number of acquisitions, the company reported increasing margins and strong earnings growth during the reporting period.

    The Fund’s drug retail exposure also contributed to relative and absolute performance. Raia Drogasil, a leading Brazilian drugstore chain, was a key contributor during the fiscal year. The company benefited from the rebounding local market as investors welcomed an evolving political backdrop and the potential for leadership change in the government. Raia Drogasil also reported strong revenues and same-store sales growth, which boosted its shares.

    Stock selection in the managed health care industry also contributed to the Fund’s relative and absolute performance. During the fiscal year, UnitedHealth Group increased its dividend and reported better-than-expected earnings and an improved outlook for 2017.

    Stock selection in and overweight exposure to the biotechnology industry was the largest detractor from Fund performance relative to its style-specific benchmark for the fiscal year; a number of holdings within the industry were key detractors including Vertex Pharmaceuticals and Shire. Both companies declined amid a particularly sharp selloff in biotechnology stocks in the first quarter of 2016.

    The Fund’s underweight exposure to and stock selection in the pharmaceuticals industry also detracted from relative

Portfolio Composition
By sector	% of total net assets

Health Care	97.5	%
Consumer Staples	0.7
Money Market Funds Plus Other Assets Less Liabilities	1.8

Top 10 Equity Holdings*
	% of total net assets

1.	Celgene Corp.	5.5	%
2.	Thermo Fisher Scientific, Inc.	4.3
3.	Merck & Co., Inc.	4.2
4.	Roche Holding AG	4.1
5.	Biogen Inc.	4.1
6.	Shire PLC-ADR	3.9
7.	Eli Lilly and Co.	3.4
8.	Sanofi-ADR	3.2
9.	UnitedHealth Group Inc.	2.9
10.	Amgen Inc.	2.8

Total Net Assets $1.4 billion

Total Number of Holdings* 70

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, 2016.

4                Invesco Global Health Care Fund

returns. Within the industry, Endo International, Allergan and Teva Pharmaceuticals were the largest detractors.

    Specialty pharmaceutical company Endo International was the largest individual detractor from Fund performance. During the reporting period, the company reported weaker-than-anticipated financial results and revised its full-year earnings estimates down significantly from its initial forecast. We reduced our exposure to the company during the reporting period.

    Shares of Allergan dropped significantly after Pfizer (also a Fund holding) terminated its proposed merger with the company following a US Treasury Department tax inversion rule change that effectively killed the deal. We maintained our position in Allergan, as our thesis was based on the stand-alone company and was not predicated on the merger.

    During the fiscal year, we used currency forward contracts to hedge currency exposure of non-US-based companies held in the Fund. Derivatives were used solely for hedging and not for speculative purposes or leverage. The use of currency forward contracts had a marginally positive impact on the Fund’s performance relative to the style-specific benchmark.

    During the reporting period, we trimmed positions in areas that performed relatively well and reached full valuations, such as large-cap pharmaceuticals, medical devices and health care services. Geographically, we increased our weighting in the United States, as US companies appeared more mispriced than their European counterparts, in our view. At the close of the reporting period, our largest underweight exposure was to Europe. We also maintained substantial overweight exposure to small-cap stocks, and underweight exposure to large-cap companies relative to the style-specific index.

    We maintained an underweight position in large-cap pharmaceuticals relative to the style-specific benchmark during the fiscal year; however, the pharmaceuticals industry was the Fund’s largest absolute industry exposure during the reporting period. Our largest industry overweight was biotechnology, an industry in which we believe valuations are attractive, growth is robust, pipelines are strong, and there is pipeline and takeout optionality not priced into the stocks.

    We continue to emphasize specialty pharmaceuticals and biotechnology stocks based on their generally robust product portfolios, strong pipelines, and the possibility that many could be targets for acquisition.

    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 10/31/06

1  Source: Lipper Inc.

2  Source: FactSet Research Systems Inc.

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 returns 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 Health Care Fund

Average Annual Total Returns

As of 10/31/16, including maximum applicable sales charges

Class A Shares
Inception (8/7/89)	10.21	%
10 Years	6.84
5 Years	11.75
1 Year	-17.68
Class B Shares
Inception (4/1/93)	10.34	%
10 Years	6.81
5 Years	11.93
1 Year	-17.10
Class C Shares
Inception (3/1/99)	7.45	%
10 Years	6.65
5 Years	12.18
1 Year	-14.24
Class Y Shares
10 Years	7.66	%
5 Years	13.30
1 Year	-12.67
Investor Class Shares
Inception (7/15/05)	7.55	%
10 Years	7.45
5 Years	13.02
1 Year	-12.89

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 1.05%, 1.80%, 1.80%, 0.80% and 1.05%, 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,

Average Annual Total Returns

As of 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (8/7/89)	10.59	%
10 Years	7.89
5 Years	14.90
1 Year	-5.99
Class B Shares
Inception (4/1/93)	10.77	%
10 Years	7.85
5 Years	15.11
1 Year	-5.33
Class C Shares
Inception (3/1/99)	8.01	%
10 Years	7.69
5 Years	15.34
1 Year	-2.08
Class Y Shares
10 Years	8.71	%
5 Years	16.49
1 Year	-0.29
Investor Class Shares
Inception (7/15/05)	8.43	%
10 Years	8.50
5 Years	16.21
1 Year	-0.53

Class B, Class C, Class Y and Investor Class shares was 1.06%, 1.81%, 1.81%, 0.81% and 1.06%, 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, 2018. 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.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

Principal risks of investing in the Fund

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

∎ Depositary receipts risk. Investing in depositary receipts involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

∎ 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.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities

may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Geographic focus risk. The Fund may from time to time invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund’s investment performance.

∎ Health care sector risk. The Fund will concentrate its investments in the securities of domestic and foreign issuers in the health care sector. The health care sector is subject to significant government regulations, increases or decreases in the cost of medical products and services, and competitive forces that could negatively impact a health care company’s profitability. The health care sector may also be affected by government health care programs.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments

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

prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

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

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

About indexes used in this report

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

∎ The 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.

∎ The Lipper Global Health/Biotechnology Funds Index is an unmanaged index considered representative of global health/biotechnology 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.

∎ 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 Global Health Care Fund

Schedule of Investments^(a)

October 31, 2016

	Shares		Value
Common Stocks & Other Equity Interests–98.20%
Biotechnology–36.14%
AbbVie Inc.		593,102	$	33,083,230
ACADIA Pharmaceuticals Inc.(b)		225,371		5,253,398
Alder Biopharmaceuticals, Inc.(b)		256,668		6,224,199
Alexion Pharmaceuticals, Inc.(b)		147,641		19,267,150
Amgen Inc.		271,425		38,314,353
Array BioPharma Inc.(b)		1,286,896		7,335,307
BioCryst Pharmaceuticals, Inc.(b)		646,052		2,616,511
Biogen Inc.(b)		201,323		56,406,678
BioMarin Pharmaceutical Inc.(b)		432,095		34,792,289
bluebird bio, Inc.(b)		149,755		7,150,801
Celgene Corp.(b)		740,917		75,706,899
DBV Technologies S.A.–ADR (France)(b)		357,551		12,274,726
Evolutionary Genomics, Inc.(b)		9,944		31,324
Exact Sciences Corp.(b)		396,463		6,176,894
Gilead Sciences, Inc.		275,056		20,252,373
Heron Therapeutics, Inc.(b)		391,502		5,813,805
Incyte Corp.(b)		333,014		28,962,228
Neurocrine Biosciences, Inc.(b)		179,752		7,867,745
Prothena Corp. PLC (Ireland)(b)		170,935		8,174,112
REGENXBIO Inc.(b)		201,684		3,176,523
Sarepta Therapeutics, Inc.(b)		236,989		9,299,448
Shire PLC–ADR		321,322		54,187,742
Spark Therapeutics, Inc.(b)		162,444		7,636,492
TESARO, Inc.(b)		64,934		7,849,222
Ultragenyx Pharmaceutical Inc.(b)		104,950		6,191,000
United Therapeutics Corp.(b)		71,093		8,536,137
Vertex Pharmaceuticals Inc.(b)		356,194		27,020,877
				499,601,463
Drug Retail–0.67%
Raia Drogasil S.A. (Brazil)		419,678		9,318,726
Health Care Distributors–2.77%
Cardinal Health, Inc.		145,630		10,003,325
McKesson Corp.		222,019		28,234,156
				38,237,481
Health Care Equipment–4.48%
Olympus Corp. (Japan)		644,600		23,051,066
ResMed Inc.		231,803		13,854,865
Wright Medical Group N.V.(b)		1,140,738		24,993,570
				61,899,501
Health Care Facilities–5.42%
AmSurg Corp.(b)		219,285		13,102,279
Brookdale Senior Living Inc.(b)		472,738		6,821,609
HCA Holdings, Inc.(b)		295,343		22,602,600
Tenet Healthcare Corp.(b)		617,007		12,161,208
Universal Health Services, Inc.–Class B		167,720		20,245,481
				74,933,177

	Shares		Value
Health Care Services–0.38%
Air Methods Corp.(b)		197,101	$	5,213,321
Life Sciences Tools & Services–5.36%
Agilent Technologies, Inc.		292,823		12,758,298
Medpace Holdings, Inc.(b)		67,573		1,960,968
Thermo Fisher Scientific, Inc.		403,752		59,363,657
				74,082,923
Managed Health Care–6.89%
Aetna Inc.		276,897		29,724,893
Humana Inc.		125,708		21,562,693
Qualicorp S.A. (Brazil)		674,900		4,343,892
UnitedHealth Group Inc.		280,733		39,675,995
				95,307,473
Pharmaceuticals–36.09%
Agile Therapeutics, Inc.(b)		841,843		6,398,007
Allergan PLC(b)		97,410		20,352,845
Bayer AG (Germany)		219,881		21,793,692
Bristol-Myers Squibb Co.		730,584		37,194,031
Cempra, Inc.(b)		281,479		5,101,807
Dermira, Inc.(b)		358,756		11,247,001
Eli Lilly and Co.		642,238		47,422,854
Endo International PLC(b)		858,702		16,100,662
GlaxoSmithKline PLC–ADR (United Kingdom)		351,258		14,053,833
Hikma Pharmaceuticals PLC (Jordan)		351,148		7,537,551
Jazz Pharmaceuticals PLC(b)		172,512		18,884,889
Johnson & Johnson		127,181		14,751,724
Lipocine Inc.(b)		722,936		2,320,625
Medicines Co. (The)(b)		124,830		4,113,148
Merck & Co., Inc.		994,061		58,371,262
Nippon Shinyaku Co., Ltd. (Japan)		307,600		15,634,463
Novartis AG–ADR (Switzerland)		496,245		35,243,320
Pfizer Inc.		447,046		14,175,829
Roche Holding AG (Switzerland)		246,918		56,660,679
Sanofi–ADR (France)		1,134,568		44,123,349
Supernus Pharmaceuticals Inc.(b)		352,296		6,975,461
Teva Pharmaceutical Industries Ltd.–ADR (Israel)		840,661		35,929,851
Zogenix, Inc.(b)		547,363		4,461,008
				498,847,891
Total Common Stocks & Other Equity Interests (Cost $1,092,012,566)				1,357,441,956
Preferred Stock–0.00%
Health Care Equipment–0.00%
Intact Medical Corp., Series C, Pfd. (Acquired 03/26/2001; Cost $2,000,000)(c)(d)		2,439,026		0

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

10                         Invesco Global Health Care Fund

	Shares		Value
Money Market Funds–3.04%
Government & Agency Portfolio– Institutional Class, 0.29%(e)		25,196,492	$	25,196,492
Treasury Portfolio–Institutional Class, 0.22%(e)		16,797,661		16,797,661
Total Money Market Funds (Cost $41,994,153)				41,994,153
TOTAL INVESTMENTS–101.24% (Cost $1,136,006,719)				1,399,436,109
OTHER ASSETS LESS LIABILITIES–(1.24)%				(17,076,024	)
NET ASSETS–100.00%			$	1,382,360,085

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)  Security is considered venture capital. See Note 1K.

^(d)  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, 2016 represented less than 1% of the Fund’s Net Assets.

^(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, 2016.

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

11                         Invesco Global Health Care Fund

Statement of Assets and Liabilities

October 31, 2016

Assets:
Investments, at value (Cost $1,094,012,566)	$	1,357,441,956
Investments in affiliated money market funds, at value and cost		41,994,153
Total investments, at value (Cost $1,136,006,719)		1,399,436,109
Foreign currencies, at value (Cost $717,442)		742,896
Receivable for:
Fund shares sold		239,233
Dividends		2,012,461
Investment for trustee deferred compensation and retirement plans		252,871
Other assets		287,418
Total assets		1,402,970,988
Liabilities:
Payable for:
Investments purchased		17,231,479
Fund shares reacquired		2,013,732
Accrued fees to affiliates		897,712
Accrued trustees’ and officers’ fees and benefits		3,130
Accrued other operating expenses		117,255
Trustee deferred compensation and retirement plans		347,595
Total liabilities		20,610,903
Net assets applicable to shares outstanding	$	1,382,360,085
Net assets consist of:
Shares of beneficial interest	$	1,085,954,238
Undistributed net investment income		2,597,623
Undistributed net realized gain		30,400,940
Net unrealized appreciation		263,407,284
	$	1,382,360,085

Net Assets:
Class A	$	725,052,586
Class B	$	4,648,655
Class C	$	66,699,137
Class Y	$	22,548,266
Investor Class	$	563,411,441
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		22,020,745
Class B		194,754
Class C		2,789,922
Class Y		673,502
Investor Class		17,106,270
Class A:
Net asset value per share	$	32.93
Maximum offering price per share
(Net asset value of $32.93 ¸ 94.50%)	$	34.85
Class B:
Net asset value and offering price per share	$	23.87
Class C:
Net asset value and offering price per share	$	23.91
Class Y:
Net asset value and offering price per share	$	33.48
Investor Class:
Net asset value and offering price per share	$	32.94

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

12                         Invesco Global Health Care Fund

Statement of Operations

For the year ended October 31, 2016

Investment income:
Dividends (net of foreign withholding taxes of $1,147,281)	$	20,954,771
Dividends from affiliated money market funds		132,811
Total investment income		21,087,582
Expenses:
Advisory fees		9,871,757
Administrative services fees		378,514
Custodian fees		60,859
Distribution fees:
Class A		2,117,864
Class B		77,868
Class C		855,349
Investor Class		1,584,786
Transfer agent fees		2,755,393
Trustees’ and officers’ fees and benefits		67,666
Registration and filing fees		120,786
Reports to shareholders		129,603
Professional services fees		76,348
Other		38,595
Total expenses		18,135,388
Less: Fees waived and expense offset arrangement(s)		(64,675	)
Net expenses		18,070,713
Net investment income		3,016,869
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		30,370,125
Foreign currencies		(56,538	)
Forward foreign currency contracts		1,178,024
		31,491,611
Change in net unrealized appreciation (depreciation) of:
Investment securities		(257,736,760	)
Foreign currencies		76,420
Forward foreign currency contracts		(1,130,867	)
		(258,791,207	)
Net realized and unrealized gain (loss)		(227,299,596	)
Net increase (decrease) in net assets resulting from operations	$	(224,282,727	)

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

13                         Invesco Global Health Care Fund

Statement of Changes in Net Assets

For the years ended October 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	3,016,869		$	26,356
Net realized gain		31,491,611			247,325,702
Change in net unrealized appreciation (depreciation)		(258,791,207	)		(191,192,065	)
Net increase (decrease) in net assets resulting from operations		(224,282,727	)		56,159,993
Distributions to shareholders from net investment income — Class Y		—			(10,150	)
Distributions to shareholders from net realized gains:
Class A		(127,967,635	)		(96,831,067	)
Class B		(1,855,636	)		(1,886,195	)
Class C		(18,225,035	)		(11,181,210	)
Class Y		(5,234,942	)		(3,429,565	)
Investor Class		(93,924,558	)		(76,198,284	)
Total distributions from net realized gains		(247,207,806	)		(189,526,321	)
Share transactions–net:
Class A		(11,048,725	)		145,018,935
Class B		(3,591,164	)		(1,629,291	)
Class C		(9,986,290	)		37,253,754
Class Y		(7,490,433	)		10,969,883
Investor Class		30,971,871			32,925,819
Net increase (decrease) in net assets resulting from share transactions		(1,144,741	)		224,539,100
Net increase (decrease) in net assets		(472,635,274	)		91,162,622
Net assets:
Beginning of year		1,854,995,359			1,763,832,737
End of year (includes undistributed net investment income of $2,597,623 and $(351,837), respectively)	$	1,382,360,085		$	1,854,995,359

Notes to Financial Statements

October 31, 2016

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-two 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. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y 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.

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

14                         Invesco Global Health Care 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.

15                         Invesco Global Health Care 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 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 the daily mark-to-market obligation for forward foreign currency contracts.

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

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.

16                         Invesco Global Health Care 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 $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, 2016, the effective advisory fees incurred by the Fund was 0.62%.

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

The Adviser has contractually agreed, through at least June 30, 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 and Investor Class shares to 2.00%, 2.75%, 2.75%, 1.75% and 2.00% of average daily net assets (the “expense limits”), 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, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $48,683.

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, 2016, 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, 2016, 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $154,369 in front-end sales commissions from the sale of Class A shares and $6,575, $1,121 and $9,455 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the year ended October 31, 2016, the Fund incurred $51 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.

17                         Invesco Global Health Care 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, 2016. 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
Common Stocks & Other Equity Interests	$	1,300,749,953	$	56,660,679	$	31,324	$	1,357,441,956
Preferred Stock		—		—		0		0
Money Market Funds		41,994,153		—		—		41,994,153
Total Investments	$	1,342,744,106	$	56,660,679	$	31,324	$	1,399,436,109

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, 2016.

	Value 10/31/15		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value 10/31/16		Dividend Income
Evolutionary Genomics, Inc.(a)	$	29,060	$	—	$	—	$	2,264	$	—	$	31,324	$	—

^(a) As of October 31, 2016, this security is no longer considered as an affiliate of the fund.

NOTE 5—Derivative Investments

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

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

Effect of Derivative Investments for the year ended October 31, 2016

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

	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain:
Forward foreign currency contracts	$	1,178,024
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(1,130,867	)
Total	$	47,157

The table below summarizes the one month average notional value of forward foreign currency contracts outstanding during the period.

	Forward Foreign Currency Contracts
Average notional value	$	30,322,275

18                         Invesco Global Health Care Fund

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, 2016, the Fund engaged in securities purchases of $1,082,357.

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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $15,992.

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 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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2016 and 2015:

	2016		2015
Ordinary income	$	15,102,427	$	279,221
Long-term capital gain		232,105,379		189,257,250
Total distributions	$	247,207,806	$	189,536,471

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	2,952,596
Undistributed long-term gain		30,731,864
Net unrealized appreciation — investments		263,098,466
Net unrealized appreciation (depreciation) — other investments		(22,107	)
Temporary book/tax differences		(354,972	)
Shares of beneficial interest		1,085,954,238
Total net assets	$	1,382,360,085

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, 2016.

19                         Invesco Global Health Care Fund

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, 2016 was $334,684,494 and $578,026,610, 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	$	356,571,986
Aggregate unrealized (depreciation) of investment securities		(93,473,520	)
Net unrealized appreciation of investment securities	$	263,098,466

Cost of investments for tax purposes is $1,136,337,643.

NOTE 12—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on October 31, 2016, undistributed net investment income was decreased by $67,409 and undistributed net realized gain was increased by $67,409. This reclassification had no effect on the net assets of the Fund.

NOTE 13—Share Information

	Summary of Share Activity
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		1,843,602		$	67,167,477			4,820,008		$	224,680,172
Class B		11,075			289,683			72,539			2,629,513
Class C		404,498			10,787,866			1,215,711			43,961,950
Class Y		341,967			12,813,669			391,782			18,343,412
Investor Class		389,082			14,740,822			676,871			31,570,967
Issued as reinvestment of dividends:
Class A		3,396,181			125,115,293			2,356,009			100,342,466
Class B		68,337			1,836,894			57,678			1,896,452
Class C		668,972			18,015,422			348,383			11,472,253
Class Y		131,892			4,930,137			79,354			3,413,789
Investor Class		2,469,246			90,991,726			1,757,199			74,856,681
Automatic conversion of Class B shares to Class A shares:
Class A		94,832			3,351,350			93,858			4,317,788
Class B		(129,996	)		(3,351,350	)		(121,735	)		(4,317,788	)
Reacquired:
Class A		(5,783,954	)		(206,682,845	)		(4,060,530	)		(184,321,491	)
Class B		(90,684	)		(2,366,391	)		(52,195	)		(1,837,468	)
Class C		(1,500,972	)		(38,789,578	)		(516,160	)		(18,180,449	)
Class Y		(691,953	)		(25,234,239	)		(232,396	)		(10,787,318	)
Investor Class		(2,094,161	)		(74,760,677	)		(1,598,601	)		(73,501,829	)
Net increase (decrease) in share activity		(472,036	)	$	(1,144,741	)		5,287,775		$	224,539,100

^(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 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			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 10/31/16	$	43.70	$	0.08		$	(5.09	)	$	(5.01	)	$	—		$	(5.76	)	$	(5.76	)	$	32.93		(12.87	)%	$	725,053		1.09	%(e)		1.09	%(e)		0.23	%(e)		21	%
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			1.05			0.04			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
Class B
Year ended 10/31/16		33.51		(0.14	)		(3.74	)		(3.88	)		—			(5.76	)		(5.76	)		23.87		(13.52	)		4,649		1.84	(e)		1.84	(e)		(0.52	)(e)		21
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			1.80			(0.71	)		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
Class C
Year ended 10/31/16		33.56		(0.14	)		(3.75	)		(3.89	)		—			(5.76	)		(5.76	)		23.91		(13.53	)		66,699		1.84	(e)		1.84	(e)		(0.52	)(e)		21
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			1.80			(0.71	)		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
Class Y
Year ended 10/31/16		44.24		0.17			(5.17	)		(5.00	)		—			(5.76	)		(5.76	)		33.48		(12.67	)		22,548		0.84	(e)		0.84	(e)		0.48	(e)		21
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			0.80			0.29			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
Investor Class
Year ended 10/31/16		43.71		0.08			(5.09	)		(5.01	)		—			(5.76	)		(5.76	)		32.94		(12.87	)		563,411		1.09	(e)		1.09	(e)		0.23	(e)		21
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			1.05			0.04			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

^(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 which were less than $0.005 per share, for fiscal year ended October 31, 2012.

^(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 $847,145, $7,787, $85,535, $29,574 and $633,914 for Class A, Class B, Class C, Class Y and Investor Class shares, respectively.

21                         Invesco Global Health Care Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees

and Shareholders of the 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 the Invesco Global Health Care Fund (the “Fund”) as of October 31, 2016, 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 as of October 31, 2016 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

Houston, Texas

December 21, 2016

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, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/16)1		Expenses Paid During Period2		Ending Account Value (10/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	954.80	$	5.41	$	1,019.61	$	5.58		1.10	%
B		1,000.00		951.00		9.07		1,015.84		9.37		1.85
C		1,000.00		951.10		9.07		1,015.84		9.37		1.85
Y		1,000.00		956.00		4.18		1,020.86		4.32		0.85
Investor		1,000.00		954.80		5.41		1,019.61		5.58		1.10

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s

evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 Broadridge 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 fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. Invesco Advisers noted that a new co-chief investment officer had been named to the portfolio management team. The Trustees also

24                         Invesco Global Health Care Fund

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 Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge 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, based on asset balances as of December 31, 2015. 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 and a report from an independent consultant engaged by the Senior Officer 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 Broadridge 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 certain 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 that the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and was 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, 2016:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	232,105,379
Qualified Dividend Income*		100	%
Corporate Dividends Received Deduction*		68.31	%
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	$	15,091,375

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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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, 2016
	Invesco Global Infrastructure Fund
	Nasdaq:
	A: GIZAX  ∎  C: GIZCX  ∎  R: GIZRX  ∎  Y: GIZYX  ∎  R5: GIZFX  ∎  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.     In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to sink at the start of calendar year 2016, but they eventually recovered; they sank

again following the UK’s decision to leave the European Union, but then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

    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.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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:
	∎	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.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, Class A shares of Invesco Global Infrastructure Fund (the Fund), at net asset value (NAV), underperformed the Fund’s style-specific benchmark, the Dow Jones Brookfield Global Infrastructure Index.

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

Fund vs. Indexes

Total returns, 10/31/15 to 10/31/16, 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	3.01	%
Class C Shares	2.24
Class R Shares	2.76
Class Y Shares	3.27
Class R5 Shares	3.27
Class R6 Shares	3.27
MSCI World Indexq (Broad Market Index)	1.18
Dow Jones Brookfield Global Infrastructure Indexq (Style-Specific Index)	4.98
Lipper Global Infrastructure Funds Classification Average∎ (Peer Group)	4.49

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

Market conditions and your Fund

The global economy continued to expand, albeit slowly, for the fiscal year ended October 31, 2016. However, that growth became increasingly uneven across developed and emerging economies, amid continued volatility in oil prices and as the policies of central banks globally began to diverge.

    An equity market rally in November was offset by negative performance in December, as a late-year crash in oil prices rattled the markets. Also in December, the US Federal Reserve (the Fed) followed through on its commitment to normalize monetary policy by raising interest rates – its first increase since 2006 – even as the European Central Bank extended its asset purchase program and Japan introduced additional quantitative easing and negative interest rates.

    Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China and

falling oil prices. Markets recovered in late February and posted gains amid concerted central bank commitments to very loose monetary policy. As a result, the US dollar fell sharply against the euro and Japanese yen, a development that was largely supportive of oil and stock prices.

    All major global stock indexes experienced steep declines again in June after UK voters opted to leave the European Union. Stocks in economically sensitive sectors, including energy and financials, were hardest hit, and investors flocked to the perceived safety of US Treasuries and more defensive, dividend-paying equities often found in the telecommunication services, utilities and consumer staples sectors.

    After the initial shock of the UK vote, stocks made a strong recovery, regaining most of their losses as fears of a shock to consumer confidence never materialized. For the remainder of the reporting period, emerging markets outperformed as the Fed left interest rates unchanged and expectations

for an interest rate increase were delayed again.

    In general, global infrastructure stocks – which have a heavy emphasis within the energy and utilities sectors – produced positive returns and outperformed broad market equities during the reporting period. The Fund also produced positive returns, but underperformed its style-specific benchmark, the Dow Jones Brookfield Global Infrastructure Index, primarily as a result of market allocation.

    Utilities stocks, particularly in the US, experienced strong performance as investors sought yield and perceived safety. A combination of high production levels and weakened demand led to further imbalances in crude oil and natural gas supply and demand, causing energy prices to plunge at the beginning of the fiscal year; crude oil fell from $49 to a low of $28 per barrel, and natural gas fell from $2.25 to a low $1.64 per thousand cubic feet.¹ Toward the end of the reporting period, OPEC provided some respite by initiating a limit to production in an effort to stabilize crude prices. Additionally, continued declines in capital expenditures helped reduce natural gas production. Crude oil and natural gas prices ended the reporting period at $48 per barrel and $3.03 per thousand cubic feet, respectively, and energy equities ended the fiscal year in positive territory, in general.¹

    On an absolute basis, Fund holdings in the midstream services, gas distribution, electric utilities and wireless towers sectors were the largest contributors to Fund performance. Holdings in the ports and rail and the diversified infrastructure sectors were detractors from absolute Fund performance.

    Relative to the style-specific benchmark, security selection in and overweight exposure to midstream services, as well as security selection in and an underweight allocation to airports, detracted from Fund performance. Additionally, underweight

Portfolio Composition
By infrastructure sector	% of total net assets

Midstream Services	29.9	%
Gas Distribution	21.2
Electric Utilities	14.0
Towers	12.6
Water	5.0
Tolls	4.5
Airports	4.3
Diversified	3.5
Satellites	2.2
Rail, Ports & Renewables	1.5
Money Market Funds
Plus Other Assets Less Liabilities	1.3

Top 10 Equity Holdings*
	% of total net assets

1.	National Grid PLC	6.8%
2.	American Tower Corp. -Class A	6.3
3.	Kinder Morgan Inc.	5.9
4.	PG&E Corp.	5.8
5.	TransCanada Corp.	5.1
6.	Enbridge Inc.	4.7
7.	Sempra Energy	4.2
8.	Crown Castle International Corp.	3.7
9.	Spectra Energy Corp.	3.6
10.	Williams Cos., Inc. (The)	3.0

Total Net Assets	$	10.0 million
Total Number of Holdings*		70

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, 2016.

4                         Invesco Global Infrastructure Fund

exposure to the electric utilities sector and security selection in tolls hurt relative Fund performance. Conversely, security selection in and underweight exposure to the satellites and water sectors were relative performance contributors. Additionally, underweight exposure to ports and rail and security selection within towers added to relative Fund performance.

    Top individual contributors to the Fund’s absolute performance included

TransCanada and American Tower. TransCanada is one of the leading energy infrastructure companies, with assets that span North America. During the fiscal year, TransCanada completed the acquisition of Columbia Pipeline Group (not a Fund holding) and entered into an agreement to connect its Houston terminal to Magellan’s (not a Fund holding) Texas delivery system. Also, TransCanada was awarded a contract to build a $500 million natural gas pipeline in Mexico and was awarded a $1.3 billion contract to expand a natural gas transmission system in Canada. TransCanada also reduced its workforce by approximately 10% in an effort to increase efficiencies.

    American Tower is an owner/operator of wireless infrastructure and is structured as a real estate investment trust. During the fiscal year, American Tower announced it would acquire controlling interest in Viom Networks (not a Fund holding), India’s largest independent tower company. At the close of the reporting period, we believed tower companies were favorably positioned from a fundamental standpoint, with positive cash flow growth supported by strong demand driven by continued adoption of smartphones.

    The top individual detractors from absolute Fund performance were midstream services companies, given volatility in the energy industry during the fiscal year.

Williams Companies received multiple merger proposals during the last two fiscal years. The first, from Energy Transfer Equity (not a Fund holding), was terminated during the current fiscal year; the second, from Enterprise Products Partners (not a Fund holding), was rejected by Williams and later withdrawn. While we do not select investments solely on the possibility of mergers, we believed these proposals to be a testament to the desirability of Williams’ assets and relative pricing.

    Kinder Morgan, the largest energy infrastructure company in America, was among the top absolute detractors from Fund performance despite contributing to the Fund’s relative performance. During the fiscal year, Kinder Morgan announced it would cut its quarterly dividend by 75% in an effort to avoid issuing equity in a lower-stock-price environment. It did so to

fund future natural gas project development and to maintain its investment grade credit rating.

    At the close of the reporting period, we believed the lifting of the US crude oil export ban would likely be a long-term positive for continued US midstream infrastructure build-out. Growth characteristics for midstream services were relatively attractive, in our view. We believed an anticipated increase in US energy production in 2017 and 2018 would likely be positive for midstream services companies, which tend to be influenced more by the volume, rather than the price, of energy.

    At the close of the reporting period, the Fund had underweight exposure to the more regulated infrastructure industries – gas distribution, electric utilities and water – while the Fund had overweight allocations to more competitive and user-pay industries – towers, satellites and midstream services, where growth characteristics remain relatively attractive. In our view, 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 more stable underlying earnings stream.

    We thank you for your investment in Invesco Global Infrastructure Fund.

1 Source: Bloomberg

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. He is also a Certified Public Accountant.
	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

1 Source: FactSet Research Systems Inc.

2 Source: Lipper Inc.

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 9

than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

About indexes used in this report

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

∎ The Dow Jones Brookfield Global Infrastructure Index is designed to measure the stock performance of infrastructure companies domiciled globally and covers all sectors of the infrastructure market.

∎ The Lipper Global Infrastructure Funds Classification Average represents an average of all of the funds in the Lipper Global Infrastructure Funds classification.

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

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

Other information

∎ CPA^® and Certified Public Accountant^® are trademarks owned by the American Institute of Certified Public Accountants.

∎ 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 Infrastructure Fund

Average Annual Total Returns
As of 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (5/2/14)	-2.00	%
1 Year	-2.62
Class C Shares
Inception (5/2/14)	-0.53	%
1 Year	1.24
Class R Shares
Inception (5/2/14)	-0.04	%
1 Year	2.76
Class Y Shares
Inception (5/2/14)	0.46	%
1 Year	3.27
Class R5 Shares
Inception (5/2/14)	0.46	%
1 Year	3.27
Class R6 Shares
Inception (5/2/14)	0.46	%
1 Year	3.27

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 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 6.36%, 7.11%, 6.61%, 6.11%, 6.00% and 6.00%, 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 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (5/2/14)	-0.57	%
1 Year	6.65
Class C Shares
Inception (5/2/14)	1.02	%
1 Year	10.98
Class R Shares
Inception (5/2/14)	1.54	%
1 Year	12.52
Class Y Shares
Inception (5/2/14)	2.02	%
1 Year	13.09
Class R5 Shares
Inception (5/2/14)	2.02	%
1 Year	13.09
Class R6 Shares
Inception (5/2/14)	2.02	%
1 Year	13.09

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.

7                         Invesco Global Infrastructure Fund

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

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

∎ 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

∎ Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ Depositary receipts risk. Investing in depositary receipts involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

∎ 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.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Geographic focus risk. The Fund may from time to time invest a substantial amount of its assets in securities of issuers located in a single country or a

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

limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund’s investment performance.

∎ High yield debt securities (junk bond) risk. Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

∎ Infrastructure-related companies risk. The Fund will concentrate its investments in the infrastructure industry. Infrastructure-related companies are subject to a variety of risk factors, including costs associated with environmental, governmental and other regulations, high interest costs for capital construction programs, high leverage, the effects of economic slowdowns, surplus capacity, increased competition, fluctuations of fuel prices, the effects of energy conservation policies, unfavorable tax laws or accounting policies, environmental damage, difficulty in raising capital, increased susceptibility to terrorist acts or political actions, and general changes in market sentiment towards infrastructure assets.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a

whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ MLP Risk. The Fund invests in securities of MLPs, which are subject to the following risks:

 – Limited partner risk. An MLP is a public limited partnership or limited liability company taxed as a partnership under the Code. 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 risks of investing in an MLP are similar to those of investing in a partnership, including more flexible governance structures, which could result in less protection for investors than investments in a corporation. Investors in an MLP normally would 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. In certain circumstances, creditors of an MLP would have the right to seek return of capital distributed to a limited partner, which right would continue after an investor sold its investment in the MLP.

 – Liquidity risk. 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 than conventional publicly traded securities and, therefore, more difflcult to trade at desirable times and/or prices.

 – Interest rate risk. In addition, MLP distributions may be reduced by fees and other expenses incurred by the MLP. MLPs generally are considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.

 – General partner risk. The holder of the general partner or managing member interest can be liable in certain circumstances for amounts greater than the amount of the holder’s investment in the general partner or managing member.

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.

∎ MLP tax risk. MLPs taxed as partnerships do not pay US federal income tax at the partnership level. A change in current tax law, or a change in the underlying business mix of a given MLP, however, could result in an MLP being classified as a corporation for US federal income tax purposes, which would have the effect of reducing the amount of cash available for distribution by the MLP and, as a result, could cause a reduction of the value of the Fund’s investment, and consequently your investment in the Fund and lower income. 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. If an MLP in which the Fund invests amends its partnership tax return, the Fund will, when necessary, send you a corrected Form 1099, which could, in turn, require you to amend your federal, state or local tax returns.

∎ Non-diversification risk. The Fund is non-diversified and can invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid

continued on page 6

9                         Invesco Global Infrastructure Fund

Schedule of Investments

October 31, 2016

	Shares		Value
Common Stocks & Other Equity Interests–98.74%
Australia–5.16%
APA Group		12,833	$	77,546
Macquarie Atlas Roads Group		10,753		38,538
Spark Infrastructure Group		80,264		135,270
Sydney Airport		10,326		49,042
Transurban Group		27,328		215,529
				515,925
Canada��14.98%
Enbridge Inc.		10,891		470,313
Fortis, Inc.		6,028		198,435
Keyera Corp.		1,397		41,933
Pembina Pipeline Corp.		8,111		249,211
TransCanada Corp.		11,343		513,511
Veresen Inc.		2,566		23,245
				1,496,648
China–2.96%
Beijing Capital International Airport Co. Ltd.–Class H		34,000		35,642
Beijing Enterprises Holdings Ltd.		4,500		22,473
Beijing Enterprises Water Group Ltd.		48,000		34,845
China Merchants Port Holdings Co. Ltd.		16,000		41,414
China Resources Gas Group Ltd.		15,335		48,148
ENN Energy Holdings Ltd.		14,000		65,889
Jiangsu Expressway Co. Ltd.–Class H		14,000		19,063
Shenzhen Expressway Co. Ltd.–Class H		28,000		28,084
				295,558
France–2.26%
Aéroports de Paris		501		50,603
Eiffage S.A.		618		45,783
Eutelsat Communications S.A.		763		15,998
Groupe Eurotunnel SE		6,812		63,701
Vinci S.A.		694		50,172
				226,257
Hong Kong–1.27%
China Gas Holdings Ltd.		12,000		18,289
Hong Kong & China Gas Co., Ltd. (The)		55,320		108,422
				126,711
Italy–3.43%
Atlantia S.p.A.		5,836		143,099
Infrastrutture Wireless Italiane S.p.A.–REGS(a)		6,459		30,560
Snam S.p.A.		31,954		168,626
				342,285
Japan–1.62%
Japan Airport Terminal Co., Ltd.		800		30,782
Tokyo Gas Co., Ltd.		29,000		131,481
				162,263

	Shares		Value
Luxembourg–1.99%
SES S.A.		8,665	$	199,276
Mexico–0.87%
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.–ADR		1,252		58,468
Grupo Aeroportuario del Sureste S.A.B. de C.V.–ADR		177		28,143
				86,611
New Zealand–0.53%
Auckland International Airport Ltd.		11,267		53,092
Spain–5.79%
Aena S.A.–REGS(a)		539		79,138
Cellnex Telecom S.A.–REGS(a)		3,458		56,788
Ferrovial S.A.		12,756		247,935
Ferrovial, S.A.–Rts.(b)		12,346		5,286
Red Eléctrica Corp. S.A.		9,079		189,172
				578,319
Switzerland–0.47%
Flughafen Zürich AG		253		46,472
United Kingdom–9.07%
National Grid PLC		52,362		681,883
Severn Trent PLC		2,440		69,433
United Utilities Group PLC		13,503		155,114
				906,430
United States–48.34%
American Tower Corp.–Class A		5,370		629,310
American Water Works Co., Inc.		1,941		143,712
Aqua America Inc.		3,281		100,727
Atmos Energy Corp.		2,598		193,265
Cheniere Energy, Inc.(b)		2,549		96,097
Consolidated Edison, Inc.		486		36,717
Crown Castle International Corp.		4,018		365,598
Dominion Resources, Inc.		342		25,718
Enbridge Energy Partners, L.P.		1,866		45,997
Eversource Energy		3,031		166,887
Kinder Morgan Inc.		28,845		589,303
NextEra Energy, Inc.		737		94,336
NiSource Inc.		2,241		52,126
OGE Energy Corp.		3,254		101,004
ONE Gas, Inc.		651		39,893
ONEOK, Inc.		1,655		80,152
Pattern Energy Group Inc.		2,256		50,422
PG&E Corp.		9,322		579,083
SBA Communications Corp.–Class A(b)		1,579		178,869
SemGroup Corp.–Class A		1,621		52,277
Sempra Energy		3,920		419,832
Southwest Gas Corp.		592		42,896

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

10                         Invesco Global Infrastructure Fund

	Shares		Value
United States–(continued)
Spectra Energy Corp.		8,495	$	355,176
Targa Resources Corp.		2,184		95,878
Williams Cos., Inc. (The)		10,088		294,570
				4,829,845
Total Common Stocks & Other Equity Interests (Cost $9,320,571)				9,865,692
Money Market Funds–4.96%
Government & Agency Portfolio–Institutional Class, 0.29%(c)		297,308		297,308
Treasury Portfolio–Institutional Class, 0.22%(c)		198,206		198,206
Total Money Market Funds (Cost $495,514)				495,514
TOTAL INVESTMENTS–103.70% (Cost $9,816,085)				10,361,206
OTHER ASSETS LESS LIABILITIES–(3.70)%				(369,781	)
NET ASSETS–100.00%			$	9,991,425

Investment Abbreviations:

ADR	– American Depositary Receipt
REGS	– Regulation S
Rts.	– Rights

Notes to Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2016 was $166,486, which represented 1.67% 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, 2016.

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, 2016

Assets:
Investments, at value (Cost $9,320,571)	$	9,865,692
Investments in affiliated money market funds, at value and cost		495,514
Total investments, at value (Cost $9,816,085)		10,361,206
Foreign currencies, at value (Cost $42,707)		42,541
Receivable for:
Investments sold		137,414
Fund shares sold		33,654
Dividends		9,767
Fund expenses absorbed		42,750
Investment for trustee deferred compensation and retirement plans		5,148
Other assets		16,418
Total assets		10,648,898
Liabilities:
Payable for:
Investments purchased		564,663
Fund shares reacquired		18,676
Accrued fees to affiliates		4,344
Accrued trustees’ and officers’ fees and benefits		1,752
Accrued other operating expenses		62,890
Trustee deferred compensation and retirement plans		5,148
Total liabilities		657,473
Net assets applicable to shares outstanding	$	9,991,425
Net assets consist of:
Shares of beneficial interest	$	10,423,395
Undistributed net investment income		13,008
Undistributed net realized gain (loss)		(989,788	)
Net unrealized appreciation		544,810
	$	9,991,425

Net Assets:
Class A	$	4,193,751
Class C	$	427,754
Class R	$	69,129
Class Y	$	5,176,900
Class R5	$	9,630
Class R6	$	114,261
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		436,132
Class C		44,578
Class R		7,193
Class Y		538,230
Class R5		1,001
Class R6		11,879
Class A:
Net asset value per share	$	9.62
Maximum offering price per share
(Net asset value of $9.62 ¸ 94.50%)	$	10.18
Class C:
Net asset value and offering price per share	$	9.60
Class R:
Net asset value and offering price per share	$	9.61
Class Y:
Net asset value and offering price per share	$	9.62
Class R5:
Net asset value and offering price per share	$	9.62
Class R6:
Net asset value and offering price per share	$	9.62

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, 2016

Investment income:
Dividends (net of foreign withholding taxes of $14,161)	$	262,079
Dividends from affiliated money market funds		436
Total investment income		262,515
Expenses:
Advisory fees		69,795
Administrative services fees		50,000
Custodian fees		27,514
Distribution fees:
Class A		8,757
Class C		3,263
Class R		212
Transfer agent fees — A, C, R and Y		14,517
Transfer agent fees — R5		15
Transfer agent fees — R6		129
Trustees’ and officers’ fees and benefits		19,096
Registration and filing fees		69,257
Reports to shareholders		16,293
Professional services fees		53,628
Other		15,695
Total expenses		348,171
Less: Fees waived and expenses reimbursed		(240,545	)
Net expenses		107,626
Net investment income		154,889
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(443,800	)
Foreign currencies		(1,164	)
		(444,964	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		550,819
Foreign currencies		(330	)
		550,489
Net realized and unrealized gain		105,525
Net increase in net assets resulting from operations	$	260,414

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 years ended October 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	154,889		$	116,315
Net realized gain (loss)		(444,964	)		(552,937	)
Change in net unrealized appreciation (depreciation)		550,489			(237,868	)
Net increase (decrease) in net assets resulting from operations		260,414			(674,490	)
Distributions to shareholders from net investment income:
Class A		(58,780	)		(60,858	)
Class C		(3,050	)		(3,618	)
Class R		(583	)		(312	)
Class Y		(83,322	)		(67,818	)
Class R5		(179	)		(240	)
Class R6		(1,566	)		(1,238	)
Total distributions from net investment income		(147,480	)		(134,084	)
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		896,696			1,132,351
Class C		142,834			135,558
Class R		40,880			15,617
Class Y		885,878			2,334,806
Class R6		43,676			36,561
Net increase in net assets resulting from share transactions		2,009,964			3,654,893
Net increase in net assets		2,122,898			2,840,753
Net assets:
Beginning of year		7,868,527			5,027,774
End of year (includes undistributed net investment income of $13,008 and $1,429, respectively)	$	9,991,425		$	7,868,527

Notes to Financial Statements

October 31, 2016

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-two 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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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.

14                         Invesco Global Infrastructure Fund

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.

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

15                         Invesco Global Infrastructure Fund

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

16                         Invesco Global Infrastructure Fund

unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

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, 2016, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least 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 (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, 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. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees and reimbursed fund level expenses of $225,884 and reimbursed class level expenses of $6,188, $576, $75, $7,678, $15 and $129 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, 2016, 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, 2016, 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

17                         Invesco Global Infrastructure Fund

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, 2016, 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, 2016, IDI advised the Fund that IDI retained $1,970 in front-end sales commissions from the sale of Class A shares and $101 from Class C 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, 2016. 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, 2016, there were transfers from Level 1 to Level 2 of $829,106 and from Level 2 to Level 1 of $461,711, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Australia	$	—	$	515,925	$	—	$	515,925
Canada		1,496,648		—		—		1,496,648
China		203,587		91,971		—		295,558
France		66,601		159,656		—		226,257
Hong Kong		126,711		—		—		126,711
Italy		30,560		311,725		—		342,285
Japan		30,782		131,481		—		162,263
Luxembourg		199,276		—		—		199,276
Mexico		86,611		—		—		86,611
New Zealand		53,092		—		—		53,092
Spain		141,212		437,107		—		578,319
Switzerland		—		46,472		—		46,472
United Kingdom		—		906,430		—		906,430
United States		4,829,845		—		—		4,829,845
Money Market Funds		495,514		—		—		495,514
Total Investments	$	7,760,439	$	2,600,767	$	—	$	10,361,206

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.

18                         Invesco Global Infrastructure 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—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2016 and 2015:

	2016		2015
Ordinary income	$	147,480	$	139,650

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	16,249
Net unrealized appreciation — investments		137,447
Net unrealized appreciation (depreciation) — other investments		(311	)
Temporary book/tax differences		(4,983	)
Capital loss carryforward		(580,372	)
Shares of beneficial interest		10,423,395
Total net assets	$	9,991,425

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, 2016, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	533,512	$	46,860	$	580,372

* 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, 2016 was $9,126,194 and $7,051,680, 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	$	329,636
Aggregate unrealized (depreciation) of investment securities		(192,189	)
Net unrealized appreciation of investment securities	$	137,447

Cost of investments for tax purposes is $10,223,759.

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, 2016, undistributed net investment income was increased by $4,170, undistributed net realized gain (loss) was decreased by $4,013 and shares of beneficial interest was decreased by $157. 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
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		150,770		$	1,439,352			143,984		$	1,475,203
Class C		27,743			259,588			29,868			308,833
Class R		5,110			47,978			1,695			16,483
Class Y		199,905			1,858,567			240,411			2,436,493
Class R6		9,451			87,462			4,688			46,838
Issued as reinvestment of dividends:
Class A		3,637			33,164			2,847			28,336
Class C		309			2,803			350			3,495
Class R		48			450			13			129
Class Y		5,820			53,018			3,117			30,694
Class R6		151			1,386			105			1,036
Reacquired:
Class A		(61,640	)		(575,820	)		(37,680	)		(371,188	)
Class C		(12,940	)		(119,557	)		(17,777	)		(176,770	)
Class R		(812	)		(7,548	)		(93	)		(995	)
Class Y		(111,869	)		(1,025,707	)		(13,557	)		(132,381	)
Class R6		(4,938	)		(45,172	)		(1,145	)		(11,313	)
Net increase in share activity		210,745		$	2,009,964			356,826		$	3,654,893

^(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, 30% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of 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 10/31/16	$	9.50	$	0.17	$	0.11		$	0.28		$	(0.16	)	$	—		$	(0.16	)	$	9.62		3.01	%	$	4,194		1.40	%(d)		4.29	%(d)		1.76	%(d)		85	%
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			6.36			1.68			84
Year ended 10/31/14(e)		10.00		0.08		0.63			0.71			(0.05	)		—			(0.05	)		10.66		7.12			2,497		1.39	(f)		8.60	(f)		1.51	(f)		19
Class C
Year ended 10/31/16		9.48		0.10		0.11			0.21			(0.09	)		—			(0.09	)		9.60		2.24			428		2.15	(d)		5.04	(d)		1.01	(d)		85
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			7.11			0.93			84
Year ended 10/31/14(e)		10.00		0.04		0.63			0.67			(0.03	)		—			(0.03	)		10.64		6.71			181		2.14	(f)		9.35	(f)		0.76	(f)		19
Class R
Year ended 10/31/16		9.49		0.14		0.11			0.25			(0.13	)		—			(0.13	)		9.61		2.76			69		1.65	(d)		4.54	(d)		1.51	(d)		85
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			6.61			1.43			84
Year ended 10/31/14(e)		10.00		0.07		0.64			0.71			(0.05	)		—			(0.05	)		10.66		7.05			13		1.64	(f)		8.85	(f)		1.26	(f)		19
Class Y
Year ended 10/31/16		9.50		0.19		0.11			0.30			(0.18	)		—			(0.18	)		9.62		3.27			5,177		1.15	(d)		4.04	(d)		2.01	(d)		85
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			6.11			1.93			84
Year ended 10/31/14(e)		10.00		0.09		0.64			0.73			(0.06	)		—			(0.06	)		10.67		7.29			2,287		1.14	(f)		8.35	(f)		1.76	(f)		19
Class R5
Year ended 10/31/16		9.50		0.19		0.11			0.30			(0.18	)		—			(0.18	)		9.62		3.27			10		1.15	(d)		4.02	(d)		2.01	(d)		85
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			6.00			1.93			84
Year ended 10/31/14(e)		10.00		0.09		0.64			0.73			(0.06	)		—			(0.06	)		10.67		7.29			11		1.14	(f)		8.34	(f)		1.76	(f)		19
Class R6
Year ended 10/31/16		9.50		0.19		0.11			0.30			(0.18	)		—			(0.18	)		9.62		3.27			114		1.15	(d)		4.02	(d)		2.01	(d)		85
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			6.00			1.93			84
Year ended 10/31/14(e)		10.00		0.09		0.64			0.73			(0.06	)		—			(0.06	)		10.67		7.29			38		1.14	(f)		8.34	(f)		1.76	(f)		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 $3,503, $326, $42, $4,346, $9 and $82 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e) Commencement date of May 2, 2014.

^(f) Annualized.

NOTE 11—Subsequent Event

Effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2018, 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 in Note 2) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.28%, 2.03%, 1.53%, 1.03%, 1.03% and 1.03%, respectively, of the Fund’s average daily net assets.

21                         Invesco Global Infrastructure Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees

and Shareholders of the 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 the Invesco Global Infrastructure Fund (the “Fund”) as of October 31, 2016, 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 two years in the period 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 as of October 31, 2016 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

Houston, Texas

December 21, 2016

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, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/16)1		Expenses Paid During Period2,3		Ending Account Value (10/31/16)		Expenses Paid During Period2,4
A		1,000.00	$	1,034.70	$	7.16	$	1,018.10	$	7.10		1.40	%
C		1,000.00		1,030.90		10.98		1,014.33		10.89		2.15
R		1,000.00		1,033.50		8.43		1,016.84		8.36		1.65
Y		1,000.00		1,036.00		5.89		1,019.36		5.84		1.15
R5		1,000.00		1,036.00		5.89		1,019.36		5.84		1.15
R6		1,000.00		1,036.00		5.89		1,019.36		5.84		1.15

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 to reflect the most recent fiscal half year. Effective January 1, 2017, the Fund’s Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C and Class R, Class Y, Class R5 and Class R6 shares to 1.28%, 2.03%, 1.53%, 1.03%, 1.03% and 1.03% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.28%, 2.03%, 1.53%, 1.03%, 1.03% and 1.03% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $6.55, $10.36, $7.82, $5.27, $5.27 and $5.27 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $6.50, $10.28, $7.76, $5.23, $5.23 and $5.23 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the

independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 calendar year to the performance of funds in the Broadridge performance universe and against the Lipper Global Infrastructure 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 year (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period. 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

24                         Invesco Global Infrastructure Fund

management fee rates of funds in the Fund’s Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of 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 February 28, 2017 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 and a report from an independent consultant engaged by the Senior Officer 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 Broadridge 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 certain 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, 2016:

Federal and State Income Tax
Qualified Dividend Income*	93.72	%
Corporate Dividends Received Deduction*	53.94	%
U.S. Treasury Obligations*	0.00	%

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

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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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, 2016
	Invesco Global Market Neutral Fund
	Nasdaq:
	A: MKNAX  ∎   C: MKNCX  ∎   R: MKNRX  ∎   Y: MKNYX  ∎   R5: MKNFX  ∎   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.     In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US

stock market indexes to sink at the start of calendar year 2016, but they eventually recovered; they sank again following the UK’s decision to leave the European Union, but then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

    Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

    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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

2                          Invesco Global Market Neutral Fund

	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:
Bruce Crockett	∎	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.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, Class A shares of Invesco Global Market Neutral Fund (the Fund), at net asset value (NAV), underperformed 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, 10/31/15 to 10/31/16, 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	-3.64	%
Class C Shares	-4.27
Class R Shares	-3.75
Class Y Shares	-3.43
Class R5 Shares	-3.43
Class R6 Shares	-3.33
Citigroup 90-Day Treasury Bill Indexq (Broad Market/Style-Specific Index)	0.22
Lipper Alternative Equity Market Neutral Funds Index∎ (Peer Group Index)	1.39

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

Market conditions and your Fund

The global economy continued to expand, albeit slowly, for the fiscal year. However, that growth became increasingly uneven across developed and emerging economies, amid continued volatility in oil prices and as the policies of central banks globally began to diverge.

    An equity market rally in November 2015 was offset by negative performance in December, as a late-year crash in oil prices rattled the markets. Also in December, the US Federal Reserve (the Fed) followed

through on its commitment to normalize monetary policy by raising interest rates – its first increase since 2006 – even as the European Central Bank extended its asset purchase program and Japan introduced additional quantitative easing and negative interest rates.

    Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China and falling oil prices. Markets recovered in late February and posted gains amid concerted central bank commitments to very loose monetary policy. As a result, the US

dollar fell sharply against the euro and Japanese yen, a development that was largely supportive of oil and stock prices.

    All major global stock indexes experienced steep declines again in June after UK voters opted to leave the European Union. Stocks in economically sensitive sectors, including energy and financials, were hardest hit, and investors flocked to the perceived safety of US Treasuries and more defensive, dividend-paying equities often found in the telecommunication services, utilities and consumer staples sectors.

    After the initial shock of the UK vote, stocks made a strong recovery, regaining most of their losses as fears of a shock to consumer confidence never materialized. For the remainder of the reporting period, emerging markets outperformed as the Fed left interest rates unchanged and expectations for an interest rate increase were delayed again.

    The Fund 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. 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. The Fund then implements its strategy by purchasing highly ranked stocks as long positions and establishing

Portfolio Composition
By sector, based on total net assets
	Equity Securities		Gross	Net
	Long1	Short2	Exposure3	Exposure4
Industrials	21.0	15.3	36.3	5.7
Information Technology	19.8	19.5	39.3	0.3
Consumer Discretionary	13.6	15.0	28.6	-1.4
Materials	8.9	8.1	17.0	0.8
Health Care	7.7	7.0	14.7	0.7
Energy	6.9	8.0	14.9	-1.1
Consumer Staples	4.2	3.4	7.6	0.8
Financials	3.9	3.7	7.6	0.2
Telecommunication Services	2.5	1.5	4.0	1.0
Utilities	1.9	2.8	4.7	-0.9
Real Estate	1.8	6.6	8.4	-4.8
Money Market Funds
Plus Other Assets Less Liabilities	7.8	0.0	7.8	7.8
Total	100.0	90.9	190.9	9.1

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 $ 21.9 million

Data presented here are as of October 31, 2016.

4                         Invesco Global Market Neutral Fund

short positions in the poorly ranked stocks within their respective industries. Given minimal exposure to the market, the offsetting long and short positions generate return and manage risk.

    In a market neutral construct, a positive spread between the top- and bottom-ranked stocks (long and short candidates for the portfolio) is intended to lead to outperformance relative to the Citigroup 90-Day Treasury Bill Index. During the fiscal year, the Fund was challenged by macroeconomic influences that likely hindered investor focus on individual stock fundamentals. One of the key catalysts for this behavior was the Fed’s decision to leave interest rates unchanged in mid-February which motivated investors to seek growth, focus less on quality and valuation, and assume higher risk to earn returns. Across most sectors, the Fund generated negative returns but the greatest impact was in the health care, information technology (IT) and energy sectors as these sectors represented the Fund’s highest gross exposure during the fiscal year. The best result was in the telecommunication services sector.

    In the health care sector, both the long and short positions moved against us. Our long biotechnology holdings sold off early in the fiscal year as investors took profits and reduced risk given strong returns in 2015, and the potential threat of regulatory action due to skyrocketing drug prices. Later in the fiscal year, a few of the Fund’s short positions rallied off depressed levels due to positive drug development or FDA approval news, as well as acquisition activity in the industry.

    In the IT sector, our short holdings outpaced the long holdings across most industries during the fiscal year. The worst results were in the computer electronics and communications equipment industries.

    In the energy sector, lower-quality companies with burdensome balance sheets significantly outperformed higher-quality companies with stronger balance sheets during the fiscal year. Consequently, the Fund’s long energy holdings, particularly in the oil and gas exploration industry, failed to outperform the short holdings.

    In the telecommunication services sector, both long and short holdings contributed to Fund performance during the fiscal year.

    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 futures 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), 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. Dr. Waisburd earned a BS in statistics from Cornell University and an MS and a PhD in finance from Indiana University.

	Donna Chapman Wilson Portfolio Manager and Director of Portfolio Management, is
manager of Invesco Global Market Neutral Fund. She joined Invesco in 1997. Ms. Chapman Wilson earned a BA in economics from Hampton University and an MBA in finance from the Wharton School of the University of Pennsylvania.

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

1  Source: Lipper Inc.

2  Source: FactSet Research Systems Inc.

*Includes the effect of the Adviser pay-in for an economic loss of $0.52 per share

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

tion or other market factors may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Fund’s short positions will cause the Fund to underperform the overall market and its peers that do not engage in shorting. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund’s returns.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger

companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

About indexes used in this report

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

∎ The Lipper Alternative Equity Market Neutral Funds 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.

∎ 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.

∎ 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 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	-1.52	%*
1 Year	-8.94
Class C Shares
Inception (12/19/13)	-0.24	%*
1 Year	-5.22
Class R Shares
Inception (12/19/13)	0.23	%*
1 Year	-3.75
Class Y Shares
Inception (12/19/13)	0.68	%*
1 Year	-3.43
Class R5 Shares
Inception (12/19/13)	0.68	%*
1 Year	-3.43
Class R6 Shares
Inception (12/19/13)	0.72	%*
1 Year	-3.33

* Amount includes the effect of the Adviser pay-in for an economic loss of $0.41 per share for the fiscal period-end 2014 and $0.11 for fiscal period-end 2015. Had the pay-in not been made, average annual total returns were estimated at -3.36%, -2.13%, -1.64%, -1.18%, -1.18% and -1.15% 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 3.29%, 4.04%, 3.54%, 3.04%, 2.98% and 2.98%, respectively. The

Average Annual Total Returns
As of 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	-1.93%**
1 Year	-9.69
Class C Shares
Inception (12/19/13)	-0.58%**
1 Year	-6.00
Class R Shares
Inception (12/19/13)	-0.13%**
1 Year	-4.54
Class Y Shares
Inception (12/19/13)	0.34%**
1 Year	-4.12
Class R5 Shares
Inception (12/19/13)	0.34%**
1 Year	-4.22
Class R6 Shares
Inception (12/19/13)	0.38%**
1 Year	-4.12

** Amount includes the effect of the Adviser pay-in for an economic loss of $0.41 per share for the fiscal period-end 2014 and $0.11 for fiscal period-end 2015. Had the pay-in not been made, average annual total returns were estimated at -3.83%, -2.54%, -2.08%, -1.60%, -1.60% and -1.56% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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 June 30, 2018. 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 February 28, 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.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

∎ 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

∎ 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/bonds.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation

of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective. 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.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

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

∎ Short position risk. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the Fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short posi-

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, 2016

	Shares		Value
Common Stocks & Other Equity Interests–92.15%
Australia–2.04%
BlueScope Steel Ltd.		26,621	$	157,944
Cochlear Ltd.		862		83,752
Medibank Private Ltd.		25,396		49,839
Metcash Ltd.(a)		40,564		61,402
Treasury Wine Estates Ltd.		11,633		95,034
				447,971
Canada–5.81%
ARC Resources Ltd.		10,600		179,953
Barrick Gold Corp.		7,933		139,585
Canadian Tire Corp., Ltd.–Class A		1,000		97,208
Crescent Point Energy Corp.		6,800		80,966
Enerplus Corp.		23,115		155,622
Kinross Gold Corp.(a)		20,800		80,796
Metro Inc.		4,500		139,102
Russel Metals, Inc.		4,133		65,789
Teck Resources Ltd.–Class B		15,511		334,911
				1,273,932
China–0.91%
Yangzijiang Shipbuilding Holdings Ltd.		375,600		200,679
Denmark–2.06%
Dfds A/S		709		34,268
Pandora A/S		380		49,464
Vestas Wind Systems A/S		4,575		366,967
				450,699
Finland–0.56%
UPM-Kymmene Oyj		5,261		122,435
France–2.32%
Nexans S.A.(a)		686		38,993
Nexity S.A.		2,200		110,543
Peugeot S.A.(a)		17,359		260,017
Valeo S.A.		1,737		100,107
				509,660
Germany–3.84%
Aurubis AG		2,106		109,559
Hochtief AG		1,508		205,850
Osram Licht AG		646		36,627
ProSiebenSat.1 Media SE		4,950		213,334
Software AG		5,317		193,196
Suedzucker AG		3,302		84,602
				843,168
Hong Kong–0.53%
CLP Holdings Ltd.		6,000		60,975
NWS Holdings Ltd.		31,000		54,921
				115,896

	Shares		Value
Italy–0.22%
A2A S.p.A.		35,738	$	48,744
Japan–20.52%
Aeon Mall Co., Ltd.		6,100		90,745
Asahi Glass Co., Ltd.		5,000		35,045
Dai Nippon Printing Co., Ltd.		27,000		271,009
Daiichi Sankyo Co., Ltd.		5,600		134,706
Daiichikosho Co., Ltd.		2,400		104,477
Daiwa House Industry Co., Ltd.		2,500		68,803
Denka Co., Ltd.		32,000		145,559
Fuji Heavy Industries Ltd.		1,300		50,617
Fujikura Ltd.		10,000		58,933
Fujitsu Ltd.		52,000		308,211
Haseko Corp.		6,300		61,329
Ibiden Co., Ltd.		24,300		352,611
Iida Group Holdings Co., Ltd.		18,400		356,016
JTEKT Corp.		4,800		70,983
Konica Minolta Inc.		11,000		98,490
LIXIL Group Corp.		4,200		96,480
Marubeni Corp.		17,400		91,567
Medipal Holdings Corp.		8,400		143,289
Miraca Holdings Inc.		2,000		96,412
Mitsubishi Corp.		3,200		69,911
Mitsui & Co., Ltd.		16,500		229,047
mixi, Inc.		8,200		302,227
Nippon Telegraph & Telephone Corp.		3,600		159,977
Panasonic Corp.		6,300		65,752
Penta-Ocean Construction Co., Ltd.		43,000		256,692
TDK Corp.		600		41,444
Tokyo Gas Co., Ltd.		56,000		253,895
Toppan Printing Co., Ltd.		26,000		244,637
West Japan Railway Co.		3,900		240,698
				4,499,562
Macau–0.33%
MGM China Holdings Ltd.		43,600		72,185
Netherlands–0.66%
Corbion N.V.		2,210		50,995
PostNL N.V.(a)		10,140		47,775
Randstad Holding N.V.		895		46,033
				144,803
New Zealand–0.37%
SKYCITY Entertainment Group Ltd.		29,153		81,299
Norway–0.98%
SalMar ASA		6,614		214,681
Singapore–0.76%
SATS Ltd.		47,900		166,651

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

9                         Invesco Global Market Neutral Fund

	Shares		Value
Spain–1.56%
Endesa, S.A.		2,608	$	55,440
Mediaset Espana Comunicacion S.A.		15,093		168,583
Prosegur Cia de Seguridad S.A.		16,147		117,342
				341,365
Sweden–0.97%
Intrum Justitia AB		6,916		213,256
Switzerland–2.71%
Forbo Holding AG		34		43,361
Georg Fischer AG		232		205,548
Lonza Group AG		1,267		239,175
Oriflame Golding AG(a)		2,868		105,455
				593,539
United Kingdom–7.79%
Berendsen PLC		11,940		141,154
Dechra Pharmaceuticals PLC		4,478		73,708
Dominos Pizza Group PLC		17,301		72,009
Fiat Chrysler Automobiles N.V.		23,745		173,861
GlaxoSmithKline PLC		10,088		199,369
Go-Ahead Group PLC		1,979		50,230
Moneysupermarket.com Group PLC		50,706		162,305
Noble Corp. PLC		32,600		161,044
QinetiQ Group PLC		85,987		241,870
Royal Dutch Shell PLC		1,828		47,179
Subsea 7 S.A.(a)		13,615		152,250
Synthomer PLC		8,800		38,490
Vodafone Group PLC		43,543		119,537
WH Smith PLC		4,232		76,160
				1,709,166
United States–37.21%
Abercrombie & Fitch Co.–Class A		7,500		109,575
Amgen Inc.		800		112,928
Annaly Capital Management Inc.		6,200		64,232
Apple Inc.		1,752		198,922
AT&T Inc.		1,027		37,783
Best Buy Co., Inc.		4,500		175,095
Boeing Co. (The)		1,722		245,265
Cabot Corp.		7,286		379,892
Chemours Co. (The)		3,058		50,243
Cisco Systems, Inc.		12,793		392,489
Citigroup Inc.		5,761		283,153
Comcast Corp. -Class A		2,200		136,004
Commercial Metals Co.		5,000		78,550
CONSOL Energy Inc.		4,463		75,648
Continental Resources, Inc.(a)		1,198		58,594
Darden Restaurants, Inc.		2,200		142,538
Dean Foods Co.		6,424		117,302
Delta Air Lines, Inc.		3,500		146,195

	Shares		Value
United States–(continued)
Denbury Resources Inc.(a)		17,860	$	42,686
E*TRADE Financial Corp.(a)		3,445		97,011
eBay Inc.(a)		4,100		116,891
Ensco PLC–Class A		20,162		157,667
Gilead Sciences, Inc.		4,289		315,799
Hologic, Inc.(a)		3,800		136,838
HP Inc.		26,474		383,608
Huntington Ingalls Industries, Inc.		600		96,816
Intel Corp.		10,286		358,673
Lear Corp.		1,135		139,355
Leidos Holdings, Inc.		7,286		302,879
LyondellBasell Industries N.V.–Class A		800		63,640
Michael Kors Holdings Ltd.(a)		2,700		137,106
Navient Corp.		8,176		104,489
NetApp, Inc.		2,700		91,638
Newmont Mining Corp.		5,507		203,979
Nuance Communications, Inc.(a)		9,193		128,886
NVIDIA Corp.		2,708		192,701
Pilgrim’s Pride Corp.		2,900		63,336
Pitney Bowes Inc.		3,700		66,008
Public Storage		597		127,591
QUALCOMM, Inc.		3,398		233,511
Range Resources Corp.		1,322		44,671
RR Donnelley & Sons CoRR Donnelley & Sons Co.		8,028		142,497
Teradata Corp.(a)		2,146		57,856
Teradyne, Inc.		11,100		258,519
Tesoro Corp.		669		56,845
United Therapeutics Corp.(a)		404		48,508
Urban Outfitters, Inc.(a)		2,794		93,459
Valero Energy Corp.		4,067		240,929
VeriSign, Inc.(a)		1,900		159,638
Verizon Communications Inc.		4,770		229,437
Voya Financial, Inc.		8,700		265,785
Wal-Mart Stores, Inc.		634		44,393
WellCare Health Plans Inc.(a)		887		100,684
Western Refining, Inc.		1,800		51,930
				8,160,667
Total Common Stocks & Other Equity Interests (Cost $18,684,532)				20,210,358
Money Market Funds–4.26%
Government & Agency Portfolio, 0.29%(b)		560,789		560,789
Treasury Portfolio, 0.22%(b)		373,859		373,859
Total Money Market Funds (Cost $934,648)				934,648
TOTAL INVESTMENTS–96.41% (Cost $19,619,180)				21,145,006
OTHER ASSETS LESS LIABILITIES–3.59%				786,288
NET ASSETS–100.00%			$	21,931,294

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, 2016.

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

10                         Invesco Global Market Neutral Fund

Open Over-The-Counter Total Return Swap Agreements
Reference Entity	Counterparty	Expiration Date		Floating Rate Index(1)	Notional Value			Unrealized Appreciation (Depreciation)(2)			Net Value of Reference Entities
Australia Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2017	Federal Funds floating rate	$	(339,151	)	$	678		$	(334,892	)
Canada Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2017	Federal Funds floating rate		(1,132,470	)		14,690			(1,116,933	)
Denmark Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2017	Federal Funds floating rate		(271,694	)		7,811			(263,878	)
Hong Kong Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2017	Federal Funds floating rate		(105,143	)		(1,576	)		(106,717	)
Japan Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2017	Federal Funds floating rate		(4,549,107	)		(53,644	)		(4,590,057	)
Norway Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2017	Federal Funds floating rate		(199,221	)		4,656			(194,562	)
Singapore Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2017	Federal Funds floating rate		(566,637	)		11,240			(555,381	)
Spain Equity Securities-Short	Morgan Stanley & Co. LLC		02/23/2017	Federal Funds floating rate		(288,727	)		12,260			(276,462	)
Supranational Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2017	Federal Funds floating rate		(2,166,347	)		4,315			(2,161,981	)
Sweden Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2017	Federal Funds floating rate		(208,571	)		4,612			(203,955	)
Switzerland Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2017	Federal Funds floating rate		(687,958	)		9,759			(678,200	)
United Kingdom Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2017	Federal Funds floating rate		(1,313,532	)		16,517			(1,293,093	)
United States Equity Securities-Short	Morgan Stanley & Co. LLC		01/22/2017	Federal Funds floating rate		(8,301,587	)		146,684			(8,153,323	)
Total Return Swap Agreements — Equity Risk								$	178,002		$	(19,929,434	)

⁽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. Dollars.

⁽²⁾ Amount includes $(22,709) of dividends and financing fees.

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, 2016.

	Shares			Value
Equity Securities — Short
Australia
Australia and New Zealand Banking Group Ltd.		(2,440	)	$	(51,689	)
Bank of Queensland Ltd.		(12,361	)		(98,349	)
Crown Resorts Ltd.		(22,316	)		(184,854	)
					(334,892	)
Canada
AltaGas Ltd.		(4,300	)		(106,406	)
Enbridge Inc.		(3,100	)		(133,869	)
Gildan Activewear Inc.		(12,015	)		(308,605	)
MacDonald, Dettwiler and Associates Ltd.		(1,200	)		(68,685	)
PrairieSky Royalty Ltd.		(5,420	)		(117,876	)
Pretium Resources Inc.		(8,477	)		(82,858	)
Rogers Communications, Inc.–Class B		(2,200	)		(88,508	)
Silver Wheaton Crop.		(6,100	)		(146,991	)
Stella-Jones Inc.		(1,779	)		(63,135	)
					(1,116,933	)
Denmark
Genmab A/S		(1,253	)		(206,742	)
Jyske Bank A/S		(1,259	)		(57,136	)
					(263,878	)
Hong Kong
Hong Kong & China Gas Co., Ltd.		(54,450	)		(106,717	)
Japan
Asics Corp.		(5,600	)		(119,727	)
Fast Retailing Co., Ltd.		(500	)		(169,075	)
Hamamatsu Photonics K.K.		(12,300	)		(372,994	)

	Shares			Value
Japan-(continued)
JGC Corp.		(22,100	)	$	(391,779	)
Kansai Paint Co., Ltd.		(12,100	)		(260,773	)
Keihan Holdings Co., Ltd.		(33,000	)		(223,115	)
Keyence Corp.		(500	)		(367,425	)
Kikkoman Corp.		(2,000	)		(63,796	)
Kintetsu Group Holdings Co., Ltd.		(8,000	)		(32,346	)
Kobe Steel, Ltd.		(7,700	)		(63,735	)
Kyushu Electric Power Co., Inc.		(11,100	)		(100,875	)
M3 Inc.		(4,200	)		(128,165	)
Maruichi Steel Tube Ltd.		(1,400	)		(45,191	)
MISUMI Group Inc.		(12,200	)		(223,024	)
MonotaRO Co., Ltd.		(7,400	)		(180,792	)
NGK Spark Plug Co., Ltd.		(2,000	)		(39,594	)
Nidec Corp.		(2,200	)		(213,360	)
Nintendo Co., Ltd.		(500	)		(121,299	)
Nippon Paint Holdings Co., Ltd.		(7,800	)		(266,285	)
Shimadzu Corp.		(5,000	)		(72,903	)
Shimano Inc.		(1,500	)		(256,902	)
SoftBank Group Corp.		(1,300	)		(81,844	)
Sumco Corp.		(8,400	)		(88,273	)
Topcon Corp.		(13,400	)		(200,748	)
Welcia Holdings Co., Ltd.		(3,200	)		(218,796	)
Yamaha Motor Co., Ltd.		(12,900	)		(287,241	)
					(4,590,057	)
Norway
Schibsted ASA–Class A		(5,829	)		(139,749	)
Schibsted ASA–Class B		(2,435	)		(54,813	)
					(194,562	)

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

11                         Invesco Global Market Neutral Fund

	Shares			Value
Singapore
City Developments Ltd.		(30,700	)	$	(187,358	)
Noble Group Ltd.		(327,800	)		(39,115	)
Sembcorp Industries Ltd.		(156,000	)		(283,708	)
Singapore Post Ltd.		(39,300	)		(45,200	)
					(555,381	)
Spain
Banco Popular Espanol S.A.		(29,998	)		(32,897	)
Cellnex Telecom S.A.		(4,843	)		(79,533	)
Inmobiliaria Colonial S.A.		(23,228	)		(164,032	)
					(276,462	)
Supranational
Alstom S.A.		(5,672	)		(152,361	)
Altice NV–Class A		(9,092	)		(167,676	)
Banco Popolare SC		(25,730	)		(74,115	)
Bayerische Motoren Werke AG		(1,992	)		(173,560	)
Bilfinger Berger SE		(1,162	)		(40,940	)
Celesio AG		(2,075	)		(58,187	)
Daimler AG		(5,931	)		(422,613	)
Luxottica Group S.p.A.		(1,561	)		(77,711	)
MorphoSys AG		(5,675	)		(251,245	)
Remy Cointreau S.A.		(691	)		(56,056	)
SBM Offshore N.V.		(13,691	)		(196,658	)
Vonovia SE		(3,970	)		(139,829	)
Yoox Net-A-Porter Group S.p.A.		(3,673	)		(105,639	)
Zodiac Aerospace		(10,083	)		(245,391	)
					(2,161,981	)
Sweden
Fabege AB		(5,848	)		(98,806	)
Lundin Petroleum AB		(2,469	)		(44,422	)
Saab AB–Class B		(1,714	)		(60,727	)
					(203,955	)
Switzerland
Barry Callebaut AG		(49	)		(61,006	)
Chocoladefabriken Lindt & Spruengli AG		(20	)		(103,886	)
Cie Financiere Richemont S.A.		(1,057	)		(67,989	)
Credit Suisse Group AG		(11,223	)		(156,740	)
LafargeHolcim Ltd.		(1,788	)		(95,494	)
OC Oerlikon Corp. AG		(9,895	)		(93,095	)
Panalpina Welttransport Holding AG		(770	)		(99,990	)
					(678,200	)
United Kingdom
Amec Foster Wheeler PLC		(12,603	)		(68,974	)
Antofagasta PLC		(19,552	)		(129,928	)
BBA Aviation PLC		(107,257	)		(339,441	)
BTG PLC		(6,662	)		(53,646	)
Capital & Counties Properties PLC		(85,749	)		(302,541	)
Dixons Carphone PLC		(28,932	)		(111,426	)
Essentra PLC		(9,191	)		(57,365	)
Fresnillo PLC		(6,116	)		(122,750	)

	Shares			Value
United Kingdom-(continued)
Paysafe Group PLC		(9,474	)	$	(50,203	)
Tesco PLC		(22,030	)		(56,819	)
					(1,293,093	)
United States
Acadia Healthcare Co., Inc.		(4,600	)		(165,416	)
Alphabet Inc.–Class A		(100	)		(80,990	)
Alphabet Inc.–Class C		(423	)		(331,860	)
American Airlines Group Inc.		(4,000	)		(162,400	)
Ball Corp		(1,177	)		(90,711	)
Bluebird Bio Inc		(2,754	)		(131,504	)
Cavium Inc		(1,045	)		(58,990	)
Celgene Corp.		(500	)		(51,090	)
Centene Corp.		(1,309	)		(81,786	)
CF Industries Holdings Inc.		(7,522	)		(180,603	)
Charter Communications Inc.–Class A		(242	)		(60,473	)
Cheniere Energy Inc.		(3,164	)		(119,283	)
Chevron Corp.		(3,657	)		(383,071	)
Chipotle Mexican Grill Inc.		(256	)		(92,355	)
Colfax Corp.		(1,700	)		(54,043	)
Compass Minerals International Inc.		(600	)		(43,110	)
Cypress Semiconductor Corp.		(18,144	)		(180,896	)
DexCom Inc		(1,655	)		(129,487	)
Diebold Inc.		(3,500	)		(76,300	)
Dominion Rsources Inc.		(3,100	)		(233,120	)
Endo International PLC		(8,086	)		(151,613	)
Equinix Inc.		(115	)		(41,087	)
Exxon Mobil Corp.		(3,977	)		(331,364	)
Fastenal Co.		(3,500	)		(136,430	)
Financial Engines Inc.		(1,839	)		(50,848	)
FireEye Inc		(3,073	)		(35,708	)
First Solar Inc.		(1,311	)		(53,082	)
Fortune Brands Home & Security Inc.		(3,200	)		(174,816	)
Halliburton Co.		(4,215	)		(193,890	)
Hexcel Corp.		(2,100	)		(95,529	)
Howard Hughes Corp. (The)		(2,369	)		(260,187	)
Kennedy-Wilson Holdings Inc.		(12,523	)		(257,974	)
Mastercard Inc.–Class A		(1,624	)		(173,800	)
MAXIMUS Inc.		(4,992	)		(259,884	)
Micron Technology Inc.		(17,439	)		(299,253	)
Microsemi Corp		(2,744	)		(115,605	)
Monro Muffler Brake Inc.		(2,191	)		(120,505	)
National Instruments Corp.		(7,500	)		(210,675	)
NetScout Systems Inc		(7,186	)		(197,256	)
Norwegian Cruise Line Holdings Ltd.		(5,078	)		(197,382	)
Pandora Media Inc.		(4,600	)		(52,118	)
Platform Specialty Products Corp		(16,773	)		(122,275	)
Qorvo Inc.		(716	)		(39,845	)
Reynolds American Inc.		(3,300	)		(181,764	)
Royal Caribbean Cruises Ltd.		(1,109	)		(85,249	)
Schlumberger Ltd.		(800	)		(62,584	)
STERIS PLC		(604	)		(40,359	)

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)
Team Health Holdings Inc.		(1,962	)	$	(84,072	)
Tractor Supply Co.		(600	)		(37,578	)
Ultimate Software Group, Inc. (The)		(400	)		(84,396	)
United Bankshares Inc.		(6,000	)		(226,200	)
ViaSat, Inc.		(4,654	)		(328,852	)
Visa Inc.–Class A		(4,258	)		(351,328	)
WEC Energy Group Inc.		(2,900	)		(173,188	)
Western Alliance Bancorp		(1,700	)		(63,512	)
Zayo Group Holdings Inc.		(2,739	)		(88,141	)
Zebra Technologies Corp–Class A		(1,025	)		(67,486	)
					(8,153,323	)
Total Equity Securities — Short				$	(19,929,434	)

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, 2016

Assets:
Investments, at value (Cost $18,684,532)	$	20,210,358
Investments in affiliated money market funds, at value and cost		934,648
Total investments, at value (Cost $19,619,180)		21,145,006
Cash		519,512
Foreign currencies, at value (Cost $22,287)		21,932
Receivable for:
Deposits with brokers		50,000
Fund shares sold		562
Dividends and interest		60,809
Investment for trustee deferred compensation and retirement plans		6,138
Unrealized appreciation on swap agreements — OTC		233,222
Other assets		46,922
Total assets		22,084,103
Liabilities:
Payable for:
Fund shares reacquired		800
Accrued fees to affiliates		4,663
Accrued trustees’ and officers’ fees and benefits		1,564
Accrued other operating expenses		84,424
Trustee deferred compensation and retirement plans		6,138
Unrealized depreciation on swap agreements — OTC		55,220
Total liabilities		152,809
Net assets applicable to shares outstanding	$	21,931,294
Net assets consist of:
Shares of beneficial interest	$	20,805,553
Undistributed net investment income		(183,040	)
Undistributed net realized gain (loss)		(392,454	)
Net unrealized appreciation		1,701,235
	$	21,931,294

Net Assets:
Class A	$	7,728,521
Class C	$	633,581
Class R	$	23,341
Class Y	$	12,261,185
Class R5	$	498,242
Class R6	$	786,424
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		779,688
Class C		65,078
Class R		2,368
Class Y		1,230,858
Class R5		50,001
Class R6		78,908
Class A:
Net asset value per share	$	9.91
Maximum offering price per share
(Net asset value of $9.91 ¸ 94.50%)	$	10.49
Class C:
Net asset value and offering price per share	$	9.74
Class R:
Net asset value and offering price per share	$	9.86
Class Y:
Net asset value and offering price per share	$	9.96
Class R5:
Net asset value and offering price per share	$	9.96
Class R6:
Net asset value and offering price per share	$	9.97

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, 2016

Investment income:
Dividends (net of foreign withholding taxes of $24,627)	$	563,101
Dividends from affiliated money market funds		5,909
Total investment income		569,010
Expenses:
Advisory fees		272,764
Administrative services fees		50,000
Custodian fees		12,509
Distribution fees:
Class A		17,241
Class C		9,535
Class R		126
Transfer agent fees — A, C, R and Y		20,106
Transfer agent fees — R5		74
Transfer agent fees — R6		103
Trustees’ and officers’ fees and benefits		19,057
Registration and filing fees		78,313
Reports to shareholders		16,195
Professional services fees		83,999
Other		22,587
Total expenses		602,609
Less: Fees waived and expenses reimbursed		(279,161	)
Net expenses		323,448
Net investment income		245,562
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(329,978	)
Foreign currencies		(1,957	)
Swap agreements		(2,243,176	)
		(2,575,111	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		1,059,019
Foreign currencies		(1,882	)
Swap agreements		388,185
		1,445,322
Net realized and unrealized gain (loss)		(1,129,789	)
Net increase (decrease) in net assets resulting from operations	$	(884,227	)

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 years ended October 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	245,562		$	139,690
Net realized gain (loss)		(2,575,111	)		(860,689	)
Change in net unrealized appreciation		1,445,322			859,344
Net increase (decrease) in net assets resulting from operations		(884,227	)		138,345
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		(14,354	)		(5,778	)
Class C		(1,226	)		(137	)
Class R		(43	)		(16	)
Class Y		(31,654	)		(7,752	)
Class R5		(1,295	)		(729	)
Class R6		(1,692	)		(660	)
Total distributions from net realized gains		(50,264	)		(15,072	)
Share transactions–net:
Class A		2,295,064			569,256
Class C		115,558			485,504
Class R		8,382			2,696
Class Y		480,103			5,054,439
Class R5		—			(143,311	)
Class R6		144,850			100,158
Net increase in net assets resulting from share transactions		3,043,957			6,068,742
Net increase in net assets		2,109,466			5,932,174
Net assets:
Beginning of year		19,821,828			13,889,654
End of year (includes undistributed net investment income of $(183,040) and $206,181, respectively)	$	21,931,294		$	19,821,828

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, 2016

Cash provided by (used in) operating activities:
Net increase (decrease) in net assets resulting from operations	$	(884,227	)
Adjustments to reconcile the change in net assets applicable from operations to net cash provided by (used in) operating activities:
Purchases of investments		(17,366,440	)
Proceeds from sales of investments		16,229,077
Net change in unrealized appreciation swap agreements		(388,185	)
Decrease in swap agreements payable, net		(2,314	)
Decrease in deposits with broker for swaps		10,477
Increase in receivables and other assets		(53,276	)
Increase in accrued expenses and other payables		4,523
Net change in unrealized appreciation on investment securities		(1,059,019	)
Net realized loss from investment securities		329,978
Net cash provided by (used in) operating activities		(3,179,406	)
Cash provided by financing activities:
Dividends paid to shareholders		(25,929	)
Decrease in payable for amount due custodian		(414,466	)
Proceeds from shares of beneficial interest sold		10,049,602
Disbursements from shares of beneficial interest reacquired		(7,029,714	)
Net cash provided by financing activities		2,579,493
Net increase (decrease) in cash and cash equivalents		(599,913	)
Cash and cash equivalents at beginning of period		2,076,005
Cash and cash equivalents at end of period	$	1,476,092
Non-cash financing activities:
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders	$	24,335

Notes to Financial Statements

October 31, 2016

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-two 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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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 the daily mark-to-market obligation for forward foreign currency contracts.

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

L. 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 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 cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. 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, 2016, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least 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 (the “expense limits”), 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. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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.

20                         Invesco Global Market Neutral Fund

For the year ended October 31, 2016, the Adviser waived advisory fees of $258,879 and reimbursed class level expenses of $6,724, $930, $25, $12,427, $74 and $102 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, 2016, 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, 2016, 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $345 in front-end sales commissions from the sale of Class A shares and $7 from Class C 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, 2016. 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, 2016, there were transfers from Level 1 to Level 2 of $162,305 and from Level 2 to Level 1 of $2,237,978, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Australia	$	364,219	$	83,752	$	—	$	447,971
Canada		1,273,932		—		—		1,273,932
China		—		200,679		—		200,679
Denmark		450,699		—		—		450,699
Finland		122,435		—		—		122,435
France		399,117		110,543		—		509,660
Germany		843,168		—		—		843,168
Hong Kong		54,921		60,975		—		115,896
Italy		—		48,744		—		48,744
Japan		1,889,083		2,610,479		—		4,499,562
Macau		72,185		—		—		72,185
Netherlands		98,770		46,033		—		144,803
New Zealand		81,299		—		—		81,299

21                         Invesco Global Market Neutral Fund

	Level 1		Level 2		Level 3		Total
Norway	$	214,681	$	—	$	—	$	214,681
Singapore		166,651		—		—		166,651
Spain		341,365		—		—		341,365
Sweden		213,256		—		—		213,256
Switzerland		387,991		205,548		—		593,539
United Kingdom		710,496		998,670		—		1,709,166
United States		8,160,667		—		—		8,160,667
Money Market Funds		934,648		—		—		934,648
		16,779,583		4,365,423		—		21,145,006
Swap Agreements*		—		178,002		—		178,002
Total Investments	$	16,779,583	$	4,543,425	$	—	$	21,323,008

* Net unrealized appreciation.

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2016:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on swap agreements — OTC	$	233,222
Derivatives not subject to master netting agreements		—
Total Derivative Assets subject to master netting agreements	$	233,222
Derivative Liabilities
Unrealized depreciation on swap agreements — OTC	$	55,220
Derivatives not subject to master netting agreements		—
Total Derivative Liabilities subject to master netting agreements	$	55,220

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2016.

	Financial Derivative Assets		Financial Derivative Liabilities		Net value of derivatives		Collateral				Net amount
	Swap		Swap				(Received)/Pledged
Counterparty	agreements		agreements				Non-Cash		Cash
Morgan Stanley & Co. LLC	$	233,222	$	55,220	$	178,002	$	—	$	—	$	178,002

Effect of Derivative Investments for the year ended October 31, 2016

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

	Location of Gain (Loss) on Statement of Operations
	Equity Risk
Realized Gain (Loss):
Swap Agreements	$	(2,243,176	)
Change in Net Unrealized Appreciation:
Swap Agreements		388,185
Total	$	(1,854,991	)

22                         Invesco Global Market Neutral Fund

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

	Swap Agreements
Average notional value	$	20,350,565

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, 2016 and 2015:

	2016		2015
Ordinary income	$	—	$	264,268
Long-term capital gain		50,264		10,645
Total distributions	$	50,264	$	274,913

Tax Components of Net Assets at Period-End:

	2016
Net unrealized appreciation — investments	$	1,397,733
Net unrealized appreciation (depreciation) — other investments		(1,690	)
Temporary book/tax differences		(5,941	)
Capital loss carryforward		(264,361	)
Shares of beneficial interest		20,805,553
Total net assets	$	21,931,294

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, 2016, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	264,361	$	—	$	264,361

* 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, 2016 was $17,108,408 and $16,065,667, 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.

23                         Invesco Global Market Neutral Fund

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	2,658,883
Aggregate unrealized (depreciation) of investment securities		(1,261,150	)
Net unrealized appreciation of investment securities	$	1,397,733

Cost of investments for tax purposes is $19,747,273.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating loss and excise tax, on October 31, 2016, undistributed net investment income was decreased by $634,783, undistributed net realized gain (loss) was increased by $2,204,675 and shares of beneficial interest was decreased by $1,569,892. This reclassification had no effect on the net assets of the Fund.

NOTE 10—Share Information

	Summary of Share Activity
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		323,878		$	3,282,254			148,554		$	1,522,177
Class C		197,014			1,998,263			63,575			648,728
Class R		2,586			26,252			261			2,625
Class Y		442,472			4,518,995			773,886			7,905,867
Class R6		22,473			224,372			13,855			142,959
Issued as reinvestment of dividends:
Class A		264			2,697			1,092			11,137
Class C		119			1,200			188			1,908
Class R		2			16			7			71
Class Y		1,953			20,025			4,910			50,083
Class R5		—			—			296			3,022
Class R6		39			397			168			1,710
Reacquired:
Class A		(98,828	)		(989,887	)		(90,600	)		(964,058	)
Class C		(191,138	)		(1,883,905	)		(16,485	)		(165,132	)
Class R		(1,854	)		(17,886	)		—			—
Class Y		(404,130	)		(4,058,917	)		(283,495	)		(2,901,511	)
Class R5		—			—			(14,192	)		(146,333	)
Class R6		(7,869	)		(79,919	)		(4,315	)		(44,511	)
Net increase in share activity		286,981		$	3,043,957			597,705		$	6,068,742

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 45% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

    In addition, 45% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of 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(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 10/31/16	$	10.31	$	0.10		$	(0.47	)	$	(0.37	)	$	—		$	(0.03	)	$	(0.03	)	$	9.91		(3.64	)%	$	7,729		1.61	%(d)		2.89	%(d)		1.00	%(d)		79	%
Year ended 10/31/15		10.49		0.07			(0.06	)		0.01			(0.18	)		(0.01	)		(0.19	)		10.31		0.16	(e)		5,716		1.61			3.28			0.69			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 10/31/16		10.20		0.03			(0.46	)		(0.43	)		—			(0.03	)		(0.03	)		9.74		(4.27	)		634		2.36	(d)		3.64	(d)		0.25	(d)		79
Year ended 10/31/15		10.41		(0.01	)		(0.03	)		(0.04	)		(0.16	)		(0.01	)		(0.17	)		10.20		(0.35	)(e)		603		2.36			4.03			(0.06	)		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 10/31/16		10.27		0.08			(0.46	)		(0.38	)		—			(0.03	)		(0.03	)		9.86		(3.75	)		23		1.86	(d)		3.14	(d)		0.75	(d)		79
Year ended 10/31/15		10.46		0.05			(0.05	)		(0.00	)		(0.18	)		(0.01	)		(0.19	)		10.27		(0.01	)(e)		17		1.86			3.53			0.44			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 10/31/16		10.34		0.13			(0.48	)		(0.35	)		—			(0.03	)		(0.03	)		9.96		(3.43	)		12,261		1.36	(d)		2.64	(d)		1.25	(d)		79
Year ended 10/31/15		10.52		0.10			(0.06	)		0.04			(0.21	)		(0.01	)		(0.22	)		10.34		0.38	(e)		12,305		1.36			3.03			0.94			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 10/31/16		10.34		0.13			(0.48	)		(0.35	)		—			(0.03	)		(0.03	)		9.96		(3.43	)		498		1.36	(d)		2.56	(d)		1.25	(d)		79
Year ended 10/31/15		10.51		0.10			(0.05	)		0.05			(0.21	)		(0.01	)		(0.22	)		10.34		0.47	(e)		517		1.36			2.97			0.94			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 10/31/16		10.34		0.13			(0.47	)		(0.34	)		—			(0.03	)		(0.03	)		9.97		(3.33	)		786		1.36	(d)		2.56	(d)		1.25	(d)		79
Year ended 10/31/15		10.51		0.10			(0.05	)		0.05			(0.21	)		(0.01	)		(0.22	)		10.34		0.47	(e)		664		1.36			2.97			0.94			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) Ratios are based on average daily net assets (000’s omitted) of $6,897, $953, $25, $12,746, $503 and $697 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  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.

^(f) Commencement date of December 19, 2013.

^(g)  Amount includes the effect of the Adviser pay-in for the 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.

NOTE 12—Subsequent Event

Effective January 1, 2017, the Fund will pay 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		0.95%
Next $250 million		0.93%
Next $500 million		0.91%
Next $1.5 billion		0.89%
Next $2.5 billion		0.87%
Next $2.5 billion		0.85%
Next $2.5 billion		0.83%
Over $10 billion		0.81%

In addition, effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2018, 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 in Note 2) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets.

25                         Invesco Global Market Neutral Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees

and Shareholders of the 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 the Invesco Global Market Neutral Fund (the “Fund”) as of October 31, 2016, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the two years in the period 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 as of October 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

Houston, Texas

December 21, 2016

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, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/16)1		Expenses Paid During Period2,3		Ending Account Value (10/31/16)		Expenses Paid During Period2,4
A		1,000.00	$	997.00	$	8.08	$	1,017.04	$	8.16		1.61	%
C		1,000.00		993.90		11.83		1,013.27		11.94		2.36
R		1,000.00		997.00		9.34		1,015.79		9.42		1.86
Y		1,000.00		998.00		6.83		1,018.30		6.90		1.36
R5		1,000.00		998.00		6.83		1,018.30		6.90		1.36
R6		1,000.00		999.00		6.83		1,018.30		6.90		1.36

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 to reflect the most recent fiscal half year. Effective January 1, 2017, the Fund’s adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expense of Class A, Class C and Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.49%, 2.24%, 1.74%, 1.24%, 1.24% and 1.24% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $7.48, $11.23, $8.73, $6.23, $6.23 and $6.23 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $7.56, $11.34, $8.82, $6.29, $6.29 and $6.29 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the

independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 Deutschland GmbH currently manages assets of the Fund.

The Board compared the Fund’s performance during the past one and two calendar years to the performance of funds in the Broadridge performance universe and against the Lipper Alternative Equity Market Neutral 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 period and the second quintile for the two year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and two 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 Broadridge expense group at a common asset

28                         Invesco Global Market Neutral Fund

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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of 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 28, 2017 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 and a report from an independent consultant engaged by the Senior Officer 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 Broadridge 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

certain 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, 2016:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	50,264
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 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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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, 2016
	Invesco Global Targeted Returns Fund
	Nasdaq:
	A: GLTAX  ∎  C: GLTCX  ∎  R: GLTRX  ∎  Y: GLTYX  ∎  R5: GLTFX  ∎  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. In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to sink at the start of calendar year 2016, but they eventually recovered; they sank again following

the UK’s decision to leave the European Union, but then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

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.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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:
	∎	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.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, Class A shares of Invesco Global Targeted Returns Fund (the Fund), at net asset value (NAV), outperformed the U.S. 3-Month 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, 10/31/15 to 10/31/16, 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	1.90	%
Class C Shares	1.17
Class R Shares	1.74
Class Y Shares	2.24
Class R5 Shares	2.15
Class R6 Shares	2.14
U.S. 3-Month Treasury Bill Indexq (Broad Market/Style-Specific Index)	0.26
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 investments

Portfolio Composition
By asset type
				Notional Value as % of			Value as % of
	Risk Allocation1			Total Net Assets2			Total Net Assets3
Commodity		3.21	%		10.51	%		0.05	%
Credit		7.76			56.95			-0.06
Equity		30.62			221.44			49.21
Currency		23.45			212.78			2.73
Inflation		1.57			88.57			-0.57
Interest Rate		27.46			207.89			12.04
Volatility4		5.93			1.69			-0.21
Money Market Funds Plus Other Assets Less Liabilities		–			–			36.81

in a wide range of asset types including derivative instruments and physical securities including underlying investment companies.

    At the beginning of the fiscal year, global equities declined significantly amid concerns about global growth. Later on, global equity markets clawed back a large portion of this decline as US economic indicators proved stronger than expected, which suggested fiscal stimulus and monetary policy were beginning to be reflected in economic activity. Markets were boosted by a pick-up in sentiment toward China, particularly a focus on better-than-expected corporate earnings. This helped commodities, which in turn benefited Australian and emerging market equities. Battered commodity markets also took solace from the improving economic outlook and rallied from multiyear lows, with oil prices rising in spite of major oil-producing nations being unable to reach an output deal.

    A number of events troubled European markets during the reporting period, including geopolitical developments in Syria and terrorist attacks. A number of central banks stepped in to soothe the frayed nerves of investors, re-invigorating global equity markets and riskier assets in general. However, markets were disappointed at the scale of the European Central Bank’s (ECB) much-anticipated quantitative easing program, as it took a more conservative approach to boosting its bond-buying program than previously hoped. During the summer of 2016, markets shifted focus toward Brexit, the UK referendum on whether to remain a part of, or leave, the European Union (EU). The market’s reaction to the surprise result was particularly dramatic as

Total Net Assets $221.1 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, 2016.

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, 2016.

3 The percentages in this column were calculated by adding the market value of purchased options and sovereign debt securities, the net unrealized appreciation/depreciation of written options, futures, swaps and forwards, and the net asset value of investments in affiliated issuers 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, 2016.

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

participants had generally expected the UK to vote to remain a part of the EU. The “leave” result tapped into latent fears about the solidity and pace of the global economic recovery. Yields on 10-year US Treasuries, German bunds and UK gilts fell to historic lows.¹ This “flight to quality” was helped by the immediate actions of the ECB and the UK central bank, which pledged to use monetary policy to counteract any short-term stress. While UK economic data were mixed, they were not as poor as some doomsayers had predicted, and the market’s focus soon shifted from the referendum to the actual implementation of Brexit.

The US Federal Reserve (Fed) finally followed through on its slightly hawkish stance and nudged its benchmark interest rate higher for the first time in almost 10 years.² While this was interpreted as a vote of confidence in the US economy, the Fed went to great pains to stress that any further increases would be gradual. At the end of the reporting period, the US presidential election was the main focus of market participants.

The largest contributor to Fund performance during the reporting period was our Currency – Japanese Yen vs Korean Won idea, as the idea was a beneficiary of a rally in the yen. The yen’s appreciation was widely interpreted as investors seeking what they perceived as a “safe haven” from market turmoil.³ We favored the yen, a measurably cheap defensive currency, relative to the won, which remains expensive compared to the currencies of Korea’s trading partners.

Our Equity – European Divergence idea also contributed substantially to Fund performance during the reporting period. This idea reflected our belief favoring reasonably valued equities that benefited from a stable balance sheet, a gradual global economic pickup and potential tailwinds from the euro and low oil prices. While European equities declined significantly during the third quarter of 2015 and early in 2016, the hedging and protection strategies within the idea helped offset its market exposure and contributed to Fund performance. The Credit – US High Yield idea contributed during the reporting period as well, given the strength of the corporate bond sector. We implemented this idea through an underlying high yield fund managed by the Atlanta-based Invesco Fixed Income team and adjusted the Fund’s exposure by buying protection through derivatives. We believe this idea provided the Fund’s portfolio with more defensive and selective exposure to corporate debt.

The largest detractor from Fund performance for the reporting period was our Interest Rates – UK idea. The inflation leg of this idea detracted as UK inflation expectations rose to their highest levels

in more than a year after consumer prices exceeded forecasts. The continued weakening of the UK pound due to the outcome of the Brexit referendum also saw inflation expectations rise further.

Our Credit – Selective Credit idea detracted from Fund performance during the reporting period as high yield sold off sharply in the first few months of the reporting period on energy sector concerns. The idea was initially implemented to reflect our credit view broadly until we separated out the US high yield exposure into a stand-alone idea. The subsequent implementation isolated exposure to European investment grade credit through derivatives.

Another idea that detracted was Interest Rates – Yield Compression, which reflected our view that the differences between longer interest rates would narrow between the US, UK and, for part of the reporting period, Japan. This was, in our view, supported by reflationary actions in the UK and Japan versus a potential slowing in the US economy. However, during the reporting period, spreads widened, particularly between the US and UK.

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. Given our expectation for a low growth, low yield environment, we increased the number of total investment ideas in the portfolio over the reporting period as performance expectations generally had to be reduced. We believed this would allow the portfolio to continue to deliver on its dual mandate. Additionally, because broader markets looked less attractive, we also looked to alternative sources of return and income. This included adding the first commodity idea to the portfolio, which was primarily driven by its carry contribution.

Since the Fund’s launch, we have described our central economic thesis as “cautious optimism.” Our central economic thesis, which outlines our two- to three-year view of the world, was reassessed following the Brexit vote and the indiscriminate decline in government bond yields. This has changed somewhat to ”muddling through” as we have recognized potential challenges to global economic growth, including subdued structural growth rates, consumption-led US growth succumbing to headwinds, and further political upheaval endangering the European recovery. We see select opportunities in risk assets but believe further equity and credit market gains rely upon continued policy support. We believe non-market forces, such as political uncertainty, will underpin higher levels of volatility in financial markets.

As indicated throughout this report, our investment ideas make significant use of derivative instruments. Therefore, the performance of the Fund, both positive and negative, 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.

1 Source: Bloomberg L.P.

2 Source: US Federal Reserve

3 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.

	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

1 Source: Lipper Inc.

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

About indexes used in this report

∎ The U.S. 3-Month Treasury Bill Index is tracked by Lipper to provide performance for the three-month US Treasury bill.

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

∎ The 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.

6                             Invesco Global Targeted Returns Fund

Average Annual Total Returns
As of 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	0.36	%
1 Year	-3.69
Class C Shares
Inception (12/19/13)	1.59	%
1 Year	0.17
Class R Shares
Inception (12/19/13)	2.12	%
1 Year	1.74
Class Y Shares
Inception (12/19/13)	2.63	%
1 Year	2.24
Class R5 Shares
Inception (12/19/13)	2.63	%
1 Year	2.15
Class R6 Shares
Inception (12/19/13)	2.60	%
1 Year	2.14

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 1.71%, 2.46%, 1.96%, 1.46%, 1.46% and 1.46%, respectively.^1,2,3 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 2.82%, 3.57%, 3.07%, 2.57%, 2.51% and 2.51%, 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 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	0.48	%
1 Year	-3.59
Class C Shares
Inception (12/19/13)	1.78	%
1 Year	0.27
Class R Shares
Inception (12/19/13)	2.26	%
1 Year	1.64
Class Y Shares
Inception (12/19/13)	2.78	%
1 Year	2.24
Class R5 Shares
Inception (12/19/13)	2.82	%
1 Year	2.24
Class R6 Shares
Inception (12/19/13)	2.78	%
1 Year	2.24

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 June 30, 2018. 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 February 28, 2017. See current prospectus for more information.

3 The expense ratio includes acquired fund fees and expenses on the underlying funds in which the Fund invests of 0.44%.

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.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

∎ 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

∎ Allocation risk. The Fund’s investment performance depends, in part, on how its assets are allocated among the underlying funds or asset classes. The Adviser’s evaluations and assumptions regarding the asset classes or the underlying funds in which the Fund invests may be incorrect, causing the Fund to be invested (or not invested) in one or more asset classes or underlying funds at an inopportune time, which could negatively affect the Fund’s performance.

∎ 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 near, at or below zero. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder

redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

∎ 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. 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, among other consequences, limit the Fund’s ability to pursue its investment strategy.

∎ Commodity-linked notes risk. In addition to risks associated with the underlying commodities, investments in commodity-linked notes may be subject to additional risks, such as non-payment of interest and loss of principal, counterparty risk, lack of a secondary market and risk of greater volatility than traditional equity and debt securities. The value of the commodity-linked notes the Fund buys may fluctuate significantly because the values of the underlying investments to which they are linked are themselves volatile. Additionally, certain commodity-linked notes employ “economic” leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index, or other economic variable. Such economic leverage will increase the volatility of the value of these commodity-linked notes and the Fund to the extent it invests in such notes.

∎ Commodity risk. The Fund may have 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. Volatility in the commodities markets may be caused by 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, investment and trading activities of mutual funds, hedge funds and commodities funds, and factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments or supply and demand disruptions. Because the Fund’s performance may be linked to the performance of volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of the Fund’s shares.

∎ Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

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 Targeted Returns Fund

∎ 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. The SEC has proposed new regulations related to the use of derivatives and related instruments by registered investment companies. If adopted as proposed, these regulations would limit the Fund’s ability to engage in derivatives transactions and may result in increased costs or require the Fund to modify its investment strategies or to liquidate. 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/bonds.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political,

social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Exchange-traded funds risk. In addition to the risks associated with the underlying assets held by the exchange-traded fund, investments in exchange-traded funds are subject to the following additional risks: (1) an exchange-traded fund’s shares may trade above or below its net asset value; (2) an active trading market for the exchange-traded fund’s shares may not develop or be maintained; (3) trading an exchange-traded fund’s shares may be halted by the listing exchange; (4) a passively managed exchange-traded fund may not track the performance of the reference asset; and (5) a passively managed exchange-traded fund may hold troubled securities. Investment 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 exchange-traded funds in which the Fund may invest are leveraged, which may result in economic leverage, permitting the Fund to gain exposure that is greater than would be the case in an unlevered instrument and potentially resulting in greater volatility.

∎ Exchange-traded notes risk. Exchange-traded notes are subject to credit risk, counterparty risk, and the risk that the value of the exchange-traded note may drop due to a downgrade in the issuer’s credit rating. 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, and economic, legal, political, or geographic events that affect the referenced underlying market or assets. The Fund will bear its proportionate share of any fees and expenses

borne by an exchange-traded note in which it invests. For certain exchange-traded notes, there may be restrictions on the Fund’s right to redeem its investment, which is meant to be held until maturity.

∎ 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, 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.

∎ Foreign government debt risk. Investments in foreign government debt securities (sometimes referred to as sovereign debt securities) 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.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

9                             Invesco Global Targeted Returns Fund

∎ Fund of funds risk. The Fund’s performance depends on that of the underlying funds in which it invests. Accordingly, the risks associated with an investment in the Fund include the risks associated with investments in the underlying funds. The Fund will indirectly pay a proportional share of the fees and expenses of the underlying funds in which it invests. There are risks that the Fund will vary from its target weightings (if any) in the underlying funds, that the underlying funds will not achieve their investment objectives, that the underlying funds’ performance may be lower than their represented asset classes, and that the Fund may withdraw its investments in an underlying fund at a disadvantageous time.

∎ High yield debt securities (junk bond) risk. Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

∎ Investing in the European Union risk. Investments in certain countries in the European Union are susceptible to high economic risks associated with high levels of debt, such as investments in sovereign debt of Greece, Italy and Spain. Separately, the European Union faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the European Union would place its currency and banking system in jeopardy. 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.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. 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. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ Non-diversification risk. The Fund is non-diversified and can invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than would occur in a diversified fund. The Fund can also invest a greater percentage of its assets in any one particular investment strategy than if it was diversified, thereby increasing the risk of loss.

∎ Short position risk. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the Fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Fund’s short positions will cause the Fund to underperform the overall market and its peers that do not engage in shorting. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund’s returns.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

∎ 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 the 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 the prospectus and the SAI, and could negatively affect the Fund and its shareholders.

∎ US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

∎ Volatility Risk. Although the Fund’s investment strategy targets a specific volatility level, certain of the Fund’s investments may 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.

continued on page 6

10                             Invesco Global Targeted Returns Fund

Consolidated Schedule of Investments

October 31, 2016

Investments in Affiliated Issuers–74.64%^(a)

	% of Net Assets 10/31/16			Value 10/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Dividend Income		Shares 10/31/16		Value 10/31/16
Domestic Equity Funds–6.05%
Invesco Diversified Dividend Fund–Class R6		6.05	%	$	8,243,871	$	4,853,742	$	—		$	268,590		$	345,338		$	234,854		709,836	$	13,366,203
Fixed-Income Funds–12.06%
Invesco High Yield Fund–Class R6		12.06	%		16,614,108		9,721,747		—			321,176			—			1,346,589		6,454,487		26,657,031
Foreign Equity Funds–26.88%
Invesco Asia Pacific Growth Fund–Class Y		7.69	%		11,216,454		4,297,229		—			1,497,935			—			402,350		536,813		17,011,618
Invesco European Growth Fund–Class Y		9.54	%		13,933,595		8,826,352		—			(1,660,231	)		470,650			243,892		639,773		21,099,716
Invesco International Growth Fund–Class R6		9.65	%		14,241,160		7,500,819		—			(393,904	)		—			241,268		680,308		21,348,075
Total Foreign Equity Funds					39,391,209		20,624,400		—			(556,200	)		470,650			887,510				59,459,409
Money Market Funds–29.65%
Government & Agency Portfolio–Institutional Class, 0.44%(b)		16.28	%		—		42,904,040		(6,899,702	)		—			—			14,161		36,004,338		36,004,338
Liquid Assets Portfolio–Institutional Class		—			23,475,962		71,330,903		(94,806,865	)		—			—			79,193		—		—
Premier Portfolio–Institutional Class		—			23,475,963		71,330,903		(94,806,866	)		—			—			60,516		—		—
STIC (Global Series) PLC–U.S. Dollar Liquidity Portfolio (Ireland)–Institutional Class, 0.40%(b)(c)		2.51	%		5,724,734		3,549,155		(3,721,955	)		—			—			23,046		5,551,934		5,551,934
Treasury Portfolio–Institutional Class, 0.40%(b)		10.86	%		—		28,602,693		(4,599,801	)		—			—			7,011		24,002,892		24,002,892
Total Money Market Funds					52,676,659		217,717,694		(204,835,189	)		—			—			183,927				65,559,164
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $166,652,297)		74.64	%	$	116,925,847	$	252,917,583	$	(204,835,189	)	$	33,566		$	815,988	(d)	$	2,652,880			$	165,041,807

		Principal Amount
Sovereign Debt–12.79%(e)
Hungary Government Bond (Hungary), Series 23, Class A, Unsec. Bonds, 6.00%, 11/24/2023	HUF		88,330,000		388,062
Hungary Government Bond (Hungary), Series 25, Class B, Unsec. Bonds, 5.50%, 06/24/2025	HUF		408,590,000		1,751,556
Mexico Government Bond (Mexico), Series M 20, Sr. Unsec. Bonds, 10.00%, 12/05/2024	MXN		43,707,700		2,879,823
Mexico Government Bond (Mexico), Series M, Sr. Unsec. Bonds, 5.75%, 03/05/2026	MXN		9,298,000		475,311
Poland Government Bond (Poland), Series 0726, Unsec. Bonds, 2.50%, 07/25/2026	PLN		21,911,000		5,310,193
United Kingdom Government Bond (United Kingdom), REGS, Unsec. Bonds, 3.25%, 01/22/2044(f)	GBP		5,555,657		8,790,947
United Kingdom Government Bond (United Kingdom), REGS, Unsec. Bonds, 3.50%, 01/22/2045(f)	GBP		5,227,934		8,678,826
Total Sovereign Debt (Cost $30,105,086)					28,274,718
OPTIONS PURCHASED–4.79% (Cost $14,473,376)					10,597,868
TOTAL INVESTMENTS–92.22% (Cost $211,230,759)					203,914,393
OTHER ASSETS LESS LIABILITIES–7.78%					17,196,927
NET ASSETS–100.00%				$	221,111,320

Abbreviations:

GBP	– British Pound Sterling
HUF	– Hungarian Forint

MXN	– Mexican Peso
PLN	– Polish Zloty

REGS	– Regulation S
Sr.	– Senior

Unsec. – Unsecured

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, 2016.

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

^(d)  Includes $345,338 and $470,650 of capital gains distributions from Invesco Diversified Dividend Fund and Invesco European Growth Fund, respectively.

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

^(f)  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, 2016 was $17,469,773, which represented 7.90% of the Fund’s Net Assets.

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(g)			Value
S&P 500 Index		Call	Goldman Sachs International		01/20/2017		494		USD	2,250		USD	111,150,000	$	290,617
Subtotal — Over-The-Counter Index Call Options Purchased							494							$	290,617
M1EF Index		Put	Goldman Sachs International		12/19/2016		345		USD	310		USD	10,695,000	$	14,990
M1EF Index		Put	Goldman Sachs International		12/19/2016		7		USD	340		USD	238,000		950
M1EF Index		Put	Goldman Sachs International		12/19/2016		173		USD	350		USD	6,055,000		34,426
M1EF Index		Put	Goldman Sachs International		12/19/2016		328		USD	360		USD	11,808,000		95,778
M1EF Index		Put	Goldman Sachs International		12/19/2016		169		USD	380		USD	6,422,000		105,961
M1EF Index		Put	Goldman Sachs International		09/18/2017		332		USD	360		USD	11,592,000		654,653
M1EF Index		Put	Morgan Stanley Capital Services LLC		12/19/2016		10		USD	360		USD	360,000		2,920
M1EF Index		Put	UBS		12/19/2016		14		USD	300		USD	420,000		417
Russell 2000 Index		Put	Morgan Stanley Capital Services LLC		06/16/2017		88		USD	1,200		USD	1,056,000		723,021
Subtotal — Over-The-Counter Index Put Options Purchased							1,466							$	1,633,116
Total Over-The-Counter Index Options Purchased							1,960							$	1,923,733
Open Exchange-Traded Index Options Purchased
Nikkei 225 Index		Call	Goldman Sachs International		06/08/2018		5		JPY	17,000		JPY	85,000,000	$	83,441
Nikkei 225 Index		Call	Goldman Sachs International		06/08/2018		3		JPY	18,500		JPY	55,500,000		31,755
Nikkei 225 Index		Call	UBS		06/08/2018		73		JPY	17,000		JPY	1,241,000,000		1,218,233
Nikkei 225 Index		Call	UBS		06/08/2018		43		JPY	18,500		JPY	795,500,000		455,157
S&P 500 Index		Call	Morgan Stanley Capital Services LLC		12/16/2016		3		USD	2,400		USD	720,000		37
S&P 500 Index		Call	Morgan Stanley Capital Services LLC		12/16/2016		18		USD	2,600		USD	4,680,000		45
S&P 500 Index		Call	Morgan Stanley Capital Services LLC		06/16/2017		5		USD	2,700		USD	1,350,000		162
S&P 500 Index		Call	UBS		12/16/2016		57		USD	2,600		USD	14,820,000		142
S&P 500 Index		Call	UBS		06/16/2017		77		USD	2,700		USD	20,790,000		2,503
Subtotal — Exchange-Traded Index Call Options Purchased							284							$	1,791,475
Nikkei 225 Index		Put	Goldman Sachs International		03/10/2017		2		JPY	12,250		JPY	24,500,000	$	839
Nikkei 225 Index		Put	UBS		03/10/2017		32		JPY	12,250		JPY	392,000,000		13,427
Russell 2000 Index		Put	Morgan Stanley Capital Services LLC		06/16/2017		3		USD	1,200		USD	36,000		24,540
SMI Index		Put	Bank of America Merrill Lynch		06/16/2017		26		CHF	7,200		CHF	936,000		69,838
SMI Index		Put	Bank of America Merrill Lynch		06/16/2017		24		CHF	7,400		CHF	888,000		80,546
SMI Index		Put	Bank of America Merrill Lynch		06/16/2017		23		CHF	7,700		CHF	885,500		106,615
SMI Index		Put	Goldman Sachs International		06/16/2017		101		CHF	7,200		CHF	3,636,000		271,293
SMI Index		Put	Goldman Sachs International		06/16/2017		95		CHF	7,400		CHF	3,515,000		318,827
SMI Index		Put	Goldman Sachs International		06/16/2017		90		CHF	7,700		CHF	3,465,000		417,190
SMI Index		Put	J.P. Morgan Chase Bank, N.A.		06/16/2017		28		CHF	7,200		CHF	1,008,000		75,210
SMI Index		Put	J.P. Morgan Chase Bank, N.A.		06/16/2017		28		CHF	7,400		CHF	1,036,000		93,970
SMI Index		Put	J.P. Morgan Chase Bank, N.A.		06/16/2017		27		CHF	7,700		CHF	1,039,500		125,157
SMI Index		Put	UBS		06/16/2017		46		CHF	7,200		CHF	1,656,000		123,559
SMI Index		Put	UBS		06/16/2017		44		CHF	7,400		CHF	1,628,000		147,667
SMI Index		Put	UBS		06/16/2017		42		CHF	7,700		CHF	1,617,000		194,689
SX7E Index		Put	Goldman Sachs International		12/16/2016		1,258		EUR	90		EUR	5,661,000		58,691
SX7E Index		Put	J.P. Morgan Chase Bank, N.A.		12/16/2016		93		EUR	90		EUR	418,500		4,339
SX7E Index		Put	UBS		12/16/2016		196		EUR	90		EUR	882,000		9,144
SX7E Index		Put	Bank of America Merrill Lynch		06/16/2017		63		EUR	80		EUR	252,000		9,855
SX7E Index		Put	Bank of America Merrill Lynch		06/16/2017		59		EUR	85		EUR	246,500		12,468
SX7E Index		Put	Bank of America Merrill Lynch		06/16/2017		58		EUR	90		EUR	261,000		16,395
SX7E Index		Put	Bank of America Merrill Lynch		06/16/2017		59		EUR	95		EUR	280,250		22,183
SX7E Index		Put	Bank of America Merrill Lynch		06/16/2017		64		EUR	100		EUR	320,000		31,264
SX7E Index		Put	Goldman Sachs International		06/16/2017		500		EUR	80		EUR	2,000,000		78,215
SX7E Index		Put	Goldman Sachs International		06/16/2017		482		EUR	85		EUR	2,048,500		101,854
SX7E Index		Put	Goldman Sachs International		06/16/2017		481		EUR	90		EUR	2,164,500		135,964

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(g)			Value
SX7E Index		Put	Goldman Sachs International		06/16/2017		502		EUR	95		EUR	2,384,500	$	188,739
SX7E Index		Put	Goldman Sachs International		06/16/2017		549		EUR	100		EUR	2,745,000		268,186
SX7E Index		Put	J.P. Morgan Chase Bank, N.A.		06/16/2017		57		EUR	80		EUR	228,000		8,916
SX7E Index		Put	J.P. Morgan Chase Bank, N.A.		06/16/2017		48		EUR	85		EUR	204,000		10,143
SX7E Index		Put	J.P. Morgan Chase Bank, N.A.		06/16/2017		43		EUR	90		EUR	193,500		12,155
SX7E Index		Put	J.P. Morgan Chase Bank, N.A.		06/16/2017		39		EUR	95		EUR	185,250		14,663
SX7E Index		Put	J.P. Morgan Chase Bank, N.A.		06/16/2017		37		EUR	100		EUR	185,000		18,074
Subtotal — Exchange-Traded Index Put Options Purchased							5,199							$	3,064,615
Total Exchange-Traded Index Options Purchased							5,483							$	4,856,090
Total Index Options Purchased — Equity Risk							7,443							$	6,779,823

Abbreviations:

CHF	– Swiss Franc
EUR	– Euro
JPY	– Japanese Yen
USD	– U.S. Dollar

^(g)  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

Goldman Sachs International

08/25/2020

USD

1.200

EUR

1,348,907

$

106,599

GBP versus NOK

Call

Citigroup Global Markets Inc.

08/24/2017

NOK

12.000

GBP

120,832

603

GBP versus NOK

Call

Goldman Sachs International

08/24/2017

NOK

12.000

GBP

10,956,299

54,678

Subtotal — Over-The-Counter Foreign Currency Call Options Purchased

$

161,880

EUR versus USD

Put

Barclays Bank PLC

01/13/2020

USD

1.270

EUR

338,440

$

49,216

EUR versus USD

Put

Barclays Bank PLC

01/27/2020

USD

1.222

EUR

640,440

72,471

EUR versus USD

Put

Barclays Bank PLC

03/12/2020

USD

1.170

EUR

132,118

11,067

EUR versus USD

Put

Barclays Bank PLC

04/03/2020

USD

1.172

EUR

431,984

36,784

EUR versus USD

Put

Barclays Bank PLC

04/22/2020

USD

1.172

EUR

351,372

29,919

EUR versus USD

Put

Barclays Bank PLC

05/12/2020

USD

1.225

EUR

119,640

13,805

EUR versus USD

Put

Barclays Bank PLC

06/03/2020

USD

1.218

EUR

509,824

56,704

EUR versus USD

Put

Barclays Bank PLC

06/26/2020

USD

1.220

EUR

578,405

65,037

EUR versus USD

Put

Barclays Bank PLC

07/10/2020

USD

1.213

EUR

477,259

51,722

EUR versus USD

Put

Barclays Bank PLC

07/16/2020

USD

1.188

EUR

437,856

41,347

EUR versus USD

Put

Barclays Bank PLC

08/25/2020

USD

1.177

EUR

754,643

67,256

EUR versus USD

Put

Citigroup Global Markets Inc.

08/25/2020

USD

1.194

EUR

363,370

35,537

EUR versus USD

Put

Citigroup Global Markets Inc.

08/25/2020

USD

1.228

EUR

353,889

41,601

EUR versus USD

Put

Deutsche Bank Securities Inc.

07/01/2020

USD

1.210

EUR

358,640

38,250

EUR versus USD

Put

Deutsche Bank Securities Inc.

08/25/2020

USD

1.205

EUR

320,544

33,383

EUR versus USD

Put

Goldman Sachs International

12/12/2019

USD

1.350

EUR

2,792,791

580,182

EUR versus USD

Put

Goldman Sachs International

01/21/2020

USD

1.253

EUR

310,284

41,421

EUR versus USD

Put

Goldman Sachs International

02/06/2020

USD

1.234

EUR

238,027

28,744

EUR versus USD

Put

Goldman Sachs International

04/15/2020

USD

1.159

EUR

618,354

48,666

EUR versus USD

Put

Goldman Sachs International

07/29/2020

USD

1.204

EUR

200,000

20,679

EUR versus USD

Put

Goldman Sachs International

08/25/2020

USD

1.171

EUR

565,767

48,710

EUR versus USD

Put

Goldman Sachs International

08/25/2020

USD

1.181

EUR

840,208

76,392

EUR versus USD

Put

Goldman Sachs International

08/25/2020

USD

1.182

EUR

940,625

86,009

EUR versus USD

Put

Goldman Sachs International

08/25/2020

USD

1.192

EUR

1,446,909

139,945

EUR versus USD

Put

Goldman Sachs International

08/25/2020

USD

1.199

EUR

949,393

95,441

EUR versus USD

Put

Goldman Sachs International

08/25/2020

USD

1.203

EUR

1,678,227

172,897

EUR versus USD

Put

Goldman Sachs International

08/25/2020

USD

1.210

EUR

422,926

45,124

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

EUR versus USD

Put

Goldman Sachs International

06/17/2021

USD

1.202

EUR

948,543

$

99,316

EUR versus USD

Put

Goldman Sachs International

06/17/2021

USD

1.205

EUR

599,775

63,741

EUR versus USD

Put

Goldman Sachs International

06/17/2021

USD

1.208

EUR

842,323

90,854

EUR versus USD

Put

Bank of America Merrill Lynch

08/25/2020

USD

1.217

EUR

798,120

88,610

NOK versus GBP

Put

Goldman Sachs International

11/17/2016

NOK

10.650

GBP

1,217,367

76,513

NOK versus GBP

Put

Goldman Sachs International

11/17/2016

NOK

10.700

GBP

1,217,367

83,743

NOK versus GBP

Put

Goldman Sachs International

11/17/2016

NOK

10.750

GBP

1,217,367

91,010

NOK versus GBP

Put

Goldman Sachs International

12/20/2016

NOK

10.350

GBP

1,293,924

45,103

NOK versus GBP

Put

Goldman Sachs International

12/20/2016

NOK

10.400

GBP

1,414,756

55,598

NOK versus GBP

Put

Goldman Sachs International

12/20/2016

NOK

10.450

GBP

1,293,924

56,912

USD versus JPY

Put

Citigroup Global Markets Inc.

04/26/2017

JPY

100.000

USD

3,329,000

51,679

USD versus JPY

Put

Deutsche Bank Securities Inc.

04/26/2017

JPY

100.000

USD

21,396,000

332,150

USD versus JPY

Put

Deutsche Bank Securities Inc.

04/26/2017

JPY

105.000

USD

4,555,000

156,208

USD versus JPY

Put

Goldman Sachs International

04/26/2017

JPY

100.000

USD

6,957,000

108,000

USD versus JPY

Put

Goldman Sachs International

04/26/2017

JPY

109.000

USD

225,136

13,243

USD versus KRW

Put

Barclays Bank PLC

04/26/2017

KRW

1,155.000

USD

1,379,000

51,301

USD versus KRW

Put

Deutsche Bank Securities Inc.

04/26/2017

KRW

1,155.000

USD

4,405,000

163,875

Subtotal — Over-The-Counter Foreign Currency Put Options Purchased

$

3,656,165

Total Over-The-Counter Foreign Currency Options Purchased — Currency Risk

$

3,818,045

Total — Options Purchased (Cost $14,473,376)

$

10,597,868

Abbreviations:

EUR	– Euro
GBP	– British Pound Sterling
JPY	– Japanese Yen
KRW	– South Korean Won
NOK	– Norwegian Krone
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(g)			Value			Unrealized Appreciation (Depreciation)
S&P 500 Index		Call	Goldman Sachs International		01/20/2017		103		USD	2,150	$	(466,268	)		USD	22,145,000	$	(430,507	)	$	35,761
Subtotal — Over-The-Counter Index Call Options Written							103				$	(466,268	)				$	(430,507	)	$	35,761
M1EF Index		Put	Goldman Sachs International		12/19/2016		14		USD	300		(10,682	)		USD	420,000		(417	)		10,265
M1EF Index		Put	Goldman Sachs International		12/19/2016		345		USD	310		(129,751	)		USD	10,695,000		(14,990	)		114,761
M1EF Index		Put	Goldman Sachs International		12/19/2016		173		USD	350		(366,406	)		USD	6,055,000		(34,426	)		331,980
M1EF Index		Put	Goldman Sachs International		12/19/2016		338		USD	360		(75,338	)		USD	12,168,000		(98,698	)		(23,360	)
M1EF Index		Put	Goldman Sachs International		12/19/2016		164		USD	380		(301,142	)		USD	6,232,000		(102,826	)		198,316
M1EF Index		Put	Goldman Sachs International		09/18/2017		166		USD	400		(496,091	)		USD	6,640,000		(563,566	)		(67,475	)
M1EF Index		Put	Morgan Stanley Capital Services LLC		12/19/2016		5		USD	380		(7,500	)		USD	190,000		(3,135	)		4,365
M1EF Index		Put	UBS		12/19/2016		7		USD	340		(14,700	)		USD	238,000		(950	)		13,750
S&P 500 Index		Put	Morgan Stanley Capital Services LLC		06/16/2017		51		USD	2,075		(483,480	)		USD	10,582,500		(490,061	)		(6,581	)
Subtotal — Over-The-Counter Index Put Options Written							1,263				$	(1,885,090	)				$	(1,309,069	)	$	576,021
Total Over-The-Counter Index Options Written							1,366				$	(2,351,358	)				$	(1,739,576	)	$	611,782

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

14                         Invesco Global Targeted Returns Fund

Open Exchange-Traded Index Options Written(h)
Description	Type of Contract		Counterparty	Expiration Date		Number of Contracts		Strike Price			Premiums Received			Notional Value(g)			Value			Unrealized Appreciation (Depreciation)
Nikkei 225 Index		Call	Goldman Sachs International		12/09/2016		4		JPY	17,750	$	(6,159	)		JPY	71,000,000	$	(8,773	)	$	(2,614	)
Nikkei 225 Index		Call	UBS		12/09/2016		70		JPY	17,750		(269,214	)		JPY	1,242,500,000		(153,531	)		115,683
Subtotal — Exchange-Traded Index Call Options Written							74				$	(275,373	)				$	(162,304	)	$	113,069
Nikkei 225 Index		Put	Goldman Sachs International		03/10/2017		2		JPY	15,500	$	(27,518	)		JPY	31,000,000	$	(4,863	)	$	22,655
Nikkei 225 Index		Put	UBS		03/10/2017		25		JPY	15,500		(325,022	)		JPY	387,500,000		(60,793	)		264,229
S&P 500 Index		Put	Morgan Stanley Capital Services LLC		06/16/2017		1		USD	2,075		(8,935	)		USD	207,500		(9,620	)		(685	)
SX7E Index		Put	Goldman Sachs International		12/16/2016		1,189		EUR	90		(420,297	)		EUR	5,350,500		(55,472	)		364,825
SX7E Index		Put	UBS		12/16/2016		358		EUR	90		(138,155	)		EUR	1,611,000		(16,702	)		121,453
Subtotal — Exchange-Traded Index Put Options Written							1,575				$	(919,927	)				$	(147,450	)	$	772,477
Total Exchange-Traded Index Options Written							1,649				$	(1,195,300	)				$	(309,754	)	$	885,546
Total Index Options Written — Equity Risk							3,015				$	(3,546,658	)				$	(2,049,330	)	$	1,497,328

Currency Abbreviations:

EUR	– Euro
JPY	– Japanese Yen
USD	– U.S. Dollar

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

^(h)  Index options written collateralized by $1,048,750 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		11/09/2016		CAD	1.290	$	(5,697	)		USD	222,000	$	(8,637	)	$	(2,940	)
CAD versus USD		Call	Barclays Bank PLC		12/08/2016		CAD	1.320		(3,379	)		USD	222,000		(4,810	)		(1,431	)
CAD versus USD		Call	Citigroup Global Markets Inc.		11/09/2016		CAD	1.285		(50,635	)		USD	1,743,500		(74,297	)		(23,662	)
CAD versus USD		Call	Citigroup Global Markets Inc.		11/09/2016		CAD	1.290		(46,342	)		USD	1,743,500		(67,832	)		(21,490	)
CAD versus USD		Call	Citigroup Global Markets Inc.		11/09/2016		CAD	1.295		(42,276	)		USD	1,743,500		(61,392	)		(19,116	)
CAD versus USD		Call	Citigroup Global Markets Inc.		12/08/2016		CAD	1.315		(22,960	)		USD	1,766,967		(42,951	)		(19,991	)
CAD versus USD		Call	Citigroup Global Markets Inc.		12/08/2016		CAD	1.320		(20,594	)		USD	1,766,967		(38,281	)		(17,687	)
CAD versus USD		Call	Citigroup Global Markets Inc.		12/08/2016		CAD	1.325		(18,484	)		USD	1,766,967		(33,939	)		(15,455	)
CAD versus USD		Call	Goldman Sachs International		01/10/2017		CAD	1.340		(25,071	)		USD	1,844,967		(31,061	)		(5,990	)
CAD versus USD		Call	Goldman Sachs International		01/10/2017		CAD	1.350		(20,808	)		USD	1,844,967		(25,192	)		(4,384	)
CAD versus USD		Call	Goldman Sachs International		01/10/2017		CAD	1.360		(17,219	)		USD	1,844,967		(20,305	)		(3,086	)
NOK versus GBP		Call	Goldman Sachs International		08/24/2017		NOK	12.000		(43,691	)		GBP	11,077,131		(55,281	)		(11,590	)
USD versus EUR		Call	Bank of America Merrill Lynch		08/25/2020		USD	1.217		(85,895	)		EUR	798,120		(57,488	)		28,407
USD versus EUR		Call	Barclays Bank PLC		01/13/2020		USD	1.270		(33,953	)		EUR	338,440		(13,760	)		20,193
USD versus EUR		Call	Barclays Bank PLC		01/27/2020		USD	1.222		(66,630	)		EUR	640,440		(35,910	)		30,720
USD versus EUR		Call	Barclays Bank PLC		03/12/2020		USD	1.170		(13,404	)		EUR	132,118		(10,602	)		2,802
USD versus EUR		Call	Barclays Bank PLC		04/03/2020		USD	1.172		(44,779	)		EUR	431,984		(35,208	)		9,571
USD versus EUR		Call	Barclays Bank PLC		04/22/2020		USD	1.172		(36,888	)		EUR	351,372		(28,638	)		8,250
USD versus EUR		Call	Barclays Bank PLC		05/12/2020		USD	1.225		(12,182	)		EUR	119,640		(7,425	)		4,757
USD versus EUR		Call	Barclays Bank PLC		06/03/2020		USD	1.218		(52,930	)		EUR	509,824		(33,684	)		19,246
USD versus EUR		Call	Barclays Bank PLC		06/26/2020		USD	1.220		(57,422	)		EUR	578,405		(38,701	)		18,721
USD versus EUR		Call	Barclays Bank PLC		07/10/2020		USD	1.213		(48,839	)		EUR	477,259		(33,648	)		15,191
USD versus EUR		Call	Barclays Bank PLC		07/16/2020		USD	1.188		(42,457	)		EUR	437,856		(35,539	)		6,918
USD versus EUR		Call	Barclays Bank PLC		08/25/2020		USD	1.177		(79,273	)		EUR	754,643		(67,052	)		12,221
USD versus EUR		Call	Citigroup Global Markets Inc.		08/25/2020		USD	1.194		(36,552	)		EUR	363,370		(29,635	)		6,917
USD versus EUR		Call	Citigroup Global Markets Inc.		08/25/2020		USD	1.228		(36,638	)		EUR	353,889		(24,033	)		12,605
USD versus EUR		Call	Deutsche Bank Securities Inc.		07/01/2020		USD	1.210		(36,515	)		EUR	358,640		(25,465	)		11,050
USD versus EUR		Call	Deutsche Bank Securities Inc.		08/25/2020		USD	1.205		(32,515	)		EUR	320,544		(24,607	)		7,908

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

15                         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	Goldman Sachs International		12/12/2019		USD	1.350	$	(283,731	)		EUR	2,792,791	$	(64,214	)	$	219,517
USD versus EUR		Call	Goldman Sachs International		01/21/2020		USD	1.253		(30,213	)		EUR	310,284		(14,215	)		15,998
USD versus EUR		Call	Goldman Sachs International		02/06/2020		USD	1.234		(22,003	)		EUR	238,027		(12,553	)		9,450
USD versus EUR		Call	Goldman Sachs International		04/15/2020		USD	1.159		(63,718	)		EUR	618,354		(54,316	)		9,402
USD versus EUR		Call	Goldman Sachs International		07/29/2020		USD	1.204		(19,856	)		EUR	200,000		(15,061	)		4,795
USD versus EUR		Call	Goldman Sachs International		08/25/2020		USD	1.171		(58,508	)		EUR	565,767		(51,844	)		6,664
USD versus EUR		Call	Goldman Sachs International		08/25/2020		USD	1.181		(88,316	)		EUR	840,208		(73,318	)		14,998
USD versus EUR		Call	Goldman Sachs International		08/25/2020		USD	1.182		(99,575	)		EUR	940,625		(81,657	)		17,918
USD versus EUR		Call	Goldman Sachs International		08/25/2020		USD	1.192		(150,346	)		EUR	1,446,909		(119,243	)		31,103
USD versus EUR		Call	Goldman Sachs International		08/25/2020		USD	1.199		(107,205	)		EUR	949,393		(75,423	)		31,782
USD versus EUR		Call	Goldman Sachs International		08/25/2020		USD	1.203		(172,877	)		EUR	1,678,227		(130,201	)		42,676
USD versus EUR		Call	Goldman Sachs International		08/25/2020		USD	1.210		(42,970	)		EUR	422,926		(31,702	)		11,268
USD versus EUR		Call	Goldman Sachs International		06/17/2021		USD	1.202		(111,513	)		EUR	948,543		(93,793	)		17,720
USD versus EUR		Call	Goldman Sachs International		06/17/2021		USD	1.205		(72,564	)		EUR	599,775		(58,525	)		14,039
USD versus EUR		Call	Goldman Sachs International		06/17/2021		USD	1.208		(97,442	)		EUR	842,323		(81,107	)		16,335
Subtotal — Over-The-Counter Foreign Currency Call Options Written									$	(2,454,865	)				$	(1,922,545	)	$	532,320
EUR versus USD		Put	Barclays Bank PLC		01/20/2017		USD	1.066	$	(18,262	)		EUR	2,037,000	$	(11,465	)	$	6,797
EUR versus USD		Put	Barclays Bank PLC		01/20/2017		USD	1.071		(21,032	)		EUR	2,037,000		(13,562	)		7,470
EUR versus USD		Put	Barclays Bank PLC		01/20/2017		USD	1.076		(24,202	)		EUR	2,037,000		(16,005	)		8,197
EUR versus USD		Put	Citigroup Global Markets Inc.		11/18/2016		USD	1.110		(16,281	)		EUR	1,834,436		(28,577	)		(12,296	)
EUR versus USD		Put	Citigroup Global Markets Inc.		11/18/2016		USD	1.115		(18,764	)		EUR	1,834,436		(35,931	)		(17,167	)
EUR versus USD		Put	Goldman Sachs International		11/18/2016		USD	1.115		(2,779	)		EUR	296,420		(5,806	)		(3,027	)
EUR versus USD		Put	Goldman Sachs International		11/18/2016		USD	1.120		(21,725	)		EUR	1,834,436		(43,851	)		(22,126	)
EUR versus USD		Put	Goldman Sachs International		12/16/2016		USD	1.095		(18,737	)		EUR	1,915,771		(19,910	)		(1,173	)
EUR versus USD		Put	Goldman Sachs International		12/16/2016		USD	1.100		(24,114	)		EUR	2,212,191		(28,253	)		(4,139	)
EUR versus USD		Put	Goldman Sachs International		12/16/2016		USD	1.105		(24,370	)		EUR	1,915,771		(29,700	)		(5,330	)
EUR versus USD		Put	Goldman Sachs International		08/25/2020		USD	1.200		(151,201	)		EUR	1,348,907		(136,347	)		14,854
GBP versus NOK		Put	Citigroup Global Markets Inc.		12/20/2016		NOK	10.400		(4,572	)		GBP	120,832		(4,748	)		(176	)
GBP versus NOK		Put	Goldman Sachs International		11/17/2016		NOK	10.650		(19,248	)		GBP	1,217,367		(76,513	)		(57,265	)
GBP versus NOK		Put	Goldman Sachs International		11/17/2016		NOK	10.700		(5,755	)		GBP	1,217,367		(83,743	)		(77,988	)
GBP versus NOK		Put	Goldman Sachs International		11/17/2016		NOK	10.750		(22,189	)		GBP	1,217,367		(91,010	)		(68,821	)
GBP versus NOK		Put	Goldman Sachs International		12/20/2016		NOK	10.350		(13,366	)		GBP	1,293,924		(45,103	)		(31,737	)
GBP versus NOK		Put	Goldman Sachs International		12/20/2016		NOK	10.400		(15,688	)		GBP	1,293,924		(50,850	)		(35,162	)
GBP versus NOK		Put	Goldman Sachs International		12/20/2016		NOK	10.450		(18,306	)		GBP	1,293,924		(56,911	)		(38,605	)
USD versus JPY		Put	Deutsche Bank Securities Inc.		04/26/2017		JPY	109.000		(24,079	)		USD	225,136		(13,243	)		10,836
USD versus JPY		Put	Goldman Sachs International		04/26/2017		JPY	105.000		(245,763	)		USD	4,564,000		(156,516	)		89,247
USD versus KRW		Put	Barclays Bank PLC		04/26/2017		KRW	1,155.000		(849,420	)		USD	18,000,000		(669,635	)		179,785
USD versus KRW		Put	Citigroup Global Markets Inc.		04/26/2017		KRW	1,155.010		(14,000	)		USD	280,000		(10,417	)		3,583
USD versus KRW		Put	Deutsche Bank Securities Inc.		04/26/2017		KRW	1,155.020		(236,315	)		USD	5,182,342		(192,793	)		43,522
Subtotal — Over-The-Counter Foreign Currency Put Options Written									$	(1,810,168	)				$	(1,820,889	)	$	(10,721	)
Total Foreign Currency Options Written — Currency Risk									$	(4,265,033	)				$	(3,743,434	)	$	521,599
Total — Options Written									$	(7,811,691	)				$	(5,792,764	)	$	2,018,927

Currency Abbreviations:

CAD	– Canadian Dollar
EUR	– Euro
GBP	– British Pound Sterling
JPY	– Japanese Yen
NOK	– Norwegian Krone
KRW	– South Korean Won
USD	– U.S. Dollar

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

16                         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		149		EUR		9,996,163	GBP		6,707,747		HKD		105,700,000		JPY		—	USD		16,950,500		$	1,941,208
Written		213		EUR		10,364,533	GBP		14,187,910		HKD		32,380,000		JPY		1,313,500,000	USD		88,149,374			3,067,905
Closed		(143	)			—			—		HKD		(98,650,000	)			—	USD		(28,373,261	)		(941,164	)
Exercised		—				—			—				—				—			—			—
Expired		(42	)			—	GBP		(9,818,526	)	HKD		(39,430,000	)			—	USD		(38,071,311	)		(871,443	)
End of period		177		EUR		20,360,696	GBP		11,077,131		HKD		—		JPY		1,313,500,000	USD		38,655,302		$	3,196,506

	Put Options
	Number of Contracts*				Notional Value				Notional Value				Notional Value				Notional Value			Premiums Received
Beginning of period		1,210		EUR		49,756,823		GBP		22,879,187		JPY		2,751,000,000		USD		33,515,000		$	6,521,659
Written		6,897		EUR		142,427,081		GBP		77,293,284		JPY		1,749,250,000		USD		272,885,270			20,535,948
Closed		(3,692	)	EUR		(87,466,332	)	GBP		(85,673,927	)	JPY		(3,322,750,000	)	USD		(210,024,792	)		(20,030,117	)
Exercised		—				—				—				—				—			—
Expired		(1,577	)	EUR		(78,452,704	)	GBP		(6,843,839	)	JPY		(759,000,000	)	USD		(14,696,000	)		(2,412,305	)
End of period		2,838		EUR		26,264,868		GBP		7,654,705		JPY		418,500,000		USD		81,679,478		$	4,615,185

* Does not include foreign currency options written.

Open Futures Contracts(i)
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation (Depreciation)
CAA Index		Long		833		December-2016	$	4,777,875		$	565,048
CBOE VIX Index		Long		107		December-2016		1,864,475			(122,591	)
DAX Index		Long		41		December-2016		12,013,694			311,835
E-Mini Consumer Staples Sector		Long		249		December-2016		13,162,140			(86,596	)
FTSE 100 Index		Long		2		December-2016		169,594			5,490
Swiss Market Index		Long		253		December-2016		20,016,543			(721,089	)
E-Mini Consumer Discretionary Sector		Short		167		December-2016		(13,097,810	)		159,591
E-Mini S&P 500 Index		Short		75		December-2016		(7,950,375	)		58,185
MSCI AC Asia Index		Short		290		December-2016		(10,840,432	)		385,629
Nikkei 225		Short		47		December-2016		(3,906,022	)		(124,996	)
Russell 2000 Index Mini		Short		67		December-2016		(7,981,710	)		264,472
STOXX Europe 600 Index		Short		1,242		December-2016		(23,068,821	)		346,306
Subtotal — Equity Risk											1,041,284
U.S. Treasury 5 Year Notes		Long		128		December-2016		15,462,000			1,471
U.S. Treasury Ultra Bonds		Long		129		December-2016		22,695,938			(1,034,794	)
U.S. Treasury 10 Year Ultra Bonds		Short		105		December-2016		(14,859,141	)		(3,905	)
Subtotal — Interest Rate Risk											(1,037,228	)
Total Futures Contracts										$	4,056

⁽ⁱ⁾  Futures contracts collateralized by $3,933,439 cash held with Bank of America Merrill Lynch, the futures commission merchant.

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

17                         Invesco Global Targeted Returns Fund

Open Centrally Cleared Credit Default Swap Agreements(j)(k)
Counterparty/Clearinghouse	Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Implied Credit Spread(j)			Expiration Date			Notional Value		Upfront Payments Paid (Received)			Unrealized Appreciation (Depreciation)
Credit Suisse First Boston/ICE	Markit iTraxx Europe Index		Sell		1.00	%		0.67	%		June-2021	EUR		9,808,000	$	158,286		$	(6,737	)
Credit Suisse First Boston/ICE	Markit iTraxx Europe Index		Sell		1.00			0.73			December-2021	EUR		11,053,000		169,092			(4,075	)
Credit Suisse First Boston/ICE	Markit iTraxx Europe Index		Sell		1.00			1.10			December-2026	EUR		40,000,000		(295,890	)		(112,404	)
Credit Suisse First Boston/ICE	Markit iTraxx Europe Index		Buy		(1.00	)		0.67			June-2021	EUR		9,808,000		(185,775	)		22,806
Credit Suisse First Boston/CME	Markit CDX NA HY Index		Buy		(1.00	)		0.73			December-2021	EUR		6,330,000		(112,415	)		18,165
Credit Suisse First Boston/ICE	Markit iTraxx Europe Index		Buy		(1.00	)		0.73			December-2021	EUR		33,670,000		(520,538	)		17,938
Credit Suisse First Boston/CME	Markit CDX NA HY Index		Buy		(5.00	)		3.93			June-2021	USD		4,294,000		(110,660	)		(59,998	)
Credit Suisse First Boston/CME	Markit CDX NA HY Index		Buy		(5.00	)		4.21			December-2021	USD		133,000		(5,383	)		978
Total — Credit Default Swap Agreements — Credit Risk															$	(903,283	)	$	(123,327	)

Abbreviations:

CME	– Chicago Mercantile Exchange
EUR	– Euro

ICE	– Intercontinental Exchange
USD	– U.S. Dollar

^(j)  Implied credit spreads represent the current level as of October 31, 2016 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.

Open Centrally Cleared Interest Rate Swap Agreements(k)
Counterparty/Clearinghouse	Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Termination Date		Notional Value			Unrealized Appreciation (Depreciation)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month EUR LIBOR		1.298	%		February-2030		EUR	3,181,000	$	(93,683	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month EUR LIBOR		1.819			July-2049		EUR	270,000		(55,172	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month EUR LIBOR		1.880			July-2049		EUR	5,156,000		(1,155,901	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month EUR LIBOR		2.014			July-2049		EUR	547,000		(142,294	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month EUR LIBOR		1.800			September-2049		EUR	446,000		(88,146	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month EUR LIBOR		1.702			October-2049		EUR	505,000		(84,741	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month EUR LIBOR		1.738			October-2049		EUR	506,000		(90,321	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month EUR LIBOR		1.740			October-2049		EUR	401,000		(72,009	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month EUR LIBOR		1.834			November-2049		EUR	884,000		(181,252	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month EUR LIBOR		1.812			December-2049		EUR	1,821,000		(361,318	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month EUR LIBOR		1.825			December-2049		EUR	2,098,000		(424,171	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month EUR LIBOR		1.733			January-2050		EUR	1,050,000		(184,016	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month EUR LIBOR		1.288			March-2050		EUR	1,187,000		(53,314	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month EUR LIBOR		1.340			June-2050		EUR	750,000		(42,161	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month EUR LIBOR		0.931			September-2050		EUR	790,000		50,555
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month EUR LIBOR		0.984			September-2050		EUR	703,000		34,612
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.463			May-2025		GBP	8,364,000		(644,936	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.680			June-2025		GBP	350,000		(32,474	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.807			June-2025		GBP	772,000		(78,439	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.550			July-2025		GBP	280,000		(22,769	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.710			July-2025		GBP	427,000		(39,962	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.761			July-2025		GBP	643,000		(62,763	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.795			July-2025		GBP	477,000		(47,927	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.300			September-2025		GBP	622,000		(38,020	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.358			September-2025		GBP	821,000		(53,803	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.283			October-2025		GBP	136,000		(8,028	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.293			October-2025		GBP	639,000		(38,404	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.264			November-2025		GBP	630,000		(35,919	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.411			November-2025		GBP	718,000		(48,750	)

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

18                         Invesco Global Targeted Returns Fund

Open Centrally Cleared Interest Rate Swap Agreements(k)—(continued)
Counterparty/Clearinghouse	Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Termination Date		Notional Value			Unrealized Appreciation (Depreciation)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.392	%		December-2025		GBP	1,723,000	$	(112,337	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.205			January-2026		GBP	838,000		(43,412	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.319			January-2026		GBP	641,000		(38,398	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.859			March-2026		GBP	1,149,000		(30,888	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.875			March-2026		GBP	583,000		(16,133	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.195			June-2026		GBP	509,000		(14,358	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.393			June-2026		GBP	1,996,000		10,402
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.015			September-2026		GBP	1,424,000		42,671
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.247			September-2026		GBP	1,277,000		20,318
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.274			September-2026		GBP	604,000		8,405
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.056			September-2036		GBP	4,384,000		304,272
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.080			September-2036		GBP	2,192,000		146,319
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.100			September-2036		GBP	4,384,000		282,947
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.253			September-2036		GBP	362,000		17,010
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.420			September-2036		GBP	338,000		9,607
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.709			September-2036		GBP	467,303		(454	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.713			September-2036		GBP	1,813,234		(2,420	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.727			September-2036		GBP	934,606		(2,651	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.972			December-2045		GBP	737,000		(151,512	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.985			December-2045		GBP	867,100		(182,555	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.031			December-2045		GBP	1,388,000		(315,846	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.042			December-2045		GBP	1,399,000		(324,054	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.045			December-2045		GBP	1,090,000		(254,187	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.100			December-2045		GBP	890,000		(225,744	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.113			December-2045		GBP	553,000		(143,245	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.116			December-2045		GBP	557,000		(144,896	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		2.050			January-2046		GBP	301,000		(71,212	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.636			March-2046		GBP	402,000		(36,144	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.643			March-2046		GBP	243,000		(22,463	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.850			April-2046		GBP	172,000		(28,879	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.144			September-2046		GBP	234,000		17,006
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.004			December-2046		GBP	493,000		59,571
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.210			December-2046		GBP	758,000		41,390
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month GBP LIBOR		1.294			December-2046		GBP	517,000		14,821
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month JPY LIBOR		0.544			September-2036		JPY	313,651,428		67,492
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month JPY LIBOR		0.614			September-2036		JPY	156,825,716		23,486
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month JPY LIBOR		0.627			September-2036		JPY	627,302,856		86,683
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month JPY LIBOR		0.590			May-2038		JPY	475,650,000		(75,450	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month JPY LIBOR		0.624			May-2038		JPY	200,400,000		(44,761	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month JPY LIBOR		0.637			May-2038		JPY	549,750,000		(135,213	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month JPY LIBOR		0.640			May-2038		JPY	22,541,000		(5,687	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month JPY LIBOR		0.159			June-2038		JPY	47,577,000		31,385
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month JPY LIBOR		0.580			June-2038		JPY	65,686,000		(8,538	)
Credit Suisse Securities (USA) LLC/CME	Receive		6 Month JPY LIBOR		0.367			September-2038		JPY	95,159,000		27,625
Credit Suisse Securities (USA) LLC/CME	Receive		3 Month SEK LIBOR		0.390			April-2021		SEK	111,635,138		(306,413	)
Credit Suisse Securities (USA) LLC/CME	Receive		3 Month SEK LIBOR		0.385			May-2021		SEK	170,366,862		(462,267	)
Credit Suisse Securities (USA) LLC/CME	Receive		3 Month SEK LIBOR		0.285			June-2021		SEK	9,593,000		(19,881	)
Credit Suisse Securities (USA) LLC/CME	Receive		3 Month SEK LIBOR		0.304			June-2021		SEK	15,954,000		(34,800	)
Credit Suisse Securities (USA) LLC/CME	Receive		3 Month SEK LIBOR		(0.036	)		September-2021		SEK	10,167,000		(369	)
Credit Suisse Securities (USA) LLC/CME	Receive		3 Month SEK LIBOR		0.020			September-2021		SEK	11,493,000		(4,209	)

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(k)—(continued)

Counterparty/Clearinghouse

Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate

Termination Date

Notional Value

Unrealized Appreciation (Depreciation)

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month SEK LIBOR

(0.016

) %

December-2021

SEK

13,644,000

$

2,567

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

0.970

September-2021

USD

201,000

3,591

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.034

September-2021

USD

1,972,200

29,239

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.036

September-2021

USD

986,100

14,521

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.039

September-2021

USD

986,100

14,384

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.055

September-2021

USD

1,479,100

20,437

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.058

September-2021

USD

986,100

13,474

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.060

September-2021

USD

986,100

13,399

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.085

September-2021

USD

1,479,200

18,354

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.098

September-2021

USD

986,100

11,580

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.205

September-2021

USD

298,000

1,987

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.245

September-2021

USD

375,000

1,786

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.243

December-2021

USD

333,000

2,234

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.860

November-2041

USD

382,000

15,983

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.869

November-2041

USD

5,117,000

204,905

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.874

November-2041

USD

3,307,000

129,300

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.878

November-2041

USD

1,427,000

54,531

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.958

November-2041

USD

651,200

14,126

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

2.008

November-2041

USD

1,953,600

21,956

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

2.036

November-2041

USD

651,200

3,555

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.730

February-2042

USD

1,401,000

99,730

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.732

February-2042

USD

5,768,200

407,979

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.749

February-2042

USD

1,014,000

68,065

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.760

February-2042

USD

6,293,800

408,241

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.854

February-2042

USD

333,000

15,093

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.912

February-2042

USD

2,343,000

78,315

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

1.934

February-2042

USD

418,000

12,068

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

2.318

September-2046

USD

554,000

(329

)

Credit Suisse Securities (USA) LLC/CME

Receive

3 Month USD LIBOR

2.325

September-2046

USD

554,000

(755

)

Credit Suisse Securities (USA) LLC/LCH

Receive

6 Month JPY LIBOR

0.698

September-2036

JPY

22,494,000

1,562

Credit Suisse Securities (USA) LLC/LCH

Receive

6 Month JPY LIBOR

0.465

September-2038

JPY

37,115,000

3,756

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month AUD LIBOR

2.368

June-2026

AUD

4,470,111

(54,683

)

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month AUD LIBOR

2.397

June-2026

AUD

13,410,333

(151,091

)

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month AUD LIBOR

2.398

June-2026

AUD

22,350,556

(251,053

)

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month AUD LIBOR

2.361

September-2026

AUD

1,269,000

(16,644

)

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month AUD LIBOR

2.395

September-2026

AUD

868,000

(10,550

)

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month AUD LIBOR

2.533

September-2026

AUD

1,285,000

(9,742

)

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month EUR LIBOR

1.805

July-2029

EUR

700,000

65,132

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month EUR LIBOR

1.881

July-2029

EUR

12,887,000

1,307,847

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month EUR LIBOR

1.998

July-2029

EUR

1,368,000

156,077

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month EUR LIBOR

1.770

September-2029

EUR

1,114,000

97,007

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month EUR LIBOR

1.622

October-2029

EUR

1,262,000

87,259

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month EUR LIBOR

1.693

October-2029

EUR

1,264,000

97,850

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month EUR LIBOR

1.721

October-2029

EUR

1,002,000

81,436

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month EUR LIBOR

1.760

November-2029

EUR

2,211,000

183,800

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month EUR LIBOR

1.792

December-2029

EUR

4,531,000

385,256

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month EUR LIBOR

1.808

December-2029

EUR

5,244,000

457,193

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month EUR LIBOR

1.693

January-2030

EUR

2,626,000

192,957

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month EUR LIBOR

1.265

March-2030

EUR

2,967,000

74,275

Credit Suisse Securities (USA) LLC/CME

Pay

6 Month EUR LIBOR

1.302

June-2030

EUR

1,875,000

45,380

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(k)—(continued)
Counterparty/Clearinghouse	Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Termination Date		Notional Value				Unrealized Appreciation (Depreciation)
Credit Suisse Securities (USA) LLC/CME	Pay		6 Month EUR LIBOR		0.874	%		September-2030		EUR		1,976,000	$	(51,269	)
Credit Suisse Securities (USA) LLC/CME	Pay		6 Month EUR LIBOR		0.973			September-2030		EUR		1,762,000		(26,948	)
Credit Suisse Securities (USA) LLC/CME	Pay		6 Month EUR LIBOR		1.308			February-2050		EUR		1,272,000		65,863
Credit Suisse Securities (USA) LLC/CME	Pay		6 Month GBP LIBOR		1.219			September-2025		GBP		5,510,750		(58,275	)
Credit Suisse Securities (USA) LLC/CME	Pay		6 Month GBP LIBOR		1.229			September-2025		GBP		2,755,375		(27,438	)
Credit Suisse Securities (USA) LLC/CME	Pay		6 Month GBP LIBOR		1.248			September-2025		GBP		5,510,750		(48,566	)
Credit Suisse Securities (USA) LLC/CME	Pay		6 Month GBP LIBOR		1.250			September-2025		GBP		1,663,874		(14,513	)
Credit Suisse Securities (USA) LLC/CME	Pay		6 Month GBP LIBOR		1.327			September-2025		GBP		5,510,750		(23,182	)
Credit Suisse Securities (USA) LLC/CME	Pay		6 Month GBP LIBOR		1.400			September-2025		GBP		3,169,764		145
Credit Suisse Securities (USA) LLC/CME	Pay		6 Month JPY LIBOR		0.265			May-2028		JPY		756,070,000		65,597
Credit Suisse Securities (USA) LLC/CME	Pay		6 Month JPY LIBOR		0.303			May-2028		JPY		391,950,000		48,024
Credit Suisse Securities (USA) LLC/CME	Pay		6 Month JPY LIBOR		0.310			May-2028		JPY		312,150,000		40,465
Credit Suisse Securities (USA) LLC/CME	Pay		6 Month JPY LIBOR		0.325			May-2028		JPY		1,085,400,000		155,981
Credit Suisse Securities (USA) LLC/CME	Pay		6 Month JPY LIBOR		0.000			June-2028		JPY		68,483,000		(11,842	)
Credit Suisse Securities (USA) LLC/CME	Pay		6 Month JPY LIBOR		0.283			June-2028		JPY		128,087,000		12,345
Credit Suisse Securities (USA) LLC/CME	Pay		6 Month JPY LIBOR		0.100			September-2028		JPY		193,527,000		(18,046	)
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		2.260			July-2025		SEK		17,000,000		94,801
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		2.305			July-2025		SEK		18,514,281		108,812
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		2.395			July-2025		SEK		16,680,000		106,833
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		2.476			July-2025		SEK	��	44,677,000		307,021
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		2.578			July-2025		SEK		14,724,719		109,878
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		2.236			September-2025		SEK		7,042,000		36,412
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		2.205			October-2025		SEK		8,526,000		41,250
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		2.265			October-2025		SEK		8,198,000		42,880
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		2.275			October-2025		SEK		10,606,000		56,832
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		2.373			November-2025		SEK		13,133,000		74,359
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		2.470			November-2025		SEK		14,717,000		91,862
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		2.534			December-2025		SEK		36,231,000		234,626
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		2.313			January-2026		SEK		21,817,000		110,367
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		2.655			January-2026		SEK		34,380,000		243,562
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		2.060			March-2026		SEK		11,083,000		37,459
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		1.327			June-2026		SEK		10,167,000		(12,998	)
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		2.033			June-2026		SEK		15,348,000		42,316
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		2.053			June-2026		SEK		15,954,000		45,839
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		1.360			September-2026		SEK		15,350,000		(21,981	)
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month SEK LIBOR		1.560			September-2026		SEK		8,210,000		(2,543	)
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month USD LIBOR		1.710			November-2041		USD		989,000		(72,187	)
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month USD LIBOR		1.719			November-2041		USD		1,401,000		(99,655	)
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month USD LIBOR		1.720			November-2041		USD		5,768,200		(409,102	)
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month USD LIBOR		1.749			November-2041		USD		6,293,800		(409,205	)
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month USD LIBOR		2.446			March-2046		USD		9,708,571		129,112
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month USD LIBOR		2.453			March-2046		USD		4,233,688		59,055
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month USD LIBOR		2.474			March-2046		USD		4,590,741		74,336
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month USD LIBOR		2.625			April-2046		USD		574,000		18,294
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month USD LIBOR		2.510			June-2046		USD		491,000		9,868
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month USD LIBOR		2.155			September-2046		USD		751,000		(12,068	)
Credit Suisse Securities (USA) LLC/CME	Pay		3 Month USD LIBOR		2.163			September-2046		USD		1,123,000		(17,124	)
Credit Suisse Securities (USA) LLC/LCH	Pay		6 Month JPY LIBOR		0.183			September-2028		JPY		74,792,000		(950	)
Credit Suisse Securities (USA) LLC/LCH	Pay		6 Month JPY LIBOR		0.743			September-2036		JPY		217,955,000		(5,654	)
Subtotal — Centrally Cleared Interest Rate Swap Agreements													$	(599,504	)

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

21                         Invesco Global Targeted Returns Fund

Abbreviations:

AUD	– Australian Dollar
CME	– Chicago Mercantile Exchange
EUR	– Euro

GBP	– British Pound Sterling
JPY	– Japanese Yen
LCH	– LCH Clearnet

LIBOR	– London Interbank Offered Rate
SEK	– Swedish Krona
USD	– U.S. Dollar

^(k)  Centrally cleared swap agreements collateralized by $4,862,974 cash held with Credit Suisse First Boston.

Open Over-The-Counter Inflation Swap Agreements(l)

Counterparty

Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate

Termination Date

Notional Value

Unrealized Appreciation (Depreciation)

Barclays Bank PLC(c)

Receive

United Kingdom RPI

3.032

%

June-2021

GBP

1,294,000

$

42,498

Citigroup Global Markets Inc.(c)

Receive

United Kingdom RPI

2.658

September-2020

GBP

840,423

26,372

Citigroup Global Markets Inc.(c)

Receive

United Kingdom RPI

2.625

May-2021

GBP

1,018,000

52,728

Deutsche Bank Securities Inc.(c)

Receive

United Kingdom RPI

2.720

January-2020

GBP

1,155,175

3,604

Deutsche Bank Securities Inc.(c)

Receive

United Kingdom RPI

2.675

April-2020

GBP

1,817,000

31,142

Deutsche Bank Securities Inc.(c)

Receive

United Kingdom RPI

2.740

April-2020

GBP

1,954,000

24,942

Deutsche Bank Securities Inc.(c)

Receive

United Kingdom RPI

2.778

April-2020

GBP

1,105,000

11,312

Deutsche Bank Securities Inc.(c)

Receive

United Kingdom RPI

2.612

October-2020

GBP

1,278,000

42,714

Deutsche Bank Securities Inc.(c)

Receive

United Kingdom RPI

2.737

November-2020

GBP

1,261,000

41,362

Deutsche Bank Securities Inc.(c)

Receive

United Kingdom RPI

2.745

January-2021

GBP

1,283,000

46,124

Deutsche Bank Securities Inc.(c)

Receive

United Kingdom RPI

2.752

March-2021

GBP

1,166,000

48,590

Deutsche Bank Securities Inc.(c)

Receive

United Kingdom RPI

2.978

July-2021

GBP

2,008,000

76,974

Goldman Sachs International(c)

Receive

United Kingdom RPI

2.786

December-2020

GBP

3,450,000

111,691

Goldman Sachs International(c)

Receive

United Kingdom RPI

2.708

March-2021

GBP

2,298,000

102,599

Morgan Stanley Capital Services LLC(c)

Receive

United Kingdom RPI

2.690

February-2020

GBP

11,857,170

98,898

Morgan Stanley Capital Services LLC(c)

Receive

United Kingdom RPI

3.015

July-2020

GBP

830,852

5,115

Morgan Stanley Capital Services LLC(c)

Receive

United Kingdom RPI

2.720

September-2020

GBP

1,642,000

44,642

Morgan Stanley Capital Services LLC(c)

Receive

United Kingdom RPI

2.790

November-2020

GBP

1,393,000

40,738

Morgan Stanley Capital Services LLC(c)

Receive

United Kingdom RPI

2.628

January-2021

GBP

1,676,000

73,363

Morgan Stanley Capital Services LLC(c)

Receive

United Kingdom RPI

3.050

September-2021

GBP

1,007,000

28,145

Morgan Stanley Capital Services LLC(c)

Receive

United Kingdom RPI

3.200

October-2021

GBP

2,373,000

43,059

Morgan Stanley Capital Services LLC(c)

Receive

United Kingdom RPI

3.245

September-2025

GBP

4,245,130

71,994

Morgan Stanley Capital Services LLC(c)

Receive

United Kingdom RPI

3.271

September-2025

GBP

4,245,130

55,206

Morgan Stanley Capital Services LLC(c)

Receive

United Kingdom RPI

3.285

September-2025

GBP

4,245,130

45,989

Morgan Stanley Capital Services LLC(c)

Receive

United Kingdom RPI

3.294

September-2025

GBP

2,122,565

20,081

Morgan Stanley Capital Services LLC(c)

Receive

United Kingdom RPI

3.319

September-2025

GBP

2,122,565

11,976

Morgan Stanley Capital Services LLC(c)

Receive

United Kingdom RPI

3.364

September-2025

GBP

4,245,100

(5,316

)

Barclays Bank PLC(c)

Receive

United States CPI Urban Consumers NSA

1.955

October-2026

USD

1,314,000

11,567

Barclays Bank PLC(c)

Receive

United States CPI Urban Consumers NSA

1.960

October-2026

USD

1,314,000

10,882

Barclays Bank PLC(c)

Receive

United States CPI Urban Consumers NSA

1.993

October-2026

USD

1,288,000

6,405

Barclays Bank PLC(c)

Receive

United States CPI Urban Consumers NSA

1.995

October-2026

USD

2,628,000

12,414

Barclays Bank PLC(c)

Receive

United States CPI Urban Consumers NSA

2.000

October-2026

USD

1,288,000

5,329

Barclays Bank PLC(c)

Receive

United States CPI Urban Consumers NSA

2.010

October-2026

USD

2,628,000

8,230

Goldman Sachs International(c)

Receive

United States CPI Urban Consumers NSA

2.040

November-2026

USD

1,320,000

394

Morgan Stanley Capital Services LLC(c)

Receive

United States CPI Urban Consumers NSA

2.048

November-2026

USD

1,299,000

(633

)

Barclays Bank PLC(c)

Pay

United Kingdom RPI

3.106

June-2026

GBP

1,294,000

(87,271

)

Citigroup Global Markets Inc.(c)

Pay

United Kingdom RPI

2.949

September-2025

GBP

840,423

(51,562

)

Citigroup Global Markets Inc.(c)

Pay

United Kingdom RPI

2.801

May-2026

GBP

1,018,000

(105,016

)

Deutsche Bank Securities Inc.(c)

Pay

United Kingdom RPI

2.932

January-2025

GBP

1,155,175

(43,540

)

Deutsche Bank Securities Inc.(c)

Pay

United Kingdom RPI

2.900

April-2025

GBP

1,817,000

(99,287

)

Deutsche Bank Securities Inc.(c)

Pay

United Kingdom RPI

2.965

April-2025

GBP

1,954,000

(87,824

)

Deutsche Bank Securities Inc.(c)

Pay

United Kingdom RPI

3.000

April-2025

GBP

1,105,000

(43,875

)

Deutsche Bank Securities Inc.(c)

Pay

United Kingdom RPI

2.926

October-2025

GBP

1,278,000

(81,117

)

Deutsche Bank Securities Inc.(c)

Pay

United Kingdom RPI

3.044

November-2025

GBP

1,261,000

(68,778

)

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

22                         Invesco Global Targeted Returns Fund

Open Over-The-Counter Inflation Swap Agreements(l)—(continued)
Counterparty	Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Termination Date		Notional Value			Unrealized Appreciation (Depreciation)
Deutsche Bank Securities Inc.(c)	Pay	United Kingdom RPI		3.020	%		January-2026		GBP	1,283,000	$	(79,838	)
Deutsche Bank Securities Inc.(c)	Pay	United Kingdom RPI		2.997			March-2026		GBP	1,166,000		(84,543	)
Deutsche Bank Securities Inc.(c)	Pay	United Kingdom RPI		2.993			July-2026		GBP	2,008,000		(172,821	)
Goldman Sachs International(c)	Pay	United Kingdom RPI		3.060			December-2025		GBP	3,450,000		(190,972	)
Goldman Sachs International(c)	Pay	United Kingdom RPI		2.964			March-2026		GBP	2,298,000		(177,876	)
Morgan Stanley Capital Services LLC(c)	Pay	United Kingdom RPI		3.021			September-2020		GBP	8,541,324		(58,951	)
Morgan Stanley Capital Services LLC(c)	Pay	United Kingdom RPI		3.028			September-2020		GBP	8,541,324		(54,601	)
Morgan Stanley Capital Services LLC(c)	Pay	United Kingdom RPI		3.054			September-2020		GBP	4,270,662		(19,754	)
Morgan Stanley Capital Services LLC(c)	Pay	United Kingdom RPI		3.058			September-2020		GBP	4,270,662		(18,592	)
Morgan Stanley Capital Services LLC(c)	Pay	United Kingdom RPI		3.066			September-2020		GBP	8,541,324		(32,828	)
Morgan Stanley Capital Services LLC(c)	Pay	United Kingdom RPI		3.113			September-2020		GBP	8,541,324		(5,204	)
Morgan Stanley Capital Services LLC(c)	Pay	United Kingdom RPI		2.923			February-2025		GBP	11,857,170		(504,682	)
Morgan Stanley Capital Services LLC(c)	Pay	United Kingdom RPI		3.250			July-2025		GBP	830,852		(12,412	)
Morgan Stanley Capital Services LLC(c)	Pay	United Kingdom RPI		3.010			September-2025		GBP	1,642,000		(85,787	)
Morgan Stanley Capital Services LLC(c)	Pay	United Kingdom RPI		3.095			November-2025		GBP	1,393,000		(65,398	)
Morgan Stanley Capital Services LLC(c)	Pay	United Kingdom RPI		2.920			January-2026		GBP	1,676,000		(129,024	)
Morgan Stanley Capital Services LLC(c)	Pay	United Kingdom RPI		3.145			September-2026		GBP	1,007,000		(57,936	)
Morgan Stanley Capital Services LLC(c)	Pay	United Kingdom RPI		3.303			October-2026		GBP	2,373,000		(81,631	)
Subtotal — Over-The-Counter Inflation Swap Agreements											$	(1,249,990	)
Total Interest Rate and Inflation Swap Agreements — Interest Rate Risk											$	(1,849,494	)

Abbreviations:

CPI	– Consumer Price Index
GBP	– British Pound Sterling

NSA	– Non-Seasonally Adjusted
RPI	– Retail Price Index

USD – U.S. Dollar

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

^(l)  Inflation swap agreements collateralized by $1,060,000 cash held with Deutsche Bank Securities Inc., Goldman Sachs International 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

37.00

%

December-2016

HKD

133,500

$

183,094

Goldman Sachs International

Hang Seng China Enterprise Index

Pay

41.05

December-2016

HKD

72,277

132,482

Goldman Sachs International

Hang Seng China Enterprise Index

Pay

45.00

December-2016

HKD

146,000

300,211

HSBC New York

Hang Seng China Enterprise Index

Pay

42.75

December-2016

HKD

54,382

102,148

HSBC New York

Hang Seng China Enterprise Index

Pay

43.00

December-2016

HKD

109,500

208,001

Morgan Stanley Capital Services LLC

Hang Seng China Enterprise Index

Pay

38.10

December-2016

HKD

58,713

89,966

Morgan Stanley Capital Services LLC

Hang Seng China Enterprise Index

Pay

39.25

December-2016

HKD

96,948

162,311

Societe Generale

Hang Seng China Enterprise Index

Pay

35.50

December-2016

HKD

92,000

113,659

Societe Generale

Hang Seng China Enterprise Index

Pay

35.60

December-2016

HKD

133,500

165,730

Societe Generale

Hang Seng China Enterprise Index

Pay

36.30

December-2016

HKD

138,905

202,820

Societe Generale

Hang Seng China Enterprise Index

Pay

37.20

December-2016

HKD

64,050

92,998

Societe Generale

Hang Seng China Enterprise Index

Pay

39.25

December-2016

HKD

39,942

66,871

Societe Generale

Hang Seng China Enterprise Index

Pay

40.00

December-2016

HKD

64,613

112,684

Societe Generale

Hang Seng China Enterprise Index

Pay

41.40

December-2016

HKD

54,000

94,565

Goldman Sachs International

Hang Seng Index

Pay

33.00

December-2016

HKD

146,000

196,563

Morgan Stanley Capital Services LLC

Hang Seng Index

Pay

30.60

December-2016

HKD

42,700

51,147

Societe Generale

Hang Seng Index

Pay

28.50

December-2016

HKD

83,000

78,728

Societe Generale

Hang Seng Index

Pay

32.50

December-2016

HKD

64,000

83,469

BNP Paribas S.A.

S&P 500 Index

Pay

19.95

December-2016

USD

7,466

44,626

BNP Paribas S.A.

S&P 500 Index

Pay

20.50

December-2016

USD

19,187

117,190

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)

Goldman Sachs International

S&P 500 Index

Pay

19.90

%

December-2016

USD

13,845

$

54,994

Goldman Sachs International

S&P 500 Index

Pay

20.10

December-2016

USD

43,000

178,284

Goldman Sachs International

S&P 500 Index

Pay

20.50

December-2017

USD

9,024

3,124

Goldman Sachs International

S&P 500 Index

Pay

20.60

December-2017

USD

8,661

6,939

Goldman Sachs International

S&P 500 Index

Pay

21.05

December-2016

USD

5,274

29,964

Goldman Sachs International

S&P 500 Index

Pay

21.15

December-2017

USD

5,408

8,997

Goldman Sachs International

S&P 500 Index

Pay

21.80

December-2016

USD

3,737

22,689

Goldman Sachs International

S&P 500 Index

Pay

21.90

December-2016

USD

9,173

56,210

HSBC New York

S&P 500 Index

Pay

18.75

December-2016

USD

28,000

74,892

HSBC New York

S&P 500 Index

Pay

20.15

December-2016

USD

15,400

62,762

HSBC New York

S&P 500 Index

Pay

20.25

December-2016

USD

27,630

116,197

HSBC New York

S&P 500 Index

Pay

21.50

December-2016

USD

3,956

23,766

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

18.80

December-2016

USD

7,562

34,406

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

19.07

December-2016

USD

7,226

41,219

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

19.12

December-2016

USD

19,270

110,596

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

19.13

December-2016

USD

4,889

24,914

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

19.38

December-2016

USD

9,946

53,826

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

19.41

December-2016

USD

3,729

20,262

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

19.67

December-2016

USD

2,799

16,179

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

20.09

December-2017

USD

4,958

2,727

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

20.20

December-2017

USD

15,837

(4,205

)

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

20.36

December-2017

USD

19,225

(9,789

)

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

20.60

December-2017

USD

11,548

9,252

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

20.65

December-2017

USD

9,155

3,902

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

20.73

December-2017

USD

8,762

5,972

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

20.79

December-2017

USD

11,417

17,637

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

21.15

December-2016

USD

6,017

41,775

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

21.25

December-2017

USD

14,422

25,308

Morgan Stanley Capital Services LLC

S&P 500 Index

Pay

21.15

December-2016

USD

4,856

27,090

Morgan Stanley Capital Services LLC

S&P 500 Index

Pay

24.58

December-2017

USD

17,827

100,447

Societe Generale

S&P 500 Index

Pay

16.35

December-2016

USD

27,359

100,320

Societe Generale

S&P 500 Index

Pay

18.30

December-2016

USD

19,266

85,187

Societe Generale

S&P 500 Index

Pay

18.40

December-2016

USD

11,528

55,195

Societe Generale

S&P 500 Index

Pay

19.80

December-2016

USD

2,794

15,596

Societe Generale

S&P 500 Index

Pay

19.85

December-2016

USD

8,910

32,610

Societe Generale

S&P 500 Index

Pay

20.15

December-2017

USD

10,986

(7,955

)

Societe Generale

S&P 500 Index

Pay

20.20

December-2017

USD

11,548

4,804

Societe Generale

S&P 500 Index

Pay

20.25

December-2016

USD

13,733

85,764

Societe Generale

S&P 500 Index

Pay

20.30

December-2016

USD

7,599

48,231

Societe Generale

S&P 500 Index

Pay

20.30

December-2017

USD

16,022

1,332

Societe Generale

S&P 500 Index

Pay

20.45

December-2017

USD

15,792

4,695

Societe Generale

S&P 500 Index

Pay

20.60

December-2016

USD

13,052

64,895

Societe Generale

S&P 500 Index

Pay

20.65

December-2017

USD

6,524

9,237

Societe Generale

S&P 500 Index

Pay

20.75

December-2017

USD

3,410

179

Societe Generale

S&P 500 Index

Pay

20.90

December-2017

USD

5,007

4,078

Societe Generale

S&P 500 Index

Pay

21.00

December-2016

USD

33,104

220,519

Societe Generale

S&P 500 Index

Pay

21.10

December-2016

USD

9,864

55,158

Societe Generale

S&P 500 Index

Pay

21.20

December-2017

USD

12,125

10,846

Societe Generale

S&P 500 Index

Pay

21.60

December-2016

USD

5,242

30,985

Societe Generale

S&P 500 Index

Pay

21.80

December-2016

USD

28,853

177,347

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 Variance Swap Agreements—(continued)
Counterparty	Reference Entity	Pay/Receive Variance		Volatility Strike Rate			Expiration Date			Notional Value		Unrealized Appreciation (Depreciation)
Societe Generale	S&P 500 Index		Pay		22.30	%		December-2016	USD		17,168	$	113,540
Societe Generale	S&P 500 Index		Pay		23.60			December-2016	USD		13,459		114,055
Societe Generale	S&P 500 Index		Pay		24.30			December-2016	USD		11,543		99,493
BNP Paribas S.A.	Hang Seng China Enterprise Index		Receive		33.30			December-2016	HKD		34,219		(46,988	)
BNP Paribas S.A.	Hang Seng China Enterprise Index		Receive		34.67			December-2017	HKD		27,121		(13,382	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		28.85			December-2016	HKD		38,135		(21,357	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		29.65			December-2016	HKD		64,185		(41,505	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		29.65			December-2017	HKD		33,595		(6,234	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		30.05			December-2016	HKD		9,837		(4,925	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		30.20			December-2016	HKD		167,000		(86,990	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		30.20			December-2017	HKD		38,165		(8,293	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		30.45			December-2016	HKD		87,000		(63,633	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		30.70			December-2016	HKD		29,869		(22,627	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		30.85			December-2017	HKD		24,602		(8,508	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		30.97			December-2016	HKD		65,100		(51,143	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		30.98			December-2016	HKD		72,579		(57,093	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		31.70			December-2016	HKD		21,615		(18,600	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		31.80			December-2016	HKD		10,533		(9,683	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		32.40			December-2016	HKD		28,607		(26,638	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		34.93			December-2017	HKD		15,094		(7,894	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		35.59			December-2017	HKD		100,975		(60,288	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		35.90			December-2017	HKD		27,237		(17,199	)
HSBC New York	Hang Seng China Enterprise Index		Receive		28.33			December-2016	HKD		89,000		(37,121	)
HSBC New York	Hang Seng China Enterprise Index		Receive		29.00			December-2016	HKD		38,135		(21,982	)
HSBC New York	Hang Seng China Enterprise Index		Receive		30.25			December-2016	HKD		134,000		(69,706	)
HSBC New York	Hang Seng China Enterprise Index		Receive		30.40			December-2016	HKD		59,722		(32,550	)
HSBC New York	Hang Seng China Enterprise Index		Receive		30.50			December-2016	HKD		44,512		(32,790	)
HSBC New York	Hang Seng China Enterprise Index		Receive		42.60			December-2017	HKD		54,382		(71,963	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		28.55			December-2016	HKD		51,393		(48,250	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		28.78			December-2016	HKD		48,926		(45,489	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		30.09			December-2017	HKD		111,934		(12,123	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		30.50			December-2017	HKD		42,751		(14,239	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		30.52			December-2016	HKD		32,546		(36,553	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		30.63			December-2017	HKD		27,067		(8,953	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		31.29			December-2017	HKD		25,465		(2,296	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		31.45			December-2017	HKD		62,123		(6,843	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		31.64			December-2017	HKD		39,789		(5,323	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		32.80			December-2016	HKD		24,923		(33,540	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		33.06			December-2016	HKD		21,708		(29,254	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		33.75			December-2016	HKD		31,835		(44,291	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		34.19			December-2017	HKD		11,861		(5,200	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		34.29			December-2017	HKD		33,920		(15,262	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		35.24			December-2017	HKD		15,305		(8,539	)
Morgan Stanley Capital Services LLC	Hang Seng China Enterprise Index		Receive		31.80			December-2016	HKD		42,010		(38,827	)
Morgan Stanley Capital Services LLC	Hang Seng China Enterprise Index		Receive		32.25			December-2017	HKD		10,902		(2,275	)
Morgan Stanley Capital Services LLC	Hang Seng China Enterprise Index		Receive		34.80			December-2017	HKD		52,850		(26,859	)
Societe Generale	Hang Seng China Enterprise Index		Receive		27.25			December-2016	HKD		33,882		(27,854	)
Societe Generale	Hang Seng China Enterprise Index		Receive		28.50			December-2016	HKD		10,000		(4,459	)
Societe Generale	Hang Seng China Enterprise Index		Receive		29.15			December-2016	HKD		31,784		(18,839	)
Societe Generale	Hang Seng China Enterprise Index		Receive		29.30			December-2016	HKD		76,488		(40,254	)

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 Variance Swap Agreements—(continued)
Counterparty	Reference Entity	Pay/Receive Variance		Volatility Strike Rate			Expiration Date			Notional Value		Unrealized Appreciation (Depreciation)
Societe Generale	Hang Seng China Enterprise Index		Receive		29.50	%		December-2016	HKD		51,489	$	(32,466	)
Societe Generale	Hang Seng China Enterprise Index		Receive		29.89			December-2017	HKD		40,573		(4,299	)
Societe Generale	Hang Seng China Enterprise Index		Receive		29.93			December-2017	HKD		27,320		(1,453	)
Societe Generale	Hang Seng China Enterprise Index		Receive		30.15			December-2016	HKD		37,984		(41,015	)
Societe Generale	Hang Seng China Enterprise Index		Receive		30.20			December-2016	HKD		28,139		(18,005	)
Societe Generale	Hang Seng China Enterprise Index		Receive		30.42			December-2017	HKD		40,377		(7,240	)
Societe Generale	Hang Seng China Enterprise Index		Receive		30.73			December-2017	HKD		38,467		(7,748	)
Societe Generale	Hang Seng China Enterprise Index		Receive		31.00			December-2016	HKD		76,855		(60,705	)
Societe Generale	Hang Seng China Enterprise Index		Receive		31.30			December-2016	HKD		12,834		(15,574	)
Societe Generale	Hang Seng China Enterprise Index		Receive		31.45			December-2016	HKD		44,521		(37,176	)
Societe Generale	Hang Seng China Enterprise Index		Receive		31.65			December-2016	HKD		27,802		(24,722	)
Societe Generale	Hang Seng China Enterprise Index		Receive		32.10			December-2017	HKD		10,130		(1,929	)
Societe Generale	Hang Seng China Enterprise Index		Receive		32.15			December-2016	HKD		15,178		(14,568	)
Societe Generale	Hang Seng China Enterprise Index		Receive		32.35			December-2016	HKD		12,937		(16,517	)
Societe Generale	Hang Seng China Enterprise Index		Receive		32.50			December-2016	HKD		158,353		(161,340	)
Societe Generale	Hang Seng China Enterprise Index		Receive		32.60			December-2016	HKD		19,573		(19,736	)
Societe Generale	Hang Seng China Enterprise Index		Receive		32.85			December-2016	HKD		23,920		(31,471	)
Societe Generale	Hang Seng China Enterprise Index		Receive		33.10			December-2016	HKD		76,725		(76,784	)
Societe Generale	Hang Seng China Enterprise Index		Receive		33.25			December-2017	HKD		31,530		(10,362	)
Societe Generale	Hang Seng China Enterprise Index		Receive		34.30			December-2016	HKD		54,745		(79,210	)
Societe Generale	Hang Seng China Enterprise Index		Receive		34.75			December-2016	HKD		43,478		(50,473	)
Societe Generale	Hang Seng China Enterprise Index		Receive		35.10			December-2017	HKD		12,873		(6,979	)
Societe Generale	Hang Seng China Enterprise Index		Receive		35.20			December-2016	HKD		14,728		(17,899	)
Societe Generale	Hang Seng China Enterprise Index		Receive		35.35			December-2017	HKD		33,179		(18,920	)
Societe Generale	Hang Seng China Enterprise Index		Receive		36.75			December-2017	HKD		49,130		(35,596	)
Societe Generale	Hang Seng China Enterprise Index		Receive		37.50			December-2016	HKD		96,876		(151,030	)
Societe Generale	Hang Seng China Enterprise Index		Receive		39.80			December-2017	HKD		45,162		(47,190	)
BNP Paribas S.A.	Hang Seng Index		Receive		27.20			December-2016	HKD		39,542		(42,259	)
BNP Paribas S.A.	Hang Seng Index		Receive		27.30			December-2016	HKD		28,944		(31,087	)
Goldman Sachs International	Hang Seng Index		Receive		22.85			December-2016	HKD		20,000		(5,757	)
Goldman Sachs International	Hang Seng Index		Receive		24.35			December-2016	HKD		167,000		(66,276	)
Goldman Sachs International	Hang Seng Index		Receive		25.20			December-2016	HKD		34,138		(16,680	)
Goldman Sachs International	Hang Seng Index		Receive		25.65			December-2016	HKD		75,120		(51,829	)
Goldman Sachs International	Hang Seng Index		Receive		25.90			December-2016	HKD		17,410		(13,247	)
Goldman Sachs International	Hang Seng Index		Receive		26.00			December-2016	HKD		7,022		(5,419	)
HSBC New York	Hang Seng Index		Receive		22.33			December-2016	HKD		84,000		(18,518	)
HSBC New York	Hang Seng Index		Receive		24.00			December-2016	HKD		133,139		(48,988	)
HSBC New York	Hang Seng Index		Receive		24.15			December-2016	HKD		59,722		(21,621	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		23.59			December-2016	HKD		59,643		(42,578	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		24.07			December-2016	HKD		68,524		(57,572	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		25.08			December-2017	HKD		64,715		(9,446	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		25.25			December-2017	HKD		27,496		(3,080	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		25.60			December-2017	HKD		51,286		(13,996	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		25.70			December-2016	HKD		35,605		(33,433	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		26.40			December-2017	HKD		23,155		(8,715	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		27.40			December-2016	HKD		50,936		(55,355	)
Morgan Stanley Capital Services LLC	Hang Seng Index		Receive		25.95			December-2016	HKD		47,239		(35,593	)
Societe Generale	Hang Seng Index		Receive		22.35			December-2016	HKD		55,843		(38,421	)
Societe Generale	Hang Seng Index		Receive		24.00			December-2016	HKD		34,535		(11,104	)
Societe Generale	Hang Seng Index		Receive		24.45			December-2016	HKD		50,646		(41,671	)

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

26                         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)
Societe Generale	Hang Seng Index		Receive		24.80	%		December-2017	HKD		64,593	$	(928	)
Societe Generale	Hang Seng Index		Receive		24.99			December-2017	HKD		50,717		(5,433	)
Societe Generale	Hang Seng Index		Receive		25.08			December-2017	HKD		38,488		(2,707	)
Societe Generale	Hang Seng Index		Receive		25.10			December-2016	HKD		32,512		(28,710	)
Societe Generale	Hang Seng Index		Receive		25.15			December-2017	HKD		58,617		(10,990	)
Societe Generale	Hang Seng Index		Receive		25.35			December-2017	HKD		50,597		(14,031	)
Societe Generale	Hang Seng Index		Receive		25.45			December-2016	HKD		37,195		(34,335	)
Societe Generale	Hang Seng Index		Receive		25.52			December-2017	HKD		63,930		(11,417	)
Societe Generale	Hang Seng Index		Receive		25.85			December-2017	HKD		41,245		(13,261	)
Societe Generale	Hang Seng Index		Receive		25.98			December-2017	HKD		47,871		(10,591	)
Societe Generale	Hang Seng Index		Receive		26.20			December-2016	HKD		25,485		(19,788	)
Societe Generale	Hang Seng Index		Receive		26.30			December-2016	HKD		17,250		(17,024	)
Societe Generale	Hang Seng Index		Receive		26.55			December-2016	HKD		31,057		(31,080	)
Societe Generale	Hang Seng Index		Receive		26.60			December-2016	HKD		20,981		(17,194	)
Societe Generale	Hang Seng Index		Receive		26.80			December-2016	HKD		81,316		(69,495	)
Societe Generale	Hang Seng Index		Receive		28.50			December-2016	HKD		75,801		(90,558	)
Societe Generale	Hang Seng Index		Receive		29.00			December-2016	HKD		13,150		(13,420	)
Societe Generale	Hang Seng Index		Receive		30.75			December-2016	HKD		99,588		(118,391	)
Societe Generale	Hang Seng Index		Receive		32.20			December-2016	HKD		70,629		(104,328	)
BNP Paribas S.A.	KOSPI 200 Index		Receive		18.75			December-2016	KRW		4,374,356		(19,549	)
BNP Paribas S.A.	KOSPI 200 Index		Receive		19.70			December-2016	KRW		4,307,475		(22,708	)
Goldman Sachs International	KOSPI 200 Index		Receive		20.30			December-2017	KRW		8,164,924		(5,194	)
Goldman Sachs International	KOSPI 200 Index		Receive		20.80			December-2016	KRW		3,289,007		(17,652	)
Goldman Sachs International	KOSPI 200 Index		Receive		21.10			December-2017	KRW		6,109,726		(10,338	)
Goldman Sachs International	KOSPI 200 Index		Receive		21.50			December-2016	KRW		3,102,391		(17,857	)
Goldman Sachs International	KOSPI 200 Index		Receive		29.00			December-2016	KRW		44,475,000		(440,004	)
HSBC New York	KOSPI 200 Index		Receive		21.50			December-2016	KRW		7,995,332		(46,768	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		17.14			December-2016	KRW		7,065,653		(22,300	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		17.80			December-2016	KRW		5,525,003		(22,204	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		17.90			December-2016	KRW		4,283,500		(16,456	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		18.34			December-2016	KRW		3,957,860		(16,374	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		18.65			December-2016	KRW		3,513,486		(15,991	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		18.89			December-2016	KRW		5,948,585		(27,403	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		20.28			December-2017	KRW		9,543,941		(1,333	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		20.50			December-2016	KRW		4,331,165		(25,341	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		20.64			December-2017	KRW		3,928,560		(2,798	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		20.74			December-2017	KRW		5,313,225		(4,952	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		21.19			December-2017	KRW		9,170,873		(14,681	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		21.28			December-2017	KRW		8,385,612		(17,035	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		21.30			December-2017	KRW		5,469,899		(10,802	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		21.45			December-2017	KRW		4,600,846		(9,352	)
Morgan Stanley Capital Services LLC	KOSPI 200 Index		Receive		22.20			December-2016	KRW		4,902,168		(30,317	)
Societe Generale	KOSPI 200 Index		Receive		16.95			December-2016	KRW		4,273,310		(13,486	)
Societe Generale	KOSPI 200 Index		Receive		17.75			December-2016	KRW		5,284,926		(22,510	)
Societe Generale	KOSPI 200 Index		Receive		17.90			December-2016	KRW		6,852,527		(28,290	)
Societe Generale	KOSPI 200 Index		Receive		19.60			December-2016	KRW		2,348,739		(12,303	)
Societe Generale	KOSPI 200 Index		Receive		20.00			December-2016	KRW		4,348,553		(24,078	)
Societe Generale	KOSPI 200 Index		Receive		20.83			December-2017	KRW		7,959,537		(5,579	)
Societe Generale	KOSPI 200 Index		Receive		20.90			December-2016	KRW		10,855,490		(66,767	)
Societe Generale	KOSPI 200 Index		Receive		21.10			December-2016	KRW		1,827,696		(10,322	)

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

27                         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)
Societe Generale	KOSPI 200 Index		Receive		21.10	%		December-2017	KRW		9,222,065	$	(12,259	)
Societe Generale	KOSPI 200 Index		Receive		21.35			December-2017	KRW		7,267,477		(10,045	)
Societe Generale	KOSPI 200 Index		Receive		22.70			December-2016	KRW		4,285,384		(28,349	)
Societe Generale	KOSPI 200 Index		Receive		22.95			December-2016	KRW		3,507,377		(23,818	)
Societe Generale	KOSPI 200 Index		Receive		23.50			December-2016	KRW		3,452,006		(26,289	)
Societe Generale	KOSPI 200 Index		Receive		24.30			December-2016	KRW		7,390,037		(58,247	)
Societe Generale	KOSPI 200 Index		Receive		24.75			December-2016	KRW		15,304,350		(119,315	)
Societe Generale	KOSPI 200 Index		Receive		26.85			December-2017	KRW		21,545,172		(143,897	)
Morgan Stanley Capital Services LLC	S&P 500 Index		Receive		24.30			December-2016	USD		17,827		(151,014	)
Morgan Stanley Capital Services LLC	S&P 500 Index		Receive		24.50			December-2016	USD		4,128		(33,924	)
Societe Generale	S&P 500 Index		Receive		24.00			December-2016	USD		4,128		(32,547	)
Societe Generale	S&P 500 Index		Receive		25.30			December-2016	USD		3,500		(29,247	)
Total — Variance Swap Agreements — Equity Risk												$	(175,332	)

Currency Abbreviations:

HKD	– Hong Kong Dollar
KRW	– South Korean Won
USD	– United States Dollar

Open Over-The-Counter Volatility Swap Agreements
Counterparty	Reference Entity	Pay/Receive Volatility		Volatility Strike Rate			Expiration Date		Notional Value			Unrealized Appreciation (Depreciation)
Barclays Bank PLC	AUD/JPY		Pay		13.75	%		April-2017		AUD	2,850	$	(4,483	)
Barclays Bank PLC	AUD/JPY		Pay		13.85			April-2017		AUD	7,050		(10,556	)
Barclays Bank PLC	AUD/JPY		Pay		14.20			April-2017		AUD	19,000		(14,791	)
Deutsche Bank Securities Inc.	AUD/JPY		Pay		14.90			March-2017		AUD	33,728		(9,035	)
Deutsche Bank Securities Inc.	AUD/JPY		Pay		15.275			March-2017		AUD	15,000		(786	)
Deutsche Bank Securities Inc.	AUD/JPY		Pay		14.15			April-2017		AUD	17,500		(20,718	)
Goldman Sachs International	AUD/JPY		Pay		15.275			March-2017		AUD	6,400		(335	)
Goldman Sachs International	AUD/JPY		Pay		15.40			March-2017		AUD	29,772		3,256
Goldman Sachs International	AUD/JPY		Pay		15.55			March-2017		AUD	31,500		7,138
Goldman Sachs International	AUD/JPY		Pay		14.10			April-2017		AUD	14,000		(18,317	)
Royal Bank of Scotland Securities Inc.	AUD/JPY		Pay		14.00			April-2017		AUD	22,109		(30,598	)
UBS	AUD/JPY		Pay		13.80			April-2017		AUD	14,000		(21,492	)
BNP Paribas S.A.	EUR/JPY		Pay		11.225			January-2017		EUR	10,386		10,551
Societe Generale	EUR/JPY		Pay		11.00			January-2017		EUR	10,387		7,978
Societe Generale	EUR/JPY		Pay		11.55			January-2017		EUR	20,773		32,404
Bank of America Merrill Lynch	EUR/USD		Pay		10.30			January-2017		EUR	30,536		57,588
BNP Paribas S.A.	EUR/USD		Pay		9.825			January-2017		EUR	8,077		17,768
Goldman Sachs International	EUR/USD		Pay		10.40			January-2017		EUR	20,630		42,563
Societe Generale	EUR/USD		Pay		9.95			January-2017		EUR	8,077		18,752
Societe Generale	EUR/USD		Pay		11.95			January-2017		EUR	3,977		16,365
UBS	EUR/USD		Pay		10.25			January-2017		EUR	30,536		56,779
BNP Paribas S.A.	USD/EUR		Pay		8.70			May-2017		USD	96,648		39,046
BNP Paribas S.A.	USD/GBP		Pay		10.10			May-2017		USD	6,647		(9,091	)
BNP Paribas S.A.	USD/GBP		Pay		10.85			May-2017		USD	13,968		(57,587	)
BNP Paribas S.A.	USD/GBP		Pay		11.15			May-2017		USD	19,500		(69,102	)
BNP Paribas S.A.	USD/GBP		Pay		11.25			May-2017		USD	19,500		(66,642	)
BNP Paribas S.A.	USD/GBP		Pay		11.45			May-2017		USD	19,500		(63,554	)
BNP Paribas S.A.	USD/GBP		Pay		13.00			May-2017		USD	30,174		45,784
BNP Paribas S.A.	USD/GBP		Pay		13.20			May-2017		USD	18,000		30,900

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

28                         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.

USD/GBP

Pay

11.225

%

May-2017

USD

18,200

$

(62,653

)

Deutsche Bank Securities Inc.

USD/GBP

Pay

11.275

May-2017

USD

9,100

(31,114

)

Societe Generale

USD/GBP

Pay

10.80

January-2017

USD

13,700

(61,932

)

Societe Generale

USD/GBP

Pay

10.85

January-2017

USD

10,500

(46,942

)

Societe Generale

USD/GBP

Pay

11.00

January-2017

USD

21,000

(89,502

)

Societe Generale

USD/GBP

Pay

10.00

May-2017

USD

36,234

(53,433

)

Societe Generale

USD/GBP

Pay

11.15

May-2017

USD

22,565

(79,669

)

Societe Generale

USD/GBP

Pay

11.65

May-2017

USD

33,364

8,813

UBS

USD/GBP

Pay

10.50

January-2017

USD

21,000

(99,989

)

UBS

USD/GBP

Pay

10.60

January-2017

USD

21,000

(98,620

)

Deutsche Bank Securities Inc.

USD/JPY

Pay

10.525

November-2016

USD

12,800

1,938

Deutsche Bank Securities Inc.

USD/JPY

Pay

12.15

December-2016

USD

3,564

6,106

Deutsche Bank Securities Inc.

USD/JPY

Pay

11.35

January-2017

USD

4,500

3,832

Deutsche Bank Securities Inc.

USD/JPY

Pay

11.55

January-2017

USD

9,000

9,288

Deutsche Bank Securities Inc.

USD/JPY

Pay

11.50

February-2017

USD

6,120

5,714

Deutsche Bank Securities Inc.

USD/JPY

Pay

10.80

February-2017

USD

2,571

376

Deutsche Bank Securities Inc.

USD/JPY

Pay

11.00

March-2017

USD

15,000

1,888

Deutsche Bank Securities Inc.

USD/JPY

Pay

10.10

May-2017

USD

13,500

(13,629

)

Deutsche Bank Securities Inc.

USD/JPY

Pay

10.10

June-2017

USD

14,580

(16,457

)

Deutsche Bank Securities Inc.

USD/JPY

Pay

11.15

June-2017

USD

12,600

(646

)

Deutsche Bank Securities Inc.

USD/JPY

Pay

9.75

July-2017

USD

15,000

(22,989

)

Deutsche Bank Securities Inc.

USD/JPY

Pay

10.075

July-2017

USD

11,880

(13,997

)

Deutsche Bank Securities Inc.

USD/JPY

Pay

10.40

July-2017

USD

5,500

(5,388

)

Goldman Sachs International

USD/JPY

Pay

11.3248

January-2017

USD

13,500

10,986

Goldman Sachs International

USD/JPY

Pay

11.9357

March-2017

USD

6,300

7,503

Goldman Sachs International

USD/JPY

Pay

10.1086

April-2017

USD

14,850

(11,865

)

Goldman Sachs International

USD/JPY

Pay

10.1549

April-2017

USD

8,460

(6,854

)

Goldman Sachs International

USD/JPY

Pay

10.34

June-2017

USD

15,000

(13,021

)

Royal Bank of Scotland Securities Inc.

USD/JPY

Pay

9.75

June-2017

USD

9,000

(13,392

)

Deutsche Bank Securities Inc.

AUD/JPY

Receive

11.40

November-2016

AUD

14,700

34,315

Deutsche Bank Securities Inc.

AUD/JPY

Receive

12.70

December-2016

AUD

13,968

19,904

Deutsche Bank Securities Inc.

AUD/JPY

Receive

11.90

January-2017

AUD

3,735

8,179

Deutsche Bank Securities Inc.

AUD/JPY

Receive

12.65

January-2017

AUD

11,360

18,134

Deutsche Bank Securities Inc.

AUD/JPY

Receive

12.10

February-2017

AUD

13,393

27,983

Deutsche Bank Securities Inc.

AUD/JPY

Receive

13.45

February-2017

AUD

7,827

7,479

Deutsche Bank Securities Inc.

AUD/JPY

Receive

12.95

April-2017

AUD

19,718

30,999

Deutsche Bank Securities Inc.

AUD/JPY

Receive

12.30

May-2017

AUD

20,863

45,416

Deutsche Bank Securities Inc.

AUD/JPY

Receive

12.50

June-2017

AUD

16,412

35,297

Deutsche Bank Securities Inc.

AUD/JPY

Receive

12.525

June-2017

AUD

18,942

42,170

Deutsche Bank Securities Inc.

AUD/JPY

Receive

12.75

July-2017

AUD

20,000

41,765

Deutsche Bank Securities Inc.

AUD/JPY

Receive

13.50

July-2017

AUD

18,000

28,586

Deutsche Bank Securities Inc.

AUD/JPY

Receive

13.70

July-2017

AUD

15,933

21,368

Goldman Sachs International

AUD/JPY

Receive

12.0758

January-2017

AUD

16,580

33,872

Goldman Sachs International

AUD/JPY

Receive

13.3976

March-2017

AUD

12,612

14,822

Goldman Sachs International

AUD/JPY

Receive

12.512

April-2017

AUD

10,933

21,414

Goldman Sachs International

AUD/JPY

Receive

12.6407

April-2017

AUD

19,468

36,379

Goldman Sachs International

AUD/JPY

Receive

12.73

June-2017

AUD

20,000

41,006

Royal Bank of Scotland Securities Inc.

AUD/JPY

Receive

12.55

June-2017

AUD

11,719

26,190

Bank of America Merrill Lynch

EUR/JPY

Receive

11.25

January-2017

EUR

15,268

22,515

Bank of America Merrill Lynch

EUR/JPY

Receive

11.425

January-2017

EUR

15,268

19,572

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

29                         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)
BNP Paribas S.A.	EUR/JPY		Receive		11.225	%		January-2017		EUR	8,077	$	13,489
Goldman Sachs International	EUR/JPY		Receive		11.65			January-2017		EUR	20,630		21,170
Societe Generale	EUR/JPY		Receive		11.35			January-2017		EUR	8,077		12,853
Societe Generale	EUR/JPY		Receive		13.70			January-2017		EUR	3,977		(4,767	)
UBS	EUR/JPY		Receive		11.15			January-2017		EUR	15,268		24,197
UBS	EUR/JPY		Receive		11.475			January-2017		EUR	15,268		18,561
UBS	EUR/JPY		Receive		12.00			May-2017		EUR	2,198		(1,504	)
BNP Paribas S.A.	EUR/USD		Receive		8.225			January-2017		EUR	10,386		(7,313	)
Societe Generale	EUR/USD		Receive		8.30			January-2017		EUR	10,387		(8,172	)
Societe Generale	EUR/USD		Receive		8.55			January-2017		EUR	20,773		(22,086	)
BNP Paribas S.A.	USD/EUR		Receive		8.70			May-2017		USD	6,647		(3,286	)
BNP Paribas S.A.	USD/EUR		Receive		9.85			May-2017		USD	14,965		(21,778	)
BNP Paribas S.A.	USD/EUR		Receive		10.00			May-2017		USD	19,500		(34,171	)
BNP Paribas S.A.	USD/EUR		Receive		10.10			May-2017		USD	19,500		(35,901	)
BNP Paribas S.A.	USD/EUR		Receive		10.25			May-2017		USD	19,500		(38,517	)
Deutsche Bank Securities Inc.	USD/EUR		Receive		10.10			May-2017		USD	18,200		(33,706	)
Deutsche Bank Securities Inc.	USD/EUR		Receive		10.25			May-2017		USD	9,100		(17,117	)
Societe Generale	USD/EUR		Receive		9.80			January-2017		USD	13,700		(31,463	)
Societe Generale	USD/EUR		Receive		9.85			January-2017		USD	10,500		(24,638	)
Societe Generale	USD/EUR		Receive		10.00			January-2017		USD	21,000		(50,317	)
Societe Generale	USD/EUR		Receive		8.70			May-2017		USD	28,861		(17,242	)
Societe Generale	USD/EUR		Receive		9.65			May-2017		USD	24,568		(40,763	)
Societe Generale	USD/EUR		Receive		10.15			May-2017		USD	23,542		(45,201	)
Societe Generale	USD/EUR		Receive		10.275			May-2017		USD	14,051		(33,295	)
UBS	USD/EUR		Receive		9.60			January-2017		USD	42,000		(83,455	)
BNP Paribas S.A.	USD/GBP		Receive		10.10			May-2017		USD	97,454		139,684
Barclays Bank PLC	USD/JPY		Receive		9.70			April-2017		USD	7,000		16,733
Barclays Bank PLC	USD/JPY		Receive		10.30			April-2017		USD	13,000		14,279
Deutsche Bank Securities Inc.	USD/JPY		Receive		10.85			March-2017		USD	17,075		8,632
Deutsche Bank Securities Inc.	USD/JPY		Receive		10.90			March-2017		USD	7,000		2,655
Deutsche Bank Securities Inc.	USD/JPY		Receive		11.00			March-2017		USD	12,000		3,195
Deutsche Bank Securities Inc.	USD/JPY		Receive		10.15			April-2017		USD	12,500		22,159
Goldman Sachs International	USD/JPY		Receive		11.00			March-2017		USD	7,600		2,023
Goldman Sachs International	USD/JPY		Receive		11.20			March-2017		USD	20,925		3,268
Goldman Sachs International	USD/JPY		Receive		11.5102			March-2017		USD	21,000		(4,825	)
Goldman Sachs International	USD/JPY		Receive		10.00			April-2017		USD	10,000		20,912
Royal Bank of Scotland Securities Inc.	USD/JPY		Receive		9.80			April-2017		USD	18,242		41,787
UBS	USD/JPY		Receive		9.75			April-2017		USD	10,000		23,406
Total — Volatility Swap Agreements–Currency Risk												$	(289,012	)

Currency Abbreviations:

AUD	– Australian Dollar
EUR	— Euro
GBP	– British Pound Sterling
JPY	– Japanese Yen
USD	– U.S. Dollar

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

30                         Invesco Global Targeted Returns Fund

Open Over-The-Counter Total Return Swap Agreements
Counterparty	Pay/Receive		Reference Entity		Fixed Rate			Number of Contracts		Termination Date		Notional Value			Unrealized Appreciation
Macquarie Bank Ltd.(c)		Pay		Macquarie MQCP174 Index		0.15	%		52,665		February-2017	$	(4,695,490	)	$	51,896
Macquarie Bank Ltd.(c)		Receive		Macquarie MQCP515 Index		0.28			63,072		February-2017		11,842,489			21,785
Macquarie Bank Ltd.(c)		Receive		Macquarie MQCP515 Index		0.30			85,733		February-2017		16,097,443			29,612
Total Open Over-The-Counter Total Return Swap Agreements — Commodity Risk															$	103,293

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

Index Information:

Macquarie MQCP174 Index	– A basket of eleven indices that provide exposure to various components of the agriculture markets. The underlying commodities comprising the indices are: Aluminum, Copper, Crude Oil, Gasoline RBOB, Heating Oil, Natural Gas, Nickel and Zinc.
Macquarie MQCP515 Index	– A basket of eleven indices that provide exposure to various components of the agriculture markets. The underlying commodities comprising the indices are: Aluminum, Copper, Crude Oil, Gasoline RBOB, Heating Oil, Natural Gas, Nickel and Zinc.

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to							Notional Value		Unrealized Appreciation (Depreciation)
				Deliver			Receive
11/10/2016	Barclays Bank PLC		AUD		2,228,706	USD		1,687,198	$	1,694,820	$	(7,622	)
11/10/2016	Barclays Bank PLC		CAD		9,675,841	USD		7,309,699		7,214,517		95,182
11/10/2016	Barclays Bank PLC		CNY		61,264,831	USD		9,184,219		9,035,933		148,286
11/10/2016	Barclays Bank PLC		EUR		3,952,022	SEK		38,074,000		4,414,863		(122,683	)
11/10/2016	Barclays Bank PLC		KRW		753,418,000	USD		670,653		658,599		12,054
11/10/2016	Barclays Bank PLC		USD		10,238,104	INR		691,829,966		10,349,506		111,402
11/10/2016	Barclays Bank PLC		USD		4,419,068	JPY		456,021,000		4,350,052		(69,016	)
11/10/2016	Barclays Bank PLC		USD		277,218	KRW		307,421,000		268,731		(8,487	)
11/10/2016	Citigroup Global Markets Inc.		AUD		5,526,667	USD		4,196,398		4,202,754		(6,356	)
11/10/2016	Deutsche Bank Securities Inc.		AUD		200,000	USD		149,928		152,090		(2,162	)
11/10/2016	Deutsche Bank Securities Inc.		CNY		1,339,100	USD		199,137		197,503		1,634
11/10/2016	Deutsche Bank Securities Inc.		NZD		3,956,000	USD		2,889,296		2,827,643		61,653
11/10/2016	Deutsche Bank Securities Inc.		USD		4,355,703	CLP		2,882,300,000		4,409,074		53,371
11/10/2016	Deutsche Bank Securities Inc.		USD		170,283	INR		11,482,200		171,769		1,486
11/10/2016	Goldman Sachs International		AUD		77,000	USD		58,909		58,555		354
11/10/2016	Goldman Sachs International		GBP		4,183,914	NOK		41,809,433		5,196,268		(61,246	)
11/10/2016	Goldman Sachs International		JPY		326,483,000	USD		3,144,463		3,114,369		30,094
11/10/2016	Goldman Sachs International		KRW		3,412,937,820	USD		3,017,062		2,983,411		33,651
11/10/2016	Goldman Sachs International		NOK		41,809,433	GBP		4,170,475		5,106,330		44,797
11/10/2016	Goldman Sachs International		NZD		102,000	USD		74,076		72,907		1,169
11/10/2016	Goldman Sachs International		THB		31,235,994	USD		894,758		891,608		3,150
11/10/2016	Goldman Sachs International		TWD		16,069,122	USD		509,888		509,048		840
11/10/2016	Goldman Sachs International		USD		1,433,948	AUD		1,893,000		1,439,532		5,584
11/10/2016	Goldman Sachs International		USD		1,504,201	CLP		1,004,400,000		1,536,438		32,237
11/10/2016	Goldman Sachs International		USD		1,575,133	JPY		165,265,000		1,576,487		1,354
11/10/2016	Goldman Sachs International		USD		1,775,886	KRW		1,994,169,335		1,743,198		(32,688	)
11/10/2016	Goldman Sachs International		USD		1,889,883	RUB		118,660,045		1,866,685		(23,198	)
11/10/2016	Goldman Sachs International		USD		819,395	TWD		25,770,786		816,384		(3,011	)
11/10/2016	J.P. Morgan Chase Bank N.A.		USD		852,175	JPY		89,150,000		850,415		(1,760	)
11/10/2016	State Street Bank & Trust Co.		AUD		183,315	USD		140,323		139,402		921
11/10/2016	State Street Bank & Trust Co.		CAD		242,691	USD		181,453		180,956		497
11/10/2016	State Street Bank & Trust Co.		CHF		32,022	USD		32,279		32,377		(98	)
11/10/2016	State Street Bank & Trust Co.		CNY		10,598,560	USD		1,571,905		1,563,179		8,726
11/10/2016	State Street Bank & Trust Co.		EUR		334,224	USD		365,007		367,040		(2,033	)
11/10/2016	State Street Bank & Trust Co.		GBP		174,246	USD		212,906		213,283		(377	)
11/10/2016	State Street Bank & Trust Co.		HKD		24,260,908	USD		3,127,749		3,128,401		(652	)
11/10/2016	State Street Bank & Trust Co.		IDR		17,471,068,189	USD		1,337,307		1,337,754		(447	)
11/10/2016	State Street Bank & Trust Co.		JPY		39,833,047	USD		382,082		379,974		2,108

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

31                         Invesco Global Targeted Returns Fund

Open Forward Foreign Currency Contracts—(continued)
Settlement Date	Counterparty	Contract to							Notional Value		Unrealized Appreciation (Depreciation)
				Deliver			Receive
11/10/2016	State Street Bank & Trust Co.		MYR		2,982,686	USD		717,799	$	710,647	$	7,152
11/10/2016	State Street Bank & Trust Co.		PHP		71,489,410	USD		1,474,486		1,474,870		(384	)
11/10/2016	State Street Bank & Trust Co.		SGD		1,966,731	USD		1,426,891		1,413,855		13,036
11/10/2016	State Street Bank & Trust Co.		USD		56,523	PHP		2,723,213		56,181		(342	)
11/10/2016	State Street Bank & Trust Co.		USD		178,436	SEK		1,591,951		176,337		(2,099	)
11/21/2016	State Street Bank & Trust Co.		AUD		801,646	USD		614,859		609,435		5,424
11/21/2016	State Street Bank & Trust Co.		CHF		2,245,000	USD		2,275,423		2,271,115		4,308
11/21/2016	State Street Bank & Trust Co.		EUR		6,937,069	USD		7,652,836		7,621,534		31,302
11/21/2016	State Street Bank & Trust Co.		GBP		4,076,259	USD		4,987,439		4,990,506		(3,067	)
11/21/2016	State Street Bank & Trust Co.		HKD		1,170,000	USD		150,885		150,878		7
11/21/2016	State Street Bank & Trust Co.		JPY		323,010,000	USD		3,109,589		3,082,334		27,255
11/21/2016	State Street Bank & Trust Co.		SEK		2,234,000	USD		252,065		247,577		4,488
11/21/2016	State Street Bank & Trust Co.		USD		282,310	AUD		370,000		281,285		(1,025	)
11/21/2016	State Street Bank & Trust Co.		USD		309,018	CHF		306,000		309,559		541
11/21/2016	State Street Bank & Trust Co.		USD		540,440	GBP		441,000		539,910		(530	)
11/21/2016	State Street Bank & Trust Co.		USD		1,255,207	HKD		9,735,000		1,255,382		175
11/21/2016	State Street Bank & Trust Co.		USD		82,192	JPY		8,532,000		81,417		(775	)
11/21/2016	State Street Bank & Trust Co.		USD		1,406,167	KRW		1,588,907,000		1,388,676		(17,491	)
11/21/2016	State Street Bank & Trust Co.		USD		249,231	SEK		2,239,000		248,131		(1,100	)
12/09/2016	Barclays Bank PLC		AUD		5,526,667	USD		4,202,008		4,199,590		2,418
12/09/2016	Barclays Bank PLC		CAD		9,675,841	USD		7,310,604		7,216,112		94,492
12/09/2016	Barclays Bank PLC		CNY		27,091,931	USD		4,032,683		3,985,978		46,705
12/09/2016	Barclays Bank PLC		EUR		3,952,724	SEK		38,074,000		4,414,863		(123,007	)
12/09/2016	Barclays Bank PLC		USD		4,023,056	INR		270,950,007		4,040,080		17,024
12/09/2016	Deutsche Bank Securities Inc.		AUD		200,000	USD		149,816		151,976		(2,160	)
12/09/2016	Deutsche Bank Securities Inc.		CNY		1,339,100	USD		198,621		197,019		1,602
12/09/2016	Deutsche Bank Securities Inc.		JPY		156,291,000	USD		1,517,957		1,492,644		25,313
12/09/2016	Deutsche Bank Securities Inc.		NZD		3,956,000	USD		2,886,013		2,824,505		61,508
12/09/2016	Deutsche Bank Securities Inc.		USD		191,229	CLP		129,300,000		197,372		6,143
12/09/2016	Deutsche Bank Securities Inc.		USD		169,554	INR		11,482,200		171,209		1,655
12/09/2016	Goldman Sachs International		AUD		77,000	USD		58,868		58,510		358
12/09/2016	Goldman Sachs International		GBP		4,182,575	NOK		41,809,433		5,196,268		(62,762	)
12/09/2016	Goldman Sachs International		NOK		41,809,433	GBP		4,168,770		5,104,243		45,854
12/09/2016	Goldman Sachs International		NZD		102,000	USD		73,995		72,826		1,169
12/09/2016	Goldman Sachs International		USD		1,432,925	AUD		1,893,000		1,438,448		5,523
12/09/2016	Goldman Sachs International		USD		5,562,987	CLP		3,757,400,000		5,735,552		172,565
12/09/2016	Goldman Sachs International		USD		892,301	KRW		986,617,000		862,113		(30,188	)
12/09/2016	Goldman Sachs International		USD		1,877,770	RUB		118,660,045		1,852,052		(25,718	)
01/13/2017	Barclays Bank PLC		AUD		4,990,918	USD		3,772,675		3,789,278		(16,603	)
01/13/2017	Barclays Bank PLC		CAD		12,098,857	USD		9,144,192		9,026,372		117,820
01/13/2017	Barclays Bank PLC		EUR		4,957,228	GBP		4,482,400		5,654,996		34,343
01/13/2017	Barclays Bank PLC		EUR		3,953,483	SEK		38,074,000		4,414,863		(123,322	)
01/13/2017	Barclays Bank PLC		GBP		23,470,668	USD		29,186,090		28,776,143		409,947
01/13/2017	Barclays Bank PLC		JPY		146,063,981	USD		1,413,677		1,397,446		16,231
01/13/2017	Barclays Bank PLC		RUB		10,369,801	USD		163,099		160,368		2,731
01/13/2017	Barclays Bank PLC		USD		5,785,502	CLP		3,886,700,000		5,917,328		131,826
01/13/2017	Barclays Bank PLC		USD		4,184,739	INR		282,432,207		4,191,094		6,355
01/13/2017	Goldman Sachs International		EUR		367,479	GBP		332,800		411,374		3,183
01/13/2017	Goldman Sachs International		EUR		15,874,018	USD		17,835,253		17,488,122		347,131
01/13/2017	Goldman Sachs International		GBP		4,179,146	NOK		41,809,433		5,196,268		(62,766	)

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

32                         Invesco Global Targeted Returns Fund

Open Forward Foreign Currency Contracts—(continued)
Settlement Date	Counterparty	Contract to								Notional Value		Unrealized Appreciation (Depreciation)
				Deliver			Receive
01/13/2017	Goldman Sachs International		NOK		41,809,433	GBP		4,165,406	��	$	5,100,124	$	45,920
01/13/2017	Goldman Sachs International		USD		1,863,468	RUB		118,660,045			1,835,064		(28,404	)
01/13/2017	State Street Bank & Trust Co.		CHF		3,243,522	USD		3,328,465			3,292,708		35,757
01/13/2017	State Street Bank & Trust Co.		CNY		28,431,031	USD		4,203,104			4,166,105		36,999
01/13/2017	State Street Bank & Trust Co.		EUR		3,029,029	CHF		3,307,200			3,394,960		20,324
01/13/2017	State Street Bank & Trust Co.		NZD		4,058,000	USD		2,896,247			2,893,770		2,477
01/13/2017	State Street Bank & Trust Co.		SEK		17,701,212	USD		2,061,585			1,967,599		93,986
Total Forward Foreign Currency Contracts — Currency Risk												$	1,688,018

Currency Abbreviations:

AUD	– Australian Dollar
CAD	– Canadian Dollar
CHF	– Swiss Franc
CLP	— Chilean Peso
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
NOK	– Norwegian Krone
NZD	– New Zealand Dollar
PHP	– Philippine Peso
RUB	– Russian Ruble
SEK	– Swedish Krona
SGD	– Singapore Dollar
THB	– Thai Baht
TWD	– New Taiwan Dollar
USD	– U.S. Dollar

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

33                         Invesco Global Targeted Returns Fund

Consolidated Statement of Assets and Liabilities

October 31, 2016

Assets:
Investments, at value (Cost $44,578,462)	$	38,872,586
Investments in affiliated underlying funds, at value (Cost $166,652,297)		165,041,807
Total investments, at value (Cost $211,230,759)		203,914,393
Cash		262,407
Foreign currencies, at value (Cost $9,975,398)		9,977,733
Receivable for:
Deposits with brokers		12,935,262
Investments sold		466,268
Variation margin — futures		52,466
Fund shares sold		327,081
Dividends and interest		440,043
Fund expenses absorbed		160,675
Investment for trustee deferred compensation and retirement plans		6,385
Unrealized appreciation on forward foreign currency contracts outstanding		2,531,597
Unrealized appreciation on swap agreements — OTC		7,877,715
Other assets		64,717
Total assets		239,016,742
Liabilities:
Payable for:
Investments purchased		340,729
Investments purchased — affiliated funds		120,408
Fund shares reacquired		543,346
Options written, at value (premiums received $7,811,691)		5,792,764
Variation margin — centrally cleared swap agreements		578,677
Accrued fees to affiliates		67,016
Accrued trustees’ and officers’ fees and benefits		1,929
Accrued other operating expenses		121,833
Trustee deferred compensation and retirement plans		6,385
Unrealized depreciation on forward foreign currency contracts outstanding		843,579
Unrealized depreciation on swap agreements — OTC		9,488,756
Total liabilities		17,905,422
Net assets applicable to shares outstanding	$	221,111,320
Net assets consist of:
Shares of beneficial interest	$	220,280,528
Undistributed net investment income		1,324,142
Undistributed net realized gain		5,463,279
Net unrealized appreciation (depreciation)		(5,956,629	)
	$	221,111,320

Net Assets:
Class A	$	29,308,842
Class C	$	16,428,238
Class R	$	16,501
Class Y	$	175,284,091
Class R5	$	63,284
Class R6	$	10,364
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		2,839,020
Class C		1,621,070
Class R		1,607
Class Y		16,905,810
Class R5		6,101
Class R6		1,000
Class A:
Net asset value per share	$	10.32
Maximum offering price per share
(Net asset value of $10.32 ¸ 94.50%)	$	10.92
Class C:
Net asset value and offering price per share	$	10.13
Class R:
Net asset value and offering price per share	$	10.27
Class Y:
Net asset value and offering price per share	$	10.37
Class R5:
Net asset value and offering price per share	$	10.37
Class R6:
Net asset value and offering price per share	$	10.36

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

34                         Invesco Global Targeted Returns Fund

Consolidated Statement of Operations

For the year ended October 31, 2016

Investment income:
Dividends from affiliated underlying funds	$	2,652,880
Interest		814,645
Total investment income		3,467,525
Expenses:
Advisory fees		2,859,497
Administrative services fees		50,000
Custodian fees		58,910
Distribution fees:
Class A		70,356
Class C		140,399
Class R		52
Transfer agent fees — A, C, R and Y		186,333
Transfer agent fees — R5		57
Transfer agent fees — R6		51
Trustees’ and officers’ fees and benefits		21,221
Registration and filing fees		117,905
Reports to shareholders		41,772
Professional services fees		94,051
Pricing fees		506,678
Other		51,012
Total expenses		4,198,294
Less: Fees waived and expenses reimbursed		(1,973,231	)
Net expenses		2,225,063
Net investment income		1,242,462
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		4,406,384
Distributions from affiliated funds		815,988
Foreign currencies		(412,258	)
Forward foreign currency contracts		6,704,693
Futures contracts		(3,967,263	)
Option contracts written		4,336,634
Swap agreements		(5,011,919	)
		6,872,259
Change in net unrealized appreciation (depreciation) of:
Investment securities		(4,646,092	)
Investment securities — affiliated funds		33,566
Foreign currencies		121,760
Forward foreign currency contracts		1,685,777
Futures contracts		852,147
Option contracts written		1,620,831
Swap agreements		(4,027,776	)
		(4,359,787	)
Net realized and unrealized gain		2,512,472
Net increase in net assets resulting from operations	$	3,754,934

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

35                         Invesco Global Targeted Returns Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	1,242,462		$	141,342
Net realized gain		6,872,259			1,837,190
Change in net unrealized appreciation (depreciation)		(4,359,787	)		(2,738,913	)
Net increase (decrease) in net assets resulting from operations		3,754,934			(760,381	)
Distributions to shareholders from net investment income:
Class A		(146,529	)		(77,701	)
Class C		(38,269	)		(3,526	)
Class R		(47	)		(54	)
Class Y		(947,623	)		(99,329	)
Class R5		(528	)		(15,936	)
Class R6		(68,481	)		(54,412	)
Total distributions from net investment income		(1,201,477	)		(250,958	)
Distributions to shareholders from net realized gains:
Class A		(319,531	)		(141,226	)
Class C		(139,306	)		(7,470	)
Class R		(138	)		(104	)
Class Y		(1,480,056	)		(168,145	)
Class R5		(825	)		(26,976	)
Class R6		(106,958	)		(92,109	)
Total distributions from net realized gains		(2,046,814	)		(436,030	)
Share transactions–net:
Class A		5,549,639			10,666,445
Class C		4,942,790			11,241,310
Class R		6,231			—
Class Y		77,180,742			82,057,343
Class R5		1,126			(2,648,324	)
Class R6		(8,126,492	)		(1,151,548	)
Net increase in net assets resulting from share transactions		79,554,036			100,165,226
Net increase in net assets		80,060,679			98,717,857
Net assets:
Beginning of year		141,050,641			42,332,784
End of year (includes undistributed net investment income of $1,324,142 and $(75,216), respectively)	$	221,111,320		$	141,050,641

Notes to Consolidated Financial Statements

October 31, 2016

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-two 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 and other securities that may provide leveraged and non-leveraged exposure to commodities. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund’s investment objective is to seek a positive total return over the long term in all market environments.

36                         Invesco Global Targeted Returns 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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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

37                         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 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 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.

38                         Invesco Global Targeted Returns 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 the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the 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 for investment purposes or 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 Purchased and Written — The Fund may write call options and/or buy call options. 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. 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 put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of from Investment securities and Option contracts written, respectively. A risk in buying an option is

39                         Invesco Global Targeted Returns Fund

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 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

40                         Invesco Global Targeted Returns Fund

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 cash or liquid securities having a value at least equal to the amount of the potential obligation of the Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the 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, 2016 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.

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.

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 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, 2016, 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 a sub-advisory agreement with Invesco PowerShares Capital Management, LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective March 1, 2016, 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 1.65%, 2.40%, 1.90%, 1.40%, 1.40% and 1.40%, respectively, of average daily net assets (the “expense limits”). Prior to March 1, 2016, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.71%, 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. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $1,786,789 and reimbursed class level expenses of $28,491, $14,214, $10, $143,619, $57 and $51 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

41                         Invesco Global Targeted Returns 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, 2016, 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, 2016, 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $4,078 in front-end sales commissions from the sale of Class A shares and $1 and $6,289 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, 2016. 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
Mutual Funds	$	99,482,643		$	—		$	—	$	99,482,643
Money Market Funds		65,559,164			—			—		65,559,164
Sovereign Debt		—			28,274,718			—		28,274,718
Options Purchased		4,856,090			5,741,778			—		10,597,868
		169,897,897			34,016,496			—		203,914,393
Forward Foreign Currency Contracts*		—			1,688,018			—		1,688,018
Futures Contracts*		4,056			—			—		4,056
Options Written*		(309,754	)		(5,483,010	)		—		(5,792,764	)
Swap Agreements*		—			(2,333,872	)		—		(2,333,872	)
Total Investments	$	169,592,199		$	27,887,632		$	—	$	197,479,831

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

42                         Invesco Global Targeted Returns Fund

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2016:

	Value
Derivative Assets	Commodity Risk		Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	—	$	—		$	—		$	2,096,556		$	1,471		$	2,098,027
Unrealized appreciation on swap agreements — Centrally Cleared(a)		—		59,887			—			—			8,678,958			8,738,845
Unrealized appreciation on swap agreements — OTC		103,293		—			1,409,684			5,107,659			1,257,079			7,877,715
Options purchased, at value — Exchange-Traded(b)		—		—			—			4,856,090			—			4,856,090
Options purchased, at value — OTC(b)		—		—			3,818,045			1,923,733			—			5,741,778
Unrealized appreciation on forward foreign currency contracts outstanding		—		—			2,531,597			—			—			2,531,597
Total Derivative Assets		103,293		59,887			7,759,326			13,984,038			9,937,508			31,844,052
Derivatives not subject to master netting agreements		—		(59,887	)		—			(6,952,646	)		(8,680,429	)		(15,692,962	)
Total Derivative Assets subject to master netting agreements	$	103,293	$	—		$	7,759,326		$	7,031,392		$	1,257,079		$	16,151,090
	Value
Derivative Liabilities	Commodity Risk		Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	—	$	—		$	—		$	(1,055,272	)	$	(1,038,699	)	$	(2,093,971	)
Unrealized depreciation on swap agreements — Centrally Cleared(a)		—		(183,214	)		—			—			(9,278,462	)		(9,461,676	)
Unrealized depreciation on swap agreements — OTC		—		—			(1,698,696	)		(5,282,991	)		(2,507,069	)		(9,488,756	)
Options written, at value — Exchange-Traded		—		—			—			(309,754	)		—			(309,754	)
Options written, at value — OTC		—		—			(3,743,433	)		(1,739,576	)		—			(5,483,009	)
Unrealized depreciation on forward foreign currency contracts outstanding		—		—			(843,579	)		—			—			(843,579	)
Total Derivative Liabilities		—		(183,214	)		(6,285,708	)		(8,387,593	)		(12,824,230	)		(27,680,745	)
Derivatives not subject to master netting agreements		—		183,214			—			1,365,026			10,317,161			11,865,401
Total Derivative Liabilities subject to master netting agreements	$	—	$	—		$	(6,285,708	)	$	(7,022,567	)	$	(2,507,069	)	$	(15,815,344	)

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

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

43                         Invesco Global Targeted Returns Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2016.

	Financial Derivative Assets								Financial Derivative Liabilities												Net value of derivatives			Collateral (Received)/Pledged					Net amount(a)
	Forward foreign currency contracts		Options purchased		Swap agreements		Total assets		Forward foreign currency contracts			Options written			Swap agreements			Total liabilities
Counterparty																								Non-Cash		Cash
Fund
Bank of America Merrill Lynch	$	—	$	88,610	$	99,675	$	188,285	$	—		$	(57,488	)	$	—		$	(57,488	)	$	130,797		$	—	$	(130,797	)	$	—
Barclays Bank PLC		1,246,816		546,629		31,012		1,824,457		(470,740	)		(1,064,281	)		(29,830	)		(1,564,851	)		259,606			—		—			259,606
BNP Paribas S.A.		—		—		459,038		459,038		—			—			(582,915	)		(582,915	)		(123,877	)		—		—			(123,877	)
Citigroup Global Markets Inc.		—		129,420		—		129,420		(6,356	)		(452,033	)		—			(458,389	)		(328,969	)		—		290,000			(38,969	)
Deutsche Bank Securities Inc.		214,365		723,866		427,378		1,365,609		(4,322	)		(256,107	)		(248,235	)		(508,664	)		856,945			—		(630,000	)		226,945
Goldman Sachs International		774,933		3,526,895		1,439,863		5,741,691		(329,981	)		(3,158,954	)		(1,218,080	)		(4,707,015	)		1,034,676			—		(660,000	)		374,676
HSBC New York		—		—		587,766		587,766		—			—			(402,007	)		(402,007	)		185,759			—		(185,759	)		—
J.P. Morgan Chase Bank, N.A.		—		—		407,975		407,975		(1,760	)		—			(761,346	)		(763,106	)		(355,131	)		—		250,000			(105,131	)
Morgan Stanley Capital Services LLC		—		725,941		430,961		1,156,902		—			(493,196	)		(318,809	)		(812,005	)		344,897			—		(330,000	)		14,897
Royal Bank of Scotland Securities Inc.		—		—		67,977		67,977		—			—			(43,990	)		(43,990	)		23,987			—		—			23,987
Societe Generale		—		—		2,442,755		2,442,755		—			—			(3,071,415	)		(3,071,415	)		(628,660	)		—		620,000			(8,660	)
State Street Bank & Trust Co.		295,483		—		—		295,483		(30,420	)		—			—			(30,420	)		265,063			—		—			265,063
UBS		—		417		122,943		123,360		—			(950	)		(305,060	)		(306,010	)		(182,650	)		—		120,000			(62,650	)
Subtotal — Fund		2,531,597		5,741,778		6,517,343		14,790,718		(843,579	)		(5,483,009	)		(6,981,687	)		(13,308,275	)		1,482,443			—		(656,556	)		825,887
Subsidiary
Barclays Bank PLC		—		—		97,325		97,325		—			—			(87,271	)		(87,271	)		10,054			—		—			10,054
Citigroup Global Markets Inc.		—		—		79,100		79,100		—			—			(156,578	)		(156,578	)		(77,478	)		—		—			(77,478	)
Deutsche Bank Securities Inc.		—		—		326,764		326,764		—			—			(761,623	)		(761,623	)		(434,859	)		—		400,000			(34,859	)
Goldman Sachs International		—		—		214,684		214,684		—			—			(368,848	)		(368,848	)		(154,164	)		—		90,000			(64,164	)
Macquarie Bank Ltd.		—		—		103,293		103,293		—			—			—			—			103,293			—		—			103,293
Morgan Stanley Capital Services LLC		—		—		539,206		539,206		—			—			(1,132,749	)		(1,132,749	)		(593,543	)		—		570,000			(23,543	)
Subtotal — Subsidiary		—		—		1,360,372		1,360,372		—			—			(2,507,069	)		(2,507,069	)		(1,146,697	)		—		1,060,000			(86,697	)
Total	$	2,531,597	$	5,741,778	$	7,877,715	$	16,151,090	$	(843,579	)	$	(5,483,009	)	$	(9,488,756	)	$	(15,815,344	)	$	335,746		$	—	$	403,444		$	739,190

^(a)  The Fund and the Subsidiary are recognized as separate legal entities and as such are subject to separate netting arrangements with the Counterparty.

Effect of Derivative Investments for the year ended October 31, 2016

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
	Commodity Risk			Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	—		$	—		$	6,704,693		$	—		$	—		$	6,704,693
Futures contracts		—			—			—			(4,125,529	)		158,266			(3,967,263	)
Options purchased(a)		—			—			(1,473,799	)		5,334,045			202,954			4,063,200
Options written		—			—			4,285,067			(1,392,390	)		1,443,957			4,336,634
Swap agreements		(333,539	)		(37,112	)		103,943			669,327			(5,414,538	)		(5,011,919	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		—			—			1,685,777			—			—			1,685,777
Futures contracts		—			—			—			1,889,375			(1,037,228	)		852,147
Options purchased(a)		—			—			(719,733	)		(2,716,097	)		44,869			(3,390,961	)
Options written		—			—			745,838			842,663			32,330			1,620,831
Swap agreements		103,293			(123,013	)		(878,447	)		(1,208,753	)		(1,920,856	)		(4,027,776	)
Total	$	(230,246	)	$	(160,125	)	$	10,453,339		$	(707,359	)	$	(6,490,246	)	$	2,865,363

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

44                         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		Index Options Purchased		Index Options Written		Foreign Currency Options		Swaptions(a)		Swap Agreements
Average notional value	$	218,768,607	$	104,567,558	$	172,923,865	$	57,156,171	$	211,057,909	$	51,191,973	$	630,281,303
Average contracts		—		—		6,476		2,431		—		—		—

^(a)  Summarizes the ten month average notional value of swaptions contracts outstanding during the period.

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	$	8,369,825
Total liabilities		2,510,530
Net assets		5,859,295
Total investment income		22,194
Net investment income (loss)		(104,488	)
Net realized gain (loss) from:
Swap agreements		(177,476	)
Change in net unrealized appreciation (depreciation) of:
Foreign currencies		(11,532	)
Swap agreements		(1,037,538	)
Increase (decrease) in net assets resulting from operations	$	(1,331,034	)

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.

45                         Invesco Global Targeted Returns 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, 2016 and 2015:

	2016		2015
Ordinary income	$	2,702,286	$	306,514
Long-term capital gain		546,005		380,474
Total distributions	$	3,248,291	$	686,988

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	3,448,659
Undistributed long-term gain		4,170,753
Net unrealized appreciation (depreciation) — investments		(7,389,148	)
Net unrealized appreciation — other investments		1,938,971
Temporary book/tax differences		(1,338,443	)
Shares of beneficial interest		220,280,528
Total net assets	$	221,111,320

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.

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, 2016.

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, 2016 was $78,854,669 and $18,243,107, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $7,254,630 and $8,365,095, 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	$	2,611,243
Aggregate unrealized (depreciation) of investment securities		(10,009,391	)
Net unrealized appreciation (depreciation) of investment securities	$	(7,398,148	)

Cost of investments for tax purposes is $211,312,541.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and income from derivative investments, on October 31, 2016, undistributed net investment income was increased by $1,358,373, undistributed net realized gain was decreased by $1,179,699 and shares of beneficial interest was decreased by $178,674. This reclassification had no effect on the net assets of the Fund.

46                         Invesco Global Targeted Returns Fund

NOTE 11—Share Information

	Summary of Share Activity
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		1,819,533		$	18,661,287			2,718,836		$	28,480,858
Class C		1,066,269			10,770,226			1,193,463			12,327,007
Class R		606			6,231			—			—
Class Y		12,374,104			127,479,975			9,905,242			103,429,009
Class R5		—			—			3,477			39,085
Issued as reinvestment of dividends:
Class A		46,420			466,060			3,477			35,775
Class C		17,883			177,399			965			9,861
Class Y		221,333			2,226,608			7,638			78,750
Class R5		112			1,126			2,164			22,311
Class R6		17,417			175,272			12,225			125,922
Reacquired:
Class A		(1,319,854	)		(13,577,708	)		(1,723,051	)		(17,850,188	)
Class C		(593,471	)		(6,004,835	)		(106,890	)		(1,095,558	)
Class Y		(5,106,862	)		(52,525,841	)		(2,058,678	)		(21,450,416	)
Class R5		—			—			(260,038	)		(2,709,720	)
Class R6		(793,730	)		(8,301,764	)		(124,001	)		(1,277,470	)
Net increase in share activity		7,749,760		$	79,554,036			9,574,829		$	100,165,226

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 73% 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.

47                         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 10/31/16	$	10.33	$	0.05		$	0.14	$	0.19		$	(0.06	)	$	(0.14	)	$	(0.20	)	$	10.32		1.90	%	$	29,309		1.31	%(f)		2.35	%(f)		0.51	%(f)		23	%
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			2.38			0.05			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 10/31/16		10.19		(0.02	)		0.14		0.12			(0.04	)		(0.14	)		(0.18	)		10.13		1.17			16,428		2.06	(f)		3.10	(f)		(0.24	)(f)		23
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			3.13			(0.70	)		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 10/31/16		10.29		0.03			0.14		0.17			(0.05	)		(0.14	)		(0.19	)		10.27		1.65			17		1.56	(f)		2.60	(f)		0.26	(f)		23
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			2.63			(0.20	)		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 10/31/16		10.37		0.08			0.15		0.23			(0.09	)		(0.14	)		(0.23	)		10.37		2.24			175,284		1.06	(f)		2.10	(f)		0.76	(f)		23
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			2.13			0.30			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 10/31/16		10.38		0.08			0.14		0.22			(0.09	)		(0.14	)		(0.23	)		10.37		2.15			63		1.06	(f)		2.09	(f)		0.76	(f)		23
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			2.07			0.30			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 10/31/16		10.37		0.08			0.14		0.22			(0.09	)		(0.14	)		(0.23	)		10.36		2.14			10		1.06	(f)		2.00	(f)		0.76	(f)		23
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			2.07			0.30			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 0.42%, 0.44% and 0.50% for the years ended October 31, 2016 and 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 $28,142, $14,040, $10, $141,865, $63 and $6,512 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Annualized.

NOTE 13—Subsequent Event

Effective January 1, 2017, the Fund will pay 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		1	.10%
Next $250 million		1	.08%
Next $500 million		1	.05%
Next $1.5 billion		1	.03%
Next $2.5 billion		1	.00%
Next $2.5 billion		0	.98%
Next $2.5 billion		0	.95%
Over $10 billion		0	.93%

In addition, effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2018, 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 in Note 2) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively, of the Fund’s average daily net assets.

48                         Invesco Global Targeted Returns Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees

and Shareholders of the 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 the Invesco Global Targeted Returns Fund and its subsidiary (the “Fund”) as of October 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the two years in the period 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 as of October 31, 2016 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

Houston, Texas

December 21, 2016

49                         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, 2016 through October 31, 2016.

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, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio2
			Ending Account Value (10/31/16)1		Expenses Paid During Period2,3		Ending Account Value (10/31/16)		Expenses Paid During Period2,4
Class A	$	1,000.00	$	998.10	$	6.48	$	1,018.65	$	6.55		1.29	%
Class C		1,000.00		994.10		10.23		1,014.88		10.33		2.04
Class R		1,000.00		998.10		7.73		1,017.39		7.81		1.54
Class Y		1,000.00		1,000.00		5.23		1,019.91		5.28		1.04
Class R5		1,000.00		1,000.00		5.23		1,019.91		5.28		1.04
Class R6		1,000.00		999.00		5.23		1,019.91		5.28		1.04

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 to reflect the most recent fiscal half year. Effective January 1, 2017, the Fund’s Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19% of average daily net assets, respectively. The annualized ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.00%, 1.75%, 1.25%, 0.75%, 0.75% and 0.75% for Class A, Class C, Class R, Class Y Class R5 and Class R6 shares, respectively.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $5.02, $8.77, $6.28, $3.77, $3.77 and $3.77 for Class A, Class C, Class R, Class Y Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $5.08, $8.87, $6.34, $3.81, $3.81 and $3.81 for Class A, Class C, Class R, Class Y Class R5 and Class R6 shares, respectively.

50                         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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the

independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 noted that the Fund was new and compared the Fund’s performance during the past one and two calendar years to the performance of funds in the Broadridge performance universe and against the Lipper Absolute Return 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 year period and the first quintile for the two 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 year period and above the performance of the Index for the two 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

51                         Invesco Global Targeted Returns Fund

management fee rates of funds in the Fund’s Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of 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 28, 2017 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 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 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 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 and a report from an independent consultant engaged by the Senior Officer 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 Broadridge 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 certain 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.

52                         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, 2016:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	546,005
Qualified Dividend Income*		39.54	%
Corporate Dividends Received Deduction*		7.02	%
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	$	1,500,808

53                         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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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, 2016
	Invesco Greater China Fund
	Nasdaq:
	A: AACFX  ∎   B: ABCFX  ∎   C: CACFX  ∎   Y: AMCYX  ∎   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. In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to sink at the start of calendar year 2016, but they eventually recovered; they sank again following the UK’s decision to leave the European Union, but
then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.
Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

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.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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:
	∎	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.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, Class A shares of Invesco Greater China Fund (the Fund), at net asset value (NAV), underperformed 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, 10/31/15 to 10/31/16, 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	6.41	%
Class B Shares	5.61
Class C Shares	5.68
Class Y Shares	6.67
Class R5 Shares	6.95
MSCI Golden Dragon Indexq (Broad Market/Style-Specific Index)	6.96
Lipper China Region Funds Index∎ (Peer Group Index)	3.92
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

The fiscal year ended October 31, 2016, was an eventful year for Chinese equities, with a volatile start followed by a turnaround in investor sentiment. China’s macroeconomic conditions have shown sequential improvements over the course of 2016, with broad-based pick-up seen in various economic activities. Resilient retail sales, a vibrant property market and an upturn in overall investment activity helped the Chinese economy rebalance smoothly toward a higher quality mix of growth.

    In the first half of 2016, Chinese equity markets saw volatility on concerns over the lingering of China’s economic slowdown, as well as volatility in the Chinese renminbi in the beginning of the year. The second quarter of 2016 ended in the positive territory despite global market sentiment swings over the uncertainty over the US Federal Reserve’s interest rate decisions, global growth and results of the Brexit referendum in the UK.

    In the second half of 2016, there was a notable recovery in corporate

earnings, which echoed the improving macroeconomic backdrop. The approval of the Shenzhen-Hong Kong Stock Connect that was announced in the third quarter of 2016 also lifted investor confidence. When China’s insurance funds were granted access to invest in Hong Kong equities via the southbound Shanghai-Hong Kong Stock Connect channel in September following the removal of the aggregate quotas, there was a record fund flow into Hong Kong via the Stock Connect.

    For the reporting period ended October 31, 2016, stock selection was a notable contributor to Fund performance relative to the broad market/style-specific index. In particular, select holdings in the information technology sector benefited Fund performance. Taiwan Semiconductor Manufacturing Company is a market leader in semiconductor manufacturing and is a key supplier for Apple (not a Fund holding) products. Tencent Holdings, a leading online gaming platform in China, has delivered impressive performance in building the user base of Weixin/WeChat, a communication mobile app.

    Stock selection in and overweight exposure to the consumer discretionary sector also contributed to the Fund’s performance versus the broad market/style-specific index. Minth Group, a leading supplier of exterior auto parts, is a tier-1 supplier to major domestic and global automakers. The company delivered solid earnings in the first half of 2016 and robust sales growth prospects coming from both domestic and overseas businesses. Pou Sheng International, a sportswear retailer in mainland China, and Hong Kong-based furniture company Man Wah Holdings also contributed to the Fund’s relative performance. Further, stock selection in and underweight exposure to the financials sector contributed to the Fund’s relative performance.

    In contrast, stock selection in and overweight exposure to the consumer staples sector were leading detractors from the Fund’s performance versus the broad market/style-specific benchmark. Tingyi, the largest instant noodle producer in China, was the leading detractor due to overall weak domestic consumption, as well as unsuccessful price hikes and product launches. That said, the company’s corporate strategy of focusing on more premium products may drive growth over the long term, but the transition will take time. Hygiene products company Hengan International was another key detractor from Fund performance within the sector.

    Stock selection in the telecommunication services sector detracted from the Fund’s performance versus the broad market/style-specific index. In the sector, relative underperformance was driven by Fund holding SmarTone Telecom.

    The Fund’s modest cash position detracted from relative results as the market

Portfolio Composition
By sector	% of total net assets

Consumer Discretionary	33.4	%
Information Technology	30.8
Consumer Staples	15.0
Telecommunication Services	8.1
Industrials	5.7
Health Care	3.9
Utilities	2.6
Money Market Funds
Plus Other Assets Less Liabilities	0.5

Top 10 Equity Holdings*
	% of total net assets

1.	Tencent Holdings Ltd.	9.6	%
2.	Taiwan Semiconductor Manufacturing Co. Ltd.	7.4
3.	China Mobile Ltd.	6.3
4.	New Oriental Education & Technology Group, Inc.-ADR	4.7
5.	Alibaba Group Holding Ltd.-ADR	4.6
6.	Vipshop Holdings Ltd.	4.2
7.	Ctrip.com International, Ltd.-ADR	4.2
8.	Sun Art Retail Group Ltd.	4.0
9.	Hengan International Group Co. Ltd.	3.5
10.	Largan Precision Co., Ltd.	3.2

Total Net Assets	$70.8 million
Total Number of Holdings*	38

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, 2016.

4                         Invesco Greater China Fund

(represented by the MSCI Golden Dragon Index) was up for the reporting period.

    China’s economy continues to transform from an economy that was once dominated by growth in manufacturing and investment to one that is being driven more by consumers. We believe that the positive trend in consumption will continue to play a key role in propelling China’s economy, supported by the ongoing expansion of service industries, ample liquidity and stable income growth. At the same time, we believe it is important for the government to continue to deal with the challenges of unwinding debt and capacity imbalances, while pursuing reforms to improve markets and long-term growth prospects. We believe there may be some supportive catalysts for Chinese equities in terms of earnings, policy developments and economic growth. The imminent launch of the Shenzhen-Hong Kong Stock Connect program demonstrates China’s commitment to improving capital market accessibility and we expect further developments on this front. From a bottom-up perspective, we believe corporate earnings may continue improving with current valuations of Chinese stocks remaining favorable for investors.

    We continue to focus purely on bottom-up stock opportunities to build a portfolio with high conviction stock positions. We adopt a selective approach, favoring companies with sustainable leadership and competitive advantages, which are trading at a discount to their fair value.

    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)

Fund and index data from 10/31/06

1  Source: Lipper Inc.

2  Source: FactSet Research Systems Inc.

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 Greater China Fund

Average Annual Total Returns
As of 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	8.18	%
10 Years	7.66
5 Years	4.48
1 Year	0.55
Class B Shares
Inception (3/31/06)	8.16	%
10 Years	7.65
5 Years	4.56
1 Year	0.61
Class C Shares
Inception (3/31/06)	7.95	%
10 Years	7.48
5 Years	4.89
1 Year	4.68
Class Y Shares
10 Years	8.49	%
5 Years	5.93
1 Year	6.67
Class R5 Shares
Inception (3/31/06)	9.27	%
10 Years	8.81
5 Years	6.17
1 Year	6.95

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 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

1.88%, 2.63%, 2.63%, 1.63% and

1.41%, 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 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	8.54	%
10 Years	8.69
5 Years	7.49
1 Year	11.70
Class B Shares
Inception (3/31/06)	8.52	%
10 Years	8.67
5 Years	7.60
1 Year	12.31
Class C Shares
Inception (3/31/06)	8.31	%
10 Years	8.50
5 Years	7.91
1 Year	16.34
Class Y Shares
10 Years	9.53	%
5 Years	8.99
1 Year	18.48
Class R5 Shares
Inception (3/31/06)	9.64	%
10 Years	9.84
5 Years	9.23
1 Year	18.77

    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.

7                          Invesco Greater China Fund

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

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

∎ 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

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

∎ Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money

on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ Depositary receipts risk. Investing in depositary receipts involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Foreign government debt risk. Investments in foreign government debt securities (sometimes referred to as sovereign debt securities) 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.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Geographic focus risk. The Fund may from time to time invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund’s investment performance.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments

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

prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value.

When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ 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, and, in addition, subject the Fund to the creditworthiness of the bank or broker-dealer that issued the participation notes.

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

∎ Sector focus risk. The Fund may from time to time invest a significant amount of its assets (i.e. over 25%) in one market sector or group of related industries. In this event, the Fund’s performance will depend to a greater extent on the overall condition of the sector or group of industries and there is increased risk that the Fund will lose significant value if conditions adversely affect that sector or group of industries.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have

more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

∎ Unique economic and political risks of investing in Greater China. Investments in companies located or operating in Greater China involve risks not associated with investments in Western nations, such as 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 Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Additionally, developing countries, such as those in Greater China, may subject the Fund’s investments to a number of tax rules, and the application of many of those rules may be uncertain. Moreover, China has implemented a number of tax reforms in recent years, and may amend or revise its existing tax laws and/or procedures in the future, possibly with retroactive effect. Changes in applicable Chinese tax law could reduce the after-tax profits of the Fund, directly or indirectly, including by reducing the after-tax profits of companies in China in which the Fund invests. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.

About indexes used in this report

∎ The MSCI Golden Dragon Index captures the 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-residents.

∎ The Lipper China Region Funds Index is an unmanaged index considered representative of China region 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.

∎ 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 Greater China Fund

Schedule of Investments^(a)

October 31, 2016

	Shares		Value
Common Stocks & Other Equity Interests–99.53%(b)
Apparel Retail–1.50%
Pou Sheng International (Holdings) Ltd. (Hong Kong)		3,383,000	$	1,059,989
Auto Parts & Equipment–3.01%
Minth Group Ltd.		600,000		2,130,994
Automobile Manufacturers–1.11%
Jiangling Motors Corp., Ltd.–Class B		311,100		785,828
Education Services–4.72%
New Oriental Education & Technology Group, Inc.–ADR(c)		66,681		3,342,719
Electrical Components & Equipment–3.50%
Voltronic Power Technology Corp. (Taiwan)		24,150		362,748
Zhuzhou CRRC Times Electric Co., Ltd.–Class H		437,500		2,117,733
				2,480,481
Electronic Components–4.91%
Chin-Poon Industrial Co., Ltd. (Taiwan)		647,000		1,240,406
Largan Precision Co., Ltd. (Taiwan)		19,000		2,240,499
				3,480,905
Electronic Equipment & Instruments–0.47%
Flytech Technology Co., Ltd. (Taiwan)		102,000		335,628
Electronic Manufacturing Services–2.10%
FIH Mobile Ltd.		4,504,000		1,486,727
Food Retail–2.91%
President Chain Store Corp. (Taiwan)		276,000		2,064,075
Footwear–4.92%
Stella International Holdings Ltd.		908,500		1,576,751
Yue Yuen Industrial (Holdings) Ltd. (Hong Kong)		500,500		1,907,017
				3,483,768
Gas Utilities–2.58%
Towngas China Co. Ltd. (Hong Kong)		3,244,000		1,824,784
Health Care Equipment–2.47%
MicroPort Scientific Corp.(c)		2,365,000		1,750,395
Home Furnishings–1.34%
Man Wah Holdings Ltd. (Hong Kong)		1,428,000		948,262
Hotels, Resorts & Cruise Lines–0.07%
Shanghai Jinjiang International Hotels Development Co., Ltd.–Class B		22,948		48,971
Hypermarkets & Super Centers–4.01%
Sun Art Retail Group Ltd. (Hong Kong)		4,029,500		2,842,048
Industrial Conglomerates–1.71%
Beijing Enterprises Holdings Ltd.		242,000		1,208,558
Industrial Machinery–0.48%
CIMC Enric Holdings Ltd.		814,000		341,115

	Shares		Value
Internet & Direct Marketing Retail–11.34%
Ctrip.com International, Ltd.–ADR(c)		66,560	$	2,938,624
JD.com, Inc.–ADR(c)		82,662		2,145,079
Vipshop Holdings Ltd.–ADR(c)		215,787		2,949,808
				8,033,511
Internet Software & Services–14.20%
Alibaba Group Holding Ltd.–ADR(c)		31,789		3,232,623
Tencent Holdings Ltd.		257,700		6,823,917
				10,056,540
Leisure Products–0.75%
Goodbaby International Holdings Ltd.		1,091,000		527,532
Packaged Foods & Meats–4.55%
Qinqin Foodstuffs Group (Cayman) Co. Ltd.(c)		55,600		19,213
Tingyi (Cayman Islands) Holding Corp.		1,468,000		1,584,326
Uni-President China Holdings Ltd.		2,396,000		1,621,956
				3,225,495
Personal Products–3.51%
Hengan International Group Co. Ltd.		312,500		2,488,170
Pharmaceuticals–1.46%
Sino Biopharmaceutical Ltd.		1,480,000		1,036,226
Restaurants–2.33%
Ajisen (China) Holdings Ltd. (Hong Kong)		3,673,000		1,652,873
Semiconductors–9.14%
Himax Technologies, Inc.–ADR (Taiwan)		43,070		338,099
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		883,000		5,274,440
Win Semiconductors Corp. (Taiwan)		312,004		865,134
				6,477,673
Specialty Stores–2.31%
Chow Tai Fook Jewellery Group Ltd. (Hong Kong)		2,309,800		1,638,061
Wireless Telecommunication Services–8.13%
China Mobile Ltd.		391,500		4,485,204
SmarTone Telecommunications Holdings Ltd. (Hong Kong)		843,000		1,273,938
				5,759,142
Total Common Stocks & Other Equity Interests (Cost $69,988,017)				70,510,470
Money Market Funds–0.49%
Government & Agency Portfolio–Institutional Class, 0.29%(d)		210,402		210,402
Treasury Portfolio–Institutional Class, 0.22%(d)		140,268		140,268
Total Money Market Funds (Cost $350,670)				350,670
TOTAL INVESTMENTS–100.02% (Cost $70,338,687)				70,861,140
OTHER ASSETS LESS LIABILITIES–(0.02)%				(15,424	)
NET ASSETS–100.00%			$	70,845,716

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

10                         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, 2016.

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

11                         Invesco Greater China Fund

Statement of Assets and Liabilities

October 31, 2016

Assets:
Investments, at value (Cost $69,988,017)	$	70,510,470
Investments in affiliated money market funds, at value and cost		350,670
Total investments, at value (Cost $70,338,687)		70,861,140
Foreign currencies, at value (Cost $53,218)		53,367
Receivable for:
Investments sold		285,450
Fund shares sold		167,119
Dividends		23,406
Investment for trustee deferred compensation and retirement plans		47,808
Other assets		15,623
Total assets		71,453,913
Liabilities:
Payable for:
Investments purchased		353,233
Fund shares reacquired		64,284
Accrued fees to affiliates		64,839
Accrued trustees’ and officers’ fees and benefits		1,598
Accrued other operating expenses		70,933
Trustee deferred compensation and retirement plans		53,310
Total liabilities		608,197
Net assets applicable to shares outstanding	$	70,845,716
Net assets consist of:
Shares of beneficial interest	$	81,582,680
Undistributed net investment income		327,427
Undistributed net realized gain (loss)		(11,586,981	)
Net unrealized appreciation		522,590
	$	70,845,716

Net Assets:
Class A	$	52,479,076
Class B	$	1,217,833
Class C	$	11,879,059
Class Y	$	5,215,771
Class R5	$	53,977
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		2,360,996
Class B		56,496
Class C		552,025
Class Y		234,340
Class R5		2,423
Class A:
Net asset value per share	$	22.23
Maximum offering price per share
(Net asset value of $22.23 ¸ 94.50%)	$	23.52
Class B:
Net asset value and offering price per share	$	21.56
Class C:
Net asset value and offering price per share	$	21.52
Class Y:
Net asset value and offering price per share	$	22.26
Class R5:
Net asset value and offering price per share	$	22.28

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

12                         Invesco Greater China Fund

Statement of Operations

For the year ended October 31, 2016

Investment income:
Dividends (net of foreign withholding taxes of $108,544)	$	1,838,669
Dividends from affiliated money market funds		3,030
Total investment income		1,841,699
Expenses:
Advisory fees		643,840
Administrative services fees		50,000
Custodian fees		36,215
Distribution fees:
Class A		126,350
Class B		17,543
Class C		123,596
Transfer agent Fees — A, B, C and Y		226,846
Transfer agent fees — R5		65
Trustees’ and officers’ fees and benefits		21,350
Registration and filing fees		65,735
Reports to shareholders		31,271
Professional services fees		61,069
Other		21,148
Total expenses		1,425,028
Less: Fees waived and expense offset arrangement(s)		(3,234	)
Net expenses		1,421,794
Net investment income		419,905
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(214,112	)
Foreign currencies		(14,263	)
		(228,375	)
Change in net unrealized appreciation of:
Investment securities		3,807,706
Foreign currencies		140
		3,807,846
Net realized and unrealized gain		3,579,471
Net increase in net assets resulting from operations	$	3,999,376

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

13                         Invesco Greater China Fund

Statement of Changes in Net Assets

For the years ended October 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	419,905		$	577,260
Net realized gain (loss)		(228,375	)		7,034,154
Change in net unrealized appreciation (depreciation)		3,807,846			(2,934,547	)
Net increase in net assets resulting from operations		3,999,376			4,676,867
Distributions to shareholders from net investment income:
Class A		(545,985	)		(268,684	)
Class B		(3,961	)		—
Class C		(23,094	)		—
Class Y		(47,018	)		(25,936	)
Class R5		(1,312	)		(865	)
Total distributions from net investment income		(621,370	)		(295,485	)
Share transactions–net:
Class A		(3,173,106	)		(13,093,503	)
Class B		(1,402,208	)		(3,019,590	)
Class C		(2,541,266	)		(2,861,129	)
Class Y		1,472,686			(1,077,083	)
Class R5		(21,707	)		(31,944	)
Net increase (decrease) in net assets resulting from share transactions		(5,665,601	)		(20,083,249	)
Net increase (decrease) in net assets		(2,287,595	)		(15,701,867	)
Net assets:
Beginning of year		73,133,311			88,835,178
End of year (includes undistributed net investment income of $327,427 and $539,600, respectively)	$	70,845,716		$	73,133,311

Notes to Financial Statements

October 31, 2016

NOTE 1—Significant Accounting Policies

Invesco Greater 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-two 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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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

14                         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.

15                         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 the daily mark-to-market obligation for forward foreign currency contracts.

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

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.

16                         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, 2016, the effective advisory fees incurred by the Fund was 0.935%.

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

The Adviser has contractually agreed, through at least June 30, 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 and Class R5 shares to 2.25%, 3.00%, 3.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $1,313.

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, 2016, 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, 2016, 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $9,425 in front-end sales commissions from the sale of Class A shares and $1, $196 and $682 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.

17                         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, 2016. 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, 2016, there were transfers from Level 2 to Level 1 of $31,184,141, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Common Stocks & Other Equity Interests	$	52,963,223	$	17,547,247	$	—	$	70,510,470
Money Market Funds		350,670		—		—		350,670
Total Investments	$	53,313,893	$	17,547,247	$	—	$	70,861,140

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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,921.

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.

18                         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, 2016 and 2015:

	2016		2015
Ordinary income	$	621,370	$	295,485

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	381,179
Net unrealized appreciation — investments		497,443
Net unrealized appreciation — other investments		137
Temporary book/tax differences		(53,752	)
Capital loss carryforward		(11,561,971	)
Shares of beneficial interest		81,582,680
Total net assets	$	70,845,716

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, 2016, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
October 31, 2017	$	11,347,858	$	—	$	11,347,858
Not subject to expiration		214,113		—		214,113
	$	11,561,971	$	—	$	11,561,971

* 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, 2016 was $35,737,068 and $41,453,566, 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	$	9,079,928
Aggregate unrealized (depreciation) of investment securities		(8,582,485	)
Net unrealized appreciation of investment securities	$	497,443

Cost of investments for tax purposes is $70,363,697.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of expired capital loss carryforward, on October 31, 2016, undistributed net investment income was decreased by $10,708, undistributed net realized gain (loss) was increased by $23,395,889 and shares of beneficial interest was decreased by $23,385,181. This reclassification had no effect on the net assets of the Fund.

19                         Invesco Greater China Fund

NOTE 10—Share Information

	Summary of Share Activity
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		249,846		$	5,170,461			544,471		$	12,200,811
Class B		838			16,774			2,757			54,843
Class C		41,490			846,424			101,802			2,205,552
Class Y		337,898			6,881,781			135,375			3,100,738
Class R5		2,145			43,338			1,144			22,484
Issued as reinvestment of dividends:
Class A		26,127			514,692			13,413			255,787
Class B		196			3,776			—			—
Class C		1,066			20,460			—			—
Class Y		2,144			42,201			1,259			24,002
Class R5		55			1,072			37			721
Automatic conversion of Class B shares to Class A shares:
Class A		50,077			1,019,667			69,008			1,476,447
Class B		(51,484	)		(1,019,667	)		(71,079	)		(1,476,447	)
Reacquired:
Class A		(481,297	)		(9,877,926	)		(1,269,798	)		(27,026,548	)
Class B		(20,343	)		(403,091	)		(78,472	)		(1,597,986	)
Class C		(173,247	)		(3,408,150	)		(246,214	)		(5,066,681	)
Class Y		(268,901	)		(5,451,296	)		(198,394	)		(4,201,823	)
Class R5		(3,336	)		(66,117	)		(2,801	)		(55,149	)
Net increase (decrease) in share activity		(286,726	)	$	(5,665,601	)		(997,492	)	$	(20,083,249	)

^(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.

20                         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 10/31/16	$	21.10	$	0.15		$	1.20		$	1.35		$	(0.22	)	$	22.23		6.51	%	$	52,479		1.93	%(e)		1.93	%(e)		0.74	%(e)		52	%
Year ended 10/31/15		19.93		0.18			1.08			1.26			(0.09	)		21.10		6.36			53,087		1.88			1.88			0.85			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
Class B
Year ended 10/31/16		20.43		(0.00	)		1.16			1.16			(0.03	)		21.56		5.72			1,218		2.68	(e)		2.68	(e)		(0.01	)(e)		52
Year ended 10/31/15		19.35		0.02			1.06			1.08			—			20.43		5.58			2,600		2.63			2.63			0.10			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
Class C
Year ended 10/31/16		20.39		(0.00	)		1.16			1.16			(0.03	)		21.52		5.73			11,879		2.68	(e)		2.68	(e)		(0.01	)(e)		52
Year ended 10/31/15		19.32		0.02			1.05			1.07			—			20.39		5.54			13,922		2.63			2.63			0.10			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
Class Y
Year ended 10/31/16		21.14		0.21			1.19			1.40			(0.28	)		22.26		6.77			5,216		1.68	(e)		1.68	(e)		0.99	(e)		52
Year ended 10/31/15		19.98		0.23			1.08			1.31			(0.15	)		21.14		6.62			3,449		1.63			1.63			1.10			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
Class R5
Year ended 10/31/16		21.17		0.25			1.19			1.44			(0.33	)		22.28		7.00			54		1.45	(e)		1.45	(e)		1.22	(e)		52
Year ended 10/31/15		20.01		0.28			1.08			1.36			(0.20	)		21.17		6.88			75		1.41			1.41			1.32			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

^(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 year ended October 31, 2012.

^(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 $50,540, $1,754, $12,360, $4,141, and $65 for Class A, Class B, Class C, Class Y, and Class R5 shares, respectively.

21                         Invesco Greater China Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of the 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 the Invesco Greater China Fund (the “Fund”) as of October 31, 2016, 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 as of October 31, 2016 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

Houston, Texas

December 21, 2016

22                         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, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/16)1		Expenses Paid During Period2		Ending Account Value (10/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,086.60	$	9.70	$	1,015.84	$	9.37		1.85	%
B		1,000.00		1,082.40		13.61		1,012.07		13.15		2.60
C		1,000.00		1,083.00		13.61		1,012.07		13.15		2.60
Y		1,000.00		1,088.00		8.40		1,017.09		8.11		1.60
R5		1,000.00		1,089.50		7.30		1,018.15		7.05		1.39

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 to reflect the most recent fiscal half year.

23                         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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s

evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services 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 Broadridge 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 first quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and five year periods and below the performance of the Index for the three year period. Invesco Advisers noted that a new portfolio manager and team had been named to the Fund in the first quarter of 2015. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

24                         Invesco Greater China Fund

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 Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge 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, based on asset balances as of December 31, 2015. The Board also noted how the Fund’s rate compared to the effective sub-adviser fee rate of two off-shore funds 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 and a report from an independent consultant engaged by the Senior Officer 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 Broadridge 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 certain 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.

25                         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, 2016:

Federal and State Income Tax
Qualified Dividend Income*	100	%
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.

26                         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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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 house-hold, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin send-ing 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, 2016
	Invesco Long/Short Equity Fund
	Nasdaq:
	A: LSQAX  ∎  C: LSQCX  ∎  R: LSQRX  ∎  Y: LSQYX  ∎  R5: LSQFX  ∎  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.     In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to sink at the start of calendar year 2016, but they eventually recovered; they sank again following

the UK’s decision to leave the European Union, but then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

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.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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: ∎ 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. ∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus. ∎ 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, 2016, Class A shares of Invesco Long/Short Equity Fund (the Fund), at net asset value (NAV), underperformed the S&P 500 Index and the Citigroup 90-Day Treasury Bill Index, the Fund’s broad market and style-specific benchmarks, respectively.

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

Fund vs. Indexes

Total returns, 10/31/15 to 10/31/16, 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	-4.11	%
Class C Shares	-4.68
Class R Shares	-4.27
Class Y Shares	-3.74
Class R5 Shares	-3.83
Class R6 Shares	-3.83
S&P 500 Indexq (Broad Market Index)	4.51
Citigroup 90-Day Treasury Bill Indexq (Style-Specific Index)	0.22
Lipper Alternative Long/Short Equity Funds Index∎ (Peer Group Index)	-0.52
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

During the fiscal year, the US economy continued to expand. The initial estimate of US gross domestic product (GDP) showed the US economy grew by 2.9% in the third quarter, beating consensus estimates.¹ However, annualized GDP is expected to be lower. Employment data were mixed, though the unemployment rate had a surprise uptick from 4.9% in August to 5.0% in September before ending the fiscal year at 4.9%.² Oil prices traded in a range from the high $20s to the low $50s during the reporting period.³

The US Federal Reserve (the Fed) raised interest rates in December 2015 – its first increase since 2006 – but that was its only increase during the reporting period. Major US stock market indexes posted gains for the reporting period, but they were fairly volatile. Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China, falling oil prices and uncertainty over Fed policy, including rumors of possible negative interest rates in the US. Markets recovered in late February and posted gains until June when UK voters opted to leave the

Portfolio Composition
By sector, based on total net assets
	Equity Securities
	Long1			Short2			Gross Exposure3			Net Exposure4
Information Technology		46.2	%		15.6	%		61.8	%		30.6	%
Financials		27.3			7.0			34.3			20.3
Industrials		26.6			9.6			36.2			17.0
Consumer Discretionary		22.6			28.7			51.3			-6.1
Health Care		19.8			12.0			31.8			7.8
Consumer Staples		13.6			1.5			15.1			12.1
Energy		13.3			11.8			25.1			1.5
Materials		10.1			6.2			16.3			3.9
Real Estate		8.3			5.8			14.1			2.5
Utilities		4.5			–			4.5			4.5
Telecommunication Services		3.1			1.6			4.7			1.5
Money Market Funds Plus Other Assets Less Liabilities		4.4			–			4.4			4.4
Total		199.8			99.8			299.6			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.

European Union, sending markets sharply lower once again. Markets again recovered, and major US equity indexes hit record highs during the summer.⁴ In this environment, investors generally favored the perceived safety of government bonds and more defensive, dividend-paying equities often found in the telecommunication services, utilities and consumer staples sectors.

    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. The Fund generally maintains a net long bias and implements its strategy by purchasing what we consider to be highly-ranked stocks as long positions, and selling short what we consider to be poorly-ranked stocks within their respective industries. The Fund seeks to add value primarily from stock selection and secondarily by dynamically changing the level of its beta, or market exposure. 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, is intended to result in the Fund outperforming its broad market benchmark.

    During the fiscal year, the Fund benefited most from a positive long/short spread in eight of 11 sectors led by the information technology (IT), industrials, materials and consumer staples sectors,

Total Net Assets $ 68.5 million

Data presented here are as of October 31, 2016.

4                         Invesco Long/Short Equity Fund

but it was not enough to offset losses from the negative spread in the energy, health care and financials sectors, which meaningfully detracted from Fund performance.

The top-contributing sector to Fund performance was the IT sector where the Fund benefited from a meaningful net long allocation and positive results from long holdings in the semiconductor and communications equipment industries. The Fund also benefited from a net long allocation in the industrials sector and stock selection in the capital goods industry.

Equity markets experienced intermittent volatility over the fiscal year that led to dramatic shifts in investor risk tolerance, challenging the return-generating potential for the Fund. This was evident in both the energy and health care sectors. Investor risk tolerance shifted in mid-February as oil climbed from its 2015 lows and signs of US economic improvement became evident. The “risk on” sentiment, where investors moved to potentially riskier and higher-yielding investments, was most evident within the energy sector where lower-quality companies with burdensome balance sheets significantly outperformed higher-quality companies with stronger balance sheets. Consequently, the Fund’s long energy positions failed to outperform the short positions.

Returns within the health care sector, particularly the long positions in the biotechnology and equipment and services industries, performed poorly. The long biotechnology holdings sold off as investors reduced risk due to potential political action to regulate drug pricing.

At the end of the reporting period, the Fund’s largest net long sector exposures were in the IT, industrials, financials and consumer staples 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 futures 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.

1 Source: Bureau of Economic Analysis

2 Source: Bureau of Labor Statistics

3 Source: Thompson-Reuters

4 Source: Reuters

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 from the University of Massachusetts at 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. Dr. Waisburd earned a BS in statistics from Cornell University and an MS and a PhD in finance from Indiana University.
	Donna Chapman Wilson Portfolio Manager and Director of Portfolio Management, is
manager of Invesco Long/Short Equity Fund. She joined Invesco in 1997. Ms. Chapman Wilson earned a BA in economics from Hampton University and an MBA in finance from the Wharton School of the University of Pennsylvania.

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

1   Source: FactSet Research Systems Inc.

2   Source: Lipper Inc.

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

larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

About indexes used in this report

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

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

∎ The Lipper Alternative Long/Short Equity Funds Index is an unmanaged index considered representative of alternative long/short equity 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.

∎ 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 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	1.49	%
1 Year	-9.39
Class C Shares
Inception (12/19/13)	2.76	%
1 Year	-5.58
Class R Shares
Inception (12/19/13)	3.26	%
1 Year	-4.27
Class Y Shares
Inception (12/19/13)	3.81	%
1 Year	-3.74
Class R5 Shares
Inception (12/19/13)	3.78	%
1 Year	-3.83
Class R6 Shares
Inception (12/19/13)	3.78	%
1 Year	-3.83

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 2.78%, 3.53%, 3.03%, 2.53%, 2.40% and 2.40%, 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.

Average Annual Total Returns
As of 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	1.75	%
1 Year	-3.56
Class C Shares
Inception (12/19/13)	3.06	%
1 Year	0.27
Class R Shares
Inception (12/19/13)	3.58	%
1 Year	1.79
Class Y Shares
Inception (12/19/13)	4.11	%
1 Year	2.30
Class R5 Shares
Inception (12/19/13)	4.11	%
1 Year	2.30
Class R6 Shares
Inception (12/19/13)	4.11	%
1 Year	2.30

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 June 30, 2018. 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 February 28, 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.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

∎ 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

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

∎ 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 strategies.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. 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. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may

decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ Sector focus risk. The Fund may from time to time invest a significant amount of its assets (i.e. over 25%) in one market sector or group of related industries. In this event, the Fund’s performance will depend to a greater extent on the overall condition of the sector or group of industries and there is increased risk that the Fund will lose significant value if conditions adversely affect that sector or group of industries.

∎ Short position risk. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the Fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Fund’s short positions will cause the Fund to underperform the overall market and its peers that do not engage in shorting. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund’s returns.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than

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, 2016

	Shares		Value
Common Stocks & Other Equity Interests–95.60%
Aerospace & Defense–5.33%
Huntington Ingalls Industries, Inc.		7,650	$	1,234,404
L-3 Communications Holdings, Inc.		8,100		1,109,214
Spirit AeroSystems Holdings, Inc.–Class A(b)		17,850		898,926
United Technologies Corp.		3,950		403,690
				3,646,234
Agricultural Products–1.96%
Ingredion Inc.		10,250		1,344,492
Air Freight & Logistics–1.11%
Expeditors International of Washington, Inc.		14,750		759,183
Aluminum–1.54%
Arconic Inc.		36,766		1,055,920
Apparel Retail–3.71%
Gap, Inc. (The)		46,300		1,277,417
Urban Outfitters, Inc.(b)		37,850		1,266,082
				2,543,499
Apparel, Accessories & Luxury Goods–1.72%
PVH Corp.		11,000		1,176,780
Application Software–1.06%
Nuance Communications, Inc.(b)		51,950		728,339
Auto Parts & Equipment–1.33%
Lear Corp.		7,400		908,572
Biotechnology–1.69%
United Therapeutics Corp.(b)		9,650		1,158,676
Building Products–0.36%
Owens Corning		5,100		248,778
Communications Equipment–3.59%
F5 Networks, Inc.(b)		9,600		1,326,816
Juniper Networks, Inc.		43,050		1,133,937
				2,460,753
Computer & Electronics Retail–0.63%
Best Buy Co., Inc.		11,100		431,901
Construction & Engineering–3.77%
Fluor Corp.		1,350		70,187
Jacobs Engineering Group, Inc.(b)		21,600		1,114,128
Quanta Services, Inc.(b)		48,650		1,398,687
				2,583,002
Construction Machinery & Heavy Trucks–3.05%
Allison Transmission Holdings, Inc.		40,600		1,189,174
Cummins Inc.		7,050		901,131
				2,090,305
Consumer Electronics–1.49%
Garmin Ltd.		21,050		1,017,978

	Shares		Value
Consumer Finance–3.91%
Navient Corp.		91,350	$	1,167,453
Santander Consumer USA Holdings Inc.(b)		39,050		476,410
Synchrony Financial		36,150		1,033,528
				2,677,391
Data Processing & Outsourced Services–2.95%
Western Union Co. (The)		55,100		1,105,857
Xerox Corp.		93,820		916,621
				2,022,478
Department Stores–4.49%
Kohl’s Corp.		23,750		1,039,062
Macy’s, Inc.		26,400		963,336
Nordstrom, Inc.		20,600		1,071,200
				3,073,598
Electric Utilities–0.41%
Entergy Corp.		3,820		281,458
Gas Utilities–0.90%
National Fuel Gas Co.		11,700		612,846
Gold–0.31%
Newmont Mining Corp.		5,750		212,980
Health Care Distributors–0.08%
McKesson Corp.		400		50,868
Health Care Equipment–0.64%
Hologic, Inc.(b)		12,200		439,322
Health Care Facilities–0.06%
Quorum Health Corp.(b)		9,950		40,198
Home Furnishings–0.45%
Leggett & Platt, Inc.		6,750		309,690
Human Resource & Employment Services–1.95%
ManpowerGroup Inc.		17,400		1,336,320
Industrial Machinery–1.54%
Parker-Hannifin Corp.		8,600		1,055,650
Industrial REIT’s–0.34%
Prologis, Inc.		4,400		229,504
Integrated Oil & Gas–0.18%
Cenovus Energy Inc. (Canada)		4,600		66,424
Occidental Petroleum Corp.		800		58,328
				124,752
Integrated Telecommunication Services–0.20%
CenturyLink Inc.		5,000		132,900
Internet Software & Services–5.15%
Akamai Technologies, Inc.(b)		19,850		1,378,979
CoStar Group Inc.(b)		2,800		523,936

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

9                         Invesco Long/Short Equity Fund

	Shares		Value
Internet Software & Services–(continued)
IAC/InterActiveCorp		6,800	$	438,192
VeriSign, Inc.(b)		14,100		1,184,682
				3,525,789
Investment Banking & Brokerage–1.71%
E*TRADE Financial Corp.(b)		41,650		1,172,864
IT Consulting & Other Services–1.24%
CGI Group Inc.–Class A (Canada)(b)		1,250		59,338
Teradata Corp.(b)		29,150		785,884
				845,222
Life & Health Insurance–0.78%
Unum Group		15,100		534,540
Metal & Glass Containers–0.56%
Crown Holdings, Inc.(b)		7,000		379,750
Mortgage REIT’s–2.67%
AGNC Investment Corp.		57,900		1,161,474
Annaly Capital Management Inc.		64,650		669,774
				1,831,248
Office REIT’s–0.39%
Alexandria Real Estate Equities, Inc.		2,450		264,135
Oil & Gas Drilling–1.91%
Ensco PLC–Class A		106,900		835,958
Noble Corp. PLC (United Kingdom)		94,900		468,806
				1,304,764
Oil & Gas Equipment & Services–0.36%
Superior Energy Services, Inc.		17,350		245,676
Oil & Gas Exploration & Production–3.77%
Continental Resources, Inc.(b)		25,950		1,269,214
Crescent Point Energy Corp. (Canada)		83,150		991,148
Denbury Resources Inc.(b)		134,150		320,619
				2,580,981
Oil & Gas Refining & Marketing–0.07%
Valero Energy Corp.		850		50,354
Oil & Gas Storage & Transportation–1.59%
ONEOK, Inc.		22,500		1,089,675
Packaged Foods & Meats–1.35%
Campbell Soup Co.		850		46,189
JM Smucker Co. (The)		4,300		564,633
Pilgrim’s Pride Corp.		14,350		313,404
				924,226
Paper Packaging–2.40%
Avery Dennison Corp.		9,550		666,495
International Paper Co.		21,750		979,402
				1,645,897
Railroads–0.56%
Norfolk Southern Corp.		4,150		385,950

	Shares		Value
Regional Banks–6.02%
Citizens Financial Group, Inc.		38,600	$	1,016,724
Fifth Third Bancorp		47,900		1,042,304
Regions Financial Corp.		96,500		1,033,515
SunTrust Banks, Inc.		22,800		1,031,244
				4,123,787
Reinsurance–0.39%
Reinsurance Group of America, Inc.		2,500		269,650
Restaurants–1.70%
Darden Restaurants, Inc.		17,950		1,162,980
Retail REIT’s–1.39%
Macerich Co. (The)		12,850		909,523
Urban Edge Properties		1,725		44,522
				954,045
Semiconductor Equipment–1.94%
Applied Materials, Inc.		10,100		293,708
KLA-Tencor Corp.		13,800		1,036,518
				1,330,226
Semiconductors–0.14%
Xilinx, Inc.		1,850		94,110
Soft Drinks–0.35%
Dr Pepper Snapple Group, Inc.		2,750		241,423
Specialty Chemicals–0.57%
W.R. Grace & Co.		5,800		388,368
Specialty Stores–1.50%
Staples, Inc.		138,550		1,025,270
Systems Software–0.25%
CA, Inc.		5,550		170,607
Technology Hardware, Storage & Peripherals–5.29%
HP Inc.		88,450		1,281,640
NetApp, Inc.		36,950		1,254,083
Seagate Technology PLC		31,750		1,089,343
				3,625,066
Trading Companies & Distributors–0.80%
United Rentals, Inc.(b)		7,250		548,535
Total Common Stocks & Other Equity Interests (Cost $62,925,961)				65,469,505
Money Market Funds–3.12%
Government & Agency Portfolio–Institutional Class, 0.29%(c)		1,283,726		1,283,726
Treasury Portfolio–Institutional Class, 0.22%(c)		855,817		855,818
Total Money Market Funds (Cost $2,139,544)				2,139,544
TOTAL INVESTMENTS–98.72% (Cost $65,065,505)				67,609,049
OTHER ASSETS LESS LIABILITIES–1.28%				874,646
NET ASSETS–100.00%			$	68,483,695

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

10                         Invesco Long/Short Equity Fund

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, 2016.

Open Over-The-Counter Total Return Swap Agreements
Reference Entity	Counterparty	Expiration Dates		Floating Rate Index(1)	Notional Amount			Unrealized Appreciation (Depreciation)			Net Value of Reference Entities
Equity Securities — Long	Morgan Stanley & Co. LLC		12/21/2017	Federal Funds floating rate	$	69,136,834		$	(565,550	)(2)	$	68,488,814
Equity Securities — Short	Morgan Stanley & Co. LLC		12/21/2017	Federal Funds floating rate		(70,208,385	)		2,001,219	(3)		(68,172,430	)
Total Return Swap Agreements — Equity Risk								$	1,435,669		$	316,384

⁽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 $82,470 of dividends receivable and fees from the Fund to the Counterparty.

⁽³⁾  Amount includes $(34,736) of dividends payable and fees from the Fund to the Counterparty.

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

11                         Invesco Long/Short Equity Fund

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, 2016.

	Shares		Value
Equity Securities — Long
Aerospace & Defense
Boeing Co. (The)		8,900	$	1,267,627
L-3 Communications Holdings, Inc.		800		109,552
Spirit AeroSystems Holdings, Inc.–Class A		4,900		246,764
United Technologies Corp.		6,100		623,420
				2,247,363
Air Freight & Logistics
Expeditors International of Washington, Inc.		7,300		375,731
Apparel, Accessories & Luxury Goods
PVH Corp.		1,050		112,329
Application Software
Citrix Systems, Inc.		14,900		1,263,520
Nuance Communications, Inc.		18,800		263,576
				1,527,096
Asset Management & Custody Banks
State Street Corp.		14,800		1,039,108
Auto Parts & Equipment
Lear Corp.		3,200		392,896
Biotechnology
AbbVie Inc.		19,050		1,062,609
Amgen Inc.		7,250		1,023,410
Biogen Inc.		4,360		1,221,585
Gilead Sciences, Inc.		13,750		1,012,412
United Therapeutics Corp.		250		30,018
				4,350,034
Broadcasting
CBS Corp.–Class B		20,050		1,135,231
Cable & Satellite
Comcast Corp.–Class A		17,900		1,106,578
Communications Equipment
Cisco Systems, Inc.		39,050		1,198,054
F5 Networks, Inc.		1,400		193,494
Juniper Networks, Inc.		750		19,755
Motorola Solutions, Inc.		15,900		1,154,022
				2,565,325
Computer & Electronics Retail
Best Buy Co., Inc.		23,600		918,276
Consumer Finance
American Express Co.		15,550		1,032,831
Discover Financial Services, Inc.		19,100		1,075,903
Santander Consumer USA Holdings Inc.		1,800		21,960
				2,130,694
Data Processing & Outsourced Services
Western Union Co. (The)		750		15,053

	Shares		Value
Data Processing & Outsourced Services–(continued)
Xerox Corp.		18,580	$	181,527
				196,580
Department Stores
Macy’s Inc.		2,450		89,401
Diversified Banks
Bank of America Corp.		61,500		1,014,750
Bank of Montreal (Canada)		9,000		572,400
Bank of Nova Scotia (The) (Canada)		9,650		518,784
Canadian Imperial Bank of Commerce (Canada)		8,500		637,160
Citigroup Inc.		25,950		1,275,442
				4,018,536
Electric Utilities
Entergy Corp.		480		35,366
Exelon Corp.		33,200		1,131,124
FirstEnergy Corp.		32,000		1,097,280
				2,263,770
Electrical Components & Equipment
Eaton Corp. PLC		18,450		1,176,556
Environmental & Facilities Services
Waste Management, Inc.		16,650		1,093,239
Food Distributors
Sysco Corp.		23,250		1,118,790
Gold
Barrick Gold Corp. (Canada)		66,900		1,176,771
Goldcorp Inc. (Canada)		69,150		1,051,080
Newmont Mining Corp.		28,000		1,037,120
				3,264,971
Health Care Distributors
McKesson Corp.		5,800		737,586
Health Care Equipment
Baxter International Inc.		22,400		1,066,016
Hologic Inc.		19,300		694,993
				1,761,009
Health Care Facilities
HCA Holdings, Inc.		15,400		1,178,562
Home Furnishings
Leggett & Platt, Inc.		1,150		52,762
Hypermarkets & Super Centers
Wal-Mart Stores Inc.		15,700		1,099,314
Industrial REIT’s
Prologis Inc.		20,400		1,064,064

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

12                         Invesco Long/Short Equity Fund

	Shares		Value
Integrated Oil & Gas
Cenovus Energy Inc. (Canada)		18,350	$	264,974
Occidental Petroleum Corp.		14,200		1,035,322
				1,300,296
Integrated Telecommunication Services
CenturyLink Inc.		34,750		923,655
Verizon Communications Inc.		21,800		1,048,580
				1,972,235
Internet Software & Services
eBay Inc.		43,000		1,225,930
IAC/InterActiveCorp		5,000		322,200
				1,548,130
IT Consulting & Other Services
International Business Machines Corp.		6,650		1,022,038
Teradata Corp.		12,600		339,696
				1,361,734
Life & Health Insurance
Aflac Inc.		15,450		1,064,041
Prudential Financial, Inc.		15,500		1,314,245
Sun Life Financial, Inc. (Canada)		10,300		344,844
				2,723,130
Managed Health Care
UnitedHealth Group Inc.		7,300		1,031,709
Mortgage REIT’s
Annaly Capital Management, Inc.		39,700		411,292
Oil & Gas Drilling
Ensco PLC–Class A		6,300		49,266
Oil & Gas Exploration & Production
Canadian Natural Resources Ltd. (Canada)		40,750		1,292,182
Oil & Gas Refining & Marketing
Valero Energy Corp.		19,800		1,172,952

	Shares		Value
Packaged Foods & Meats
Campbell Soup Co.		16,950	$	921,063
ConAgra Foods, Inc.		24,750		1,192,455
J.M. Smucker Co. (The)		3,300		433,323
Pilgrim’s Pride Corp.		4,300		93,912
Tyson Foods, Inc.–Class A		16,550		1,172,568
				3,813,321
Pharmaceuticals
Johnson & Johnson		9,650		1,119,304
Merck & Co., Inc.		20,400		1,197,888
Pfizer, Inc.		14,600		462,966
				2,780,158
Railroads
Norfolk Southern Corp.		7,400		688,200
Semiconductor Equipment
Applied Materials, Inc.		35,400		1,029,432
Semiconductors
Intel Corp.		35,050		1,222,193
Maxim Integrated Products, Inc.		30,700		1,216,641
NVIDIA Corp.		19,150		1,362,714
Qualcomm Inc.		20,250		1,391,580
Texas Instruments Inc.		19,250		1,363,863
Xilinx, Inc.		21,150		1,075,901
				7,632,892
Soft Drinks
Dr Pepper Snapple Group, Inc.		8,800		772,552
Specialized REIT’s
Public Storage		4,200		897,624
Systems Software
CA Inc.		30,300		931,422
Technology Hardware, Storage & Peripherals
NetApp, Inc.		1,900		64,486
Total Equity Securities — Long				68,488,814

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

13                         Invesco Long/Short Equity Fund

	Shares			Value
Equity Securities — Short
Airlines
Southwest Airlines Co.		(27,000	)	$	(1,081,350	)
Alternative Carriers
Zayo Group Holdings, Inc.		(33,050	)		(1,063,549	)
Apparel, Accessories & Luxury Goods
Fossil Group, Inc.		(15,750	)		(429,502	)
Gildan Activewear Inc. (Canada)		(14,200	)		(364,514	)
Hanesbrands, Inc.		(37,000	)		(950,900	)
Under Armour, Inc.–Class A		(14,200	)		(441,620	)
Under Armour, Inc.–Class C		(21,500	)		(555,990	)
					(2,742,526	)
Application Software
salesforce.com, Inc.		(13,800	)		(1,037,208	)
Splunk Inc.		(17,450	)		(1,050,316	)
SS&C Technologies Holdings, Inc.		(30,850	)		(985,041	)
Tyler Technologies, Inc.		(3,800	)		(609,520	)
					(3,682,085	)
Asset Management & Custody Banks
Brookfield Asset Management Inc.–Class A (Canada)		(28,550	)		(999,821	)
Automobile Manufacturers
General Motors Co.		(32,450	)		(1,025,420	)
Tesla Motors, Inc.		(1,250	)		(247,163	)
					(1,272,583	)
Automotive Retail
Advance Auto Parts, Inc.		(5,250	)		(735,420	)
AutoNation, Inc.		(20,750	)		(910,302	)
CarMax, Inc.		(17,800	)		(888,932	)
					(2,534,654	)
Biotechnology
Alnylam Pharmaceuticals Inc.		(27,950	)		(995,020	)
Puma Biotechnology, Inc.		(10,500	)		(402,150	)
					(1,397,170	)
Casinos & Gaming
Wynn Resorts Ltd.		(10,800	)		(1,021,140	)
Commodity Chemicals
Methanex Corp. (Canada)		(27,600	)		(1,003,260	)
Consumer Electronics
Harman International Industries, Inc.		(12,350	)		(984,418	)
Data Processing & Outsourced Services
MasterCard, Inc.–Class A		(9,850	)		(1,054,147	)
Visa Inc.–Class A		(12,500	)		(1,031,375	)
					(2,085,522	)
Electrical Components & Equipment
Acuity Brands, Inc.		(4,450	)		(994,886	)

	Shares			Value
Environmental & Facilities Services
Stericycle, Inc.		(13,550	)	$	(1,085,220)
Waste Connections, Inc. (Canada)		(13,750	)		(1,034,138	)
					(2,119,358	)
Fertilizers & Agricultural Chemicals
CF Industries Holdings, Inc.		(40,600	)		(974,806	)
Financial Exchanges & Data
FactSet Research Systems Inc.		(5,900	)		(912,848	)
Intercontinental Exchange, Inc.		(1,550	)		(419,104	)
					(1,331,952	)
Footwear
NIKE, Inc.–Class B		(19,950	)		(1,001,091	)
Gold
Franco-Nevada Corp. (Canada)		(14,250	)		(932,805	)
Health Care Distributors
Patterson Cos. Inc.		(8,050	)		(343,816	)
Health Care Equipment
DexCom Inc.		(13,400	)		(1,048,416	)
Health Care Facilities
Brookdale Senior Living Inc.		(57,550	)		(830,446	)
Tenet Healthcare Corp.		(36,150	)		(712,517	)
					(1,542,963	)
Homebuilding
PulteGroup Inc.		(51,800	)		(963,480	)
Toll Brothers, Inc.		(35,150	)		(964,516	)
					(1,927,996	)
Hotels, Resorts & Cruise Lines
Norwegian Cruise Line Holdings Ltd.		(27,300	)		(1,061,151	)
Royal Caribbean Cruises Ltd.		(14,800	)		(1,137,676	)
					(2,198,827	)
Industrial Machinery
Middleby Corp. (The)		(2,550	)		(285,880	)
Integrated Oil & Gas
Chevron Corp.		(10,150	)		(1,063,212	)
Exxon Mobil Corp.		(11,900	)		(991,508	)
					(2,054,720	)
Internet & Direct Marketing Retail
Amazon.com, Inc.		(1,140	)		(900,395	)
Netflix Inc.		(8,150	)		(1,017,690	)
					(1,918,085	)
Investment Banking & Brokerage
Charles Schwab Corp. (The)		(32,200	)		(1,020,740	)
Leisure Products
Polaris Industries Inc.		(11,150	)		(854,202	)

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

14                         Invesco Long/Short Equity Fund

	Shares			Value
Life Sciences Tools & Services
Illumina, Inc.		(7,400	)	$	(1,007,436	)
Motorcycle Manufacturers
Harley-Davidson, Inc.		(18,300	)		(1,043,466	)
Multi-Sector Holdings
FNFV Group		(28,000	)		(337,400	)
Oil & Gas Equipment & Services
Core Laboratories N.V.		(8,100	)		(785,457	)
Schlumberger Ltd.		(12,750	)		(997,433	)
Weatherford International PLC		(180,750	)		(871,215	)
					(2,654,105	)
Oil & Gas Exploration & Production
Whiting Petroleum Corp.		(92,250	)		(760,140	)
Oil & Gas Storage & Transportation
Cheniere Energy, Inc.		(26,350	)		(993,395	)
Pembina Pipeline Corp. (Canada)		(19,850	)		(610,586	)
Plains GP Holdings, L.P.–Class A		(78,750	)		(989,100	)
					(2,593,081	)
Paper Packaging
WestRock Co.		(17,400	)		(803,706	)
Personal Products
Coty, Inc.–Class A		(45,250	)		(1,040,297	)
Pharmaceuticals
Allergan PLC		(4,650	)		(971,571	)
Endo International PLC		(49,900	)		(935,625	)
Perrigo Co. PLC		(11,400	)		(948,366	)
					(2,855,562	)
Property & Casualty Insurance
XL Group Ltd. (Ireland)		(30,500	)		(1,058,350	)

	Shares			Value
Real Estate Development
Howard Hughes Corp.		(9,600	)	$	(1,054,368	)
Real Estate Services
CBRE Group, Inc.–Class A		(36,400	)		(937,664	)
Jones Lang LaSalle Inc.		(10,200	)		(987,870	)
					(1,925,534	)
Restaurants
Chipotle Mexican Grill, Inc.		(2,800	)		(1,010,128	)
Semiconductors
First Solar, Inc.		(25,200	)		(1,020,348	)
Skyworks Solutions, Inc.		(13,350	)		(1,027,149	)
					(2,047,497	)
Research & Consulting Services
IHS Markit Ltd.		(27,700	)		(1,019,083	)
Specialized REIT’s
Equinix, Inc.		(2,820	)		(1,007,530	)
Specialty Stores
Signet Jewelers Ltd.		(12,550	)		(1,019,813)
Tractor Supply Co.		(2,350	)		(147,181	)
					(1,166,994	)
Steel
Allegheny Technologies, Inc.		(36,100	)		(492,404	)
Systems Software
FireEye, Inc.		(57,100	)		(663,502	)
ServiceNow, Inc.		(13,000	)		(1,142,830	)
Tableau Software, Inc.		(21,550	)		(1,035,477	)
					(2,841,809	)
Trading Companies & Distributors
Fastenal Co.		(26,550	)		(1,034,919	)
Total Equity Securities — Short				$	(68,172,430	)

15                         Invesco Long/Short Equity Fund

Statement of Assets and Liabilities

October 31, 2016

Assets:
Investments, at value (Cost $62,925,961)	$	65,469,505
Investments in affiliated money market funds, at value and cost		2,139,544
Total investments, at value (Cost $65,065,505)		67,609,049
Receivable for:
Deposits with brokers for swap agreements		50,000
Investments sold		6,797,330
Fund shares sold		1,883
Dividends and interest		58,278
Investment for trustee deferred compensation and retirement plans		6,197
Unrealized appreciation on swap agreements — OTC		2,001,219
Other assets		44,866
Total assets		76,568,822
Liabilities:
Payable for:
Investments purchased		7,279,893
Fund shares reacquired		19,111
Swaps payable		121,748
Accrued fees to affiliates		7,767
Accrued trustees’ and officers’ fees and benefits		1,590
Accrued other operating expenses		83,271
Trustee deferred compensation and retirement plans		6,197
Unrealized depreciation on swap agreements — OTC		565,550
Total liabilities		8,085,127
Net assets applicable to shares outstanding	$	68,483,695
Net assets consist of:
Shares of beneficial interest	$	65,659,851
Undistributed net investment income		(1,441,667	)
Undistributed net realized gain		286,298
Net unrealized appreciation		3,979,213
	$	68,483,695

Net Assets:
Class A	$	11,562,333
Class C	$	2,385,383
Class R	$	83,374
Class Y	$	7,604,359
Class R5	$	543,396
Class R6	$	46,304,850
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		1,106,016
Class C		231,694
Class R		8,015
Class Y		723,873
Class R5		51,740
Class R6		4,408,085
Class A:
Net asset value per share	$	10.45
Maximum offering price per share
(Net asset value of $10.45 ¸ 94.50%)	$	11.06
Class C:
Net asset value and offering price per share	$	10.30
Class R:
Net asset value and offering price per share	$	10.40
Class Y:
Net asset value and offering price per share	$	10.51
Class R5:
Net asset value and offering price per share	$	10.50
Class R6:
Net asset value and offering price per share	$	10.50

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

16                         Invesco Long/Short Equity Fund

Statement of Operations

For the year ended October 31, 2016

Investment income:
Dividends (net of foreign withholding taxes of $2,256)	$	1,360,517
Dividends from affiliated money market funds		27,479
Total investment income		1,387,996
Expenses:
Advisory fees		712,854
Administrative services fees		50,000
Custodian fees		6,002
Distribution fees:
Class A		32,395
Class C		28,817
Class R		302
Transfer agent fees — A, C, R and Y		27,848
Transfer agent fees — R5		3
Transfer agent fees — R6		154
Trustees’ and officers’ fees and benefits		19,537
Registration and filing fees		74,871
Reports to shareholders		16,912
Professional services fees		81,684
Other		14,269
Total expenses		1,065,648
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(91,142	)
Net expenses		974,506
Net investment income		413,490
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		2,558,320
Swap agreements		(7,712,486	)
		(5,154,166	)
Change in net unrealized appreciation of:
Investment securities		2,441,936
Swap agreements		1,169,547
		3,611,483
Net realized and unrealized gain (loss)		(1,542,683	)
Net increase (decrease) in net assets resulting from operations	$	(1,129,193	)

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

17                         Invesco Long/Short Equity Fund

Statement of Changes in Net Assets

For the years ended October 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	413,490		$	36,036
Net realized gain (loss)		(5,154,166	)		803,782
Change in net unrealized appreciation		3,611,483			43,896
Net increase (decrease) in net assets resulting from operations		(1,129,193	)		883,714
Distributions to shareholders from net investment income:
Class A		(600,522	)		—
Class C		(125,377	)		—
Class R		(2,120	)		—
Class Y		(392,484	)		—
Class R5		(29,196	)		—
Class R6		(30,735	)		—
Total distributions from net investment income		(1,180,434	)		—
Distributions to shareholders from net realized gains:
Class A		(61,333	)		(4,528	)
Class C		(14,863	)		(854	)
Class R		(227	)		(7	)
Class Y		(37,978	)		(2,596	)
Class R5		(2,825	)		(189	)
Class R6		(2,974	)		(150	)
Total distributions from net realized gains		(120,200	)		(8,324	)
Share transactions–net:
Class A		(131,605	)		(4,378,517	)
Class C		319,228			(330,484	)
Class R		47,832			11,715
Class Y		641,681			(4,992,049	)
Class R5		18,068			(173,215	)
Class R6		45,877,671			18,107
Net increase (decrease) in net assets resulting from share transactions		46,772,875			(9,844,443	)
Net increase (decrease) in net assets		44,343,048			(8,969,053	)
Net assets:
Beginning of year		24,140,647			33,109,700
End of year (includes undistributed net investment income of $(1,441,667) and $873,445, respectively)	$	68,483,695		$	24,140,647

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

18                         Invesco Long/Short Equity Fund

Statement of Cash Flows

For the year ended October 31, 2016

Cash provided by (used in) operating activities:
Net increase (decrease) in net assets resulting from operations	$	(1,129,193	)
Adjustments to reconcile the change in net assets from operations to net cash provided by (used in) operating activities:
Purchases of investments		(84,875,244	)
Net change in unrealized appreciation on swap agreements		(1,169,547	)
Decrease in deposits with broker for swaps		3,925
Increase in swap agreement payable, net		87,140
Proceeds from sales of investments		44,981,453
Increase in receivables and other assets		(83,185	)
Increase in accrued expenses and other payables		1,352
Net realized gain from investment securities		(2,558,320	)
Net change in unrealized appreciation on investment securities		(2,441,936	)
Net cash provided by (used in) operating activities		(47,183,555	)
Cash provided by financing activities:
Dividends paid to shareholders from net investment income		(676,043	)
Proceeds from shares of beneficial interest sold		56,851,043
Disbursements from shares of beneficial interest reacquired		(10,708,893	)
Net cash provided by financing activities		45,466,107
Net increase (decrease) in cash and cash equivalents		(1,717,448	)
Cash and cash equivalents at beginning of period		3,856,992
Cash and cash equivalents at end of period	$	2,139,544
Non-cash financing activities:
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders	$	624,591

Notes to Financial Statements

October 31, 2016

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-two 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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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.

19                         Invesco Long/Short Equity Fund

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.

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

20                         Invesco Long/Short 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. 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 cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. 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.

21                         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, 2016, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least 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%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee 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. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $63,137 and reimbursed class level expenses of $15,057, $3,349, $70, $9,230, $3 and $154 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, 2016, 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, 2016, 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $20,757 in front-end sales commissions from the sale of Class A shares and $149 and $387 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.

22                         Invesco Long/Short Equity 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, 2016. 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
Common Stocks & Other Equity Interests	$	65,469,505	$	—		$	—	$	65,469,505
Money Market Funds		2,139,544		—	��		—		2,139,544
		67,609,049		—			—		67,609,049
Swap Agreements*		—		1,435,669			—		1,435,669
Total Investments	$	67,609,049	$	1,435,669		$	—	$	69,044,718

* Unrealized appreciation.

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2016:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on swap agreements — OTC	$	2,001,219
Derivatives not subject to master netting agreements		—
Total Derivative Assets subject to master netting agreements	$	2,001,219
	Value
Derivative Liabilities	Equity Risk
Unrealized depreciation on swap agreements — OTC	$	(565,550	)
Derivatives not subject to master netting agreements		—
Total Derivative Liabilities subject to master netting agreements	$	(565,550	)

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2016.

	Financial Derivative Assets				Financial Derivative Liabilities								Collateral (Received)/Pledged
Counterparty	Swap agreements		Total assets		Swap agreements			Total liabilities			Net value of derivatives		Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	2,001,219	$	2,001,219	$	(687,298	)	$	(687,298	)	$	1,313,921	$	—	$	—	$	1,313,921

Effect of Derivative Investments for the year ended October 31, 2016

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

	Location of Gain (Loss) on Statement of Operations
	Equity Risk
Realized Gain (Loss):
Swap agreements	$	(7,712,486	)
Change in Net Unrealized Appreciation:
Swap agreements		1,169,547
Total	$	(6,542,939	)

23                         Invesco Long/Short Equity Fund

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

	Swap Agreements
Average notional value	$	118,461,086

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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $142.

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 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, 2016 and 2015:

	2016		2015
Ordinary income	$	1,132,066	$	—
Long-term capital gain		168,568		8,324
Total distributions	$	1,300,634	$	8,324

Tax Components of Net Assets at Period-End:

	2016
Undistributed long-term gain	$	406,840
Net unrealized appreciation — investments		2,423,002
Temporary book/tax differences		(5,998	)
Shares of beneficial interest		65,659,851
Total net assets	$	68,483,695

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 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, 2016.

24                         Invesco Long/Short Equity 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, 2016 was $92,155,137 and $50,751,513, 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	$	5,593,707
Aggregate unrealized (depreciation) of investment securities		(3,170,705	)
Net unrealized appreciation of investment securities	$	2,423,002

Cost of investments for tax purposes is $65,186,047.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of swap agreements and net operating losses, on October 31, 2016, undistributed net investment income was decreased by $1,548,168, undistributed net realized gain was increased by $5,727,029 and shares of beneficial interest was decreased by $4,178,861. This reclassification had no effect on the net assets of the Fund.

NOTE 11—Share Information

	Summary of Share Activity
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		485,055		$	5,239,306			556,814		$	6,231,353
Class C		122,278			1,335,132			185,522			2,040,295
Class R		4,388			46,734			1,785			19,704
Class Y		237,370			2,565,330			353,711			3,918,479
Class R5		1,739			18,068			—			—
Class R6(b)		4,517,701			47,595,766			2,429			26,925
Issued as reinvestment of dividends:
Class A		33,564			364,508			238			2,611
Class C		11,487			123,718			77			839
Class R		162			1,762			—			—
Class Y		12,205			132,915			76			841
Class R5		—			—			4			44
Class R6		155			1,688			—			—
Reacquired:
Class A		(529,912	)		(5,735,419	)		(966,899	)		(10,612,481	)
Class C		(109,262	)		(1,139,622	)		(218,028	)		(2,371,618	)
Class R		(63	)		(664	)		(725	)		(7,989	)
Class Y		(192,505	)		(2,056,564	)		(810,753	)		(8,911,369	)
Class R5		—			—			(15,106	)		(173,259	)
Class R6		(162,427	)		(1,719,783	)		(777	)		(8,818	)
Net increase (decrease) in share activity		4,431,935		$	46,772,875			(911,632	)	$	(9,844,443	)

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and in the aggregate owns 10% 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, 78% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)  On February 18, 2016, 4,184,012 Class R6 shares valued at $44,099,486 were sold to affiliated mutual funds.

25                         Invesco Long/Short Equity 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			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 10/31/16	$	11.50	$	0.06	(d)	$	(0.50	)	$	(0.44	)	$	(0.55	)	$	(0.06	)	$	(0.61	)	$	10.45		(4.03	)%	$	11,562		1.85	%(e)		2.08	%(e)		0.58	%(d)(e)		102	%
Year ended 10/31/15		11.00		0.01			0.49			0.50			—			(0.00	)		—			11.50		4.57			12,854		1.85			2.76			0.11			89
Year ended 10/31/14(f)		10.00		(0.02	)		1.02			1.00			—			—			—			11.00		10.00			16,796		1.85	(g)		3.04	(g)		(0.25	)(g)		102
Class C
Year ended 10/31/16		11.34		(0.02	)(d)		(0.48	)		(0.50	)		(0.48	)		(0.06	)		(0.54	)		10.30		(4.68	)		2,385		2.60	(e)		2.83	(e)		(0.17	)(d)(e)		102
Year ended 10/31/15		10.92		(0.07	)		0.49			0.42			—			(0.00	)		—			11.34		3.87			2,350		2.60			3.51			(0.64	)		89
Year ended 10/31/14(f)		10.00		(0.10	)		1.02			0.92			—			—			—			10.92		9.20			2,618		2.60	(g)		3.79	(g)		(1.00	)(g)		102
Class R
Year ended 10/31/16		11.45		0.04	(d)		(0.50	)		(0.46	)		(0.53	)		(0.06	)		(0.59	)		10.40		(4.27	)		83		2.10	(e)		2.33	(e)		0.33	(d)(e)		102
Year ended 10/31/15		10.98		(0.02	)		0.49			0.47			—			(0.00	)		—			11.45		4.31			40		2.10			3.01			(0.14	)		89
Year ended 10/31/14(f)		10.00		(0.04	)		1.02			0.98			—			—			—			10.98		9.80			27		2.10	(g)		3.29	(g)		(0.50	)(g)		102
Class Y
Year ended 10/31/16		11.56		0.09	(d)		(0.50	)		(0.41	)		(0.58	)		(0.06	)		(0.64	)		10.51		(3.74	)		7,604		1.60	(e)		1.83	(e)		0.83	(d)(e)		102
Year ended 10/31/15		11.02		0.04			0.50			0.54			—			(0.00	)		—			11.56		4.93			7,709		1.60			2.51			0.36			89
Year ended 10/31/14(f)		10.00		0.00			1.02			1.02			—			—			—			11.02		10.20			12,389		1.60	(g)		2.79	(g)		0.00	(g)		102
Class R5
Year ended 10/31/16		11.56		0.09	(d)		(0.51	)		(0.42	)		(0.58	)		(0.06	)		(0.64	)		10.50		(3.83	)		543		1.60	(e)		1.71	(e)		0.83	(d)(e)		102
Year ended 10/31/15		11.02		0.04			0.50			0.54			—			(0.00	)		—			11.56		4.93			578		1.60			2.38			0.36			89
Year ended 10/31/14(f)		10.00		0.00			1.02			1.02			—			—			—			11.02		10.20			718		1.60	(g)		2.69	(g)		0.00	(g)		102
Class R6
Year ended 10/31/16		11.56		0.09	(d)		(0.51	)		(0.42	)		(0.58	)		(0.06	)		(0.64	)		10.50		(3.83	)		46,305		1.60	(e)		1.71	(e)		0.83	(d)(e)		102
Year ended 10/31/15		11.02		0.04			0.50			0.54			—			(0.00	)		—			11.56		4.93			609		1.60			2.38			0.36			89
Year ended 10/31/14(f)		10.00		0.00			1.02			1.02			—			—			—			11.02		10.20			562		1.60	(g)		2.69	(g)		0.00	(g)		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)  Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $(0.00) and (0.00)%, $(0.08) and (0.75)%, $(0.02) and (0.25)%, $0.03 and 0.25%, $0.03 and 0.25% and 0.03 and 0.25% 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 $12,958, $2,882, $60, $7,944, $539 and $32,646 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of December 19, 2013.

^(g)  Annualized.

NOTE 13—Subsequent Event

Effective January 1, 2017, the Fund will pay 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		0.80%	��
Next $250 million		0.77%
Next $500 million		0.75%
Next $1.5 billion		0.72%
Next $2.5 billion		0.70%
Next $2.5 billion		0.67%
Next $2.5 billion		0.65%
Over $10 billion		0.62%

In addition, effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2018, 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 in Note 2) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.59%, 2.34%, 1.84%, 1.34%, 1.34% and 1.34%, respectively, of the Fund’s average daily net assets.

26                         Invesco Long/Short Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees

and Shareholders of the 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 the Invesco Long/Short Equity Fund (the “Fund”) as of October 31, 2016, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the two years in the period 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 audit. We conducted our audit 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 includes confirmation of securities as of October 31, 2016 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

Houston, Texas

December 21, 2016

27                         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, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio2
			Ending Account Value (10/31/16)1		Expenses Paid During Period2,3		Ending Account Value (10/31/16)		Expenses Paid During Period2,4
A	$	1,000.00	$	989.60	$	9.25	$	1,015.84	$	9.37		1.85	%
C		1,000.00		986.60		12.98		1,012.07		13.15		2.60
R		1,000.00		987.70		10.49		1,014.58		10.63		2.10
Y		1,000.00		991.50		8.01		1,017.09		8.11		1.60
R5		1,000.00		990.60		8.01		1,017.09		8.11		1.60
R6		1,000.00		990.60		8.01		1,017.09		8.11		1.60

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 to reflect the most recent fiscal half year. Effective January 1, 2017, the Fund’s adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.59%, 2.34%, 1.84%, 1.34%, 1.34%, and 1.34% of average daily net assets, respectively. The annualized ratios restated as these agreements had been in effect throughout the entire most recent fiscal half year are 1.57%,2.32%, 1.82%, 1.32%, 1.32% and 1.32%, for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $7.85, $11.59, $9.09, $6.61, $6.60 and $6.60 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $7.96, $11.74, $9.22, $6.70, $6.70 and $6.70 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

28                         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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solution, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the

independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 and two calendar years to the performance of funds in the Broadridge performance universe and against the Lipper Alternative Long/Short Equity 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 year period and the first quintile for the two year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and two 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

29                         Invesco Long/Short Equity Fund

management fee rates of funds in the Fund’s Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of 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 28, 2017 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, based on asset balances as of December 31, 2015. 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 and a report from an independent consultant engaged by the Senior Officer 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 Broadridge 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 certain 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 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, 2016:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	168,568
Qualified Dividend Income*		37.87	%
Corporate Dividends Received Deduction*		33.48	%
U.S. Treasury Obligations*		0	%

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

31                         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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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, 2016
	Invesco Low Volatility Emerging Markets Fund
	Nasdaq:
	A: LVLAX  ∎  C: LVLCX  ∎  R: LVLRX  ∎  Y: LVLYX  ∎  R5: LVLFX  ∎  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.     In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes

to sink at the start of calendar year 2016, but they eventually recovered; they sank again following the UK’s decision to leave the European Union, but then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

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.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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: ∎ 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. ∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, 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, 10/31/15 to 10/31/16, 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	7.98	%
Class C Shares	7.08
Class R Shares	7.68
Class Y Shares	8.25
Class R5 Shares	8.25
Class R6 Shares	8.12
MSCI All Country World Indexq (Broad Market Index)	2.05
MSCI Emerging Markets Indexq (Style-Specific Index)	9.27
Lipper Emerging Market Funds Index∎ (Peer Group Index)	11.25
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

The global economy continued to expand, albeit slowly, for the fiscal year ended October 31, 2016. However, that growth became increasingly uneven across developed and emerging economies, amid continued volatility in oil prices and as the policies of central banks globally began to diverge.

    An equity market rally in November 2015 was offset by negative performance in December, as a late-year crash in oil prices rattled the markets. Also in December, the US Federal Reserve (the Fed) followed through on its commitment to normalize monetary policy by raising interest rates – its first increase since 2006 – even as the European Central Bank extended its asset purchase program and Japan introduced additional quantitative easing and negative interest rates.

    Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China and falling oil prices. Markets recovered in

late February and posted gains amid concerted central bank commitments to very loose monetary policy. As a result, the US dollar fell sharply against the euro and Japanese yen, a development that was largely supportive of oil and stock prices.

    All major global stock indexes experienced steep declines again in June after Britain unexpectedly voted to leave the European Union. The resulting sharp sell-off in stocks hit economically sensitive stocks, like energy and financials, the hardest, and investors flocked to the perceived safety of US Treasuries and defensive equities often found in the consumer staples and utilities sectors.

    After the initial shock of the Brexit vote, stocks made a strong recovery, regaining most of the losses as fears of a sharp shock to consumer confidence never materialized. For the remainder of the reporting period, emerging markets outperformed as the Fed left interest rates unchanged and expectations for an interest rate increase were delayed again.

    The Fund seeks to provide long-term growth of capital while achieving a lower volatility level than its style-specific benchmark. The Fund seeks to accomplish long-term capital growth through stock selection using a proprietary multi-factor model based on fundamental and behavioral factors to forecast individual security returns and risk and rank companies relative to peers within their respective countries and sectors. The multi-factor model forecasts a return for each stock in the investable universe and is based on four concepts: Earnings Expectations, Market Sentiment, Management and Quality, and Value.¹

    For the reporting period, stock selection in the utilities, consumer discretionary, materials and telecommunication services sectors contributed to the Fund’s performance relative to its style-specific benchmark, but it was not enough to offset losses from stock selection in the financials, information technology (IT) and consumer staples sectors. From a geographic perspective, underweight allocation in China and overweight allocation in Brazil added the most value to Fund performance, as did stock selection in India. Stock selection in Taiwan, Russia and Turkey hindered Fund performance.

    Four of the top five contributors to Fund performance over the fiscal year were Brazilian companies –Cosan SA Industria e Comercio, EcoRodovias Infraestrutura (no longer held at the end of the reporting period), Companhia Energetica de Minas Gerais and Smiles SA. Brazil had one of the strongest recoveries in the emerging markets during the fiscal year, after performing poorly in the prior fiscal year due to political unrest and a weak economy. Investor sentiment shifted to less defensive sectors when the Brazilian Central Bank left interest rates unchanged in January and commodities started to recover globally in mid-February. Energy producer

Portfolio Composition
By sector	% of total net assets

Financials	16.7	%
Consumer Discretionary	15.2
Consumer Staples	13.4
Industrials	13.1
Utilities	11.1
Materials	9.6
Energy	9.1
Information Technology	4.2
Telecommunication Services	4.0
Health Care	2.6
Money Market Funds Plus Other Assets Less Liabilities	1.0

Top 10 Equity Holdings*
	% of total net assets

1.	Woori Bank	1.7	%
2.	Hindustan Petroleum Corp. Ltd.	1.6
3.	Sun TV Network Ltd.	1.6
4.	Companhia Energetica de Minas Gerais-ADR	1.5
5.	Barclays Africa Group Ltd.	1.5
6.	Sappi Ltd.	1.5
7.	ALROSA PJSC	1.5
8.	MRV Engenharia e Participacoes S.A.	1.5
9.	Powertech Technology Inc.	1.5
10.	Thai Oil PCL	1.5

Total Net Assets	$43.0 million
Total Number of Holdings*	99

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

*Excluding money market fund holdings.

Data presented here are as of October 31, 2016.

4                         Invesco Low Volatility Emerging Markets Fund

Cosan and EcoRodovias, an industrial company which focuses on transportation infrastructure, benefited from a rebound in commodities and an improved business outlook. Companhia Energetica, an electric utility company, rebounded after concerns of a power shortage due to last year’s drought dissipated. Smiles, a travel services company focused on loyalty programs primarily for the airline industry, beat earnings estimates and performed well given forecasts of higher market share.

Two of the worst-performing stocks over the fiscal year were Taiwanese companies. Casetek, a technology company that manufactures notebooks and tablets, performed poorly due to pricing pressure and weakening demand, which resulted in a lower earnings outlook. Fubon Financial, a multi-sector financial holding company, declined due to a drop in year-over-year profits given lower investment gains. We sold our positions in Casetek and Fubon Financials during the reporting period. TAV Havalimanlari, a manager of airport terminals in Turkey, performed poorly given a significant drop in tourism income due to security concerns after a terrorist attack in June and an attempted coup in July that led to a three-month state of emergency.

At the close of the reporting period, relative to the Fund’s style-specific index, the Fund held overweight positions in the consumer discretionary, consumer staples, industrials, materials and utilities sectors, and underweight positions in the financials, IT and telecommunication services sectors. Geographically, the Fund held overweight positions in Brazil, Mexico, South Africa and India, and underweight positions in China, South Korea and Taiwan.

Please note, the Fund’s strategy is principally implemented through equity investments, but the Fund 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 Markets 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 Model’s investment concepts – Earnings Expectations, Market Sentiment, Management and Quality, and Value are the foundation of the Fund’s stock selection process. Earnings Expectations is measured by earnings momentum and earnings revisions. Market Sentiment evaluates the price momentum of the stock. Management and Quality assesses whether management is a benefit for shareholders. The Value concept measures valuation in terms of cash flow yield, dividend yield, and earnings 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), 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. Dr. Waisburd earned a BS in statistics from Cornell University and an MS and a PhD in finance from Indiana University.

Donna Chapman Wilson

Portfolio Manager and Director of Portfolio Management, is manager of Invesco Low Volatility Emerging Markets Fund. She joined Invesco in 1997. Ms. Chapman Wilson earned a BA in economics from Hampton University and an MBA in finance from the Wharton School of the University of Pennsylvania.

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

1 Source: FactSet Research Systems Inc.

2 Source: Lipper Inc.

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 Low Volatility Emerging Markets Fund

Average Annual Total Returns
As of 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	-4.84	%
1 Year	2.04
Class C Shares
Inception (12/17/13)	-3.69	%
1 Year	6.08
Class R Shares
Inception (12/17/13)	-3.17	%
1 Year	7.68
Class Y Shares
Inception (12/17/13)	-2.70	%
1 Year	8.25
Class R5 Shares
Inception (12/17/13)	-2.70	%
1 Year	8.25
Class R6 Shares
Inception (12/17/13)	-2.74	%
1 Year	8.12

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 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 7.99%, 8.74%, 8.24%, 7.74%, 7.64% and 7.64%, 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 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	-5.10%
1 Year	6.42
Class C Shares
Inception (12/17/13)	-3.88%
1 Year	10.86
Class R Shares
Inception (12/17/13)	-3.39%
1 Year	12.47
Class Y Shares
Inception (12/17/13)	-2.91%
1 Year	13.04
Class R5 Shares
Inception (12/17/13)	-2.91%
1 Year	13.04
Class R6 Shares
Inception (12/17/13)	-2.95%
1 Year	12.90

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.

7                         Invesco Low Volatility Emerging Markets Fund

Invesco Low Volatility Emerging Markets Fund’s investment objective is long-term growth of capital.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

∎ 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

∎ Depositary receipts risk. Investing in depositary receipts involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

∎ 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.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk,

foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Geographic focus risk. The Fund may from time to time invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund’s investment performance.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. 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. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a

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

whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

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

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

About indexes used in this report

∎ The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ 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.

∎ The Lipper Emerging Market Funds Index is an unmanaged index considered representative of emerging market 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.

∎ 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 Low Volatility Emerging Markets Fund

Schedule of Investments

October 31, 2016

	Shares		Value
Common Stocks & Other Equity Interests–99.02%
Brazil–12.43%
Ambev S.A.–ADR		90,800	$	535,720
Braskem S.A.–Preference Shares–ADR		59,500		527,087
Companhia Energetica de Minas Gerais–ADR		216,638		654,247
Cosan S.A. Industria e Comercio		46,300		622,701
Equatorial Energia S.A.		7,400		132,035
Kroton Educacional S.A.		115,400		574,966
MRV Engenharia e Participacoes S.A.		166,100		643,320
Multiplus S.A.		43,400		588,594
Smiles S.A.		33,000		602,454
Transmissora Alianca de Energia Eletrica S.A.(a)		71,000		461,653
				5,342,777
Chile–4.90%
Aguas Andinas S.A.–Class A		710,716		469,317
Banco de Chile		2,329,881		281,365
Cencosud S.A.		183,058		605,322
Enersis Américas S.A.–ADR		45,319		392,916
Enersis Chile S.A.		3,530,159		357,301
				2,106,221
China–5.82%
China Communication Services Corp. Ltd.–Class H		592,000		351,897
Chongqing Rural Commercial Bank Co., Ltd.–Class H		925,000		554,610
Guangzhou Automobile Group Co. Ltd.–Class H		404,000		487,757
Jiangsu Expressway Co. Ltd.–Class H		134,000		182,458
Lao Feng Xiang Co., Ltd.–Class B		64,100		218,581
Longfor Properties Co. Ltd.		397,500		527,919
Yantai Changyu Pioneer Wine Co. Ltd.–Class B		64,900		178,624
				2,501,846
India–11.44%
Bharat Electronics Ltd.		29,172		581,115
Bharat Petroleum Corp. Ltd.		16,666		167,022
Hero MotoCorp Ltd.		10,719		538,053
Hindustan Petroleum Corp. Ltd.		100,722		704,737
ITC Ltd.		116,877		423,426
Marico Ltd.		147,087		612,752
NHPC Ltd.		660,346		264,514
Reliance Infrastructure Ltd.		70,072		568,718
Sun TV Network Ltd.		83,829		689,474
Vedanta Ltd.		120,856		366,568
				4,916,379
Indonesia–0.64%
PT AKR Corporindo Tbk		504,200		273,971

	Shares		Value
Malaysia–6.28%
AirAsia Bhd.		918,800	$	606,765
Berjaya Sports Toto Bhd.		184,600		140,392
MISC Bhd.		260,900		467,748
PPB Group Bhd.		45,300		174,094
Public Bank Bhd.		124,300		588,532
Telekom Malaysia Bhd.		116,900		182,268
Tenaga Nasional Bhd.		158,400		541,532
				2,701,331
Mexico–8.53%
Alpek S.A.B. de C.V.		290,100		431,878
Arca Continental S.A.B. de C.V.		48,600		302,006
Coca-Cola Femsa, S.A.B. de C.V.–Series L		60,300		452,741
Gentera S.A.B. de C.V.		308,200		607,851
Gruma, S.A.B. de C.V.–Class B		15,260		212,114
Industrias Bachoco, S.A.B. de C.V.–Series B		67,900		300,019
Industrias CH, S.A.B. de C.V.–Series B(b)		30,500		144,092
Megacable Holdings S.A.B. de C.V.–Series CPO(c)		68,400		250,337
Nemak, S.A.B. de C.V.–REGS(d)		455,900		474,661
Wal-Mart de México, S.A.B. de C.V.–Series V		232,700		492,185
				3,667,884
Philippines–1.20%
Aboitiz Equity Ventures Inc.		242,980		391,175
Cebu Air, Inc.		58,320		126,390
				517,565
Poland–1.69%
Powszechny Zaklad Ubezpieczen S.A.		59,792		415,176
Tauron Polska Energia S.A.(b)		462,192		312,212
				727,388
Qatar–0.42%
Qatar Islamic Bank (S.A.Q)		6,376		179,297
Russia–8.50%
ALROSA PJSC(b)		461,463		644,801
Gazprom PAO–ADR		141,604		610,692
Inter RAO UES PJSC		11,718,756		628,371
LUKOIL PJSC–ADR		12,774		624,788
Magnitogorsk Iron & Steel Works OJSC		1,205,923		605,927
Rostelecom PJSC		231,480		288,437
Sistema PJSFC–REGS–GDR(d)		33,467		249,999
				3,653,015
South Africa–10.18%
Barclays Africa Group Ltd.		56,264		652,484
Bidvest Group Ltd. (The)		23,931		297,136
KAP Industrial Holdings Ltd.		390,114		224,237
Kumba Iron Ore Ltd.(b)		35,258		357,418
Liberty Holdings Ltd.		67,815		583,190

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

10                         Invesco Low Volatility Emerging Markets Fund

	Shares		Value
South Africa–(continued)
Life Healthcare Group Holdings Ltd.		87,260	$	232,987
Nedbank Group Ltd.		36,913		603,672
Reunert Ltd.		54,452		249,180
Sappi Ltd.(b)		116,074		645,669
Sibanye Gold Ltd.		117,888		326,303
Super Group Ltd.(b)		68,235		201,420
				4,373,696
South Korea–10.62%
Hankook Tire Co. Ltd.		11,838		571,317
HITEJINRO Co., Ltd.		25,055		481,922
Hyundai Development Co.		13,904		587,892
Kangwon Land Inc.		16,349		542,453
KT&G Corp.		6,029		594,512
Lotte Chemical Corp.		315		79,268
Samsung Electronics Co., Ltd.		433		617,738
Woori Bank		66,654		727,304
Yuhan Corp.		1,976		362,799
				4,565,205
Taiwan–6.44%
China Airlines Ltd.		1,048,000		316,820
Chunghwa Telecom Co., Ltd.		150,000		513,818
Lite-On Technology Corp.		381,896		548,211
Powertech Technology Inc.		223,000		636,699
St. Shine Optical Co., Ltd.		24,000		504,230

	Shares		Value
Taiwan–(continued)
Wan Hai Lines Ltd.		501,000	$	246,620
				2,766,398
Thailand–6.57%
Airports of Thailand PCL		51,700		562,310
Intouch Holdings PCL–Class F		95,700		144,793
IRPC PCL		3,948,300		538,763
Krung Thai Bank PCL		1,137,000		557,490
Thai Oil PCL		317,800		635,056
Thai Union Group PCL		451,300		279,566
Thai Vegetable Oil PCL		108,500		103,761
				2,821,739
Turkey–1.24%
TAV Havalimanlari Holding A.S.		96,990		396,388
Turk Traktor ve Ziraat Makineleri A.S.		5,322		137,758
				534,146
United Arab Emirates–2.12%
Aldar Properties PJSC		863,303		619,827
DAMAC Properties Dubai Co. PJSC		485,413		290,337
				910,164
TOTAL INVESTMENTS–99.02% (Cost $37,244,734)				42,559,022
OTHER ASSETS LESS LIABILITIES–0.98%				421,431
NET ASSETS–100.00%			$	42,980,453

Investment Abbreviations:

ADR	– American Depositary Receipt
GDR	– Global Depositary Receipt
REGS	– Regulation S

Notes to Schedule of Investments:

^(a)  Each unit represents two preferred shares and one common share.

^(b)  Non-income producing security.

^(c)  Each CPO represents two Series A Shares.

^(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, 2016 was $724,660, which represented 1.69% of the Fund’s Net Assets.

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

11                         Invesco Low Volatility Emerging Markets Fund

Statement of Assets and Liabilities

October 31, 2016

Assets:
Total investments, at value (Cost $37,244,734)	$	42,559,022
Foreign currencies, at value (Cost $682,415)		677,635
Receivable for:
Deposits with brokers — futures		12,000
Variation margin — futures		1,380
Fund shares sold		21,012
Dividends		38,814
Investment for trustee deferred compensation and retirement plans		6,116
Other assets		43,829
Total assets		43,359,808
Liabilities:
Payable for:
Fund shares reacquired		17,891
Amount due custodian		51,777
Accrued foreign taxes		219,822
Accrued fees to affiliates		12,033
Accrued trustees’ and officers’ fees and benefits		1,518
Accrued other operating expenses		70,198
Trustee deferred compensation and retirement plans		6,116
Total liabilities		379,355
Net assets applicable to shares outstanding	$	42,980,453
Net assets consist of:
Shares of beneficial interest	$	35,536,778
Undistributed net investment income		615,905
Undistributed net realized gain		1,517,090
Net unrealized appreciation		5,310,680
	$	42,980,453

Net Assets:
Class A	$	3,616,766
Class C	$	249,861
Class R	$	26,092
Class Y	$	1,987,469
Class R5	$	129,892
Class R6	$	36,970,373
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		418,635
Class C		29,210
Class R		3,028
Class Y		229,525
Class R5		15,001
Class R6		4,273,091
Class A:
Net asset value per share	$	8.64
Maximum offering price per share
(Net asset value of $8.64 ¸ 94.50%)	$	9.14
Class C:
Net asset value and offering price per share	$	8.55
Class R:
Net asset value and offering price per share	$	8.62
Class Y:
Net asset value and offering price per share	$	8.66
Class R5
Net asset value and offering price per share	$	8.66
Class R6:
Net asset value and offering price per share	$	8.65

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

12                         Invesco Low Volatility Emerging Markets Fund

Statement of Operations

For the year ended October 31, 2016

Investment income:
Dividends (net of foreign withholding taxes of $111,690)	$	1,166,101
Dividends from affiliated money market funds		4,052
Total investment income		1,170,153
Expenses:
Advisory fees		288,338
Administrative services fees		50,000
Custodian fees		58,706
Distribution fees:
Class A		6,030
Class C		1,553
Class R		116
Transfer agent fees — A,C,R and Y		6,032
Transfer agent fees — R5		1
Transfer agent fees — R6		115
Trustees’ and officers’ fees and benefits		19,029
Registration and filing fees		63,080
Reports to shareholders		10,752
Professional services fees		58,264
Other		27,267
Total expenses		589,283
Less: Fees waived and expenses reimbursed		(129,679	)
Net expenses		459,604
Net investment income		710,549
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		1,571,759
Foreign currencies		(15,684	)
Futures contracts		239,023
		1,795,098
Change in net unrealized appreciation (depreciation) of:
Investment securities		5,708,769
Foreign currencies		(3,008	)
Futures contracts		(4,852	)
		5,700,909
Net realized and unrealized gain		7,496,007
Net increase in net assets resulting from operations	$	8,206,556

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

13                         Invesco Low Volatility Emerging Markets Fund

Statement of Changes in Net Assets

For the years ended October 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	710,549		$	59,589
Net realized gain (loss)		1,795,098			(375,081	)
Change in net unrealized appreciation (depreciation)		5,700,909			(382,554	)
Net increase (decrease) in net assets resulting from operations		8,206,556			(698,046	)
Distributions to shareholders from net investment income:
Class A		(15,051	)		(57,658	)
Class C		(69	)		(2,197	)
Class R		(137	)		(796	)
Class Y		(14,541	)		(50,753	)
Class R5		(1,322	)		(17,161	)
Class R6		(1,322	)		(5,585	)
Total distributions from net investment income		(32,442	)		(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		1,857,102			286,843
Class C		189,226			5,332
Class R		1,464			14,205
Class Y		556,260			212,647
Class R5		—			(285,563	)
Class R6		29,026,790			—
Net increase in net assets resulting from share transactions		31,630,842			233,464
Net increase (decrease) in net assets		39,804,956			(643,779	)
Net assets:
Beginning of year		3,175,497			3,819,276
End of year (includes undistributed net investment income of $615,905 and $14,573, respectively)	$	42,980,453		$	3,175,497

Notes to Financial Statements

October 31, 2016

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-two 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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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 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.

15                         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 the daily mark-to-market obligation for forward foreign currency contracts.

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

16                         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, 2016, the effective advisory fees incurred by the Fund was 0.935%.

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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least 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%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee 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. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $123,531 and reimbursed class level expenses of $3,654, $235, $35, $2,108, $1 and $115 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, 2016, 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,

17                         Invesco Low Volatility Emerging Markets Fund

subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2016, 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $1,477 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, 2016. 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, 2016, there were transfers from Level 1 to Level 2 of $2,464,072 and from Level 2 to Level 1 of $3,667,431, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Brazil	$	5,342,777	$	—	$	—	$	5,342,777
Chile		862,233		1,243,988		—		2,106,221
China		1,835,464		666,382		—		2,501,846
India		3,911,838		1,004,541		—		4,916,379
Indonesia		—		273,971		���		273,971
Malaysia		2,701,331		—		—		2,701,331
Mexico		3,667,884		—		—		3,667,884
Philippines		517,565		—		—		517,565
Poland		727,388		—		—		727,388
Qatar		179,297		—		—		179,297
Russia		249,999		3,403,016		—		3,653,015
South Africa		4,047,393		326,303		—		4,373,696
South Korea		1,958,490		2,606,715		—		4,565,205
Taiwan		1,689,140		1,077,258		—		2,766,398
Thailand		2,264,249		557,490		—		2,821,739
Turkey		—		534,146		—		534,146
United Arab Emirates		—		910,164		—		910,164
	$	29,955,048	$	12,603,974	$	—	$	42,559,022
Futures Contracts*		1,218		—		—		1,218
Total Investments	$	29,956,266	$	12,603,974	$	—	$	42,560,240

* Unrealized appreciation.

18                         Invesco Low Volatility Emerging Markets Fund

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2016:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	1,218
Derivatives not subject to master netting agreement		(1,218	)
Total Derivative Assets subject to master netting agreements	$	—

^(a)  Includes cumulative appreciation on 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, 2016

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

	Location of Gain (Loss) on Statement of Operations
	Equity Risk
Realized Gain:
Futures contracts	$	239,023
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(4,852	)
Total	$	234,171

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

	Futures Contracts
Average notional value	$	682,697

Open Futures Contracts — Equity Risk(a)
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value		Unrealized Appreciation
MSCI Emerging Markets Mini Index		Long		6		December-2016	$	271,050	$	1,218

^(a)  Futures contracts collateralized by $12,000 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.

19                         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 Years Ended October 31, 2016 and 2015:

	2016		2015
Ordinary income	$	32,442	$	174,171
Long-term capital gain		—		5,026
Total distributions	$	32,442	$	179,197

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	2,169,043
Net unrealized appreciation — investments		5,285,379
Net unrealized appreciation (depreciation) — other investments		(4,827	)
Temporary book/tax differences		(5,920	)
Shares of beneficial interest		35,536,778
Total net assets		$42,980,453

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, 2016.

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, 2016 was $50,648,425 and $18,673,762, 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	$	6,738,570
Aggregate unrealized (depreciation) of investment securities		(1,453,191	)
Net unrealized appreciation of investment securities	$	5,285,379

Cost of investments for tax purposes is $37,273,643.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign capital gains taxes and foreign currency transactions, on October 31, 2016, undistributed net investment income was decreased by $76,775, undistributed net realized gain was increased by $76,000 and shares of beneficial interest was increased by $775. This reclassification had no effect on the net assets of the Fund.

20                         Invesco Low Volatility Emerging Markets Fund

NOTE 10—Share Information

	Summary of Share Activity
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		275,849		$	2,238,184			145,238		$	1,412,907
Class C		30,165			236,911			6,179			59,078
Class R		2,519			20,393			1,391			13,595
Class Y		75,991			652,971			113,987			1,037,476
Class R6(b)		5,111,134			36,140,706			—			—
Issued as reinvestment of dividends:
Class A		561			3,960			1,508			13,720
Class C		8			55			288			2,611
Class R		13			89			67			610
Class Y		387			2,735			126			1,146
Class R5		—			—			1,686			15,338
Reacquired:
Class A		(47,244	)		(385,042	)		(122,441	)		(1,139,784	)
Class C		(6,119	)		(47,740	)		(6,888	)		(56,357	)
Class R		(2,323	)		(19,018	)		—			—
Class Y		(11,902	)		(99,446	)		(85,388	)		(825,975	)
Class R5		—			—			(32,778	)		(300,901	)
Class R6		(853,044	)		(7,113,916	)		—			—
Net increase in share activity		4,575,995		$	31,630,842			22,975		$	233,464

^(a)  92% of the outstanding shares of the Fund are owned by the Adviser.

^(b)  On February 18, 2016, 4,986,532 Class R6 shares valued at $35,254,781 were sold to affiliated mutual funds.

21                         Invesco Low Volatility Emerging Markets 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 10/31/16	$	8.08		$	0.17	$	0.46		$	0.63		$	(0.07	)	$	—		$	(0.07	)	$	8.64		7.98	%	$	3,617		1.72	%(e)		2.27	%(e)		2.08	%(e)		63	%
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			7.99			1.52			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 10/31/16		8.00			0.11		0.45			0.56			(0.01	)		—			(0.01	)		8.55		7.08			250		2.47	(e)		3.02	(e)		1.33	(e)		63
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			8.74			0.77			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 10/31/16		8.06			0.15		0.46			0.61			(0.05	)		—			(0.05	)		8.62		7.68			26		1.97	(e)		2.52	(e)		1.83	(e)		63
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			8.24			1.27			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 10/31/16		8.10			0.19		0.46			0.65			(0.09	)		—			(0.09	)		8.66		8.25			1,987		1.47	(e)		2.02	(e)		2.33	(e)		63
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			7.74			1.77			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 10/31/16		8.10			0.18		0.47			0.65			(0.09	)		—			(0.09	)		8.66		8.25			130		1.47	(e)		1.87	(e)		2.33	(e)		63
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			7.64			1.77			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 10/31/16		8.10			0.19		0.45			0.64			(0.09	)		—			(0.09	)		8.65		8.12			36,970		1.47	(e)		1.87	(e)		2.33	(e)		63
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			7.64			1.77			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 $2,412, $155, $23, $1,391, $119 and $26,738 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Annualized

NOTE 12—Subsequent Event

Effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2018, 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 in Note 2) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.33%, 2.08%, 1.58%, 1.08%, 1.08% and 1.08%, respectively, of the Fund’s average daily net assets.

22                         Invesco Low Volatility Emerging Markets Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of the

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 the Invesco Low Volatility Emerging Markets Fund (the “Fund”) as of October 31, 2016, 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 two years in the period 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 as of October 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

Houston, Texas

December 21, 2016

23                         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, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio2
			Ending Account Value (10/31/16)1		Expenses Paid During Period2,3		Ending Account Value (10/31/16)		Expenses Paid During Period2,4
A	$	1,000.00	$	1,056.20	$	8.89	$	1,016.49	$	8.72		1.72	%
C		1,000.00		1,051.70		12.74		1,012.72		12.50		2.47
R		1,000.00		1,055.10		10.18		1,015.23		9.98		1.97
Y		1,000.00		1,058.70		7.61		1,017.75		7.46		1.47
R5		1,000.00		1,058.70		7.61		1,017.75		7.46		1.47
R6		1,000.00		1,057.50		7.60		1,017.75		7.46		1.47

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 to reflect the most recent fiscal half year. Effective January 1, 2017, the Fund’s adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.33%, 2.08%, 1.58%, 1.08%, 1.08% and 1.08% of average daily net assets, respectively. The annualized ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.33%, 2.08%, 1.58%, 1.08%, 1.08% and 1.08%, for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $6.87, $10.73, $8.16, $5.59, $5.59 and $5.59 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $6.75, $10.53, $8.01, $5.48, $5.48 and $5.48 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

24                         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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the

independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 Deutschland GmbH currently manages assets of the Fund.

The Board compared the Fund’s performance during the past one and two calendar years to the performance of funds in the Broadridge 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 fifth quintile of its performance universe for the one and two 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 and two 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 Broadridge expense group at a common asset level. The Board noted that the contractual

25                         Invesco Low Volatility Emerging Markets Fund

management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of 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 28, 2017 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 and a report from an independent

consultant engaged by the Senior Officer 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 Broadridge 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 certain 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.

26                         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, 2016:

Federal and State Income Tax
Qualified Dividend Income*	72.64	%
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.

27                         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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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, 2016
	Invesco Macro Allocation Strategy Fund Effective July 27, 2016, Invesco Global Markets Strategy Fund was renamed Invesco Macro Allocation Strategy Fund.
	Nasdaq:
	A: GMSDX  ∎  C: GMSEX  ∎  R: GMSJX  ∎  Y: GMSHX  ∎  R5: GMSKX  ∎  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.     In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes

to sink at the start of calendar year 2016, but they eventually recovered; they sank again following the UK’s decision to leave the European Union, but then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

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.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

2                         Invesco Macro Allocation 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: ∎ 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. ∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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 Allocation Strategy Fund

Management’s Discussion of Fund Performance

Performance summary For the fiscal year ended October 31, 2016, Class A shares of Invesco Macro Allocation Strategy Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg Barclays 3-Month Treasury Bellwether Index, the Fund’s broad market/style-specific benchmark.
Fund vs. Indexes Total returns, 10/31/15 to 10/31/16, 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	8.44	%
Class C Shares	7.52
Class R Shares	8.19
Class Y Shares	8.73
Class R5 Shares	8.61
Class R6 Shares	8.62
Bloomberg Barclays 3-Month Treasury Bellwether Indexq (Broad Market/Style-Specific Index)	0.32
Lipper Absolute Return Funds Index∎ (Peer Group Index)	0.28
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

Effective July 27, 2016, Invesco Global Markets Strategy Fund was renamed Invesco Macro Allocation Strategy Fund. The name change is intended to be more representative of the Fund’s investment strategy and the underlying assets in which it invests.

    During the fiscal year ended October 31, 2016, each of the asset classes in which the Fund invests provided positive contributions to Fund performance, and the Fund at NAV ended the reporting period in strong positive territory. The Fund invests in derivatives, such as swaps and futures, which are expected to correspond to the performance of US and international fixed income, equity and commodity markets. The strategic portion of the investment process involves first selecting representative assets for each of the three asset classes (equities, fixed income and commodities) from a universe of more than 50 investments. Next, we seek to construct the portfolio so that an approximately equal amount of risk comes from our 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 strategic element benefited Fund performance for the fiscal year.

    Exposure to commodities, obtained through the use of swaps and futures, led returns for the Fund for the fiscal year as gains in agriculture, precious metals and energy outweighed losses in industrial metals. Agriculture was the Fund’s leading performer during the fiscal year due to gains in sugar, soybeans, soymeal, cotton and coffee. Generally speaking, supply shortages due to inclement weather and reduced plantings was the primary catalyst for higher prices. For the reporting period, tactical underweight exposure to the agriculture complex detracted from Fund performance. Precious metals exposure was also favorable as gains in silver outpaced gold. Precious metals prices benefited from a combination of volatility in equity prices in the reporting period as well as the inability of central banks to implement interest rate increases. Tactical exposure to precious metals detracted from Fund performance. Energy prices struggled with high levels of oversupply for much of the reporting period, leading to marked volatility in crude oil and distillates. The Fund’s ability to tactically adjust exposures helped to offset weak performance

across the energy complex; the Fund had underweight exposure to energy for most of the fiscal year. The result was a gain from the combined exposure to energy. Industrial metals prices detracted from Fund results as copper prices declined more than aluminum prices rose. Tactical industrial metals exposure detracted from Fund results due to underweight exposure to aluminum.

    The Fund’s exposure to global government bonds, obtained through the use of swaps and futures, benefited Fund performance for the reporting period, as a combination of equity market volatility early in the reporting period, concerns over the fallout of the Brexit vote (the UK referendum on whether to remain a part of, or leave, the European Union) in early summer and generally tepid economic data throughout the reporting period created demand for perceived safe haven assets.¹ Within the government bond asset class, UK gilts were the top performers on Brexit fears and the resulting accommodative policy response from central banks. German bunds also benefited from these events, although these events also drove their yields into negative territory. The price of Canadian government bonds rallied as the Canadian central bank cut interest rates twice to combat the economic slowdown complicated by weak energy prices. US Treasury prices rallied on market volatility early in the reporting period and “flight to safety” demand in the wake of Brexit, but they surrendered some of those gains late in the reporting period on the incessant jawboning from the US Federal Reserve on the likelihood of a rate increase. Despite engaging in a policy of negative interest rates, Japanese government bonds also posted modest gains for the reporting period. Tactical positioning in government bonds bolstered Fund results due to general overweight exposure to the asset class for the fiscal year.

    Performance across developed equity markets was bifurcated though it contributed to Fund results. Perhaps surprisingly, given the angst leading up to and after

Target Risk Allocation and Notional Asset Weights as of 10/31/16

By asset class

    Asset Class Target Risk Allocation* Notional Asset   Weights**

Equities	70.01	%	54.19	%
Fixed Income	-1.19		11.49
Commodities	31.18		28.55
Total	100.00		94.23

 * 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   $51.7 million  

4                         Invesco Macro Allocation Strategy Fund

the Brexit vote, UK equities led results in the asset class; US small caps and large caps and Hong Kong equities made lesser contributions to Fund performance. European and Japanese equities detracted from Fund performance as a combination of weak economic data and concerns over whether the exceptionally accommodative policy response from the European Central Bank and the Bank of Japan was having any of the intended effects on growth and inflation pressured share prices. Tactical exposure to equities, obtained through the use of swaps and futures, helped boost the Fund’s return owing to a combination of underweight exposure during the volatility of the first quarter of 2016 and general overweight exposure when equities recovered in subsequent quarters.

    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 investment in the Invesco Macro Allocation Strategy 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 Macro Allocation 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 manager of Invesco Macro Allocation 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 Macro Allocation 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 Macro Allocation Strategy 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 Allocation 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 Macro Allocation 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

1 Source: Lipper Inc.

2 Source: FactSet Research Systems Inc.

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 Macro Allocation Strategy Fund

Average Annual Total Returns
As of 10/31/16, including maximum applicable sales charges
Class A Shares
Inception	2.24	%
1 Year	2.51
Class C Shares
Inception	2.89	%
1 Year	6.52
Class R Shares
Inception	3.45	%
1 Year	8.19
Class Y Shares
Inception (9/26/12)	3.95	%
1 Year	8.73
Class R5 Shares
Inception	3.95	%
1 Year	8.61
Class R6 Shares
Inception	3.92	%
1 Year	8.62

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. Performance figures reflect reinvested distributions, changes in net asset value and the effect of

Average Annual Total Returns
As of 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception	2.51	%
1 Year	4.43
Class C Shares
Inception	3.20	%
1 Year	8.60
Class R Shares
Inception	3.75	%
1 Year	10.16
Class Y Shares
Inception (9/26/12)	4.26	%
1 Year	10.82
Class R5 Shares
Inception	4.26	%
1 Year	10.81
Class R6 Shares
Inception	4.24	%
1 Year	10.71

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 1.66%, 2.41%, 1.91%, 1.41%, 1.41% and 1.41%, 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 2.14%, 2.89%, 2.39%, 1.89%, 1.76% and 1.76%, 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 June 30, 2018. 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 February 28, 2017. See current prospectus for more information.

7                         Invesco Macro Allocation Strategy Fund

Invesco Macro Allocation Strategy Fund’s investment objective is to seek a positive absolute return over a complete economic and market cycle.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

∎ 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

∎ 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 near, at or below zero. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

∎ 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. 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, among other consequences, limit the Fund’s ability to pursue its investment strategy.

∎ Commodity-linked notes risk. In addition to risks associated with the underlying commodities, investments in commodity-linked notes may be subject to additional risks, such as non-payment of interest and loss of principal, counterparty risk, lack of a secondary market and risk of greater volatility than traditional equity and debt securities. The value of the commodity-linked notes the Fund buys may fluctuate significantly because the values of the underlying investments to which they are linked are themselves volatile. Additionally, certain commodity-linked notes employ “economic” leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index, or other economic variable. Such economic leverage will increase the volatility of the value of these commodity-linked notes and the Fund to the extent it invests in such notes.

∎ Commodity risk. The Fund may have 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. Volatility in the commodities markets may be caused by 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, investment and trading activities of mutual funds, hedge funds and commodities funds, and factors such as drought, floods,

weather, livestock disease, embargoes, tariffs and other regulatory developments or supply and demand disruptions. Because the Fund’s performance may be linked to the performance of volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of the Fund’s shares.

∎ Correlation risk. Because the Fund’s investment strategy seeks to balance risk across three asset classes and, within each asset class, across different countries and investments, to the extent either the asset classes or the selected countries and investments become correlated in a way not anticipated by the Adviser, the Fund’s risk allocation process may result in magnified risks and loss instead of balancing (reducing) the risk of loss.

∎ Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

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 Allocation Strategy Fund

∎ 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/bonds.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign

investment than more developed markets. In addition, emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Exchange-traded funds risk. In addition to the risks associated with the underlying assets held by the exchange-traded fund, investments in exchange-traded funds are subject to the following additional risks: (1) an exchange-traded fund’s shares may trade above or below its net asset value; (2) an active trading market for the exchange-traded fund’s shares may not develop or be maintained; (3) trading an exchange-traded fund’s shares may be halted by the listing exchange; (4) a passively managed exchange-traded fund may not track the performance of the reference asset; and (5) a passively managed exchange-traded fund may hold troubled securities. Investment 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 exchange-traded funds in which the Fund may invest are leveraged, which may result in economic leverage, permitting the Fund to gain exposure that is greater than would be the case in an unlevered instrument and potentially resulting in greater volatility.

∎ Exchange-traded notes risk. Exchange-traded notes are subject to credit risk, counterparty risk, and the risk that the value of the exchange-traded note may drop due to a downgrade in the issuer’s credit rating. 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, and economic, legal, political, or geographic events that affect the referenced underlying market

or assets. The Fund will bear its proportionate share of any fees and expenses borne by an exchange-traded note in which it invests. For certain exchange-traded notes, there may be restrictions on the Fund’s right to redeem its investment, which is meant to be held until maturity.

∎ Foreign government debt risk. Investments in foreign government debt securities (sometimes referred to as sovereign debt securities) 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.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative

9                         Invesco Macro Allocation Strategy Fund

values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. 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. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ Short position risk. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the Fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Fund’s short positions will cause the Fund to underperform the overall market and its peers that do not engage in shorting. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund’s returns.

∎ 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 the 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 the prospectus and the SAI, and could negatively affect the Fund and its shareholders.

∎ US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

∎ Volatility risk. Although the Fund’s investment strategy targets a specific volatility level, certain of the Fund’s investments may 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

∎ The Bloomberg Barclays 3-Month Treasury Bellwether Index measures the performance of Treasury bills with maturities of less than three months.

∎ The Lipper Absolute Return Funds Index is an unmanaged index considered representative of absolute return 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.

10                         Invesco Macro Allocation Strategy Fund

Consolidated Schedule of Investments

October 31, 2016

	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Securities–50.72%
U.S. Treasury Bills–26.71%(a)
U.S. Treasury Bills(b)		0.34	%		01/05/2017	$	3,000,000	$	2,998,591
U.S. Treasury Bills(c)		0.40	%		01/26/2017		770,000		769,448
U.S. Treasury Bills(b)		0.40	%		01/26/2017		3,640,000		3,637,391
U.S. Treasury Bills		0.47	%		06/22/2017		2,430,000		2,422,056
U.S. Treasury Bills(c)		0.57	%		08/17/2017		560,000		557,482
U.S. Treasury Bills		0.57	%		08/17/2017		3,440,000		3,424,532
									13,809,500
U.S. Treasury Notes–24.01%(d)
U.S. Treasury Floating Rate Notes(b)(c)		0.61	%		01/31/2018		910,000		912,277
U.S. Treasury Floating Rate Notes(b)		0.61	%		01/31/2018		5,500,000		5,513,761
U.S. Treasury Floating Rate Notes(c)		0.53	%		04/30/2018		695,000		695,890
U.S. Treasury Floating Rate Notes		0.53	%		04/30/2018		2,380,000		2,383,046
U.S. Treasury Floating Rate Notes(c)		0.51	%		07/31/2018		410,000		410,173
U.S. Treasury Floating Rate Notes		0.51	%		07/31/2018		2,500,000		2,501,056
									12,416,203
Total U.S. Treasury Securities (Cost $26,203,433)									26,225,703
						Shares
Money Market Funds–49.76%
Government & Agency Portfolio–Institutional Class, 0.29%(e)							10,841,710		10,841,710
STIC (Global Series) PLC–U.S. Dollar Liquidity Portfolio (Ireland)–Institutional Class, 0.62%(e)							7,662,165		7,662,165
Treasury Portfolio–Institutional Class, 0.22%(e)							7,227,807		7,227,807
Total Money Market Funds (Cost $25,731,682)									25,731,682
TOTAL INVESTMENTS–100.48% (Cost $51,935,115)									51,957,385
OTHER ASSETS LESS LIABILITIES–(0.48)%									(247,837	)
NET ASSETS–100.00%								$	51,709,548

Open Futures Contracts
Futures Contracts	Type of Contract	Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation (Depreciation)
Brent Crude(c)	Long		13		May-2017	$	662,220		$	(27,075	)
Cocoa(c)	Long		14		March-2017		370,020			(443	)
Coffee(c)	Long		29		December-2016		1,785,131			235,861
Corn(c)	Long		7		December-2016		124,163			3,128
Cotton No.2(c)	Long		21		December-2016		723,030			5,702
Gas Oil(c)	Long		6		December-2016		264,750			(7,601	)
Gasoline Reformulated Blendstock Oxygenate Blending(c)	Long		9		December-2016		536,571			(27,525	)
Heating Oil(c)	Long		13		April-2017		843,734			(24,592	)
Lean Hogs(c)	Short		49		December-2016		(939,820	)		59,382
Silver(c)	Long		16		December-2016		1,423,680			(89,785	)
Soybean Oil(c)	Long		37		May-2017		792,318			28,575
Soybeans(c)	Long		6		July-2017		308,550			14,454
Wheat(c)	Short		15		December-2016		(312,187	)		49,163
WTI Crude(c)	Long		12		April-2017		589,560			(25,976	)
Subtotal — Commodity Risk									$	193,268

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

11                         Invesco Macro Allocation Strategy Fund

Open Futures Contracts–(continued)
Futures Contracts	Type of Contract	Number of Contracts		Expiration Month		Notional Value		Unrealized Appreciation (Depreciation)
Dow Jones EURO STOXX 50 Index	Long		159		December-2016	$	5,328,775	$	111,092
E-Mini S&P 500 Index	Long		48		December-2016		5,088,240		(72,687	)
FTSE 100 Index	Long		61		December-2016		5,172,623		223,075
Hang Seng Index	Long		36		November-2016		5,316,133		(123,074	)
Russell 2000 Index Mini	Long		32		December-2016		3,812,160		(125,322	)
Tokyo Stock Price Index	Long		29		December-2016		3,857,817		184,834
Subtotal — Equity Risk									197,918
Australia 10 Year Bonds	Long		11		December-2016		1,109,672		(17,041	)
Canada 10 Year Bonds	Long		25		December-2016		2,695,620		(26,610	)
Long Gilt	Long		6		December-2016		920,346		(24,317	)
U.S. Treasury Long Bonds	Long		7		December-2016		1,139,031		(41,587	)
Subtotal — Interest Rate Risk									(109,555	)
Total Futures Contracts								$	281,631

Open Over-The-Counter Total Return Swap Agreements
Counterparty	Pay/ Receive	Reference Entity	Fixed Rate			Number of Contracts		Termination Date		Notional Value		Unrealized Appreciation (Depreciation)
Barclays Bank PLC(c)	Receive	Barclays Commodity Strategy 1452 Excess Return Index (Copper)		0.33	%		2,500		October-2017	$	949,971	$	43,330
Barclays Bank PLC(c)	Receive	Barclays Commodity Strategy 1606 Index (Sugar)		0.41			2,590		October-2017		1,022,335		(51,320	)
Barclays Bank PLC(c)	Receive	Barclays Live Cattle Roll Yield Excess Return Index		0.47			2,100		February-2017		225,497		6,363
Canadian Imperial Bank of Commerce(c)	Receive	CIBC Silver Index		0.11			1,290		February-2017		132,051		2,164
Goldman Sachs International(c)	Receive	Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index		0.45			5,200		October-2017		192,293		4,977
Goldman Sachs International(c)	Receive	Enhanced Strategy AB44 on the S&P GSCI Corn Excess Return Index		0.30			8,900		May-2017		247,286		10,918
Goldman Sachs International(c)	Receive	Enhanced Strategy A141 on the S&P GSCI Sugar Excess Return Index		0.37			2,750		March-2017		902,687		(71,306	)
JPMorgan Chase Bank, N.A.(c)	Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25			3,050		April-2017		645,347		(33,290	)
JPMorgan Chase Bank, N.A.(c)	Receive	S&P GSCI Gold Index Excess Return		0.09			5,680		October-2017		594,381		4,421
Merrill Lynch International(c)	Receive	Merrill Lynch Gold Excess Return Index		0.14			5,780		June-2017		987,978		0
Merrill Lynch International(c)	Receive	MLCX Natural Gas Annual Excess Return Index		0.25			14,100		August-2017		657,153		0
Morgan Stanley & Capital Services LLC(c)	Receive	MS Soybean Oil Dynamic Roll Index		0.30			1,040		April-2017		170,581		(1,882	)
Morgan Stanley & Capital Services LLC(c)	Receive	S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.38			12,920		October-2017		1,183,368		53,271
Total Swap Agreements — Commodity Risk												$	(32,354	)

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 1L 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, 2016.

^(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, 2016.

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

12                         Invesco Macro Allocation Strategy Fund

Consolidated Statement of Assets and Liabilities

October 31, 2016

Assets:
Investments, at value (Cost $26,203,433)	$	26,225,703
Investments in affiliated money market funds, at value and cost		25,731,682
Total investments, at value (Cost $51,935,115)		51,957,385
Receivable for:
Deposits with brokers — swap agreements		220,000
Fund shares sold		30,099
Dividends and interest		6,227
Fund expenses absorbed		5,553
Swaps receivables — OTC		24,027
Investment for trustee deferred compensation and retirement plans		13,720
Unrealized appreciation on swap agreements — OTC		125,444
Other assets		49,884
Total assets		52,432,339
Liabilities:
Payable for:
Fund shares reacquired		227,238
Swaps payable — OTC		34,217
Variation margin — futures		198,097
Accrued fees to affiliates		19,023
Accrued trustees’ and officers’ fees and benefits		1,888
Accrued other operating expenses		69,792
Trustee deferred compensation and retirement plans		14,738
Unrealized depreciation on swap agreements — OTC		157,798
Total liabilities		722,791
Net assets applicable to shares outstanding	$	51,709,548
Net assets consist of:
Shares of beneficial interest	$	48,079,426
Undistributed net investment income (loss)		6,320,075
Undistributed net realized gain		(2,961,500	)
Net unrealized appreciation		271,547
	$	51,709,548

Net Assets:
Class A	$	5,865,115
Class C	$	7,539,766
Class R	$	41,598
Class Y	$	38,019,184
Class R5	$	9,801
Class R6	$	234,084
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		571,830
Class C		738,971
Class R		4,057
Class Y		3,693,488
Class R5		952
Class R6		22,758
Class A:
Net asset value per share	$	10.26
Maximum offering price per share
(Net asset value of $10.26 ¸ 94.50%)	$	10.86
Class C:
Net asset value and offering price per share	$	10.20
Class R:
Net asset value and offering price per share	$	10.25
Class Y:
Net asset value and offering price per share	$	10.29
Class R5:
Net asset value and offering price per share	$	10.30
Class R6:
Net asset value and offering price per share	$	10.29

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

13                         Invesco Macro Allocation Strategy Fund

Consolidated Statement of Operations

For the year ended October 31, 2016

Investment income:
Dividends from affiliated money market funds	$	121,312
Interest		140,202
Total investment income		261,514
Expenses:
Advisory fees		1,221,786
Administrative services fees		50,000
Custodian fees		8,385
Distribution fees:
Class A		15,182
Class C		81,966
Class R		171
Transfer agent fees – A, C, R, and Y		55,178
Transfer agent fees – R6		204
Trustees’ and officers’ fees and benefits		20,820
Registration and filing fees		76,443
Reports to shareholders		23,062
Professional services fees		69,142
Other		20,178
Total expenses		1,642,517
Less: Fees waived and expenses reimbursed		(425,628	)
Net expenses		1,216,889
Net investment income (loss)		(955,375	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		13,672
Foreign currencies		18,023
Futures contracts		9,727,647
Swap agreements		1,465,170
		11,224,512
Change in net unrealized appreciation (depreciation) of:
Investment securities		14,960
Futures contracts		(3,023,955	)
Swap agreements		(196,194	)
		(3,205,189	)
Net realized and unrealized gain		8,019,323
Net increase in net assets resulting from operations	$	7,063,948

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

14                         Invesco Macro Allocation Strategy Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2016 and 2015

	2016			2015
Operations:
Net investment income (loss)	$	(955,375	)	$	(2,691,678	)
Net realized gain		11,224,512			1,085,067
Change in net unrealized appreciation (depreciation)		(3,205,189	)		961,724
Net increase (decrease) in net assets resulting from operations		7,063,948			(644,887	)
Distributions to shareholders from net investment income:
Class A		(166,666	)		(101,201	)
Class C		(98,610	)		(82,010	)
Class R		(476	)		(320	)
Class Y		(1,082,051	)		(696,170	)
Class R5		(236	)		(175	)
Class R6		(2,605,719	)		(2,023,415	)
Total distributions from net investment income		(3,953,758	)		(2,903,291	)
Distributions to shareholders from net realized gains:
Class A		—			(119,584	)
Class C		—			(196,803	)
Class R		—			(455	)
Class Y		—			(705,619	)
Class R5		—			(178	)
Class R6		—			(2,050,877	)
Total distributions from net realized gains		—			(3,073,516	)
Share transactions–net:
Class A		(1,863,678	)		698,619
Class C		(1,087,693	)		(3,677,350	)
Class R		15,171			854
Class Y		(11,607,532	)		13,895,707
Class R6		(100,961,921	)		(8,020,707	)
Net increase (decrease) in net assets resulting from share transactions		(115,505,653	)		2,897,123
Net increase (decrease) in net assets		(112,395,463	)		(3,724,571	)
Net assets:
Beginning of year		164,105,011			167,829,582
End of year (includes undistributed net investment income of $6,320,075 and $3,078,977, respectively)	$	51,709,548		$	164,105,011

Notes to Consolidated Financial Statements

October 31, 2016

NOTE 1—Significant Accounting Policies

Invesco Macro Allocation Strategy Fund (the “Fund”), formerly Invesco Global Markets Strategy 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-two 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 and other securities that may provide leveraged and non-leveraged exposure to commodities. 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. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances

15                         Invesco Macro Allocation Strategy Fund

load waiver 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 Financial Highlights. Transaction costs are

16                         Invesco Macro Allocation Strategy Fund

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 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 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

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

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

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the 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.

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

M. Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. 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 cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves,

18                         Invesco Macro Allocation Strategy Fund

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.

N. 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.

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

P. 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, 2016, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective March 1, 2016, 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 1.65%, 2.40%, 1.90%, 1.40%, 1.40% and 1.40%, respectively, of average daily net assets (the “expense limits”). Prior to March 1, 2016, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.80%, 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. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $370,246 and reimbursed class level expenses of $6,620, $8,935, $37, $39,586 and $204 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, 2016, 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, 2016, 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

19                         Invesco Macro Allocation Strategy Fund

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, 2016, 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, 2016, IDI advised the Fund that IDI retained $1,510 in front-end sales commissions from the sale of Class A shares and $493 and $2,099 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, 2016. 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
U.S. Treasury Securities	$	—	$	26,225,703		$	—	$	26,225,703
Money Market Funds		25,731,682		—			—		25,731,682
		25,731,682		26,225,703			—		51,957,385
Futures*	$	281,631	$	—		$	—	$	281,631
Swap Agreements*		—		(32,354	)		—		(32,354	)
Total Investments	$	26,013,313	$	26,193,349		$	—	$	52,206,662

* Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2016:

Derivative Assets	Value
	Commodity Risk			Equity Risk			Interest Rate Risk		Total
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	396,265		$	519,001		$	—	$	915,266
Unrealized appreciation on swap agreements — OTC		125,444			—			—		125,444
Total Derivative Assets		521,709			519,001			—		1,040,710
Derivatives not subject to master netting agreements		(396,265	)		(519,001	)		—		(915,266	)
Total Derivative Assets subject to master netting agreements	$	125,444		$	—		$	—	$	125,444

20                         Invesco Macro Allocation Strategy Fund

Derivative Liabilities	Value
	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	(202,997	)	$	(321,083	)	$	(109,555	)	$	(633,635	)
Unrealized depreciation on swap agreements — OTC		(157,798	)		—			—			(157,798	)
Total Derivative Liabilities		(360,795	)		(321,083	)		(109,555	)		(791,433	)
Derivatives not subject to master netting agreements		202,997			321,083			109,555			633,635
Total Derivative Liabilities subject to master netting agreements	$	(157,798	)	$	—		$	—		$	(157,798	)

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

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral
	Swap		Swap			Net value of			(Received)/Pledged				Net
Counterparty	agreements		agreements			derivatives			Non-Cash		Cash		amount(a)
Subsidiary
Merrill Lynch International	$	23,952	$	(33,274	)	$	(9,322	)	$	—	$	—	$	(9,322	)
Barclays Bank PLC		49,693		(51,583	)		(1,890	)		—		1,890		—
Canadian Imperial Bank of Commerce		2,164		(8	)		2,156			—		—		2,156
Goldman Sachs International		15,934		(71,693	)		(55,759	)		—		55,759		—
JP Morgan Chase Bank, N.A.		4,457		(33,369	)		(28,912	)		—		28,912		—
Morgan Stanley Capital Services LLC		53,271		(2,088	)		51,183			—		—		51,183
Total	$	149,471	$	(192,015	)	$	(42,544	)	$	—	$	86,561	$	44,017

^(a)  The Fund and the Subsidiary are recognized as separate legal entities and as such are subject to separate netting arrangements with the Counterparty.

Effect of Derivative Investments for the year ended October 31, 2016

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
	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Futures contracts	$	6,687,203		$	(1,779,516	)	$	4,819,960		$	9,727,647
Swap agreements		1,465,170			—			—			1,465,170
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(1,008,733	)		(1,607,174	)		(408,048	)		(3,023,955	)
Swap agreements		(196,194	)		—			—			(196,194	)
Total	$	6,947,446		$	(3,386,690	)	$	4,411,912		$	7,972,668

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	$	92,203,278	$	8,296,564

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	$	11,386,837
Total liabilities		363,738
Net assets		11,023,099
Total investment income		62,526
Net investment income (loss)		(236,670	)

21                         Invesco Macro Allocation Strategy Fund

Selected Financial Information	Invesco Cayman Commodity Fund V Ltd. (the “Subsidiary”)
Net realized gain from:
Investment securities		4,796
Futures contracts		6,687,203
Swap agreements		1,465,170
Change in net unrealized appreciation (depreciation) of:
Investment securities		2,528
Futures contracts		(1,008,733	)
Swap agreements		(196,194	)
Increase in net assets resulting from operations	$	6,718,100

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, 2016 and 2015:

	2016		2015
Ordinary income	$	3,953,758	$	3,868,308
Long-term capital gain		—		2,108,499
Total distributions	$	3,953,758	$	5,976,807

Tax Components of Net Assets at Period-End:

		2016
Undistributed ordinary income	��	$	6,302,236
Net unrealized appreciation — investments			22,160
Net unrealized appreciation — other investments			18,110
Temporary book/tax differences			(14,516	)
Capital loss carryforward			(2,697,868	)
Shares of beneficial interest			48,079,426
Total net assets		$	51,709,548

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.

22                         Invesco Macro Allocation 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. 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, 2016 which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	2,234,231	$	463,637	$	2,697,868

* 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, 2016 was $16,308,584 and $36,324,215, 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	$	22,752
Aggregate unrealized (depreciation) of investment securities		(592	)
Net unrealized appreciation of investment securities	$	22,160

Cost of investments for tax purposes is $51,935,225.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of futures contracts, swap agreement income and distributions from subsidiary, on October 31, 2016, undistributed net investment income was increased by $8,150,231 and undistributed net realized gain was decreased by $8,150,231. This reclassification had no effect on the net assets of the Fund.

NOTE 11—Share Information

	Summary of Share Activity
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		129,199		$	1,279,591			508,205		$	5,092,092
Class C		315,795			3,058,442			268,392			2,710,112
Class R		1,530			14,874			698			7,143
Class Y		2,456,126			24,345,778			6,132,600			61,795,855
Class R6		373,114			3,591,990			1,322,303			13,256,829
Issued as reinvestment of dividends:
Class A		16,934			161,717			20,165			199,635
Class C		9,852			94,186			26,559			262,665
Class R		31			297			48			472
Class Y		82,229			786,117			122,360			1,213,811
Class R6		272,540			2,605,482			410,679			4,073,939
Reacquired:
Class A		(339,177	)		(3,304,986	)		(461,934	)		(4,593,108	)
Class C		(434,039	)		(4,240,321	)		(669,090	)		(6,650,127	)
Class R		—			—			(660	)		(6,761	)
Class Y		(3,749,930	)		(36,739,427	)		(4,995,636	)		(49,113,959	)
Class R6(b)		(10,975,099	)		(107,159,393	)		(2,525,433	)		(25,351,475	)
Net increase (decrease) in share activity		(11,840,895	)	$	(115,505,653	)		159,256		$	2,897,123

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in aggregate own 82% 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 are also owned beneficially.

^(b)  On February 18, 2016, 10,015,047 Class R6 shares valued at $97,847,008 were redeemed by affiliated mutual funds.

23                         Invesco Macro Allocation 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 10/31/16	$	9.70	$	(0.13	)	$	0.91		$	0.78		$	(0.22	)	$	—		$	(0.22	)	$	10.26		8.21	%	$	5,865		1.63	%(d)		2.19	%(d)		(1.31	)%(d)		75	%
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	(e)		2.03	(e)		(1.64	)(e)		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 10/31/16		9.62		(0.20	)		0.90			0.70			(0.12	)		—			(0.12	)		10.20		7.41			7,540		2.38	(d)		2.94	(d)		(2.06	)(d)		75
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	(e)		2.78	(e)		(2.39	)(e)		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 10/31/16		9.69		(0.15	)		0.90			0.75			(0.19	)		—			(0.19	)		10.25		7.86			42		1.88	(d)		2.44	(d)		(1.56	)(d)		75
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	(e)		2.28	(e)		(1.89	)(e)		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 10/31/16		9.73		(0.10	)		0.91			0.81			(0.25	)		—			(0.25	)		10.29		8.51			38,019		1.38	(d)		1.94	(d)		(1.06	)(d)		75
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	(e)		1.78	(e)		(1.39	)(e)		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 10/31/16		9.74		(0.10	)		0.91			0.81			(0.25	)		—			(0.25	)		10.30		8.50			10		1.38	(d)		1.83	(d)		(1.06	)(d)		75
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	(e)		1.65	(e)		(1.39	)(e)		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 10/31/16		9.73		(0.10	)		0.91			0.81			(0.25	)		—			(0.25	)		10.29		8.51			234		1.38	(d)		1.83	(d)		(1.06	)(d)		75
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	(e)		1.65	(e)		(1.39	)(e)		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 $6,073, $8,197, $34, $36,316, $9 and $30,824 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 are not expenses that are incurred directly by your Fund. They are expenses that are incurred directly by the underlying finds and are deducted from the value of the funds your Funds 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.

NOTE 13—Subsequent Event

Effective January 1, 2017, the Fund will pay 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		1.10%
Next $250 million		1.08%
Next $500 million		1.05%
Next $1.5 billion		1.03%
Next $2.5 billion		1.00%
Next $2.5 billion		0.98%
Next $2.5 billion		0.95%
Over $10 billion		0.93%

In addition, effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2018, 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 in Note 2) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively, of the Fund’s average daily net assets.

24                         Invesco Macro Allocation Strategy Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees

and Shareholders of the Invesco Macro Allocation 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 the Invesco Macro Allocation Strategy Fund and its subsidiary (formerly, Invesco Global Markets Strategy Fund, the “Fund”) as of October 31, 2016, the results of their operations for the year then ended, the changes in their 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 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 as of October 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

Houston, Texas

December 21, 2016

25                         Invesco Macro Allocation 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, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio2
			Ending Account Value (10/31/16)1		Expenses Paid During Period2,3		Ending Account Value (10/31/16)		Expenses Paid During Period2,4
A	$	1,000.00	$	1,044.80	$	7.92	$	1,017.39	$	7.81		1.54	%
C		1,000.00		1,040.80		11.75		1,013.62		11.59		2.29
R		1,000.00		1,043.70		9.20		1,016.14		9.07		1.79
Y		1,000.00		1,046.70		6.64		1,018.65		6.55		1.29
R5		1,000.00		1,046.70		6.64		1,018.65		6.55		1.29
R6		1,000.00		1,046.80		6.64		1,018.65		6.55		1.29

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 to reflect the most recent fiscal half year. Effective January 1, 2017, the Fund’s adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.44%, 2.19%, 1.69%, 1.19%, 1.19%, and 1.19% of average daily net assets, respectively. The annualized ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.39%, 2.14%, 1.64%, 1.14%, 1.14% and 1.14%, for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $7.14, $10.98, $8.42, $5.86, $5.86 and $5.87 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $7.05, $10.84, $8.31, $5.79, $5.79 and $5.79 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

26                         Invesco Macro Allocation 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 Macro Allocation Strategy Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the

independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 one and three calendar years to the performance of funds in the Broadridge 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 third quintile of its performance universe for the one year period 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 the Fund’s performance was below the performance of the Index for the one year period and above the performance of

27                         Invesco Macro Allocation Strategy Fund

the Index for the three 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 Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge 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 28, 2017 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 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 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 and a report from an independent consultant engaged by the Senior Officer 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 Broadridge 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 certain 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 that the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and was 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 Macro Allocation 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, 2016:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	1.56	%

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

29                         Invesco Macro Allocation 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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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 Allocation 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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	None

T-2                         Invesco Macro Allocation 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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

T-3                         Invesco Macro Allocation 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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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 Allocation Strategy Fund

Explore High-Conviction Investing with Invesco

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 MAS-AR-1 Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2016
	Invesco Macro International Equity Fund
	Nasdaq:
	A: VZMAX  ∎  C: VZMCX  ∎  R: VZMRX  ∎  Y: VZMYX  ∎  R5: VZMFX  ∎  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.     In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to

sink at the start of calendar year 2016, but they eventually recovered; they sank again following the UK’s decision to leave the European Union, but then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

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.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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: ∎ 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. ∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, Class A shares of Invesco Macro International Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World 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, 10/31/15 to 10/31/16, 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	0.05	%
Class C Shares	-0.77
Class R Shares	-0.16
Class Y Shares	0.33
Class R5 Shares	0.33
Class R6 Shares	0.33
MSCI All Country World ex-U.S. Indexq (Broad Market/Style-Specific Index)	0.22
Lipper International Large-Cap Core Funds Index∎ (Peer Group Index)	-1.78
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

The global economy continued to expand, albeit slowly, for the fiscal year. However, that growth became increasingly uneven across developed and emerging economies, amid continued volatility in oil prices and as the policies of central banks globally began to diverge.

    The beginning of the fiscal year was challenging for global equity markets, with volatility indicators spiking and all regions exhibiting substantial price declines. Most of that retrenchment was attributable to the European Central Bank’s underwhelming stimulus measures announced in December 2015 and was probably exacerbated by the US Federal Reserve’s first rate hike since 2006.

    Stocks then rebounded amid signs of stabilization in the global economy, strong earnings at bellwether companies and ongoing central bank stimulus measures. However, they nose-dived again sharply after UK voters approved a ballot measure in June to leave the European Union, but a strong bounce-back rally soon erased most of the losses. Rising oil prices also helped to stabilize the energy sector and alleviate fears of substantial defaults within the energy-related high yield market.

    The Fund seeks to gain strategic exposure by employing a three-step investment process: smart beta, a value-weighted methodology and tactical adjustments. The Fund uses smart beta indexes to build up core equity exposure. For this strategy,

we intend to 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.

    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 markets. This approach reflects the intuitive appeal of having

greater exposure to cheap markets and lower exposure to expensive markets within the Fund’s strategic allocation.

    Strategically, Hong Kong and emerging markets were the primary contributors to Fund performance for the reporting period. The noteworthy catalysts for their performance were improving macroeconomic data out of China, rising commodity prices and a marginally weaker US dollar. Conversely, Europe and the UK were the largest detractors from Fund performance for the reporting period, mostly due to fading confidence in the prevailing stimulus policies. Even though the UK equity market experienced a strong rebound following the Brexit referendum, it did not fully offset the negative performance in the first two months of the fiscal year.

    The Fund’s tactical overlay portion actively adjusts portfolio positions through the use of futures to reflect the nearterm environment. The tactical component of the Fund’s allocation positively contributed to results through exposure,

Portfolio Composition
By country	% of total net assets

Japan	17.8	%
United Kingdom	15.7
Australia	9.5
Hong Kong	5.1
Taiwan	4.2
France	3.9
Switzerland	3.3
Germany	3.0
Malaysia	2.7
Singapore	2.3
Mexico	2.1
Countries each with less than 2.0% of portfolio	19.5
Money Market Funds Plus Other Assets Less Liabilities†	10.9

† 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	26.99	%
Europe ex-UK	22.38
Asia ex-Japan	21.30
United Kingdom	22.05
Japan	22.01
Cash and Money Market Funds	10.00
Total	124.73

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	$7.3 million
Total Number of Holdings*	689

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, 2016.

4                         Invesco Macro International Equity Fund

obtained by futures, to the UK, emerging markets and Hong Kong; the Fund experienced tactical losses in the European and Japanese markets. Considering the strategic and tactical allocations combined, Hong Kong and emerging markets were the largest contributors to Fund performance, while Europe and the UK were the largest detractors from Fund performance.

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 investment in 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 the Invesco 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

1 Source: FactSet Research Systems Inc.

2 Source: Lipper Inc.

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

sold short, the Fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Fund’s short positions will cause the Fund to underperform the overall market and its peers that do not engage in shorting. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund’s returns.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have

more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

About indexes used in this report

∎ 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.

∎ The Lipper International Large-Cap Core Funds Index is an unmanaged index considered representative of international large-cap core 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.

∎ 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 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	-4.53	%
1 Years	-5.41
Class C Shares
Inception (12/17/13)	-3.37	%
1 Year	-1.76
Class R Shares
Inception (12/17/13)	-2.88	%
1 Years	-0.16
Class Y Shares
Inception (12/17/13)	-2.39	%
1 Years	0.33
Class R5 Shares
Inception (12/17/13)	-2.39	%
1 Years	0.33
Class R6 Shares
Inception (12/17/13)	-2.39	%
1 Years	0.33

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 1.43%, 2.18%, 1.68%, 1.18%,

1.18% and 1.18%, 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 9.01%, 9.76%, 9.26%, 8.76%, 8.72% and 8.72%, 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 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	-4.05	%
1 Year	1.74
Class C Shares
Inception (12/17/13)	-2.84	%
1 Year	5.90
Class R Shares
Inception (12/17/13)	-2.34	%
1 Year	7.38
Class Y Shares
Inception (12/17/13)	-1.84	%
1 Year	7.99
Class R5 Shares
Inception (12/17/13)	-1.88	%
1 Year	8.00
Class R6 Shares
Inception (12/17/13)	-1.84	%
1 Year	7.99

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, 2018. 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, 2018. 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, 2016, 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

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

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

∎ 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

∎ 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 strategies.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk

also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. 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. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ Short position risk. Because the Fund’s potential loss on a short position arises from increases in the value of the asset

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	continued on page 6

8                         Invesco Macro International Equity Fund

Schedule of Investments

October 31, 2016

	Shares		Value
Common Stocks & Other Equity Interests–89.13%
Australia–9.55%
AGL Energy Ltd.		948	$	13,805
Amcor Ltd.		1,131		12,631
AMP Ltd.		3,361		11,654
APA Group		1,948		11,771
Aristocrat Leisure Ltd.		1,168		13,601
ASX Ltd.		345		12,343
Aurizon Holdings Ltd.		3,931		14,592
Australia and New Zealand Banking Group Ltd.		656		13,859
BHP Billiton Ltd.		887		15,533
BHP Billiton PLC		2,125		31,872
Brambles Ltd.		1,451		12,695
Caltex Australia Ltd.		517		12,032
Challenger Ltd.		1,961		16,008
Cochlear Ltd.		127		12,339
Commonwealth Bank of Australia		248		13,808
Computershare Ltd.		1,765		14,164
CSL Ltd.		168		12,815
DEXUS Property Group		1,854		12,584
DUET Group		6,826		12,331
Goodman Group		2,348		12,097
GPT Group (The)		3,374		11,935
Healthscope Ltd.		5,909		9,906
Incitec Pivot Ltd.		6,094		13,637
Insurance Australia Group Ltd.		3,105		12,989
Lendlease Group		1,271		13,036
Macquarie Group Ltd.		218		13,190
Mirvac Group		7,897		12,520
National Australia Bank Ltd.		649		13,784
Newcrest Mining Ltd.		788		13,741
Oil Search Ltd.		2,632		13,243
Origin Energy Ltd.		3,393		13,651
Qantas Airways Ltd.		5,402		12,574
QBE Insurance Group Ltd.		1,791		13,610
Ramsay Health Care Ltd.		217		12,082
Santos Ltd.		4,095		10,959
Scentre Group		3,601		11,499
SEEK Ltd.		1,091		12,122
Sonic Healthcare Ltd.		782		12,155
South32 Ltd.		8,939		17,402
Stockland		3,676		12,332
Suncorp Group Ltd.		1,422		12,920
Sydney Airport		2,473		11,745
Tatts Group Ltd.		4,696		14,482
Telstra Corp. Ltd.		3,439		13,007
Transurban Group		1,528		12,051
Treasury Wine Estates Ltd.		1,557		12,720
Vicinity Centres		5,572		12,136
Wesfarmers Ltd.		415		12,923
Westfield Corp.		1,702		11,493

	Shares		Value
Australia–(continued)
Westpac Banking Corp.		606	$	14,006
Woodside Petroleum Ltd.		627		13,432
Woolworths Ltd.		734		13,165
				692,981
Austria–0.18%
Erste Group Bank AG		211		6,627
Voestalpine AG		177		6,262
				12,889
Belgium–0.41%
Ageas		178		6,502
Anheuser-Busch InBev SA/NV		48		5,509
KBC Groep N.V.(a)		103		6,277
Solvay S.A.		56		6,427
UCB S.A.		76		5,138
				29,853
Brazil–0.35%
Ambev S.A.		1,100		6,491
Engie Brasil Energia SA		500		6,353
Telefonica Brasil S.A.–Preference Shares		400		5,788
Ultrapar Participacoes S.A.		300		6,800
				25,432
Chile–0.93%
Banco de Chile		104,936		12,672
Banco de Credito e Inversiones (BCI)		1		51
Banco Santander Chile		158,689		9,063
Cencosud S.A.		2,107		6,967
Empresa Nacional de Electricidad S.A.		11,067		7,614
Empresas CMPC S.A.		3,441		7,453
Empresas COPEC S.A.		793		8,000
Enersis Américas S.A.		35,927		6,161
S.A.C.I. Falabella		1,248		9,792
				67,773
China–1.41%
AAC Technologies Holdings Inc.		1,000		9,517
Agricultural Bank of China Ltd.–Class H		15,000		6,325
Bank of China Ltd.–Class H		13,000		5,817
Bank of Communications Co. Ltd.–Class H		7,000		5,334
China Cinda Asset Management Co. Ltd.–Class H		15,000		5,396
China CITIC Bank Corp. Ltd.–Class H		9,000		5,814
China Conch Venture Holdings Ltd.		3,000		5,602
China Construction Bank Corp.–Class H		8,000		5,843
China Minsheng Banking Corp., Ltd.–Class H		5,500		6,269
China Mobile Ltd.		500		5,728
CITIC Ltd.		4,000		5,736
CSPC Pharmaceutical Group Ltd.		14,000		14,514
Hengan International Group Co. Ltd.		500		3,981
Industrial & Commercial Bank of China Ltd.–Class H		10,000		6,006

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

9                         Invesco Macro International Equity Fund

	Shares		Value
China–(continued)
Jiangsu Expressway Co. Ltd.–Class H		4,000	$	5,447
Tencent Holdings Ltd.		200		5,296
				102,625
Colombia–0.16%
Banco Davivienda S.A.–Preference Shares		603		6,137
Bancolombia S.A.–Preference Shares		543		5,154
				11,291
Czech Republic–0.16%
CEZ A.S.		306		5,760
Komercni Banka A.S.		155		5,678
				11,438
Denmark–0.96%
A.P. Moller — Maersk A/S–Class B		5		7,655
Carlsberg A/S–Class B		85		7,665
Coloplast A/S–Class B		107		7,458
Danske Bank A/S		280		8,645
Genmab A/S(a)		52		8,580
Novo Nordisk A/S–Class B		180		6,439
Novozymes A/S–Class B		187		6,947
Pandora A/S		66		8,591
Vestas Wind Systems A/S		98		7,861
				69,841
Finland–0.51%
Fortum Oyj		399		6,653
Kone Oyj–Class B		125		5,754
Nokia Oyj		1,099		4,908
Sampo Oyj–Class A		140		6,419
UPM-Kymmene Oyj		303		7,052
Wartsila OYJ Abp		144		6,228
				37,014
France–3.93%
Accor S.A.		159		6,036
Air Liquide S.A.		64		6,504
Airbus Group SE		103		6,116
Arkema S.A.		68		6,448
Atos SE		63		6,544
AXA S.A.		293		6,597
BNP Paribas S.A.		112		6,497
Bouygues S.A.		192		6,266
Bureau Veritas S.A.		280		5,290
Capgemini S.A.		63		5,220
Carrefour S.A.		243		6,380
Christian Dior SE		37		7,138
Cie Generale des Etablissements Michelin		58		6,280
Compagnie de Saint-Gobain		135		6,000
Credit Agricole S.A.		639		6,878
Danone		80		5,540
Dassault Systemes S.A.		73		5,785
Engie S.A.		387		5,585
Essilor International S.A.		47		5,274

	Shares		Value
France–(continued)
Hermes International		15	$	6,078
Kering		32		7,098
Klepierre		135		5,522
L’Oreal S.A.		32		5,728
Legrand S.A.		107		6,042
LVMH Moet Hennessy Louis Vuitton S.E.		36		6,542
Orange S.A.		412		6,490
Pernod Ricard S.A.		53		6,304
Peugeot S.A.(a)		397		5,947
Publicis Groupe S.A.		83		5,695
Renault S.A.		76		6,609
Safran S.A.		86		5,906
Sanofi		76		5,912
Schneider Electric S.E.		90		6,040
SCOR S.E.		209		6,772
Societe Generale S.A.		170		6,617
Sodexo S.A.		53		6,160
SUEZ		395		6,260
Technip S.A.		107		7,070
Thales S.A.		72		6,779
TOTAL S.A.		127		6,077
Unibail-Rodamco S.E.		22		5,241
Valeo S.A.		120		6,916
Veolia Environnement S.A.		272		5,936
Vinci S.A.		82		5,928
Vivendi S.A.		319		6,450
Zodiac Aerospace		277		6,741
				285,238
Germany–3.02%
adidas AG		39		6,396
Allianz S.E.		42		6,547
BASF S.E.		78		6,876
Bayer AG		62		6,145
Bayerische Motoren Werke AG		72		6,273
Beiersdorf AG		66		5,811
Brenntag AG		117		6,254
Commerzbank AG		862		5,854
Continental AG		29		5,557
Daimler AG		93		6,627
Deutsche Bank AG(a)		424		6,123
Deutsche Lufthansa AG		527		6,737
Deutsche Post AG		196		6,074
Deutsche Telekom AG		375		6,111
Deutsche Wohnen AG		165		5,383
E.ON S.E.		680		4,964
Fresenius Medical Care AG & Co. KGaA		73		5,947
Fresenius S.E. & Co. KGaA		86		6,348
GEA Group AG		115		4,447
HeidelbergCement AG		68		6,432
Henkel AG & Co. KGaA–Preference Shares		48		6,160
Infineon Technologies AG		378		6,786
K+S AG		300		6,069

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

10                         Invesco Macro International Equity Fund

	Shares		Value
Germany–(continued)
Linde AG		36	$	5,940
Merck KGaA		60		6,169
Metro AG		202		6,051
Muenchener Rueckversicherungs–Gesellschaft AG		34		6,591
Porsche Automobil Holding S.E.–Preference Shares		123		6,633
ProSiebenSat.1 Media SE		144		6,206
RWE AG(a)		376		5,968
SAP S.E.		70		6,166
Siemens AG		52		5,905
Symrise AG		84		5,764
thyssenkrupp AG		261		6,046
Volkswagen AG–Preference Shares		45		6,185
Vonovia SE		160		5,643
				219,188
Hong Kong–5.06%
AIA Group Ltd.		2,000		12,623
Bank of East Asia, Ltd. (The)		3,200		12,871
Cheung Kong Infrastructure Holdings Ltd.		2,000		16,368
Cheung Kong Property Holdings Ltd.		2,000		14,815
CK Hutchison Holdings Ltd.		1,000		12,372
CLP Holdings Ltd.		1,500		15,244
Galaxy Entertainment Group Ltd.		4,000		16,427
Hang Lung Properties Ltd.		6,000		13,245
Hang Seng Bank Ltd.		800		14,427
Henderson Land Development Co. Ltd.		2,441		14,463
Hong Kong & China Gas Co., Ltd.		7,103		13,921
Hong Kong Exchanges & Clearing Ltd.		500		13,216
Hongkong Land Holdings Ltd.		2,100		14,070
Jardine Matheson Holdings Ltd.		200		12,164
Jardine Strategic Holdings Ltd.		400		14,011
Link REIT		2,000		14,261
MTR Corp. Ltd.		2,500		13,826
New World Development Co. Ltd.		11,000		13,715
Power Assets Holdings Ltd.		1,500		14,109
Sands China Ltd.		3,200		13,888
Sino Land Co. Ltd.		8,000		13,585
Sun Hung Kai Properties Ltd.		1,000		14,897
Swire Pacific Ltd.–Class A		1,000		10,399
Techtronic Industries Co. Ltd.		3,500		13,178
WH Group Ltd.–REGS(b)		24,500		19,870
Wharf (Holdings) Ltd. (The)		2,000		15,035
				367,000
Hungary–0.28%
MOL Hungarian Oil and Gas PLC		110		7,077
OTP Bank Nyrt.		231		6,471
Richter Gedeon Nyrt		324		6,963
				20,511
India–0.27%
HDFC Bank Ltd.–ADR		96		6,795
Reliance Industries Ltd.–GDR–REGS(b)		204		6,467
Wipro Ltd.–ADR		668		6,459
				19,721

	Shares		Value
Indonesia–0.33%
PT Bank Central Asia Tbk		6,300	$	7,486
PT Telekomunikasi Indonesia Persero Tbk		17,400		5,618
PT Unilever Indonesia Tbk		1,600		5,454
PT Waskita Karya (Persero) Tbk		27,900		5,594
				24,152
Ireland–0.67%
Bank of Ireland(a)		27,422		5,854
CRH PLC		185		5,996
Experian PLC		1,369		26,284
Kerry Group PLC–Class A		73		5,300
Paddy Power Betfair PLC		52		5,383
				48,817
Italy–0.82%
Assicurazioni Generali S.p.A.		487		6,292
Atlantia S.p.A.		241		5,909
Enel S.p.A.		1,373		5,899
Eni S.p.A.		411		5,944
Intesa Sanpaolo S.p.A.		2,496		5,762
Luxottica Group S.p.A.		129		6,394
Snam S.p.A.		1,123		5,926
Telecom Italia S.p.A.(a)		6,534		5,696
Terna — Rete Elettrica Nazionale S.p.A.		1,206		5,914
UniCredit S.p.A.		2,400		5,941
				59,677
Japan–17.79%
AEON Co., Ltd.		600		8,314
Aisin Seiki Co., Ltd.		200		8,785
Ajinomoto Co., Inc.		400		8,902
ANA Holdings Inc.		3,000		8,445
Asahi Glass Co., Ltd.		1,000		7,009
Asahi Group Holdings, Ltd.		300		10,731
Asahi Kasei Corp.		1,000		9,024
Astellas Pharma Inc.		600		8,923
Bandai Namco Holdings Inc.		300		9,012
Bridgestone Corp.		300		11,180
Canon Inc.		300		8,616
Central Japan Railway Co.		100		17,013
Chubu Electric Power Co., Inc.		600		8,837
Chugai Pharmaceutical Co., Ltd.		300		10,242
Dai Nippon Printing Co., Ltd.		1,000		10,037
Dai-ichi Life Holdings, Inc.		600		8,792
Daiichi Sankyo Co., Ltd.		400		9,622
Daikin Industries, Ltd.		100		9,594
Daito Trust Construction Co., Ltd.		100		16,760
Daiwa House Industry Co., Ltd.		300		8,256
Daiwa Securities Group Inc.		1,000		5,972
Denso Corp.		200		8,687
Dentsu Inc.		200		9,994
East Japan Railway Co.		100		8,817
Eisai Co., Ltd.		100		6,378
FANUC Corp.		100		18,738

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

11                         Invesco Macro International Equity Fund

	Shares		Value
Japan–(continued)
Fuji Heavy Industries Ltd.		200	$	7,787
FUJIFILM Holdings Corp.		200		7,581
Fujitsu Ltd.		2,000		11,854
Hankyu Hanshin Holdings, Inc.		300		9,956
Hitachi, Ltd.		2,000		10,641
Honda Motor Co., Ltd.		300		8,975
Hoya Corp.		200		8,351
INPEX Corp.		1,000		9,302
Isuzu Motors Ltd.		700		8,656
ITOCHU Corp.		700		8,868
Japan Airlines Co. Ltd.		300		8,857
Japan Exchange Group Inc.		500		7,452
Japan Post Holdings Co., Ltd.		600		7,645
Japan Real Estate Investment Corp.		1		5,788
Japan Retail Fund Investment Corp.		4		9,085
Japan Tobacco, Inc.		200		7,617
JFE Holdings, Inc.		600		8,600
JX Holdings, Inc.		2,300		9,086
Kajima Corp.		1,000		6,761
Kansai Electric Power Co., Inc. (The)(a)		1,000		9,579
Kao Corp.		200		10,309
KDDI Corp.		300		9,132
Keio Corp.		1,000		8,287
Kintetsu Group Holdings Co., Ltd.		2,000		8,079
Kirin Holdings Co., Ltd.		500		8,618
Koito Manufacturing Co., Ltd.		200		10,428
Komatsu Ltd.		400		8,916
Kubota Corp.		600		9,672
Kyocera Corp.		200		9,730
Lawson, Inc.		100		7,610
Makita Corp.		100		6,933
Marubeni Corp.		1,800		9,472
Mazda Motor Corp.		500		8,208
MEIJI Holdings Co., Ltd.		100		9,994
Mitsubishi Chemical Holdings Corp.		1,400		9,199
Mitsubishi Corp.		400		8,739
Mitsubishi Electric Corp.		700		9,474
Mitsubishi Heavy Industries, Ltd.		2,000		8,553
Mitsubishi UFJ Financial Group, Inc.		1,600		8,289
Mitsui & Co., Ltd.		700		9,717
Mizuho Financial Group, Inc.		5,000		8,430
MS&AD Insurance Group Holdings, Inc.		300		8,908
Murata Manufacturing Co., Ltd.		100		13,947
NEC Corp.		3,000		8,039
NGK Insulators, Ltd.		400		7,337
Nidec Corp.		100		9,698
Nikon Corp.		600		9,080
Nippon Building Fund Inc.		1		5,949
Nippon Paint Holdings Co., Ltd.		300		10,213
Nippon Steel & Sumitomo Metal Corp.		400		7,908
Nippon Telegraph & Telephone Corp.		200		8,888
Nissan Motor Co., Ltd.		900		9,154
Nitori Holdings Co., Ltd.		100		11,987

	Shares		Value
Japan–(continued)
Nitto Denko Corp.		100	$	6,971
Nomura Holdings, Inc.		1,800		9,037
Nomura Real Estate Master Fund, Inc.		5		8,106
NTT Data Corp.		200		10,337
NTT DOCOMO, Inc.		300		7,554
Obayashi Corp.		900		8,694
Odakyu Electric Railway Co., Ltd.		400		8,172
Olympus Corp.		300		10,728
OMRON Corp.		300		11,529
Ono Pharmaceutical Co., Ltd.		300		7,630
Oriental Land Co., Ltd.		100		5,846
ORIX Corp.		600		9,529
Osaka Gas Co., Ltd.		2,000		8,318
Otsuka Holdings Co., Ltd.		200		8,767
Panasonic Corp.		800		8,349
Rakuten Inc.		700		8,094
Recruit Holdings Co., Ltd.		200		8,048
Resona Holdings, Inc.		1,900		8,428
Ricoh Co., Ltd.		900		7,347
Santen Pharmaceutical Co., Ltd.		700		10,223
SECOM Co., Ltd.		100		7,221
Sekisui Chemical Co., Ltd.		600		9,452
Sekisui House, Ltd.		500		8,267
Seven & i Holdings Co., Ltd.		200		8,359
Shimano Inc.		100		17,127
Shimizu Corp.		1,000		8,897
Shin-Etsu Chemical Co., Ltd.		100		7,601
Shionogi & Co., Ltd.		200		9,855
Shiseido Co., Ltd.		300		7,747
SoftBank Group Corp.		100		6,296
Sompo Holdings, Inc.		300		9,716
Sony Corp.		300		9,494
Sumitomo Chemical Co., Ltd.		2,000		9,473
Sumitomo Corp.		800		9,213
Sumitomo Electric Industries, Ltd.		600		8,873
Sumitomo Metal Mining Co., Ltd.		1,000		12,964
Sumitomo Mitsui Financial Group, Inc.		200		6,952
Sumitomo Mitsui Trust Holdings, Inc.		200		6,771
Suntory Beverage & Food Ltd.		200		8,738
Suzuki Motor Corp.		300		10,649
Sysmex Corp.		100		6,940
T&D Holdings, Inc.		700		8,465
Taisei Corp.		1,000		7,514
Takeda Pharmaceutical Co. Ltd.		200		8,955
TDK Corp.		100		6,907
Terumo Corp.		200		7,753
Tobu Railway Co., Ltd.		2,000		9,831
Tohoku Electric Power Co., Inc.		700		8,578
Tokio Marine Holdings, Inc.		200		7,893
Tokyo Electric Power Co. Holdings, Inc.(a)		2,100		8,171
Tokyo Electron Ltd.		100		9,048
Tokyo Gas Co., Ltd.		2,000		9,068
Tokyu Corp.		1,000		7,496

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)
Toppan Printing Co., Ltd.		1,000	$	9,409
Toray Industries, Inc.		1,000		9,334
Toshiba Corp.(a)		3,000		10,878
TOTO Ltd.		200		7,997
Toyota Industries Corp.		200		9,162
Toyota Motor Corp.		100		5,777
Toyota Tsusho Corp.		400		9,457
Unicharm Corp.		400		9,530
West Japan Railway Co.		200		12,344
Yahoo! Japan Corp.		2,100		8,070
Yamato Holdings Co., Ltd.		400		9,136
				1,291,103
Luxembourg–0.19%
ArcelorMittal S.A.(a)		1,039		6,968
Tenaris S.A.		470		6,638
				13,606
Malaysia–2.67%
Axiata Group Bhd.		5,200		6,099
CIMB Group Holdings Bhd.		5,000		5,996
DiGi.Com Bhd.		6,600		7,919
Gamuda Bhd.		5,900		6,906
Genting Malaysia Bhd.		5,200		5,901
Hap Seng Consolidated Bhd.		4,000		7,423
IHH Healthcare Bhd.		6,700		10,223
IJM Corp. Bhd.		9,300		7,317
IOI Corp. Bhd.		5,400		5,785
Kuala Lumpur Kepong Bhd.		1,800		10,282
Malayan Banking Bhd.		5,200		9,789
Maxis Bhd.		4,900		6,962
MISC Bhd.		4,000		7,171
Petronas Chemicals Group Bhd.		4,500		7,510
Petronas Dagangan Bhd.		1,700		9,468
Petronas Gas Bhd.		1,800		9,470
Public Bank Bhd.		3,400		16,098
RHB Bank Bhd.		5,500		6,333
Sime Darby Bhd.		3,000		5,858
Telekom Malaysia Bhd.		10,200		15,904
Tenaga Nasional Bhd.		3,100		10,598
Westports Holdings Bhd.		7,900		8,294
YTL Corp. Bhd.		17,900		6,785
				194,091
Mexico–2.08%
Alfa, S.A.B. de C.V.–Class A		4,000		6,069
America Movil S.A.B. de C.V.–Series L		9,500		6,292
Arca Continental S.A.B. de C.V.		1,200		7,457
Coca-Cola Femsa, S.A.B. de C.V.–Series L		1,100		8,259
Fibra Uno Administracion S.A. de C.V.		4,200		7,992
Fomento Economico Mexicano, S.A.B. de C.V.–Series BD(c)		900		8,629
Gruma, S.A.B. de C.V.–Class B		460		6,394

	Shares		Value
Mexico–(continued)
Grupo Aeroportuario del Pacífico, S.A.B. de C.V.–Class B		700	$	6,762
Grupo Aeroportuario del Sureste, S.A.B. de C.V.–Class B		470		7,482
Grupo Bimbo, S.A.B. de C.V.–Series A		2,200		5,931
Grupo Elektra, S.A.B. de C.V.		400		5,535
Grupo Financiero Banorte S.A.B. de C.V.–Class O		1,000		5,899
Grupo Financiero Inbursa, S.A.B. de C.V.–Class O		3,400		5,540
Grupo Financiero Santander Mexico, S.A.B. de C.V.–Class B		3,300		5,976
Grupo Lala, S.A.B. de C.V.		3,200		5,951
Grupo Mexico S.A.B. de C.V.–Series B		2,300		5,646
Grupo Televisa S.A.B.–Series CPO(d)		1,200		5,895
Infraestructura Enérgetica Nova, S.A.B. de C.V.		1,700		7,510
Kimberly-Clark de Mexico, S.A.B. de C.V.–Class A		2,800		6,033
Mexichem S.A.B. de C.V.		2,500		5,974
Nemak, S.A.B. de C.V.–REGS(b)		6,700		6,976
Promotora y Operadora de Infraestructura, S.A.B. de C.V.		585		6,526
Wal-Mart de México, S.A.B. de C.V.–Series V		2,800		5,922
				150,650
Netherlands–1.35%
Aegon N.V.		1,534		6,604
Akzo Nobel N.V.		88		5,683
ASML Holding N.V.		60		6,356
Gemalto N.V.		89		4,823
Heineken Holding N.V.		73		5,618
Heineken N.V.		70		5,763
ING Groep N.V.		509		6,692
Koninklijke Ahold Delhaize N.V.		265		6,049
Koninklijke DSM N.V.		88		5,653
Koninklijke KPN N.V.		1,950		6,360
Koninklijke Philips N.V.		224		6,745
NN Group N.V.		210		6,328
NXP Semiconductors N.V.(a)		73		7,300
Randstad Holding N.V.		136		6,995
Steinhoff International Holdings N.V.		986		5,323
Wolters Kluwer N.V.		153		5,917
				98,209
New Zealand–0.67%
Auckland International Airport Ltd.		2,447		11,531
Fisher & Paykel Healthcare Corp. Ltd.		1,836		11,632
Fletcher Building Ltd.		1,711		12,687
Spark New Zealand Ltd.		4,833		12,648
				48,498
Norway–0.47%
DNB ASA		661		9,560
Orkla ASA		878		8,286
Statoil ASA		525		8,555
Telenor ASA		470		7,480
				33,881

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

13                         Invesco Macro International Equity Fund

	Shares		Value
Philippines–0.84%
Aboitiz Equity Ventures Inc.		4,080	$	6,569
Ayala Corp.		330		5,687
Bank of the Philippine Islands		3,640		7,596
BDO Unibank, Inc.		2,690		6,263
GT Capital Holdings, Inc.		205		5,547
Jollibee Foods Corp.		1,320		6,484
Metro Pacific Investments Corp.		40,000		5,944
Puregold Price Club, Inc.		6,100		5,131
SM Investments Corp.		390		5,409
Universal Robina Corp.		1,670		6,286
				60,916
Poland–0.24%
Orange Polska S.A.		3,763		5,371
Polski Koncern Naftowy ORLEN S.A.		327		6,485
Powszechny Zaklad Ubezpieczen S.A.		752		5,222
				17,078
Portugal–0.08%
EDP — Energias de Portugal, S.A.		1,816		6,002
Qatar–0.18%
Masraf Al Rayan Q.S.C.		582		5,530
Qatar National Bank S.A.Q.		164		7,206
				12,736
Russia–0.07%
PhosAgro PJSC–GDR–REGS(b)		431		5,344
Singapore–2.30%
Ascendas REIT		7,400		12,607
CapitaLand Ltd.		5,900		13,072
City Developments Ltd.		2,100		12,816
ComfortDelGro Corp. Ltd.		6,400		11,685
DBS Group Holdings Ltd.		1,200		12,905
Keppel Corp. Ltd.		3,500		13,239
Oversea-Chinese Banking Corp. Ltd.		2,100		12,779
Singapore Airlines Ltd.		1,700		12,379
Singapore Exchange Ltd.		2,400		12,232
Singapore Press Holdings Ltd.		4,800		12,816
Singapore Telecommunications Ltd.		4,700		13,072
United Overseas Bank Ltd.		1,000		13,484
Wilmar International Ltd.		5,900		14,038
				167,124
South Africa–0.27%
Life Healthcare Group Holdings Ltd.		2,358		6,296
Mondi Ltd.		262		5,120
Vodacom Group Ltd.		752		8,113
				19,529
South Korea–1.84%
CJ CheilJedang Corp.		17		5,188
DGB Financial Group Inc.		782		6,553
E-MART Inc.		44		6,245
GS Holdings Corp.		124		5,525

	Shares		Value
South Korea–(continued)
Hanwha Life Insurance Co., Ltd.		1,229	$	6,710
Hyundai Department Store Co., Ltd.		51		5,239
Hyundai Home Shopping Network Corp.		56		5,557
Hyundai Mobis Co., Ltd.		22		5,270
Hyundai Motor Co.		47		5,742
Industrial Bank of Korea		535		6,174
Kangwon Land Inc.		155		5,143
KB Financial Group Inc.		217		8,040
Kia Motors Corp.		144		5,115
Korea Electric Power Corp.		123		5,308
Korea Gas Corp.		141		5,704
Korea Zinc Co., Ltd.		12		4,766
KT Corp.		358		10,101
LG Corp.		89		4,760
Samsung Electronics Co., Ltd.		4		5,707
Shinhan Financial Group Co., Ltd.		174		6,699
SK Telecom Co., Ltd.		33		6,468
Woori Bank		673		7,344
				133,358
Spain–1.37%
Abertis Infraestructuras S.A.		397		5,894
Aena S.A.–REGS(b)		46		6,754
Amadeus IT Group S.A.		135		6,373
Banco Bilbao Vizcaya Argentaria, S.A.		967		6,969
Banco de Sabadell S.A.		4,541		6,063
Banco Santander S.A.		1,362		6,672
Banco Santander, S.A.–Rts.(a)		1,362		76
CaixaBank S.A.		2,304		6,973
Enagas S.A.		199		5,713
Ferrovial, S.A.		312		6,064
Ferrovial, S.A.–Rts.(a)		312		134
Gas Natural SDG, S.A.		290		5,722
Grifols S.A.		291		5,753
Iberdrola S.A.		890		6,066
Industria de Diseno Textil, S.A.		176		6,153
Red Eléctrica Corp. S.A.		276		5,751
Repsol S.A.		451		6,303
Telefónica, S.A.		611		6,225
				99,658
Sweden–1.62%
Assa Abloy AB–Class B		407		7,395
Atlas Copco AB–Class A		286		8,376
Hennes & Mauritz AB–Class B		272		7,652
Hexagon AB–Class B		197		6,883
Investor AB–Class B		233		8,271
Nordea Bank AB		824		8,650
Sandvik AB		754		8,558
Skandinaviska Enskilda Banken AB–Class A		832		8,383
Skanska AB–Class B		385		8,363
Svenska Cellulosa AB SCA–Class B		264		7,480
Svenska Handelsbanken AB–Class A		615		8,378

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

14                         Invesco Macro International Equity Fund

	Shares		Value
Sweden–(continued)
Swedbank AB–Class A		356	$	8,332
Telefonaktiebolaget LM Ericsson –Class B		1,158		5,634
Telia Co. AB		1,775		7,085
Volvo AB–Class B		751		8,055
				117,495
Switzerland–3.29%
ABB Ltd.		370		7,614
Actelion Ltd.		48		6,936
Adecco Group AG (The)		138		8,195
Cie Financiere Richemont S.A.		140		9,005
Credit Suisse Group AG		633		8,823
Geberit AG		19		8,032
Givaudan S.A.		4		7,731
Glencore PLC(a)		11,642		35,474
Julius Baer Group Ltd.		193		7,810
Kuehne + Nagel International AG		58		7,857
LafargeHolcim Ltd.		155		8,278
Nestle S.A.		102		7,396
Novartis AG		104		7,386
Roche Holding AG		33		7,573
Schindler Holding AG–Participation Ctfs.		43		7,991
SGS S.A.		4		8,109
Sika AG		2		9,612
Swatch Group AG (The)		31		9,326
Swiss Re AG		94		8,730
Swisscom AG		17		7,767
Syngenta AG		19		7,627
UBS Group AG		572		8,093
Wolseley PLC		477		24,782
Zurich Insurance Group AG		32		8,372
				238,519
Taiwan–4.21%
Aerospace Industrial Development Corp.		5,000		6,338
Asia Cement Corp.		6,140		5,353
Asustek Computer Inc.		1,000		8,749
Cathay Financial Holding Co., Ltd.		4,250		5,515
Chailease Holding Co. Ltd.		3,000		5,186
Chang Hwa Commercial Bank, Ltd.		16,000		8,177
Cheng Shin Rubber Industry Co., Ltd.		3,000		6,103
China Airlines Ltd.		22,000		6,651
China Development Financial Holding Corp.		27,000		6,760
China Life Insurance Co., Ltd.		7,000		6,453
China Steel Corp.		8,240		5,953
Chunghwa Telecom Co., Ltd.		3,000		10,276
Compal Electronics Inc.		9,000		5,355
CTBC Financial Holding Co. Ltd.		12,190		6,567
E.Sun Financial Holding Co. Ltd.		12,333		7,005
EVA Airways Corp.		12,000		5,780
Far Eastern New Century Corp.		8,323		6,440
Far EasTone Telecommunications Co., Ltd.		4,000		9,456
First Financial Holding Co., Ltd.		21,756		11,410

	Shares		Value
Taiwan–(continued)
Formosa Chemicals & Fibre Corp.		2,000	$	5,951
Formosa Petrochemical Corp.		2,000		6,686
Formosa Plastics Corp.		3,000		8,119
Foxconn Technology Co. Ltd.		2,000		5,805
Fubon Financial Holding Co., Ltd.		4,000		5,665
Hon Hai Precision Industry Co., Ltd.		2,726		7,355
Hua Nan Financial Holdings Co., Ltd.		18,181		9,237
Mega Financial Holding Co., Ltd.		11,000		7,519
Nan Ya Plastics Corp.		3,000		6,246
Powertech Technology Inc.		2,000		5,710
President Chain Store Corp.		1,000		7,479
Qisda Corp.		13,000		5,479
Quanta Computer Inc.		3,000		6,059
Shin Kong Financial Holding Co., Ltd.(a)		29,338		6,359
Simplo Technology Co., Ltd.		2,000		6,179
SinoPac Financial Holdings Co., Ltd.		23,526		6,784
Synnex Technology International Corp.		5,300		5,645
Taishin Financial Holding Co., Ltd.		19,178		7,009
Taiwan Cooperative Financial Holding Co. Ltd.		23,497		10,304
Taiwan Mobile Co., Ltd.		3,000		10,487
Taiwan Semiconductor Manufacturing Co. Ltd.		1,000		5,973
Uni-President Enterprises Corp.		3,409		6,600
United Microelectronics Corp.		16,000		5,972
WPG Holdings Ltd.		6,000		7,035
Yuanta Financial Holding Co., Ltd.		17,726		6,618
				305,802
Thailand–1.89%
Airports of Thailand PCL		600		6,526
Bangchak Petroleum PCL (The)		6,300		5,433
Bangkok Airways PCL		9,000		6,397
Bangkok Bank PCL		1,400		6,365
Bangkok Dusit Medical Services PCL		13,000		8,449
BTS Group Holdings PCL		31,900		7,786
Central Pattana PCL		3,800		6,075
CP ALL PCL		3,300		5,723
Electricity Generating PCL		1,400		7,793
Global Power Synergy PCL		6,000		6,072
Home Product Center PCL		19,100		5,507
IRPC PCL		39,900		5,445
Kasikornbank PCL		1,000		4,902
Krung Thai Bank PCL		12,700		6,227
Land and Houses PCL		21,900		5,724
Muangthai Leasing PCL		12,200		6,547
Pruksa Real Estate PCL		8,200		5,407
Siam Cement PCL (The)		500		7,194
Siam Commercial Bank PCL (The)		1,300		5,315
Thai Beverage PCL		26,800		18,567
				137,454
Turkey–0.37%
BIM Birlesik Magazalar A.S.		347		5,639
Enka Insaat ve Sanayi A.S.		3,640		5,538

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

15                         Invesco Macro International Equity Fund

	Shares		Value
Turkey–(continued)
Petkim PetroKimya Holding A.S.		3,675	$	4,977
Turk Telekomunikasyon A.S.		2,800		5,162
Turkcell Iletisim Hizmetleri A.S.(a)		1,714		5,509
				26,825
United Arab Emirates–0.08%
Dubai Islamic Bank PJSC		3,906		5,572
United Kingdom–15.73%
Anglo American PLC(a)		2,619		36,163
Associated British Foods PLC		671		20,217
AstraZeneca PLC		428		23,998
Aviva PLC		4,854		26,242
BAE Systems PLC		3,861		25,604
Barclays PLC		12,139		28,149
BP PLC		4,909		28,985
British American Tobacco PLC		438		25,148
BT Group PLC		5,376		24,702
Centrica PLC		8,969		23,511
CNH Industrial N.V.		813		6,307
Compass Group PLC		1,418		25,640
Diageo PLC		991		26,380
Fiat Chrysler Automobiles N.V.		896		6,560
GlaxoSmithKline PLC		1,264		24,980
HSBC Holdings PLC		3,642		27,389
Imperial Brands PLC		512		24,741
International Consolidated Airlines Group, S.A.		4,982		26,442
ITV PLC		10,119		21,068
Kingfisher PLC		5,642		24,894
Land Securities Group PLC		1,927		23,520
Legal & General Group PLC		9,778		24,999
Lloyds Banking Group PLC		34,715		24,274
London Stock Exchange Group PLC		765		26,246
Marks & Spencer Group PLC		5,975		24,846
National Grid PLC		1,977		25,745
Next PLC		373		21,948
Old Mutual PLC		10,579		26,001
Pearson PLC		2,411		22,283

	Shares		Value
United Kingdom–(continued)
Prudential PLC		1,502	$	24,485
Reckitt Benckiser Group PLC		282		25,212
RELX N.V.		353		5,948
RELX PLC		1,464		26,121
Rio Tinto Ltd.		371		15,254
Rio Tinto PLC		909		31,510
Rolls-Royce Holdings PLC		2,701		24,014
Rolls-Royce Holdings PLC–Preference Shares(a)		124,246		152
Royal Bank of Scotland Group PLC(a)		10,357		23,912
Royal Dutch Shell PLC–Class A		1,131		28,141
Sky PLC		2,468		24,651
Smith & Nephew PLC		1,705		24,565
SSE PLC		1,366		26,597
Standard Chartered PLC(a)		3,199		27,822
Standard Life PLC		5,711		23,521
Tesco PLC(a)		12,327		31,793
Unilever N.V.		131		5,485
Unilever PLC		584		24,428
Vodafone Group PLC		9,258		25,416
WPP PLC		1,187		25,788
				1,141,797
United States–0.53%
Samsonite International S.A.		4,200		13,214
Shire PLC		441		24,899
				38,113
Total Common Stocks & Other Equity Interests (Cost $6,610,786)				6,468,801
Money Market Funds–8.74%
Government & Agency Portfolio–Institutional Class, 0.29%(e)		380,399		380,399
Treasury Portfolio–Institutional Class, 0.22%(e)		253,600		253,600
Total Money Market Funds (Cost $633,999)				633,999
TOTAL INVESTMENTS–97.87% (Cost $7,244,785)				7,102,800
OTHER ASSETS LESS LIABILITIES–2.13%				154,891
NET ASSETS–100.00%			$	7,257,691

Investment Abbreviations:

ADR	– American Depositary Receipt
CPO	– Certificates of Ordinary Participation
Ctfs.	– Certificates
GDR	– Global Depositary Receipt
REGS	– Regulation S
REIT	– Real Estate Investment Trust
Rts.	– Rights

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2016 was $45,411, which represented less than 1% of the Fund’s Net Assets.

^(c)  Each unit represents one Series B share, two Series D-B shares and two Series D-L shares.

^(d)  Each CPO represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares.

^(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, 2016.

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

16                         Invesco Macro International Equity Fund

Statement of Assets and Liabilities

October 31, 2016

Assets:
Investments, at value (Cost $6,610,786)	$	6,468,801
Investments in affiliated money market funds, at value and cost		633,999
Total investments, at value (Cost $7,244,785)		7,102,800
Foreign currencies, at value (Cost $20,957)		20,848
Receivable for:
Deposits with brokers for open futures contracts		124,000
Variation margin — futures		964
Dividends		16,446
Fund expenses absorbed		46,593
Investment for trustee deferred compensation and retirement plans		6,109
Other assets		44,241
Total assets		7,362,001
Liabilities:
Payable for:
Investments purchased		695
Accrued foreign taxes		1,261
Accrued fees to affiliates		1,079
Accrued trustees’ and officers’ fees and benefits		1,713
Accrued other operating expenses		93,453
Trustee deferred compensation and retirement plans		6,109
Total liabilities		104,310
Net assets applicable to shares outstanding	$	7,257,691
Net assets consist of:
Shares of beneficial interest	$	8,168,693
Undistributed net investment income		87,321
Undistributed net realized gain (loss)		(860,013	)
Net unrealized appreciation (depreciation)		(138,310	)
	$	7,257,691

Net Assets:
Class A	$	2,894,582
Class C	$	92,183
Class R	$	8,881
Class Y	$	3,637,584
Class R5	$	312,161
Class R6	$	312,300
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		325,101
Class C		10,471
Class R		1,001
Class Y		407,657
Class R5		35,001
Class R6		35,001
Class A:
Net asset value per share	$	8.90
Maximum offering price per share
(Net asset value of $8.90 ¸ 94.50%)	$	9.42
Class C:
Net asset value and offering price per share	$	8.80
Class R:
Net asset value and offering price per share	$	8.87
Class Y:
Net asset value and offering price per share	$	8.92
Class R5:
Net asset value and offering price per share	$	8.92
Class R6:
Net asset value and offering price per share	$	8.92

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

17                         Invesco Macro International Equity Fund

Statement of Operations

For the year ended October 31, 2016

Investment income:
Dividends (net of foreign withholding taxes of $15,979)	$	191,361
Dividends from affiliated money market funds		1,982
Total investment income		193,343
Expenses:
Advisory fees		66,615
Administrative services fees		50,000
Custodian fees		126,472
Distribution fees:
Class A		7,300
Class C		827
Class R		43
Transfer agent fees — A, C, R and Y		3,259
Transfer agent fees — R5		25
Transfer agent fees — R6		25
Trustees’ and officers’ fees and benefits		19,085
Registration and filing fees		74,112
Licensing Fees		90,150
Reports to shareholders		12,183
Professional services fees		76,250
Other		107,189
Total expenses		633,535
Less: Fees waived and expenses reimbursed		(542,128	)
Net expenses		91,407
Net investment income		101,936
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $507)		(389,841	)
Foreign currencies		(5,228	)
Futures contracts		56,069
		(339,000	)
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $827)		267,105
Foreign currencies		(500	)
Futures contracts		(31,045	)
		235,560
Net realized and unrealized gain (loss)		(103,440	)
Net increase (decrease) in net assets resulting from operations	$	(1,504	)

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

18                         Invesco Macro International Equity Fund

Statement of Changes in Net Assets

For the years ended October 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	101,936		$	103,966
Net realized gain (loss)		(339,000	)		(560,404	)
Change in net unrealized appreciation (depreciation)		235,560			(305,292	)
Net increase (decrease) in net assets resulting from operations		(1,504	)		(761,730	)
Distributions to shareholders from net investment income:
Class A		(37,380	)		(63,932	)
Class C		(487	)		(323	)
Class R		(89	)		(179	)
Class Y		(53,159	)		(68,456	)
Class R5		(4,525	)		(19,684	)
Class R6		(4,525	)		(7,613	)
Total distributions from net investment income		(100,165	)		(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		(181,307	)		287,744
Class C		16,118			64,318
Class Y		(29,771	)		941,777
Class R5		—			(529,245	)
Net increase (decrease) in net assets resulting from share transactions		(194,960	)		764,594
Net increase (decrease) in net assets		(296,629	)		(203,468	)
Net assets:
Beginning of year		7,554,320			7,757,788
End of year (includes undistributed net investment income of $87,321 and $79,300, respectively)	$	7,257,691		$	7,554,320

Notes to Financial Statements

October 31, 2016

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-two 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.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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.

19                         Invesco Macro International Equity 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.

20                         Invesco Macro International Equity 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 the daily mark-to-market obligation for forward foreign currency contracts.

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

21                         Invesco Macro International Equity 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 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, 2016, the effective advisory fees incurred by the Fund was 0.935%.

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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least February 28, 2018, 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%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees and reimbursed fund level expenses of $538,819 and reimbursed class level expenses of $1,458, $41, $4, $1,754, $26 and $26 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, 2016, 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,

22                         Invesco Macro International Equity Fund

subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2016, 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $84 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, 2016. 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, 2016, there were transfers from Level 1 to Level 2 of $643,584 and from Level 2 to Level 1 of $1,598,786, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Australia	$	67,660	$	625,321	$	—	$	692,981
Austria		12,889		—		—		12,889
Belgium		24,715		5,138		—		29,853
Brazil		25,432		—		—		25,432
Chile		25,296		42,477		—		67,773
China		52,539		50,086		—		102,625
Colombia		11,291		—		—		11,291
Czech Republic		5,678		5,760		—		11,438
Denmark		54,728		15,113		—		69,841
Finland		37,014		—		—		37,014
France		154,500		130,738		—		285,238
Germany		208,581		10,607		—		219,188
Hong Kong		212,503		154,497		—		367,000
Hungary		14,040		6,471		—		20,511
India		19,721		—		—		19,721
Indonesia		5,454		18,698		—		24,152
Ireland		10,683		38,134		—		48,817
Italy		6,292		53,385		—		59,677
Japan		559,752		731,351		—		1,291,103
Luxembourg		—		13,606		—		13,606
Malaysia		145,411		48,680		—		194,091

23                         Invesco Macro International Equity Fund

	Level 1		Level 2		Level 3		Total
Mexico	$	150,650	$	—	$	—	$	150,650
Netherlands		43,334		54,875		—		98,209
New Zealand		48,498		—		—		48,498
Norway		17,040		16,841		—		33,881
Philippines		54,630		6,286		—		60,916
Poland		17,078		—		—		17,078
Portugal		6,002		—		—		6,002
Qatar		12,736		—		—		12,736
Russia		5,344		—		—		5,344
Singapore		75,757		91,367		—		167,124
South Africa		19,529		—		—		19,529
South Korea		27,383		105,975		—		133,358
Spain		55,611		44,047		—		99,658
Sweden		23,495		94,000		—		117,495
Switzerland		91,848		146,671		—		238,519
Taiwan		128,281		177,521		—		305,802
Thailand		70,400		67,054		—		137,454
Turkey		—		26,825		—		26,825
United Arab Emirates		5,572		—		—		5,572
United Kingdom		182,420		959,377		—		1,141,797
United States		13,214		24,899		—		38,113
Money Market Funds		633,999		—		—		633,999
		3,337,000		3,765,800		—		7,102,800
Futures Contracts*		4,275		—		—		4,275
Total Investments	$	3,341,275	$	3,765,800	$	—	$	7,107,075

* Unrealized appreciation.

NOTE 4—Derivative Investments

Value of Derivative Investments at Period-End

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

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

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2016:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	28,744
Derivatives not subject to master netting agreements		(28,744	)
Total Derivative Assets subject to master netting agreements	$	—

	Value
Derivative Liabilities	Equity Risk
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	(24,469	)
Derivatives not subject to master netting agreements		24,469
Total Derivative Liabilities subject to master netting agreements	$	—

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

24                         Invesco Macro International Equity Fund

Effect of Derivative Investments for the year ended October 31, 2016

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

	Location of Gain (Loss) on Statement of Operations
	Equity Risk
Realized Gain:
Futures contracts	$	56,069
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(31,045	)
Total	$	25,024

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

	Futures Contracts
Average notional value	$	1,743,798

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		Long		10		December–2016	$	335,143	$	6,282
FTSE 100 Index		Long		3		December–2016		254,931		11,262
Hang Seng Index		Long		2		November–2016		295,341		(6,888	)
Mini MSCI Emerging Markets Index		Long		15		December–2016		677,525		(17,581	)
Tokyo Stock Price Index		Long		2		December–2016		266,056		11,200
Total Futures Contracts — Equity Risk									$	4,275

^(a)  Futures contracts collateralized by $124,000 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 Years Ended October 31, 2016 and 2015:

	2016		2015
Ordinary income	$	100,165	$	200,246
Long-term capital gain		—		6,086
Total distributions	$	100,165	$	206,332

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	109,320
Net unrealized appreciation (depreciation) — investments		(208,551	)
Net unrealized appreciation — other investments		3,712
Temporary book/tax differences		(45,005	)
Capital loss carryforward		(770,478	)
Shares of beneficial interest		8,168,693
Total net assets	$	7,257,691

25                         Invesco Macro International Equity Fund

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and 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, 2016, as follows:

Capital Loss Carryforward*
Expiration	Total
Not subject to expiration	$	770,478

* 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, 2016 was $3,293,184 and $3,527,459, 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	$	491,954
Aggregate unrealized (depreciation) of investment securities		(700,505	)
Net unrealized appreciation (depreciation) of investment securities	$	(208,551	)

Cost of investments for tax purposes is $7,311,351.

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, 2016, undistributed net investment income was increased by $6,250, undistributed net realized gain (loss) was decreased by $6,354 and shares of beneficial interest was increased by $104. This reclassification had no effect on the net assets of the Fund.

NOTE 10—Share Information

	Summary of Share Activity
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		16,268		$	141,818			76,956		$	787,039
Class C		1,925			16,204			6,508			64,463
Class Y		1			9			114,771			1,130,479
Issued as reinvestment of dividends:
Class A		495			4,074			351			3,272
Class C		53			430			25			237
Class Y		1,524			12,558			22			205
Class R5		—			—			1,650			15,396
Reacquired:
Class A		(38,265	)		(327,199	)		(50,570	)		(502,567	)
Class C		(62	)		(516	)		(37	)		(382	)
Class Y		(4,995	)		(42,338	)		(18,408	)		(188,907	)
Class R5		—			—			(57,150	)		(544,641	)
Net increase (decrease) in share activity		(23,056	)	$	(194,960	)		74,118		$	764,594

^(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, 91% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

26                         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 10/31/16	$	9.01	$	0.11	$	(0.11	)	$	0.00		$	(0.11	)	$	—		$	(0.11	)	$	8.90		0.05	%	$	2,895		1.42	%(d)		9.03	%(d)		1.29	%(d)		51	%
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			9.00			1.18			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 10/31/16		8.92		0.05		(0.11	)		(0.06	)		(0.06	)		—			(0.06	)		8.80		(0.66	)		92		2.17	(d)		9.78	(d)		0.54	(d)		51
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			9.75			0.43			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 10/31/16		8.98		0.09		(0.11	)		(0.02	)		(0.09	)		—			(0.09	)		8.87		(0.16	)		9		1.67	(d)		9.28	(d)		1.04	(d)		51
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			9.25			0.93			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 10/31/16		9.03		0.13		(0.11	)		0.02			(0.13	)		—			(0.13	)		8.92		0.33			3,638		1.17	(d)		8.78	(d)		1.54	(d)		51
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			8.75			1.43			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 10/31/16		9.03		0.13		(0.11	)		0.02			(0.13	)		—			(0.13	)		8.92		0.33			312		1.17	(d)		8.74	(d)		1.54	(d)		51
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			8.71			1.43			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 10/31/16		9.03		0.13		(0.11	)		0.02			(0.13	)		—			(0.13	)		8.92		0.33			312		1.17	(d)		8.74	(d)		1.54	(d)		51
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			8.71			1.43			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 $2,920, $83, $9, $3,514, $300 and $300 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.

27                         Invesco Macro International Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of the 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 the Invesco Macro International Equity Fund (the “Fund”) as of October 31, 2016, 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 two years in the period 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 as of October 31, 2016 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

Houston, Texas

December 21, 2016

28                         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, 2016 through October 31, 2016.

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 (05/01/16)		Actual				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/16)1		Expenses Paid During Period2		Ending Account Value (10/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,025.30	$	7.23	$	1,018.00	$	7.20		1.42	%
C		1,000.00		1,020.90		11.02		1,014.23		10.99		2.17
R		1,000.00		1,024.20		8.50		1,016.74		8.47		1.67
Y		1,000.00		1,026.50		5.96		1,019.25		5.94		1.17
R5		1,000.00		1,027.60		5.96		1,019.25		5.94		1.17
R6		1,000.00		1,026.50		5.96		1,019.25		5.94		1.17

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 to reflect the most recent fiscal half year.

29                         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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the

independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 Broadridge performance universe and against the Lipper International Multi-Cap Core 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 two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was below the performance of the Index for the one and two year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

30                         Invesco Macro International Equity Fund

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 Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge 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 28, 2017 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 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 and a report from an independent

consultant engaged by the Senior Officer 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 Broadridge 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 certain 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 that the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and was 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.

31                         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, 2016:

Federal and State Income Tax
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.

32                         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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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, 2016
	Invesco Macro Long/Short Fund
	Nasdaq:
	A: LSTAX  ∎  C: LSTCX  ∎  R: LSTRX  ∎  Y: LSTYX  ∎  R5: LSTFX  ∎  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.     In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to

sink at the start of calendar year 2016, but they eventually recovered; they sank again following the UK’s decision to leave the European Union, but then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.     Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

    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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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:
	∎	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.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, Class A shares of Invesco Macro Long/Short Fund, at net asset value (NAV), underperformed the Bloomberg 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, 10/31/15 to 10/31/16, 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	-0.46	%
Class C Shares	-1.17
Class R Shares	-0.74
Class Y Shares	-0.22
Class R5 Shares	-0.11
Class R6 Shares	-0.22
MSCI All Country World Indexq (Broad Market Index)	2.05
Bloomberg Barclays 3-Month Treasury Bellwether Indexq (Style-Specific Index)	0.32
Lipper Alternative Long/Short Equity Funds Index∎ (Peer Group Index)	-0.52
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

The global economy continued to expand, albeit slowly, for the fiscal year. However, that growth became increasingly uneven across developed and emerging economies, amid continued volatility in oil prices and as the policies of central banks globally began to diverge.

    The beginning of the fiscal year was challenging for global equity markets, with volatility indicators spiking and all regions exhibiting substantial price declines. Most of that retrenchment was attributable to the European Central Bank’s underwhelming stimulus measures announced in December 2015; it was exacerbated by the US Federal Reserve’s first interest rate hike since 2006.

    Stocks then rebounded in mid-February amid signs of stabilization in the global economy, strong earnings at bellwether

companies and ongoing central bank stimulus measures. However, they nose-dived again sharply after British voters approved a ballot measure in June to leave the European Union; a strong bounce-back rally quickly erased most of the losses. Rising oil prices also helped to stabilize the energy sector and alleviate fears of substantial defaults in the energy-related high yield market.

    Emerging market equities performed strongly during the reporting period, helped by improving economic data in China, strengthening commodity prices and a slightly weaker US dollar. Furthermore, earnings growth stabilized somewhat, which, coupled with relatively attractive valuations, led to further stock price appreciation as corporate profits improved. At the same time there were risks to monitor. For example, in July, a

failed coup in Turkey was a reminder that political risk can stoke market volatility.

    The Fund 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. The main source of Fund performance for the fiscal year was the Fund’s regional strategic asset allocation approach; strong contributions to Fund performance came from our overweight exposure to Asia and emerging markets. The Fund also used multifactor models that looked at valuation, economic environments and price trends to tactically adjust the portfolio to complement short-term market dynamics. The Fund’s tactical exposure, which was implemented primarily through the use of futures, detracted from Fund performance for the reporting period. This was the case particularly early in the fiscal year, when equity markets struggled and the Fund had overweight exposure to the UK and US small- and large-cap core stocks.

    Please note that our strategy utilizes derivative instruments that include futures. Therefore, some of the performance of the strategy, both positive and

Portfolio Composition
By country	% of total net assets

United States	22.2	%
Japan	11.5
United Kingdom	9.8
Australia	5.9
Hong Kong	3.0
Taiwan	2.6
France	2.5
Switzerland	2.1
Countries each with less than 2.0% of portfolio	18.0
Money Market Funds Plus Other Assets Less Liabilities†	22.4

† The unrealized appreciation/depreciation of futures, forwards and swaps are included in “Money Market Funds Plus Other Assets Less Liabilities.”

Targeted Regional Breakdown
	Target Net Assets	1

Emerging Market	14.06	%
European ex-UK	10.84
United Kingdom	10.67
Japan	10.12
Asia ex-Japan	10.11
United States Large Cap	6.22
United States Small-Cap	5.26
Cash and Money Market Funds	20.00
Total	87.28

1 Proprietary models determine the target net asset weights necessary to achieve the desired regional breakdown. Target net assets less than or 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	$13.5 million
Total Number of Holdings*	1,060

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, 2016.

4                         Invesco Macro Long/Short Fund

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 investment in 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 the Invesco 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

1 Source: FactSet Research Systems Inc.

2 Source: Lipper Inc.

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 Macro Long/Short Fund

Average Annual Total Returns
As of 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	-2.98	%
1 Year	-5.92
Class C Shares
Inception (12/17/13)	-1.78	%
1 Year	-2.14
Class R Shares
Inception (12/17/13)	-1.31	%
1 Year	-0.74
Class Y Shares
Inception (12/17/13)	-0.79	%
1 Year	-0.22
Class R5 Shares
Inception (12/17/13)	-0.76	%
1 Year	-0.11
Class R6 Shares
Inception (12/17/13)	-0.79	%
1 Year	-0.22

Average Annual Total Returns
As of 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	-3.07	%
1 Year	-2.88
Class C Shares
Inception (12/17/13)	-1.83	%
1 Year	1.01
Class R Shares
Inception (12/17/13)	-1.35	%
1 Year	2.45
Class Y Shares
Inception (12/17/13)	-0.85	%
1 Year	2.98
Class R5 Shares
Inception (12/17/13)	-0.82	%
1 Year	2.98
Class R6 Shares
Inception (12/17/13)	-0.85	%
1 Year	2.98

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 5.65%, 6.40%, 5.90%, 5.40%, 5.39% and 5.39%, 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 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 June 30, 2018. 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 February 28, 2018. 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.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

∎ 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

∎ 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 strategies.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk

also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. There can be no guarantee that the Adviser’s investment techniques or investment decisions will 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. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the investment manager in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value.

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

When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ Short position risk. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the Fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Fund’s short positions will cause the Fund to underperform the overall market and its peers that do not engage in shorting. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund’s returns.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

About indexes used in this report

∎ The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ The Bloomberg Barclays 3-Month Treasury Bellwether Index measures the performance of Treasury bills with maturities of less than three months.

∎ The Lipper Alternative Long/Short Equity Funds Index is an unmanaged index considered representative of alternative equity long/short 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.

∎ 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 Macro Long/Short Fund

Schedule of Investments

October 31, 2016

	Shares		Value
Common Stocks & Other Equity Interests–77.60%
Australia–5.92%
AGL Energy Ltd.		1,093	$	15,917
Amcor Ltd.		1,315		14,686
AMP Ltd.		3,798		13,170
APA Group		2,246		13,572
Aristocrat Leisure Ltd.		1,346		15,674
ASX Ltd.		398		14,240
Aurizon Holdings Ltd.		4,571		16,967
Australia and New Zealand Banking Group Ltd.		757		15,993
BHP Billiton Ltd.		1,022		17,897
BHP Billiton PLC		2,450		36,747
Brambles Ltd.		1,645		14,392
Caltex Australia Ltd.		601		13,987
Challenger Ltd.		2,261		18,457
Cochlear Ltd.		146		14,185
Commonwealth Bank of Australia		279		15,534
Computershare Ltd.		2,034		16,323
CSL Ltd.		193		14,722
DEXUS Property Group		2,138		14,511
DUET Group		7,869		14,215
Goodman Group		2,707		13,946
GPT Group (The)		3,762		13,308
Healthscope Ltd.		6,813		11,421
Incitec Pivot Ltd.		7,026		15,722
Insurance Australia Group Ltd.		3,610		15,101
Lendlease Group		1,466		15,036
Macquarie Group Ltd.		252		15,247
Mirvac Group		9,105		14,435
National Australia Bank Ltd.		748		15,887
Newcrest Mining Ltd.		908		15,833
Oil Search Ltd.		3,035		15,271
Origin Energy Ltd.		3,798		15,281
Qantas Airways Ltd.		6,229		14,499
QBE Insurance Group Ltd.		2,066		15,699
Ramsay Health Care Ltd.		250		13,919
Santos Ltd.		4,542		12,156
Scentre Group		4,152		13,259
SEEK Ltd.		1,258		13,977
Sonic Healthcare Ltd.		901		14,005
South32 Ltd.		10,307		20,065
Stockland		4,239		14,220
Suncorp Group Ltd.		1,653		15,019
Sydney Airport		2,851		13,540
Tatts Group Ltd.		5,414		16,697
Telstra Corp. Ltd.		3,966		15,000
Transurban Group		1,778		14,023
Treasury Wine Estates Ltd.		1,795		14,664
Vicinity Centres		6,478		14,110
Wesfarmers Ltd.		479		14,916

	Shares		Value
Australia–(continued)
Westfield Corp.		1,980	$	13,370
Westpac Banking Corp.		705		16,294
Woodside Petroleum Ltd.		723		15,488
Woolworths Ltd.		846		15,174
				797,771
Austria–0.11%
Erste Group Bank AG		261		8,197
Voestalpine AG		207		7,324
				15,521
Belgium–0.25%
Ageas		205		7,488
Anheuser-Busch InBev SA/NV		58		6,657
KBC Groep N.V.(a)		114		6,947
Solvay S.A.		64		7,345
UCB S.A.		87		5,882
				34,319
Brazil–0.21%
Ambev S.A.		1,300		7,671
Engie Brasil Energia SA		600		7,624
Telefonica Brasil S.A.–Preference Shares		400		5,788
Ultrapar Participacoes S.A.		300		6,799
				27,882
Chile–0.58%
Banco de Chile		120,987		14,611
Banco de Credito e Inversiones (BCI)		1		27
Banco Santander Chile		182,957		10,449
Cencosud S.A.		2,485		8,217
Empresa Nacional de Electricidad S.A.		12,760		8,778
Empresas CMPC S.A.		3,968		8,595
Empresas COPEC S.A.		926		9,342
Enersis Américas S.A.		42,385		7,268
S.A.C.I. Falabella		1,439		11,290
				78,577
China–0.90%
AAC Technologies Holdings Inc.		1,284		12,220
Agricultural Bank of China Ltd.–Class H		18,000		7,590
Bank of China Ltd.–Class H		15,000		6,712
Bank of Communications Co. Ltd.–Class H		8,000		6,096
China Cinda Asset Management Co. Ltd.–Class H		18,000		6,476
China CITIC Bank Corp. Ltd.–Class H		11,000		7,106
China Conch Venture Holdings Ltd.		3,500		6,536
China Construction Bank Corp.–Class H		10,000		7,304
China Minsheng Banking Corp., Ltd.–Class H		6,000		6,838
China Mobile Ltd.		500		5,728
CITIC Ltd.		4,000		5,736

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

10                         Invesco Macro Long/Short Fund

	Shares		Value
China–(continued)
CSPC Pharmaceutical Group Ltd.		16,000	$	16,587
Hengan International Group Co. Ltd.		817		6,505
Industrial & Commercial Bank of China Ltd.–Class H		11,000		6,606
Jiangsu Expressway Co. Ltd.–Class H		4,000		5,447
Tencent Holdings Ltd.		300		7,944
				121,431
Colombia–0.10%
Banco Davivienda S.A.–Preference Shares		695		7,073
Bancolombia S.A.–Preference Shares		626		5,942
				13,015
Czech Republic–0.10%
CEZ A.S.		361		6,796
Komercni Banka A.S.		175		6,410
				13,206
Denmark–0.60%
A.P. Møller — Maersk A/S–Class B		6		9,186
Carlsberg A/S–Class B		103		9,288
Coloplast A/S–Class B		123		8,573
Danske Bank A/S		327		10,096
Genmab A/S(a)		60		9,900
Novo Nordisk A/S–Class B		207		7,405
Novozymes A/S–Class B		207		7,689
Pandora A/S		75		9,763
Vestas Wind Systems A/S		112		8,984
				80,884
Finland–0.33%
Fortum Oyj		468		7,804
Kone Oyj–Class B		147		6,766
Nokia Oyj		1,296		5,787
Sampo Oyj–Class A		165		7,566
UPM-Kymmene Oyj		364		8,471
Wartsila OYJ Abp		174		7,526
				43,920
France–2.45%
Accor S.A.		183		6,948
Air Liquide S.A.		73		7,419
Airbus Group SE		122		7,244
Arkema S.A.		78		7,396
Atos SE		72		7,479
AXA S.A.		338		7,611
BNP Paribas S.A.		126		7,309
Bouygues S.A.		227		7,408
Bureau Veritas S.A.		324		6,121
Capgemini S.A.		76		6,297
Carrefour S.A.		268		7,037
Christian Dior SE		44		8,489
Cie Generale des Etablissements Michelin		70		7,579
Compagnie de Saint-Gobain		162		7,200

	Shares		Value
France–(continued)
Credit Agricole S.A.		753	$	8,105
Danone		96		6,648
Dassault Systemes S.A.		83		6,577
Engie S.A.		438		6,320
Essilor International S.A.		56		6,284
Hermes International		17		6,888
Kering		37		8,207
Klepierre		159		6,504
L’Oreal S.A.		39		6,981
Legrand S.A.		127		7,171
LVMH Moet Hennessy Louis Vuitton S.E.		40		7,269
Orange S.A.		476		7,498
Pernod Ricard S.A.		64		7,612
Peugeot S.A.(a)		469		7,025
Publicis Groupe S.A.		95		6,518
Renault S.A.		81		7,044
Safran S.A.		105		7,211
Sanofi		86		6,689
Schneider Electric S.E.		105		7,047
SCOR S.E.		226		7,323
Societe Generale S.A.		196		7,629
Sodexo S.A.		61		7,090
SUEZ		456		7,227
Technip S.A.		124		8,194
Thales S.A.		85		8,003
TOTAL S.A.		138		6,604
Unibail-Rodamco S.E.		26		6,193
Valeo S.A.		135		7,780
Veolia Environnement S.A.		324		7,071
Vinci S.A.		95		6,868
Vivendi S.A.		377		7,623
Zodiac Aerospace		299		7,277
				330,017
Germany–1.86%
adidas AG		45		7,380
Allianz S.E.		48		7,482
BASF S.E.		92		8,110
Bayer AG		73		7,235
Bayerische Motoren Werke AG		82		7,144
Beiersdorf AG		73		6,427
Brenntag AG		132		7,056
Commerzbank AG		994		6,751
Continental AG		35		6,706
Daimler AG		110		7,838
Deutsche Bank AG(a)		489		7,062
Deutsche Lufthansa AG		607		7,759
Deutsche Post AG		226		7,004
Deutsche Telekom AG		432		7,040
Deutsche Wohnen AG		190		6,199
E.ON S.E.		707		5,161
Fresenius Medical Care AG & Co. KGaA		81		6,599

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

11                         Invesco Macro Long/Short Fund

	Shares		Value
Germany–(continued)
Fresenius S.E. & Co. KGaA		94	$	6,938
GEA Group AG		132		5,104
HeidelbergCement AG		78		7,377
Henkel AG & Co. KGaA–Preference Shares		54		6,930
Infineon Technologies AG		436		7,828
K+S AG		345		6,980
Linde AG		42		6,930
Merck KGaA		67		6,889
Metro AG		233		6,980
Muenchener Rueckversicherungs-Gesellschaft AG		38		7,367
Porsche Automobil Holding S.E.–Preference Shares		142		7,658
ProSiebenSat.1 Media SE		166		7,154
RWE AG(a)		433		6,873
SAP S.E.		80		7,047
Siemens AG		59		6,700
Symrise AG		96		6,588
thyssenkrupp AG		315		7,293
Uniper SE(a)		1		9
Volkswagen AG–Preference Shares		49		6,734
Vonovia SE		184		6,490
				250,822
Hong Kong–3.00%
AIA Group Ltd.		2,400		15,148
Bank of East Asia, Ltd.(The)		3,600		14,480
Cheung Kong Infrastructure Holdings Ltd.		2,000		16,368
Cheung Kong Property Holdings Ltd.		2,000		14,815
CK Hutchison Holdings Ltd.		1,000		12,372
CLP Holdings Ltd.		1,500		15,244
Galaxy Entertainment Group Ltd.		4,000		16,427
Hang Lung Properties Ltd.		7,000		15,452
Hang Seng Bank Ltd.		900		16,231
Henderson Land Development Co. Ltd.		2,441		14,463
Hong Kong & China Gas Co., Ltd.		8,224		16,118
Hong Kong Exchanges & Clearing Ltd.		600		15,859
Hongkong Land Holdings Ltd.		2,400		16,080
Jardine Matheson Holdings Ltd.		200		12,164
Jardine Strategic Holdings Ltd.		500		17,513
Link REIT		2,000		14,261
MTR Corp. Ltd.		3,000		16,591
New World Development Co. Ltd.		12,000		14,962
Power Assets Holdings Ltd.		1,500		14,109
Sands China Ltd.		3,600		15,624
Sino Land Co. Ltd.		10,000		16,981
Sun Hung Kai Properties Ltd.		1,000		14,897
Swire Pacific Ltd.–Class A		1,500		15,599
Techtronic Industries Co. Ltd.		4,000		15,060
WH Group Ltd.–REGS(b)		27,500		22,304
Wharf (Holdings) Ltd.(The)		2,000		15,035
				404,157

	Shares		Value
Hungary–0.17%
MOL Hungarian Oil and Gas PLC		129	$	8,299
OTP Bank Nyrt.		254		7,116
Richter Gedeon Nyrt		357		7,672
				23,087
India–0.17%
HDFC Bank Ltd.–ADR		105		7,432
Reliance Industries Ltd.–GDR–REGS(b)		235		7,449
Wipro Ltd.–ADR		765		7,398
				22,279
Indonesia–0.21%
PT Bank Central Asia Tbk		7,400		8,793
PT Telekomunikasi Indonesia Persero Tbk		20,100		6,489
PT Unilever Indonesia Tbk		1,800		6,136
PT Waskita Karya (Persero) Tbk		32,200		6,456
				27,874
Ireland–0.42%
Bank of Ireland(a)		31,616		6,750
CRH PLC		214		6,936
Experian PLC		1,579		30,315
Kerry Group PLC–Class A		84		6,099
Paddy Power Betfair PLC		60		6,211
				56,311
Italy–0.50%
Assicurazioni Generali S.p.A.		562		7,262
Atlantia S.p.A.		258		6,326
Enel S.p.A.		1,607		6,904
Eni S.p.A.		444		6,421
Intesa Sanpaolo S.p.A.		2,945		6,799
Luxottica Group S.p.A.		149		7,385
Snam S.p.A.		1,235		6,517
Telecom Italia S.p.A.(a)		7,709		6,720
Terna — Rete Elettrica Nazionale S.p.A.		1,391		6,821
UniCredit S.p.A.		2,767		6,849
				68,004
Japan–11.48%
AEON Co., Ltd.		700		9,699
Aisin Seiki Co., Ltd.		200		8,785
Ajinomoto Co., Inc.		500		11,128
ANA Holdings Inc.		4,000		11,260
Asahi Glass Co., Ltd.		2,000		14,018
Asahi Group Holdings, Ltd.		300		10,731
Asahi Kasei Corp.		1,000		9,024
Astellas Pharma Inc.		600		8,923
Bandai Namco Holdings Inc.		400		12,015
Bridgestone Corp.		300		11,180
Canon Inc.		300		8,616
Central Japan Railway Co.		100		17,013
Chubu Electric Power Co., Inc.		700		10,310

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)
Chugai Pharmaceutical Co., Ltd.		300	$	10,242
Dai Nippon Printing Co., Ltd.		1,000		10,037
Dai-ichi Life Holdings, Inc.		700		10,257
Daiichi Sankyo Co., Ltd.		400		9,622
Daikin Industries, Ltd.		100		9,594
Daito Trust Construction Co., Ltd.		100		16,760
Daiwa House Industry Co., Ltd.		400		11,008
Daiwa Securities Group Inc.		2,000		11,944
Denso Corp.		200		8,687
Dentsu Inc.		200		9,994
East Japan Railway Co.		100		8,817
Eisai Co., Ltd.		200		12,757
FANUC Corp.		100		18,738
Fuji Heavy Industries Ltd.		200		7,787
FUJIFILM Holdings Corp.		300		11,372
Fujitsu Ltd.		2,000		11,854
Hankyu Hanshin Holdings, Inc.		300		9,956
Hitachi, Ltd.		2,000		10,641
Honda Motor Co., Ltd.		300		8,975
Hoya Corp.		300		12,526
INPEX Corp.		1,200		11,162
Isuzu Motors Ltd.		900		11,129
ITOCHU Corp.		800		10,135
Japan Airlines Co. Ltd.		300		8,857
Japan Exchange Group Inc.		600		8,943
Japan Post Holdings Co., Ltd.		800		10,193
Japan Real Estate Investment Corp.		2		11,577
Japan Retail Fund Investment Corp.		4		9,085
Japan Tobacco, Inc.		300		11,426
JFE Holdings, Inc.		600		8,600
JX Holdings, Inc.		2,700		10,667
Kajima Corp.		2,000		13,522
Kansai Electric Power Co., Inc.(The)(a)		1,100		10,537
Kao Corp.		200		10,308
KDDI Corp.		300		9,132
Keio Corp.		1,000		8,287
Kintetsu Group Holdings Co., Ltd.		3,000		12,119
Kirin Holdings Co., Ltd.		600		10,342
Koito Manufacturing Co., Ltd.		200		10,428
Komatsu Ltd.		500		11,145
Kubota Corp.		700		11,284
Kyocera Corp.		200		9,730
Lawson, Inc.		100		7,610
Makita Corp.		200		13,865
Marubeni Corp.		2,100		11,051
Mazda Motor Corp.		600		9,849
MEIJI Holdings Co., Ltd.		100		9,994
Mitsubishi Chemical Holdings Corp.		1,600		10,514
Mitsubishi Corp.		500		10,924
Mitsubishi Electric Corp.		800		10,828
Mitsubishi Estate Co., Ltd.		1,000		19,822

	Shares		Value
Japan–(continued)
Mitsubishi Heavy Industries, Ltd.		2,000	$	8,553
Mitsubishi UFJ Financial Group, Inc.		1,800		9,325
Mitsui & Co., Ltd.		800		11,105
Mizuho Financial Group, Inc.		5,700		9,610
MS&AD Insurance Group Holdings, Inc.		300		8,908
Murata Manufacturing Co., Ltd.		100		13,947
NEC Corp.		4,000		10,719
NGK Insulators, Ltd.		500		9,171
Nidec Corp.		100		9,698
Nikon Corp.		700		10,594
Nippon Building Fund Inc.		2		11,898
Nippon Paint Holdings Co., Ltd.		300		10,213
Nippon Steel & Sumitomo Metal Corp.		500		9,885
Nippon Telegraph & Telephone Corp.		200		8,888
Nissan Motor Co., Ltd.		1,000		10,171
Nitori Holdings Co., Ltd.		100		11,987
Nitto Denko Corp.		200		13,942
Nomura Holdings, Inc.		2,100		10,544
Nomura Real Estate Master Fund, Inc.		6		9,727
NTT Data Corp.		200		10,337
NTT DOCOMO, Inc.		400		10,072
Obayashi Corp.		1,100		10,626
Odakyu Electric Railway Co., Ltd.		500		10,214
Olympus Corp.		300		10,728
OMRON Corp.		300		11,529
Ono Pharmaceutical Co., Ltd.		400		10,173
Oriental Land Co., Ltd.		200		11,691
ORIX Corp.		700		11,118
Osaka Gas Co., Ltd.		3,000		12,477
Otsuka Holdings Co., Ltd.		200		8,767
Panasonic Corp.		1,000		10,437
Rakuten Inc.		800		9,250
Recruit Holdings Co., Ltd.		300		12,073
Resona Holdings, Inc.		2,200		9,758
Ricoh Co., Ltd.		1,100		8,979
Ryohin Keikaku Co., Ltd.		100		21,399
Santen Pharmaceutical Co., Ltd.		800		11,683
SECOM Co., Ltd.		100		7,221
Sekisui Chemical Co., Ltd.		700		11,027
Sekisui House, Ltd.		600		9,920
Seven & i Holdings Co., Ltd.		200		8,359
Shimano Inc.		100		17,127
Shimizu Corp.		1,000		8,897
Shin-Etsu Chemical Co., Ltd.		100		7,601
Shionogi & Co., Ltd.		200		9,855
Shiseido Co., Ltd.		400		10,329
SoftBank Group Corp.		200		12,591
Sompo Holdings, Inc.		300		9,716
Sony Corp.		300		9,494
Sumitomo Chemical Co., Ltd.		2,000		9,473
Sumitomo Corp.		900		10,365

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)
Sumitomo Electric Industries, Ltd.		700	$	10,352
Sumitomo Metal Mining Co., Ltd.		1,000		12,964
Sumitomo Mitsui Financial Group, Inc.		300		10,429
Sumitomo Mitsui Trust Holdings, Inc.		300		10,156
Suntory Beverage & Food Ltd.		200		8,738
Suzuki Motor Corp.		300		10,649
Sysmex Corp.		200		13,880
T&D Holdings, Inc.		900		10,884
Taisei Corp.		1,000		7,514
Takeda Pharmaceutical Co. Ltd.		200		8,955
TDK Corp.		200		13,815
Terumo Corp.		300		11,629
Tobu Railway Co., Ltd.		2,000		9,831
Tohoku Electric Power Co., Inc.		800		9,803
Tokio Marine Holdings, Inc.		300		11,840
Tokyo Electric Power Co. Holdings, Inc.(a)		2,400		9,338
Tokyo Electron Ltd.		100		9,048
Tokyo Gas Co., Ltd.		2,000		9,068
Tokyu Corp.		1,000		7,496
Toppan Printing Co., Ltd.		1,000		9,409
Toray Industries, Inc.		1,000		9,334
Toshiba Corp.(a)		3,000		10,878
TOTO Ltd.		300		11,995
Toyota Industries Corp.		200		9,162
Toyota Motor Corp.		200		11,554
Toyota Tsusho Corp.		400		9,457
Unicharm Corp.		400		9,530
West Japan Railway Co.		200		12,343
Yahoo! Japan Corp.		2,500		9,608
Yamato Holdings Co., Ltd.		400		9,136
				1,548,301
Luxembourg–0.12%
ArcelorMittal S.A.(a)		1,198		8,034
Tenaris S.A.		541		7,641
				15,675
Malaysia–1.64%
Axiata Group Bhd.		5,968		7,000
CIMB Group Holdings Bhd.		5,900		7,075
DiGi.Com Bhd.		7,300		8,759
Gamuda Bhd.		6,800		7,960
Genting Malaysia Bhd.		6,100		6,922
Hap Seng Consolidated Bhd.		4,700		8,722
IHH Healthcare Bhd.		7,421		11,323
IJM Corp. Bhd.		10,158		7,992
IOI Corp. Bhd.		6,200		6,642
Kuala Lumpur Kepong Bhd.		2,000		11,425
Malayan Banking Bhd.		5,919		11,142
Maxis Bhd.		5,781		8,214
MISC Bhd.		4,624		8,290
Petronas Chemicals Group Bhd.		5,100		8,511

	Shares		Value
Malaysia–(continued)
Petronas Dagangan Bhd.		2,000	$	11,138
Petronas Gas Bhd.		2,000		10,522
Public Bank Bhd.		3,885		18,395
RHB Bank Bhd.		6,300		7,255
Sime Darby Bhd.		3,305		6,453
Telekom Malaysia Bhd.		11,691		18,229
Tenaga Nasional Bhd.		3,622		12,383
Westports Holdings Bhd.		9,000		9,449
YTL Corp. Bhd.		21,100		7,998
				221,799
Mexico–1.28%
Alfa, S.A.B. de C.V.–Class A		4,600		6,979
America Movil S.A.B. de C.V.–Series L		10,840		7,180
Arca Continental S.A.B. de C.V.		1,332		8,277
Coca-Cola Femsa, S.A.B. de C.V.–Series L		1,200		9,010
Fibra Uno Administracion S.A. de C.V.		4,900		9,324
Fomento Economico Mexicano, S.A.B. de C.V.–Series BD(c)		1,000		9,588
Gruma, S.A.B. de C.V. –Class B		525		7,297
Grupo Aeroportuario del Pacífico, S.A.B. de C.V.–Class B		800		7,728
Grupo Aeroportuario del Sureste, S.A.B. de C.V.–Class B		555		8,835
Grupo Bimbo, S.A.B. de C.V.–Series A		2,700		7,279
Grupo Elektra, S.A.B. de C.V.		425		5,881
Grupo Financiero Banorte S.A.B. de C.V.–Class O		1,200		7,079
Grupo Financiero Inbursa, S.A.B. de C.V.–Class O		3,900		6,355
Grupo Financiero Santander Mexico, S.A.B. de C.V.–Class B		3,900		7,063
Grupo Lala, S.A.B. de C.V.		3,700		6,880
Grupo Mexico S.A.B. de C.V.–Series B		2,900		7,119
Grupo Televisa S.A.B.–Series CPO(d)		1,400		6,878
Infraestructura Enérgetica Nova, S.A.B. de C.V.		2,000		8,835
Kimberly-Clark de Mexico, S.A.B. de C.V.–Class A		3,200		6,895
Mexichem S.A.B. de C.V.		3,000		7,169
Nemak, S.A.B. de C.V.–REGS(b)		7,600		7,913
Promotora y Operadora de Infraestructura, S.A.B. de C.V.		645		7,195
Wal-Mart de México, S.A.B. de C.V.–Series V		3,024		6,396
				173,155
Netherlands–0.84%
Aegon N.V.		1,769		7,616
Akzo Nobel N.V.		109		7,039
ASML Holding N.V.		71		7,521
Gemalto N.V.		102		5,527
Heineken Holding N.V.		86		6,619
Heineken N.V.		78		6,421
ING Groep N.V.		540		7,099

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

14                         Invesco Macro Long/Short Fund

	Shares		Value
Netherlands–(continued)
Koninklijke Ahold Delhaize N.V.		304	$	6,939
Koninklijke DSM N.V.		101		6,489
Koninklijke KPN N.V.		2,248		7,332
Koninklijke Philips N.V.		263		7,920
NN Group N.V.		242		7,292
NXP Semiconductors N.V.(a)		86		8,600
Randstad Holding N.V.		156		8,024
Steinhoff International Holdings N.V.		1,204		6,500
Wolters Kluwer N.V.		178		6,883
				113,821
New Zealand–0.41%
Auckland International Airport Ltd.		2,846		13,411
Fisher & Paykel Healthcare Corp. Ltd.		2,118		13,418
Fletcher Building Ltd.		1,972		14,622
Spark New Zealand Ltd.		5,378		14,075
				55,526
Norway–0.29%
DNB ASA		777		11,237
Orkla ASA		1,013		9,560
Statoil ASA		588		9,582
Telenor ASA		542		8,626
				39,005
Philippines–0.52%
Aboitiz Equity Ventures Inc.		4,520		7,277
Ayala Corp.		360		6,204
Bank of the Philippine Islands		4,290		8,952
BDO Unibank, Inc.		3,200		7,450
GT Capital Holdings, Inc.		240		6,494
Jollibee Foods Corp.		1,560		7,663
Metro Pacific Investments Corp.		47,100		6,999
Puregold Price Club, Inc.		6,800		5,719
SM Investments Corp.		465		6,450
Universal Robina Corp.		1,920		7,228
				70,436
Poland–0.14%
Orange Polska S.A.		4,338		6,192
Polski Koncern Naftowy ORLEN S.A.		352		6,981
Powszechny Zaklad Ubezpieczen S.A.		867		6,020
				19,193
Portugal–0.05%
EDP — Energias de Portugal, S.A.		2,038		6,736
Qatar–0.11%
Masraf Al Rayan Q.S.C.		686		6,518
Qatar National Bank S.A.Q.		198		8,700
				15,218
Russia–0.05%
PhosAgro PJSC–GDR–REGS(b)		498		6,175

	Shares		Value
Singapore–1.47%
Ascendas REIT		8,500	$	14,481
Broadcom Ltd.		37		6,300
CapitaLand Ltd.		6,700		14,844
City Developments Ltd.		2,400		14,647
ComfortDelGro Corp. Ltd.		7,300		13,329
DBS Group Holdings Ltd.		1,400		15,056
Keppel Corp. Ltd.		4,000		15,130
Oversea-Chinese Banking Corp. Ltd.		2,400		14,605
Singapore Airlines Ltd.		2,000		14,563
Singapore Exchange Ltd.		2,800		14,270
Singapore Press Holdings Ltd.		5,500		14,685
Singapore Telecommunications Ltd.		5,200		14,463
United Overseas Bank Ltd.		1,200		16,181
Wilmar International Ltd.		6,700		15,942
				198,496
South Africa–0.17%
Life Healthcare Group Holdings Ltd.		2,646		7,065
Mondi Ltd.		322		6,293
Vodacom Group Ltd.		866		9,342
				22,700
South Korea–1.14%
CJ CheilJedang Corp.		19		5,799
DGB Financial Group Inc.		923		7,735
E-MART Inc.		51		7,238
GS Holdings Corp.		145		6,461
Hanwha Life Insurance Co., Ltd.		1,418		7,742
Hyundai Department Store Co., Ltd.		58		5,958
Hyundai Home Shopping Network Corp.		64		6,351
Hyundai Mobis Co., Ltd.		25		5,989
Hyundai Motor Co.		54		6,597
Industrial Bank of Korea		631		7,282
Kangwon Land Inc.		179		5,939
KB Financial Group Inc.		244		9,040
Kia Motors Corp.		166		5,896
Korea Electric Power Corp.		136		5,869
Korea Gas Corp.		163		6,594
Korea Zinc Co., Ltd.		15		5,958
KT Corp.		413		11,653
LG Corp.		103		5,509
Samsung Electronics Co., Ltd.		5		7,133
Shinhan Financial Group Co., Ltd.		192		7,392
SK Telecom Co., Ltd.		37		7,252
Woori Bank		777		8,478
				153,865
Spain–0.86%
Abertis Infraestructuras S.A.		437		6,496
Aena S.A.–REGS(b)		54		7,929
Amadeus IT Group S.A.		162		7,647
Banco Bilbao Vizcaya Argentaria, S.A.		1,140		8,216
Banco de Sabadell S.A.		5,236		6,991

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

15                         Invesco Macro Long/Short Fund

	Shares		Value
Spain–(continued)
Banco Santander S.A.		1,607	$	7,872
CaixaBank S.A.		2,718		8,226
Enagas S.A.		230		6,603
Ferrovial, S.A.		338		6,570
Ferrovial, S.A.–Rts.(a)		338		145
Gas Natural SDG, S.A.		335		6,610
Grifols S.A.		336		6,643
Iberdrola S.A.		1,041		7,095
Industria de Diseno Textil, S.A.		205		7,166
Red Eléctrica Corp. S.A.		320		6,668
Repsol S.A.		552		7,714
Telefónica, S.A.		721		7,346
				115,937
Sweden–1.00%
Assa Abloy AB–Class B		476		8,649
Atlas Copco AB–Class A		331		9,694
Hennes & Mauritz AB–Class B		321		9,031
Hexagon AB–Class B		227		7,931
Investor AB–Class B		266		9,443
Nordea Bank AB		950		9,973
Sandvik AB		869		9,864
Skandinaviska Enskilda Banken AB–Class A		959		9,662
Skanska AB–Class B		421		9,145
Svenska Cellulosa AB SCA–Class B		308		8,727
Svenska Handelsbanken AB–Class A		710		9,672
Swedbank AB–Class A		411		9,619
Telefonaktiebolaget LM Ericsson–Class B		1,298		6,315
Telia Co. AB		2,094		8,359
Volvo AB–Class B		877		9,406
				135,490
Switzerland–2.08%
ABB Ltd.		426		8,766
Actelion Ltd.		56		8,093
Adecco Group AG (The)		164		9,739
Cie Financiere Richemont S.A.		165		10,613
Credit Suisse Group AG		746		10,398
Geberit AG		22		9,300
Givaudan S.A.		5		9,664
Glencore PLC(a)		13,423		40,901
Julius Baer Group Ltd.		208		8,417
Kuehne + Nagel International AG		68		9,212
LafargeHolcim Ltd.		178		9,507
Nestle S.A.		123		8,918
Novartis AG		117		8,310
Roche Holding AG		37		8,490
Schindler Holding AG–Participation Ctfs.		50		9,292
SGS S.A.		4		8,109
Sika AG		2		9,612
Swatch Group AG (The)		36		10,830
Swiss Re AG		111		10,309

	Shares		Value
Switzerland–(continued)
Swisscom AG		20	$	9,138
Syngenta AG		23		9,233
TE Connectivity Ltd.		95		5,973
UBS Group AG		675		9,550
Wolseley PLC		550		28,574
Zurich Insurance Group AG		37		9,680
				280,628
Taiwan–2.62%
Aerospace Industrial Development Corp.		6,000		7,605
Asia Cement Corp.		7,450		6,495
Asustek Computer Inc.		1,000		8,748
Cathay Financial Holding Co., Ltd.		4,758		6,174
Chailease Holding Co. Ltd.		4,000		6,915
Chang Hwa Commercial Bank, Ltd.		19,000		9,710
Cheng Shin Rubber Industry Co., Ltd.		3,000		6,103
China Airlines Ltd.		26,000		7,860
China Development Financial Holding Corp.		31,224		7,817
China Life Insurance Co., Ltd.		8,000		7,375
China Steel Corp.		10,409		7,520
Chunghwa Telecom Co., Ltd.		3,551		12,164
Compal Electronics Inc.		11,000		6,545
CTBC Financial Holding Co. Ltd.		14,325		7,717
E.Sun Financial Holding Co. Ltd.		13,628		7,740
EVA Airways Corp.		13,000		6,262
Far Eastern New Century Corp.		9,691		7,499
Far EasTone Telecommunications Co., Ltd.		4,267		10,087
First Financial Holding Co., Ltd.		25,286		13,261
Formosa Chemicals & Fibre Corp.		2,267		6,746
Formosa Petrochemical Corp.		2,000		6,686
Formosa Plastics Corp.		3,734		10,105
Foxconn Technology Co. Ltd.		2,000		5,805
Fubon Financial Holding Co., Ltd.		5,000		7,082
Hon Hai Precision Industry Co., Ltd.		3,222		8,694
Hua Nan Financial Holdings Co., Ltd.		20,367		10,348
Mega Financial Holding Co., Ltd.		12,000		8,202
Nan Ya Plastics Corp.		4,384		9,127
Powertech Technology Inc.		2,000		5,710
President Chain Store Corp.		1,000		7,479
Qisda Corp.		15,000		6,322
Quanta Computer Inc.		3,000		6,059
Shin Kong Financial Holding Co., Ltd.(a)		34,412		7,459
Simplo Technology Co., Ltd.		2,000		6,179
SinoPac Financial Holdings Co., Ltd.		27,572		7,951
Synnex Technology International Corp.		6,350		6,763
Taishin Financial Holding Co., Ltd.		22,343		8,166
Taiwan Cooperative Financial Holding Co. Ltd.		27,602		12,105
Taiwan Mobile Co., Ltd.		3,217		11,246
Taiwan Semiconductor Manufacturing Co. Ltd.		1,750		10,453
Uni-President Enterprises Corp.		4,105		7,948
United Microelectronics Corp.		18,000		6,718
WPG Holdings Ltd.		7,068		8,287

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

16                         Invesco Macro Long/Short Fund

		Shares		Value
Taiwan–(continued)
Yuanta Financial Holding Co., Ltd.			20,752	$	7,748
					352,985
Thailand–1.16%
Airports of Thailand PCL			700		7,613
Bangchak Petroleum PCL (The)			6,800		5,864
Bangkok Airways PCL			9,600		6,824
Bangkok Bank PCL			1,700		7,729
Bangkok Dusit Medical Services PCL			14,900		9,684
BTS Group Holdings PCL			35,000		8,543
Central Pattana PCL			4,300		6,874
CP ALL PCL			3,900		6,763
Electricity Generating PCL			1,600		8,907
Global Power Synergy PCL			6,800		6,881
Home Product Center PCL			22,033		6,353
IRPC PCL			46,000		6,277
Kasikornbank PCL			1,200		5,882
Krung Thai Bank PCL			14,200		6,962
Land and Houses PCL			25,700		6,717
Muangthai Leasing PCL			14,000		7,514
Pruksa Real Estate PCL			8,700		5,737
Siam Cement PCL (The)			550		7,913
Siam Commercial Bank PCL (The)			1,500		6,133
Thai Beverage PCL			31,000		21,477
	��				156,647
Turkey–0.23%
BIM Birlesik Magazalar A.S.			400		6,500
Enka Insaat ve Sanayi A.S.			4,197		6,386
Petkim PetroKimya Holding A.S.			4,237		5,738
Turk Telekomunikasyon A.S.			3,228		5,951
Turkcell Iletisim Hizmetleri A.S.(a)			1,826		5,869
					30,444
United Arab Emirates–0.05%
Dubai Islamic Bank PJSC			4,488		6,403
United Kingdom–9.81%
Anglo American PLC(a)			3,020		41,700
Associated British Foods PLC			774		23,321
AstraZeneca PLC			494		27,698
Aviva PLC			5,596		30,253
BAE Systems PLC			4,411		29,251
Barclays PLC			13,996		32,455
BP PLC			5,660		33,419
British American Tobacco PLC			502		28,822
BT Group PLC			6,199		28,484
Centrica PLC			10,341		27,108
CNH Industrial N.V.			966		7,494
Compass Group PLC			1,666		30,125
Delphi Automotive PLC			90		5,856
Diageo PLC			1,137		30,266
Fiat Chrysler Automobiles N.V.			1,057		7,739

	Shares		Value
United Kingdom–(continued)
GlaxoSmithKline PLC		1,484	$	29,328
HSBC Holdings PLC		4,199		31,578
Imperial Brands PLC		590		28,510
International Consolidated Airlines Group, S.A.		5,744		30,486
ITV PLC		11,667		24,291
Kingfisher PLC		6,505		28,702
Land Securities Group PLC		2,222		27,120
Legal & General Group PLC		11,273		28,822
Lloyds Banking Group PLC		40,024		27,986
London Stock Exchange Group PLC		882		30,260
Marks & Spencer Group PLC		6,890		28,650
National Grid PLC		2,279		29,678
Next PLC		429		25,243
Old Mutual PLC		12,152		29,867
Pearson PLC		2,780		25,693
Prudential PLC		1,732		28,235
Reckitt Benckiser Group PLC		325		29,057
RELX N.V.		408		6,875
RELX PLC		1,670		29,796
Rio Tinto Ltd.		428		17,598
Rio Tinto PLC		1,048		36,328
Rolls-Royce Holdings PLC		3,113		27,678
Rolls-Royce Holdings PLC–Preference Shares(a)		143,198		175
Royal Bank of Scotland Group PLC(a)		11,941		27,569
Royal Dutch Shell PLC–Class A		1,292		32,147
Sky PLC		2,845		28,416
Smith & Nephew PLC		1,965		28,311
SSE PLC		1,575		30,666
Standard Chartered PLC(a)		3,689		32,084
Standard Life PLC		6,618		27,256
Tesco PLC(a)		14,212		36,655
Unilever N.V.		153		6,407
Unilever PLC		677		28,319
Vodafone Group PLC		10,674		29,303
WPP PLC		1,370		29,763
				1,322,843
United States–22.20%
3M Co.		34		5,620
Abbott Laboratories		149		5,847
AbbVie Inc.		93		5,188
ABM Industries Inc.		385		15,046
Acadia Realty Trust		400		13,476
Accenture PLC–Class A		51		5,928
Activision Blizzard, Inc.		145		6,260
Adobe Systems Inc.(a)		61		6,558
AdvanSix Inc.(a)		2		32
Aetna Inc.		50		5,368
Aflac, Inc.		87		5,992
Agree Realty Corp.		313		15,134
Air Products and Chemicals, Inc.		40		5,337
Alexion Pharmaceuticals, Inc.(a)		50		6,525

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

17                         Invesco Macro Long/Short Fund

	Shares		Value
United States–(continued)
Allergan PLC(a)		24	$	5,015
ALLETE, Inc.		249		15,261
Allstate Corp.(The)		91		6,179
Alphabet Inc.–Class A(a)		8		6,479
Altria Group, Inc.		94		6,215
Amazon.com, Inc.(a)		8		6,319
American Airlines Group Inc.		170		6,902
American Assets Trust, Inc.		330		13,104
American Electric Power Co., Inc.		95		6,160
American Express Co.		92		6,111
American International Group, Inc.		101		6,232
American States Water Co.		285		11,394
American Tower Corp.–Class A		56		6,563
Ameriprise Financial, Inc.		58		5,127
Ameris Bancorp		339		12,306
AMERISAFE, Inc.		205		11,398
AmerisourceBergen Corp.		70		4,922
Amgen Inc.		36		5,082
Anadarko Petroleum Corp.		117		6,954
Analog Devices, Inc.		106		6,795
Analogic Corp.		124		10,149
Anthem, Inc.		50		6,093
Aon PLC		53		5,874
Apache Corp.		120		7,138
Apple Inc.		55		6,245
Applied Industrial Technologies, Inc.		284		14,427
Applied Materials, Inc.		206		5,990
Archer-Daniels-Midland Co.		138		6,013
Astoria Financial Corp.		822		12,026
AT&T Inc.		156		5,739
ATN International, Inc.		181		12,243
Automatic Data Processing, Inc.		69		6,007
AutoZone, Inc.(a)		8		5,937
AvalonBay Communities, Inc.		35		5,991
Avista Corp.		360		14,904
Badger Meter, Inc.		304		9,774
Baker Hughes Inc.		126		6,980
Bank Mutual Corp.		1,570		12,246
Bank of America Corp.		387		6,385
Bank of New York Mellon Corp.(The)		145		6,274
Baxter International Inc.		134		6,377
BB&T Corp.		163		6,390
Becton, Dickinson and Co.		36		6,045
Berkshire Hathaway Inc.–Class B(a)		42		6,061
Biglari Holdings, Inc.(a)		26		11,393
Biogen Inc.(a)		21		5,884
BlackRock, Inc.		16		5,460
Bob Evans Farms, Inc.		295		12,160
Boeing Co.(The)		46		6,552
Boston Properties, Inc.		45		5,422
Boston Scientific Corp.(a)		264		5,808

	Shares		Value
United States–(continued)
Bristol-Myers Squibb Co.		110	$	5,600
Brookline Bancorp, Inc.		1,069		13,683
Cabot Microelectronics Corp.		226		12,489
California Water Service Group		379		11,749
Callaway Golf Co.		925		9,444
Capital One Financial Corp.		84		6,219
Capstead Mortgage Corp.		1,425		13,552
Cardinal Financial Corp.		423		11,116
Cardinal Health, Inc.		75		5,152
Carnival Corp.		123		6,039
Caterpillar Inc.		75		6,259
CBS Corp.–Class B		115		6,511
Cedar Realty Trust Inc.		1,661		11,245
Celgene Corp.(a)		54		5,518
CenturyLink Inc.		220		5,848
Charles Schwab Corp.(The)		202		6,403
Charter Communications, Inc.–Class A(a)		23		5,747
Chevron Corp.		60		6,285
Chubb Ltd.		45		5,715
Cigna Corp.		49		5,823
Cisco Systems, Inc.		199		6,105
Citigroup Inc.		137		6,734
City Holding Co.		268		14,008
CME Group Inc.–Class A		56		5,606
Coca-Cola Co.(The)		135		5,724
Cognizant Technology Solutions Corp.– Class A(a)		101		5,186
Colgate-Palmolive Co.		87		6,208
Comcast Corp.–Class A		97		5,997
Community Bank System, Inc.		278		13,097
ConocoPhillips		151		6,561
Consolidated Edison, Inc.		83		6,271
Constellation Brands, Inc.–Class A		39		6,518
CoreSite Realty Corp.		147		10,840
Corning Inc.		286		6,495
Costco Wholesale Corp.		39		5,767
Cousins Properties, Inc.		2,268		17,626
Crown Castle International Corp.		68		6,187
CSX Corp.		233		7,109
Cummins Inc.		53		6,774
CVB Financial Corp.		624		10,471
CVS Health Corp.		60		5,046
Danaher Corp.		78		6,127
Deere & Co.		70		6,181
Delta Air Lines, Inc.		167		6,976
Deltic Timber Corp.		175		9,831
Devon Energy Corp.		140		5,305
Dime Community Bancshares, Inc.		769		12,458
DineEquity, Inc.		175		13,842
Discover Financial Services		107		6,027
Dollar General Corp.		84		5,804

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)
Dominion Resources, Inc.		84	$	6,317
Dorman Products, Inc.(a)		170		10,921
Dow Chemical Co.(The)		113		6,081
Drew Industries, Inc.		115		10,298
Duke Energy Corp.		79		6,322
E. I. du Pont de Nemours and Co.		88		6,054
EastGroup Properties, Inc.		203		13,786
Eaton Corp. PLC		91		5,803
eBay Inc.(a)		192		5,474
Ecolab Inc.		49		5,594
Edison International		80		5,878
Edwards Lifesciences Corp.(a)		53		5,047
El Paso Electric Co.		304		14,045
Electronic Arts Inc.(a)		79		6,203
Eli Lilly and Co.		78		5,760
Emerson Electric Co.		116		5,879
EOG Resources, Inc.		73		6,601
Equinix, Inc.		17		6,074
Equity Residential		93		5,743
ESCO Technologies Inc.		319		14,211
Exelon Corp.		178		6,064
ExlService Holdings, Inc.(a)		215		9,466
Exponent, Inc.		230		13,167
Express Scripts Holding Co.(a)		82		5,527
Exxon Mobil Corp.		72		5,999
Facebook Inc.–Class A(a)		49		6,419
FedEx Corp.		35		6,101
Fidelity National Information Services, Inc.		80		5,914
First Commonwealth Financial Corp.		1,108		11,257
First Financial Bancorp.		548		11,782
First Midwest Bancorp, Inc.		561		10,833
Fiserv, Inc.(a)		57		5,613
Ford Motor Co.		496		5,823
Forrester Research, Inc.		285		10,616
Franklin Street Properties Corp.		949		10,980
G & K Services, Inc.–Class A		169		16,004
General Dynamics Corp.		43		6,482
General Electric Co.		195		5,675
General Mills, Inc.		87		5,392
General Motors Co.		200		6,320
Getty Realty Corp.		749		17,025
Gilead Sciences, Inc.		80		5,890
Goldman Sachs Group, Inc.(The)		37		6,595
Government Properties Income Trust		474		9,072
Griffon Corp.		691		11,540
H.B. Fuller Co.		258		10,854
Halliburton Co.		141		6,486
Haverty Furniture Cos., Inc.		528		9,372
HCA Holdings, Inc.(a)		81		6,199
HCP, Inc.		158		5,412
Healthcare Services Group, Inc.		359		13,272

	Shares		Value
United States–(continued)
Hess Corp.		116	$	5,565
Hewlett Packard Enterprise Co.		280		6,292
Hillenbrand, Inc.		380		11,533
Hilton Worldwide Holdings Inc.		261		5,899
Home Depot, Inc.(The)		44		5,368
Honeywell International Inc.		50		5,484
Horace Mann Educators Corp.		366		13,158
HP Inc.		449		6,506
Humana Inc.		32		5,489
Illinois Tool Works Inc.		54		6,133
Illumina, Inc.(a)		37		5,037
Independent Bank Corp.		212		11,692
Infinity Property & Casualty Corp.		192		15,734
Ingersoll-Rand PLC		92		6,191
Innospec Inc.		183		11,026
Integra LifeSciences Holdings Corp.(a)		149		11,847
Intel Corp.		172		5,998
Intercontinental Exchange, Inc.		21		5,678
International Business Machines Corp.		39		5,994
International Paper Co.		126		5,674
Intuit Inc.		54		5,872
Intuitive Surgical, Inc.(a)		9		6,049
J & J Snack Foods Corp.		134		16,368
Johnson & Johnson		50		5,799
JPMorgan Chase & Co.		97		6,718
Kaiser Aluminum Corp.		148		10,729
Kaman Corp.		344		15,019
Kellogg Co.		79		5,935
Kimberly-Clark Corp.		45		5,148
Kinder Morgan Inc.		283		5,782
Kite Realty Group Trust		484		12,066
Kraft Heinz Co.(The)		71		6,315
Kroger Co.(The)		191		5,917
Las Vegas Sands Corp.		114		6,598
Lexington Realty Trust		1,241		12,584
LinkedIn Corp.–Class A(a)		32		6,067
Littelfuse, Inc.		91		12,694
Lockheed Martin Corp.		24		5,913
Lowe’s Cos., Inc.		75		4,999
LTC Properties, Inc.		305		15,284
LyondellBasell Industries N.V.–Class A		77		6,125
ManTech International Corp.–Class A		272		10,562
Marathon Petroleum Corp.		158		6,887
Marcus Corp.(The)		491		13,011
Marsh & McLennan Cos., Inc.		91		5,768
Mastercard Inc.–Class A		60		6,421
Matthews International Corp.–Class A		215		12,878
McDonald’s Corp.		51		5,741
McKesson Corp.		32		4,069
Mead Johnson Nutrition Co.		76		5,683
Medifast, Inc.		291		11,948

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)
Medtronic PLC		70	$	5,741
Merck & Co., Inc.		102		5,989
Meridian Bioscience, Inc.		599		9,854
MetLife, Inc.		131		6,152
Microsoft Corp.		107		6,411
MKS Instruments, Inc.		246		12,411
Mondelez International, Inc.–Class A		133		5,977
Monro Muffler Brake, Inc.		194		10,670
Monsanto Co.		54		5,442
Monster Beverage Corp.(a)		39		5,629
Morgan Stanley		194		6,513
Mueller Industries, Inc.		349		10,571
Mylan N.V.(a)		155		5,658
National Presto Industries, Inc.		117		10,208
Navigators Group, Inc.(The)		151		14,073
NBT Bancorp Inc.		403		13,585
Neenah Paper, Inc.		167		13,343
Netflix Inc.(a)		58		7,242
Newell Brands, Inc.		115		5,522
NextEra Energy, Inc.		47		6,016
NIKE, Inc.–Class B		110		5,520
Noble Energy, Inc.		167		5,756
Norfolk Southern Corp.		65		6,045
Northern Trust Corp.		85		6,156
Northfield Bancorp, Inc.		1,193		19,625
Northrop Grumman Corp.		28		6,412
Northwest Bancshares, Inc.		1,047		16,480
Northwest Natural Gas Co.		248		14,582
Nucor Corp.		121		5,911
NVIDIA Corp.		99		7,045
O’Reilly Automotive, Inc.(a)		22		5,818
Occidental Petroleum Corp.		81		5,906
Old National Bancorp		811		11,922
Omnicom Group Inc.		75		5,986
Oracle Corp.		157		6,032
Oritani Financial Corp.		908		14,210
PACCAR Inc.		111		6,096
Parkway, Inc.(a)		283		5,100
PayPal Holdings, Inc.(a)		167		6,957
PepsiCo, Inc.		59		6,325
Perrigo Co. PLC		68		5,657
PetMed Express, Inc.		622		12,359
Pfizer Inc.		174		5,518
PG&E Corp.		95		5,901
Philip Morris International Inc.		57		5,497
Phillips 66		73		5,924
Pioneer Natural Resources Co.		34		6,087
PNC Financial Services Group, Inc.(The)		69		6,596
Popeyes Louisiana Kitchen, Inc.(a)		211		11,263
PPG Industries, Inc.		58		5,402
PPL Corp.		177		6,078

	Shares		Value
United States–(continued)
Praxair, Inc.		50	$	5,853
Priceline Group Inc.(The)(a)		4		5,897
ProAssurance Corp.		347		18,495
Procter & Gamble Co.(The)		71		6,163
Prologis, Inc.		124		6,468
Provident Financial Services, Inc.		688		15,611
Prudential Financial, Inc.		78		6,614
PS Business Parks, Inc.		151		16,578
Public Service Enterprise Group Inc.		133		5,597
Public Storage		27		5,770
QUALCOMM, Inc.		97		6,666
Raytheon Co.		43		5,874
Regeneron Pharmaceuticals, Inc.(a)		15		5,175
Retail Opportunity Investments Corp.		695		13,976
Reynolds American Inc.		115		6,334
RLI Corp.		202		11,259
Ross Stores, Inc.		98		6,129
Ruth’s Hospitality Group, Inc.		724		11,475
S&P Global Inc.		50		6,092
S&T Bancorp, Inc.		398		12,493
Safety Insurance Group, Inc.		212		14,352
salesforce.com, inc.(a)		82		6,163
Samsonite International S.A.		4,588		14,435
Saul Centers, Inc.		203		12,277
Schlumberger Ltd.		79		6,180
Scholastic Corp.		300		11,475
Selective Insurance Group, Inc.		330		12,193
Sempra Energy		55		5,890
Sherwin-Williams Co.(The)		21		5,142
Shire PLC		509		28,738
Simon Property Group, Inc.		30		5,579
Simpson Manufacturing Co., Inc.		350		14,980
South Jersey Industries, Inc.		380		11,267
Southern Co.(The)		122		6,292
Southwest Airlines Co.		168		6,728
Spectra Energy Corp.		171		7,150
Spire, Inc.		261		16,391
St. Jude Medical, Inc.		80		6,227
Standex International Corp.		130		9,932
Starbucks Corp.		101		5,360
State Street Corp.		92		6,459
Sterling Bancorp		642		11,556
Stewart Information Services Corp.		262		11,777
Stryker Corp.		51		5,883
SunTrust Banks, Inc.		139		6,287
Sykes Enterprises, Inc.(a)		404		10,803
Synchrony Financial		206		5,890
Sysco Corp.		119		5,726
T. Rowe Price Group Inc.		82		5,249
Target Corp.		88		6,048
TeleTech Holdings, Inc.		409		11,493

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)
Tennant Co.		177	$	11,142
Tetra Tech, Inc.		348		13,381
Texas Instruments Inc.		88		6,235
Thermo Fisher Scientific, Inc.		38		5,587
Time Warner Inc.		80		7,119
TJX Cos., Inc. (The)		79		5,826
Tompkins Financial Corp.		156		12,368
Travelers Cos., Inc. (The)		54		5,842
TrustCo Bank Corp NY		1,683		11,781
Twenty-First Century Fox, Inc. –Class A		253		6,646
U.S. Bancorp		137		6,132
UMB Financial Corp.		187		11,603
UniFirst Corp.		105		12,862
Union Pacific Corp.		67		5,908
United Bankshares, Inc.		301		11,348
United Community Banks, Inc.		571		12,316
United Fire Group, Inc.		249		9,840
United Parcel Service, Inc.–Class B		59		6,358
United Technologies Corp.		61		6,234
UnitedHealth Group Inc.		44		6,219
Universal Corp.		196		10,623
Universal Health Realty Income Trust		214		12,562
Urstadt Biddle Properties Inc.–Class A		583		12,534
Valero Energy Corp.		109		6,457
Ventas, Inc.		90		6,097
Verizon Communications Inc.		115		5,532
Versum Materials, Inc.(a)		20		454
Vertex Pharmaceuticals Inc.(a)		66		5,007
VF Corp.		103		5,584
Viacom Inc.–Class B		155		5,822
Visa Inc.–Class A		73		6,023
Vornado Realty Trust		64		5,938

	Shares		Value
United States–(continued)
Wal-Mart Stores, Inc.		89	$	6,232
Walgreens Boots Alliance, Inc.		73		6,039
Walt Disney Co. (The)		60		5,561
Waste Management, Inc.		95		6,238
Watts Water Technologies, Inc. -Class A		161		9,660
WD-40 Co.		125		13,328
Wells Fargo & Co.		116		5,337
Welltower Inc.		80		5,482
Westamerica Bancorp.		241		11,944
Western Digital Corp.		132		7,714
Weyerhaeuser Co.		186		5,567
Williams Cos., Inc. (The)		218		6,366
Xcel Energy, Inc.		149		6,191
Yahoo! Inc.(a)		143		5,942
Yum! Brands, Inc.		70		6,040
Zimmer Biomet Holdings, Inc.		50		5,270
Zoetis Inc.		126		6,023
				2,994,511
Total Common Stocks & Other Equity Interests (Cost $10,209,998)				10,465,066
Money Market Funds–14.86%
Government & Agency Portfolio–Institutional Class, 0.29%(e)		1,202,576		1,202,576
Treasury Portfolio–Institutional Class, 0.22%(e)		801,718		801,718
Total Money Market Funds (Cost $2,004,294)				2,004,294
TOTAL INVESTMENTS–92.46% (Cost $12,214,292)				12,469,360
OTHER ASSETS LESS LIABILITIES–7.54%				1,017,530
NET ASSETS–100.00%			$	13,486,890

Investment Abbreviations:

ADR	– American Depositary Receipt
CPO	– Certificates of Ordinary Participation
Ctfs.	– Certificates
GDR	– Global Depositary Receipt
REGS	– Regulation S
REIT	– Real Estate Investment Trust
Rts.	– Rights

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2016 was $51,770, which represented less than 1% of the Fund’s Net Assets.

^(c)  Each unit represents one Series B share, two Series D-B shares and two Series D-L shares.

^(d)  Each CPO represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares.

^(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, 2016.

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

21                         Invesco Macro Long/Short Fund

Statement of Assets and Liabilities

October 31, 2016

Assets:
Investments, at value (Cost $10,209,998)	$	10,465,066
Investments in affiliated money market funds, at value and cost		2,004,294
Total investments, at value (Cost $12,214,292)		12,469,360
Foreign currencies, at value (Cost $22,845)		22,751
Receivable for:
Deposits with brokers for open futures contracts		835,000
Dividends		21,248
Fund expenses absorbed		45,577
Investment for trustee deferred compensation and retirement plans		6,131
Unrealized appreciation on forward foreign currency contracts outstanding		158,879
Unrealized appreciation on swap agreements — OTC		8,630
Other assets		44,340
Total assets		13,611,916
Liabilities:
Payable for:
Accrued foreign taxes		1,653
Variation margin — futures		2,861
Accrued fees to affiliates		1,661
Accrued trustees’ and officers’ fees and benefits		1,538
Accrued other operating expenses		97,023
Trustee deferred compensation and retirement plans		6,131
Unrealized depreciation on forward foreign currency contracts outstanding		14,159
Total liabilities		125,026
Net assets applicable to shares outstanding	$	13,486,890
Net assets consist of:
Shares of beneficial interest	$	14,294,057
Undistributed net investment income		45,295
Undistributed net realized gain (loss)		(1,303,033	)
Net unrealized appreciation		450,571
	$	13,486,890

Net Assets:
Class A	$	5,881,157
Class C	$	32,228
Class R	$	9,375
Class Y	$	6,174,058
Class R5	$	613,368
Class R6	$	776,704
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		625,295
Class C		3,459
Class R		1,001
Class Y		654,743
Class R5		65,001
Class R6		82,358
Class A:
Net asset value per share	$	9.41
Maximum offering price per share
(Net asset value of $9.41 ¸ 94.50%)	$	9.96
Class C:
Net asset value and offering price per share	$	9.32
Class R:
Net asset value and offering price per share	$	9.37
Class Y:
Net asset value and offering price per share	$	9.43
Class R5:
Net asset value and offering price per share	$	9.44
Class R6:
Net asset value and offering price per share	$	9.43

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

22                         Invesco Macro Long/Short Fund

Statement of Operations

For the year ended October 31, 2016

Investment income:
Dividends (net of foreign withholding taxes of $18,904)	$	305,168
Dividends from affiliated money market funds		6,670
Total investment income		311,838
Expenses:
Advisory fees		166,737
Administrative services fees		50,000
Custodian fees		155,766
Distribution fees:
Class A		14,736
Class C		486
Class R		46
Transfer agent fees — A, C, R and Y		3,797
Transfer agent fees — R5		95
Transfer agent fees — R6		113
Trustees’ and officers’ fees and benefits		18,903
Registration and filing fees		74,272
Licensing Fees		90,150
Reports to shareholders		13,182
Professional services fees		88,542
Other		93,639
Total expenses		770,464
Less: Fees waived and expenses reimbursed		(541,931	)
Net expenses		228,533
Net investment income		83,305
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $788)		(335,422	)
Foreign currencies		(6,469	)
Forward foreign currency contracts		(86,360	)
Futures contracts		(461,731	)
Swap agreements		4,703
		(885,279	)
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $945)		413,645
Foreign currencies		(552	)
Forward foreign currency contracts		177,914
Futures contracts		122,225
Swap agreements		11,423
		724,655
Net realized and unrealized gain (loss)		(160,624	)
Net increase (decrease) in net assets resulting from operations	$	(77,319	)

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

23                         Invesco Macro Long/Short Fund

Statement of Changes in Net Assets

For the years ended October 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	83,305		$	72,039
Net realized gain (loss)		(885,279	)		5,446
Change in net unrealized appreciation (depreciation)		724,655			(386,441	)
Net increase (decrease) in net assets resulting from operations		(77,319	)		(308,956	)
Distributions to shareholders from net investment income:
Class A		(21,819	)		(61,803	)
Class C		(192	)		—
Class R		(26	)		(82	)
Class Y		(35,615	)		(73,701	)
Class R5		(3,497	)		(15,530	)
Class R6		(4,092	)		(9,070	)
Total distributions from net investment income		(65,241	)		(160,186	)
Distributions to shareholders from net realized gains:
Class A		(106,784	)		—
Class C		(1,985	)		—
Class R		(157	)		—
Class Y		(104,000	)		—
Class R5		(10,212	)		—
Class R6		(11,950	)		—
Total distributions from net realized gains		(235,088	)		—
Share transactions–net:
Class A		14,171			323,315
Class C		16,134			(45,450	)
Class Y		(66,073	)		773,498
Class R5		—			(571,965	)
Class R6		64,117			65,636
Net increase in net assets resulting from share transactions		28,349			545,034
Net increase (decrease) in net assets		(349,299	)		75,892
Net assets:
Beginning of year		13,836,189			13,760,297
End of year (includes undistributed net investment income of $45,295 and $41,809, respectively)	$	13,486,890		$	13,836,189

Notes to Financial Statements

October 31, 2016

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-two 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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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.

24                         Invesco Macro Long/Short Fund

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.

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.

25                         Invesco Macro Long/Short 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 the daily mark-to-market obligation for forward foreign currency contracts.

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

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

L. Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. 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 cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. 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, 2016, 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.,

27                         Invesco Macro Long/Short Fund

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

The Adviser has contractually agreed, through at least February 28, 2018, 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%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees and reimbursed fund level expenses of $537,926 and reimbursed class level expenses of $1,862, $15, $3, $1,917, $95 and $113 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, 2016, 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, 2016, 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $25 in front-end sales commissions from the sale of Class A 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, 2016. 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.

28                         Invesco Macro Long/Short Fund

During the year ended October 31, 2016, there were transfers from Level 1 to Level 2 of $743,043 and from Level 2 to Level 1 of $1,893,851, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Australia	$	78,152	$	719,619	$	—	$	797,771
Austria		15,521		—		—		15,521
Belgium		28,437		5,882		—		34,319
Brazil		27,882		—		—		27,882
Chile		29,253		49,324		—		78,577
China		61,534		59,897		—		121,431
Colombia		13,015		—		—		13,015
Czech Republic		6,410		6,796		—		13,206
Denmark		63,125		17,759		—		80,884
Finland		43,920		—		—		43,920
France		179,762		150,255		—		330,017
Germany		239,171		11,651		—		250,822
Hong Kong		232,206		171,951		—		404,157
Hungary		15,971		7,116		—		23,087
India		22,279		—		—		22,279
Indonesia		6,136		21,738		—		27,874
Ireland		12,310		44,001		—		56,311
Italy		7,262		60,742		—		68,004
Japan		677,077		871,224		—		1,548,301
Luxembourg		—		15,675		—		15,675
Malaysia		166,563		55,236		—		221,799
Mexico		173,155		—		—		173,155
Netherlands		50,803		63,018		—		113,821
New Zealand		55,526		—		—		55,526
Norway		19,863		19,142		—		39,005
Philippines		63,209		7,227		—		70,436
Poland		19,193		—		—		19,193
Portugal		6,736		—		—		6,736
Qatar		15,218		—		—		15,218
Russia		6,175		—		—		6,175
Singapore		93,532		104,964		—		198,496
South Africa		22,700		—		—		22,700
South Korea		31,519		122,346		—		153,865
Spain		64,560		51,377		—		115,937
Sweden		26,904		108,586		—		135,490
Switzerland		110,486		170,142		—		280,628
Taiwan		149,475		203,510		—		352,985
Thailand		79,318		77,329		—		156,647
Turkey		—		30,444		—		30,444
United Arab Emirates		6,403		—		—		6,403
United Kingdom		216,339		1,106,504		—		1,322,843
United States		2,965,771		28,740		—		2,994,511
Money Market Funds		2,004,294		—		—		2,004,294
		8,107,165		4,362,195		—		12,469,360
Forward Foreign Currency Contracts*		—		144,720		—		144,720
Futures Contracts*		42,834		—		—		42,834
Swap Agreements*		—		8,630		—		8,630
Total Investments	$	8,149,999	$	4,515,545	$	—	$	12,665,544

* Unrealized appreciation.

29                         Invesco Macro Long/Short Fund

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2016:

	Value
Derivative Assets	Currency Risk			Equity Risk			Total
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	—		$	172,468		$	172,468
Unrealized appreciation on swap agreements — OTC		—			8,630			8,630
Unrealized appreciation on forward foreign currency contracts outstanding		158,879			—			158,879
Total Derivative Assets		158,879			181,098			339,977
Derivatives not subject to master netting agreements		—			(172,468	)		(172,468	)
Total Derivative Assets subject to master netting agreements	$	158,879		$	8,630		$	167,509
	Value
Derivative Liabilities	Currency Risk			Equity Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	—		$	(129,634	)	$	(129,634	)
Unrealized depreciation on forward foreign currency contracts outstanding		(14,159	)		—			(14,159	)
Total Derivative Liabilities		(14,159	)		(129,634	)		(143,793	)
Derivatives not subject to master netting agreements		—			129,634			129,634
Total Derivative Liabilities subject to master netting agreements	$	(14,159	)	$	—		$	(14,159	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2016.

	Financial Derivative Assets						Financial Derivative Liabilities					Collateral (Received)/Pledged
Counterparty	Forward foreign currency contracts		Swap agreements		Total assets		Forward foreign currency contracts			Net value of derivatives		Non-Cash		Cash		Net amount
Fund
Canadian Imperial Bank of Commerce	$	158,879	$	—	$	158,879	$	(14,159	)	$	144,720	$	—	$	—	$	144,720
Goldman Sachs International		—		8,630		8,630		—			8,630		—		—		8,630
Total	$	158,879	$	8,630	$	167,509	$	(14,159	)	$	153,350	$	—	$	—	$	153,350

30                         Invesco Macro Long/Short Fund

Effect of Derivative Investments for the year ended October 31, 2016

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

	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Equity Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	(86,360	)	$	—		$	(86,360	)
Futures contracts		—			(461,731	)		(461,731	)
Swap agreements		—			4,703			4,703
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		177,914			—			177,914
Futures contracts		—			122,225			122,225
Swap agreements		—			11,423			11,423
Total	$	91,554		$	(323,380	)	$	(231,826	)

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	$	5,794,715	$	10,177,827	$	164,835

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver			Receive
01/19/17	Canadian Imperial Bank of Commerce		AUD	1,080,000		USD	815,508	$	819,862	$	(4,354	)
01/19/17	Canadian Imperial Bank of Commerce		CHF	210,000		USD	215,941		213,258		2,683
01/19/17	Canadian Imperial Bank of Commerce		EUR	1,010,000		USD	1,128,632		1,113,001		15,631
01/19/17	Canadian Imperial Bank of Commerce		GBP	1,200,000		USD	1,596,806		1,471,425		125,381
01/19/17	Canadian Imperial Bank of Commerce		JPY	158,700,000		USD	1,511,005		1,518,681		(7,676	)
01/19/17	Canadian Imperial Bank of Commerce		NOK	330,000		USD	39,216		39,948		(732	)
01/19/17	Canadian Imperial Bank of Commerce		NZD	80,000		USD	56,576		57,037		(461	)
01/19/17	Canadian Imperial Bank of Commerce		SEK	1,230,000		USD	145,425		136,763		8,662
01/19/17	Canadian Imperial Bank of Commerce		SGD	310,000		USD	229,450		222,928		6,522
01/19/17	Canadian Imperial Bank of Commerce		USD	15,290		AUD	20,000		15,183		(107	)
01/19/17	Canadian Imperial Bank of Commerce		USD	19,802		JPY	2,000,000		19,139		(663	)
01/19/17	Canadian Imperial Bank of Commerce		USD	7,356		SGD	10,000		7,190		(166	)
Total Forward Foreign Currency Contracts — Currency Risk										$	144,720

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

31                         Invesco Macro Long/Short 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		Long		24		December-2016	$	804,343		$	16,597
Dow Jones EURO STOXX 50 Index		Short		21		December-2016		(703,800	)		(17,775	)
E-Mini S&P 500 Index		Long		2		December-2016		212,010			(5,435	)
E-Mini S&P 500 Index		Short		8		December-2016		(848,040	)		20,284
FTSE 100 Index		Long		9		December-2016		763,174			30,703
FTSE 100 Index		Short		10		December-2016		(847,971	)		(16,364	)
Hang Seng Index		Long		5		November-2016		738,352			(14,959	)
Hang Seng Index		Short		2		November-2016		(295,341	)		9,058
Mini MSCI Emerging Markets Asia Index		Long		27		December-2016		1,219,725			(31,645	)
Mini MSCI Emerging Markets Asia Index		Short		19		December-2016		(858,325	)		22,192
MSCI Singapore Index		Short		4		November-2016		(88,617	)		1,513
Russell 2000 Mini Index		Short		7		December-2016		(833,910	)		43,469
SPI 200 Index		Short		5		December-2016		(502,980	)		(6,088	)
Tokyo Stock Price Index		Long		5		December-2016		665,141			28,652
Tokyo Stock Price Index		Short		7		December-2016		(931,197	)		(37,368	)
Total Futures Contracts — Equity Risk										$	42,834

^(a)  Futures contracts collateralized by $835,000 cash held with Goldman Sachs & Co., the futures commission merchant.

Open Over-The-Counter Total Return Swap Agreements

Counterparty

Pay/Receive Floating Rate

Reference Entity

Number of Contracts

Termination Date

Notional Value

Unrealized Appreciation

Goldman Sachs International

Pay

Swiss Market Index Futures

2

December-2016

$

158,234

$

8,630

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, 2016 and 2015:

	2016		2015
Ordinary income	$	251,747	$	160,186
Long-term capital gain		48,582		—
Total distributions	$	300,329	$	160,186

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	71,283
Net unrealized appreciation — investments		143,068
Net unrealized appreciation (depreciation) — other investments		(3,487	)
Temporary book/tax differences		(545,478	)
Capital loss carryforward		(472,553	)
Shares of beneficial interest		14,294,057
Total net assets	$	13,486,890

32                         Invesco Macro Long/Short Fund

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation 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. 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 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, 2016, as follows:

Capital Loss Carryforward*
Expiration	Total
Not subject to expiration	$	472,553

* 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, 2016 was $5,530,010 and $6,543,798, 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	$	884,877
Aggregate unrealized (depreciation) of investment securities		(741,809	)
Net unrealized appreciation of investment securities	$	143,068

Cost of investments for tax purposes is $12,326,292.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distribution reclass, foreign currency transactions and passive foreign investment companies, on October 31, 2016, undistributed net investment income was decreased by $14,578, undistributed net realized gain (loss) was increased by $14,391 and shares of beneficial interest was increased by $187. This reclassification had no effect on the net assets of the Fund.

NOTE 10—Share Information

	Summary of Share Activity
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		67,973		$	641,143			43,327		$	415,185
Class C		13,124			122,770			1,013			10,055
Class Y		—			—			85,470			848,088
Class R6		13,518			124,276			10,211			100,649
Issued as reinvestment of dividends:
Class A		1,906			17,302			73			710
Class C		221			2,005			—			—
Class Y		1,812			16,449			—			—
Class R5		—			—			753			7,327
Class R6		257			2,333			89			866
Reacquired:
Class A		(71,661	)		(644,274	)		(9,415	)		(92,580	)
Class C		(12,045	)		(108,641	)		(5,542	)		(55,505	)
Class Y		(9,066	)		(82,522	)		(7,474	)		(74,590	)
Class R5		—			—			(58,811	)		(579,292	)
Class R6		(6,911	)		(62,492	)		(3,694	)		(35,879	)
Net increase (decrease) in share activity		(872	)	$	28,349			56,000		$	545,034

^(a)  95% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

33                         Invesco Macro Long/Short 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 10/31/16	$	9.64	$	0.05		$	(0.09	)	$	(0.04	)	$	(0.03	)	$	(0.16	)	$	(0.19	)	$	9.41		(0.35	)%	$	5,881		1.85	%(e)		5.91	%(e)		0.49	%(e)		30	%
Year ended 10/31/15		9.98		0.04			(0.27	)		(0.23	)		(0.11	)		—			(0.11	)		9.64		(2.37	)		6,048		1.85			5.62			0.38			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 10/31/16		9.61		(0.02	)		(0.09	)		(0.11	)		(0.02	)		(0.16	)		(0.18	)		9.32		(1.17	)		32		2.60	(e)		6.66	(e)		(0.26	)(e)		30
Year ended 10/31/15		9.92		(0.04	)		(0.27	)		(0.31	)		—			—			—			9.61		(3.13	)		21		2.60			6.37			(0.37	)		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 10/31/16		9.62		0.02			(0.09	)		(0.07	)		(0.02	)		(0.16	)		(0.18	)		9.37		(0.64	)		9		2.10	(e)		6.16	(e)		0.24	(e)		30
Year ended 10/31/15		9.96		0.01			(0.27	)		(0.26	)		(0.08	)		—			(0.08	)		9.62		(2.59	)		10		2.10			5.87			0.13			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 10/31/16		9.67		0.07			(0.10	)		(0.03	)		(0.05	)		(0.16	)		(0.21	)		9.43		(0.22	)		6,174		1.60	(e)		5.66	(e)		0.74	(e)		30
Year ended 10/31/15		10.00		0.06			(0.26	)		(0.20	)		(0.13	)		—			(0.13	)		9.67		(2.05	)		6,400		1.60			5.37			0.63			45
Year ended 10/31/14(d)		10.00		0.06			(0.06	)		—			—			—			—			10.00		—			5,843		1.60	(f)		5.57	(f)		0.70	(f)		44
Class R5
Year ended 10/31/16		9.67		0.07			(0.09	)		(0.02	)		(0.05	)		(0.16	)		(0.21	)		9.44		(0.11	)		613		1.60	(e)		5.65	(e)		0.74	(e)		30
Year ended 10/31/15		10.01		0.06			(0.27	)		(0.21	)		(0.13	)		—			(0.13	)		9.67		(2.14	)		629		1.60			5.36			0.63			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 10/31/16		9.67		0.07			(0.10	)		(0.03	)		(0.05	)		(0.16	)		(0.21	)		9.43		(0.22	)		777		1.60	(e)		5.65	(e)		0.74	(e)		30
Year ended 10/31/15		10.00		0.06			(0.26	)		(0.20	)		(0.13	)		—			(0.13	)		9.67		(2.05	)		730		1.60			5.36			0.63			45
Year ended 10/31/14(d)		10.00		0.06			(0.06	)		—			—			—			—			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 $5,894, $49, $9, $6,069, $600 and $718 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Annualized.

34                         Invesco Macro Long/Short Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of the 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 the Invesco Macro Long/Short Fund (the “Fund”) as of October 31, 2016, 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 two years in the period 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 as of October 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

Houston, Texas

December 21, 2016

35                         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, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/16)1		Expenses Paid During Period2		Ending Account Value (10/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,033.00	$	9.45	$	1,015.84	$	9.37		1.85	%
C		1,000.00		1,029.80		13.27		1,012.07		13.15		2.60
R		1,000.00		1,030.80		10.72		1,014.58		10.63		2.10
Y		1,000.00		1,034.00		8.18		1,017.09		8.11		1.60
R5		1,000.00		1,035.10		8.18		1,017.09		8.11		1.60
R6		1,000.00		1,034.00		8.18		1,017.09		8.11		1.60

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 to reflect the most recent fiscal half year.

36                         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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the

independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 Broadridge performance universe and against the Lipper Alternative Long/Short Equity 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 two year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was below the

37                         Invesco Macro Long/Short Fund

performance of the Index for the one and two 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 Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge 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 28, 2017 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 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, based on asset balances as of December 31, 2015.

The Board noted that the Fund’s rate was above the rate of one 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 and a report from an independent consultant engaged by the Senior Officer 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 Broadridge 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 certain 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 that the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and was 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.

38                         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, 2016:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	48,582
Qualified Dividend Income*		99.99	%
Corporate Dividends Received Deduction*		25.87	%
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	$	166,946

39                         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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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, 2016
	Invesco MLP Fund
	Nasdaq:
	A: ILPAX  ∎  C: ILPCX  ∎  R: ILPRX  ∎  Y: ILPYX  ∎  R5: ILPFX  ∎   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.     In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to sink at the start of calendar year 2016, but they eventually recovered; they sank again following

the UK’s decision to leave the European Union, but then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

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.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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:
	∎	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.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, Class A shares of Invesco MLP Fund (the Fund), at net asset value (NAV), outperformed the Fund’s style-specific bench-mark, the Alerian MLP Index.

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

Fund vs. Indexes

Total returns, 10/31/15 to 10/31/16, 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	-0.14	%
Class C Shares	-1.08
Class R Shares	-0.39
Class Y Shares	0.14
Class R5 Shares	-0.03
Class R6 Shares	-0.03
S&P 500 Indexq (Broad Market Index)	4.51
Alerian MLP Indexq (Style-Specific Index)	-1.80
Lipper Energy MLP Funds Index∎ (Peer Group Index)	1.14
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

During the fiscal year ended October 31, 2016, the US economy continued to expand. The initial estimate of US gross domestic product (GDP) showed the US economy grew by 2.9% in the third quarter, beating consensus estimates.¹ However, annualized GDP is expected to be lower. Employment data were mixed, though the unemployment rate had a surprise uptick from 4.9% in August to 5.0% in September before ending the fiscal year at 4.9%.²

    The US Federal Reserve (the Fed) raised interest rates in December 2015 – its first increase since 2006 – but that was its only increase during the reporting period. Major US stock market indexes posted gains for the reporting period, but they were fairly volatile. Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China, falling oil prices and uncertainty over Fed policy, including rumors of possible negative interest rates in the US. Markets recovered in late

February and posted gains until June when UK voters opted to leave the European Union, sending markets sharply lower once again. Markets again recovered, and major US equity indexes hit record highs during the summer.³ In this environment, investors generally favored the perceived safety of government bonds and more defensive, dividend-paying equities often found in the telecommunication services, utilities and consumer staples sectors.

    A combination of high production levels and weakened demand outlook led to further imbalances in crude oil and natural gas supply and demand, causing energy prices to plunge at the beginning of the fiscal year; crude oil fell from $49 to a low of $28 per barrel and natural gas fell from $2.25 to a low $1.64 per thousand cubic feet.⁴ Toward the end of the reporting period, OPEC provided some respite by finally agreeing to limit production in an effort to stabilize crude prices. Additionally, continued capital expenditure cuts helped to reduce natural gas

production. Crude oil and natural gas prices ended the reporting period at $48 per barrel and $3.03 per thousand cubic feet, respectively.⁴

    In general for the reporting period, master limited partnership (MLP) equities experienced losses, underperforming broad market equities, given investor sentiment surrounding volatile energy prices. For the fiscal year, the Fund’s Class A shares at NAV experienced a negative return, but outperformed the Fund’s style-specific benchmark, the Alerian MLP Index.

    On an absolute basis, Fund holdings in gathering and processing MLPs as well as natural gas pipelines and storage were the largest contributors to performance. Pipelines and midstream diversified MLPs as well as non-traditional MLPs were the only MLP sectors to detract from absolute Fund performance during the fiscal year.

    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 overweight position in gathering and processing MLPs and refined product pipelines and terminals were the largest contributors to relative performance. Underweight exposure to marine MLPs, as well as security selection in and underweight exposure to non-traditional MLPs, also contributed to relative returns. Ancillary cash held by the Fund was also beneficial during the reporting period given the declines in MLP equities overall. Relative detractors from Fund performance included security selection in and overweight exposure to pipelines and midstream diversified MLPs, as well as lack of exposure to coal and propane MLPs.

    Energy Transfer Equity, which is not in the benchmark, was the largest absolute and relative detractor to Fund performance during the reporting period. Prior to the fiscal year, Energy Transfer Equity announced

Portfolio Composition

By sector % of total net assets

Pipelines & Midstream Diversified	46.5	%
Refined Products Pipelines & Terminals	30.8
Gathering & Processing MLP	11.6
Natural Gas Pipelines & Storage	6.3
Marine	1.8
General Partner (C-Corp)	1.0
Refinery Logistics	0.9
Gathering & Processing	0.2
Money Market Funds Plus Other Assets Less Liabilities	0.9

Top 10 Equity Holdings*
	% of total net assets

1.	Enterprise Products Partners L.P.	17.1	%
2.	Energy Transfer Partners, L.P.	9.5
3.	Magellan Midstream Partners, L.P.	6.8
4.	Plains All American Pipeline, L.P.	6.6
5.	MPLX L.P.	5.0
6.	Enbridge Energy Partners, L.P.	4.8
7.	Williams Partners L.P.	4.7
8.	Buckeye Partners, L.P.	3.6
9.	Sunoco Logistics Partners L.P.	3.4
10.	ONEOK Partners, L.P.	3.1

Total Net Assets	$9.1 million
Total Number of Holdings*	37

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, 2016.

4                Invesco MLP Fund

plans to merge with Williams Companies (also a Fund holding). Rumblings that the merger was not in the best interests of Williams’ shareholders roiled both stocks. Williams’ shareholders ultimately accepted the proposal; however, Energy Transfer Equity decided to terminate the merger. Subsequently, both companies have filed lawsuits for alleged breach of contract.

    Magellan Midstream Partners was the top absolute contributor to performance. During the fiscal year, Magellan entered into an agreement to connect its Texas delivery system to TransCanada’s (not a Fund holding) Houston tank terminal. The company also announced plans to build a new Pasadena, Texas, marine terminal with initial storage capacity of 1 million barrels of refined products and ethanol – expandable to 10 million barrels with five docks, depending on future demand. Magellan also increased its quarterly distribution twice during the fiscal year.

    During the reporting period, the Fund held an average overweight position relative to its style-specific benchmark in refined products pipelines and terminals; gathering and processing MLPs; and pipelines and midstream diversified MLPs. The Fund held an average underweight position in marine MLPs, non-traditional, as well as natural gas pipelines and storage. Out-of-benchmark sector exposure included minor exposure to general partners and refined products. The Fund lacked exposure to several MLP sectors in which its style-specific benchmark had minor exposure: upstream, oilfield services, propane and coal.

    At the close of the reporting period, we believed the lifting of the US crude oil export ban would likely be a long-term positive for continued US midstream infrastructure build-out. Growth characteristics for midstream services were relatively attractive, in our view. We believed an anticipated increase in US energy production in 2017 and 2018 would likely be positive for midstream services companies, which tend to be influenced more by the volume, rather than the price, of energy.

    We also believed that the Permian and Marcellus basins remained the strongest basins with drilling economics that were relatively attractive, with production volumes that have remained insulated from downward pressure. Despite distribution cuts from upstream MLPs, our expectations for distribution growth among companies focused on refined products, natural gas pipelines and storage remained positive given the contractual nature of existing cash flows, combined with a still-healthy project backlog. In general, the

Fund remained 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: Bureau of Economic Analysis

2 Source: Bureau of Labor Statistics

3 Source: Reuters

4 Source: Bloomberg

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. He is also a Certified Public Accountant.

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

1 Source: FactSet Research Systems Inc.

2 Source: Lipper Inc.

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.

6                          Invesco MLP Fund

Average Annual Total Returns
As of 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (8/29/14)	-18.99	%
1 Year	-5.69
Class C Shares
Inception (8/29/14)	-17.52	%
1 Year	-2.02
Class R Shares
Inception (8/29/14)	-17.06	%
1 Year	-0.39
Class Y Shares
Inception (8/29/14)	-16.60	%
1 Year	0.14
Class R5 Shares
Inception (8/29/14)	-16.66	%
1 Year	-0.03
Class R6 Shares
Inception (8/29/14)	-16.66	%
1 Year	-0.03

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 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, 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 6.37%, 7.12%, 6.62%, 6.12%, 6.10% and 6.10%, 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 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (8/29/14)	-17.80	%
1 Year	7.13
Class C Shares
Inception (8/29/14)	-16.25	%
1 Year	11.36
Class R Shares
Inception (8/29/14)	-15.82	%
1 Year	12.95
Class Y Shares
Inception (8/29/14)	-15.34	%
1 Year	13.72
Class R5 Shares
Inception (8/29/14)	-15.34	%
1 Year	13.72
Class R6 Shares
Inception (8/29/14)	-15.34	%
1 Year	13.72

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.

7                          Invesco MLP Fund

Invesco MLP Fund’s investment objective is capital appreciation and, secondarily, income.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

∎ 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

∎ Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ Deferred tax risk. The Fund is classified for federal tax purposes as a taxable regular corporation or so-called Subchapter “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.

∎ 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, including reduced volumes of 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 drive investors into other investment opportunities; environmental damage claims; and threats of attack by terrorists on energy assets. In addition, taxes, government regulation, international politics, price and supply fluctuations, volatile interest rates and energy conservation may cause difficulties for energy infrastructure MLPs.

∎ High yield debt securities (junk bond) risk. Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ MLP risk. The Fund invests principally in securities of MLPs, which are subject to the following risks:

– Limited partner risk. An MLP is a public limited partnership or limited liability company taxed as a partnership under the Code. 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 risks of investing in an MLP are similar to those of investing in a partnership, including more flexible governance

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

structures, which could result in less protection for investors than investments in a corporation. Investors in an MLP normally would 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. In certain circumstances, creditors of an MLP would have the right to seek return of capital distributed to a limited partner, which right would continue after an investor sold its investment in the MLP.

– Liquidity risk. 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 than conventional publicly traded securities and, therefore, more difficult to trade at desirable times and/or prices.

– Interest rate risk. In addition, MLP distributions may be reduced by fees and other expenses incurred by the MLP. MLPs generally are considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.

– General partner risk. The holder of the general partner or managing member interest can be liable in certain circumstances for amounts greater than the amount of the holder’s investment in the general partner or managing member.

∎ MLP tax risk. MLPs taxed as partnerships do not pay US federal income tax at the partnership level. A change in current tax law, or a change in the underlying business mix of a given MLP, however, could result in an MLP being classified as a corporation for US federal income tax purposes, which would have the effect of reducing the amount of cash available for distribution by the MLP and, as a result, could cause a reduction of the value of the Fund’s investment, and consequently your investment in the Fund and lower income. 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. If

an MLP in which the Fund invests amends its partnership tax return, the Fund will, when necessary, send you a corrected Form 1099, which could, in turn, require you to amend your federal, state or local tax returns.

∎ Non-diversification risk. The Fund is non-diversified and can invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

About indexes used in this report

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

∎ The Alerian MLP Index is designed to capture the performance of energy master limited partnerships (MLPs).

∎ 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.

∎ CPA^® and Certified Public Accountant^® are trademarks owned by the American Institute of Certified Public Accountants.

9                          Invesco MLP Fund

Schedule of Investments

October 31, 2016

	Units		Value
Master Limited Partnerships–97.13%
Gathering & Processing MLP–11.57%
Antero Midstream Partners L.P.		4,748	$	138,357
DCP Midstream Partners, L.P.		4,840		161,414
Enable Midstream Partners, L.P.		3,667		53,978
EnLink Midstream Partners, L.P.		6,315		104,766
EQT Midstream Partners L.P.		2,555		191,293
Rice Midstream Partners L.P.		8,050		174,444
Western Gas Partners L.P.		4,214		232,402
				1,056,654
Marine–1.76%
GasLog Partners L.P. (Monaco)		5,591		114,615
Golar LNG Partners L.P. (United Kingdom)		2,239		46,034
				160,649
Natural Gas Pipelines & Storage–6.30%
Boardwalk Pipeline Partners, L.P.		11,246		193,544
Cheniere Energy Partners, L.P.		1,594		42,241
Columbia Pipeline Partners L.P.		1,110		17,760
Spectra Energy Partners, L.P.		458		19,529
Tallgrass Energy Partners L.P.		2,969		134,288
TC Pipelines, L.P.		3,224		168,164
				575,526
Pipelines & Midstream Diversified–45.79%
Enbridge Energy Partners, L.P.		17,793		438,598
Energy Transfer Partners, L.P.		24,674		863,097
Enterprise Products Partners L.P.		61,955		1,563,744
ONEOK Partners, L.P.		7,113		282,671
Plains All American Pipeline, L.P.		19,845		602,494
Williams Partners L.P.		12,021		430,592
				4,181,196
Refined Products Pipelines & Terminals–30.83%
Buckeye Partners, L.P.		5,156		332,768
Genesis Energy, L.P.		7,939		277,309
Holly Energy Partners, L.P.		2,426		74,114
Magellan Midstream Partners, L.P.		9,205		618,852

	Units		Value
Refined Products Pipelines & Terminals–(continued)
Martin Midstream Partners L.P.		1,413	$	27,624
MPLX L.P.		13,338		453,759
NGL Energy Partners L.P.		4,610		82,058
NuStar Energy L.P.		4,727		223,067
PBF Logistics L.P.		3,578		69,950
Phillips 66 Partners L.P.		2,472		109,262
Sunoco Logistics Partners L.P.		11,999		307,654
Tesoro Logistics L.P.		5,006		238,986
				2,815,403
Refinery Logistics–0.88%
Shell Midstream Partners, L.P.		2,940		79,762
Total Master Limited Partnerships (Cost $8,641,057)				8,869,190
	Shares
Common Stocks–1.98%
Gathering & Processing–0.24%
Targa Resources Corp.		499		21,906
General Partner (C-Corp)–0.99%
Kinder Morgan Inc.		4,429		90,484
Pipelines & Midstream Diversified–0.75%
Williams Cos., Inc. (The)		2,338		68,270
Total Common Stocks (Cost $176,787)				180,660
Money Market Funds–0.24%
Government & Agency Portfolio–Institutional Class, 0.29%(a)		13,303		13,303
Treasury Portfolio–Institutional Class, 0.22%(a)		8,869		8,869
Total Money Market Funds (Cost $22,172)				22,172
TOTAL INVESTMENTS–99.35% (Cost $8,840,016)				9,072,022
OTHER ASSETS LESS LIABILITIES–0.65%				59,391
NET ASSETS–100.00%			$	9,131,413

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, 2016.

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

10                         Invesco MLP Fund

Statement of Assets and Liabilities

October 31, 2016

Assets:
Investments, at value (Cost $8,817,844)	$	9,049,850
Investments in affiliated money market funds, at value and cost		22,172
Total investments, at value (Cost $8,840,016)		9,072,022
Receivable for:
Investments sold		89,202
Fund shares sold		1,669
Dividends		73,265
Fund expenses absorbed		143,278
Deferred tax asset, net		0
Other assets		38,454
Total assets		9,417,890
Liabilities:
Payable for:
Investments purchased		93,915
Accrued fees to affiliates		3,986
Accrued trustees’ and officers’ fees and benefits		1,512
Accrued other operating expenses		187,064
Total liabilities		286,477
Net assets applicable to shares outstanding	$	9,131,413
Net assets consist of:
Shares of beneficial interest	$	11,379,252
Undistributed net investment income (loss), net of taxes		(725,036	)
Undistributed net realized gain (loss), net of taxes		(1,754,809	)
Net unrealized appreciation, net of taxes		232,006
	$	9,131,413

Net Assets:
Class A	$	4,050,462
Class C	$	1,283,241
Class R	$	240,625
Class Y	$	3,544,943
Class R5	$	6,071
Class R6	$	6,071
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		668,099
Class C		212,001
Class R		39,709
Class Y		584,406
Class R5		1,001
Class R6		1,001
Class A:
Net asset value per share	$	6.06
Maximum offering price per share
(Net asset value of $6.06 ¸ 94.50%)	$	6.41
Class C:
Net asset value and offering price per share	$	6.05
Class R:
Net asset value and offering price per share	$	6.06
Class Y:
Net asset value and offering price per share	$	6.07
Class R5:
Net asset value and offering price per share	$	6.06
Class R6:
Net asset value and offering price per share	$	6.06

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

11                         Invesco MLP Fund

Statement of Operations

For the year ended October 31, 2016

Investment income:
Dividends (net of return of capital distributions of $457,793)	$	14,079
Dividends from affiliated money market funds		519
Total investment income		14,598
Expenses:
Advisory fees		65,520
Administrative services fees		50,000
Custodian fees		7,681
Distribution fees:
Class A		7,768
Class C		5,178
Class R		746
Transfer agent fees — A, C, R and Y		10,102
Transfer agent fees — R5		6
Transfer agent fees — R6		6
Trustees’ and officers’ fees and benefits		18,833
Registration and filing fees		69,475
Reports to shareholders		13,826
Professional services fees		44,558
Taxes		1,822
Other		12,759
Total expenses, before waivers and taxes		308,280
Less: Fees waived and expenses reimbursed		(212,877	)
Net expenses, before taxes		95,403
Net investment income (loss), before taxes		(80,805	)
Net tax expense (benefit)		0
Net investment income (loss), net of taxes		(80,805	)
Realized and unrealized gain (loss) from:
Net realized gain from (loss):
Investment securities		(575,663	)
Net tax expense (benefit)		0
Net realized gain (loss), net of taxes		(575,663	)
Change in net unrealized appreciation of:
Investment securities		1,016,948
Net tax expense (benefit)		0
Net change in net unrealized appreciation of investment securities, net of taxes		1,016,948
Net realized and unrealized gain, net of taxes		441,285
Net increase in net assets resulting from operations	$	360,480

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

12                         Invesco MLP Fund

Statement of Changes in Net Assets

For the years ended October 31, 2016 and 2015

	2016			2015
Operations:
Net investment income (loss), net of taxes	$	(80,805	)	$	(55,530	)
Net realized gain (loss), net of taxes		(575,663	)		(1,150,488	)
Change in net unrealized appreciation (depreciation), net of taxes		1,016,948			(490,056	)
Net increase (decrease) in net assets resulting from operations		360,480			(1,696,074	)
Return of Capital:
Class A		(182,591	)		(89,680	)
Class C		(25,040	)		(10,464	)
Class R		(8,321	)		(890	)
Class Y		(163,922	)		(82,612	)
Class R5		(358	)		(320	)
Class R6		(358	)		(320	)
Total return of capital		(380,590	)		(184,286	)
Share transactions–net:
Class A		1,616,085			1,427,803
Class C		1,089,108			(1,256,392	)
Class R		176,423			22,493
Class Y		1,433,308			1,210,530
Net increase in net assets resulting from share transactions		4,314,924			1,404,434
Net increase (decrease) in net assets		4,294,814			(475,926	)
Net assets:
Beginning of year		4,836,599			5,312,525
End of year (includes undistributed net investment income (loss), net of taxes of $(725,036) and $(259,541), respectively)	$	9,131,413		$	4,836,599

Notes to Financial Statements

October 31, 2016

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-two 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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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.

13                         Invesco MLP 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, 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.

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.

14                         Invesco MLP Fund

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 estimate 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 will be 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 will assess 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 will be 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.

15                         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, 2016, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least 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 the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees and reimbursed fund level expenses of $202,763 and reimbursed class level expenses of $4,799, $800, $230, $4,273, $6 and $6 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, 2016, 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, 2016, 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $5,514 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.

16                         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, 2016, 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—Distributions to Shareholders and Tax Components of Net Assets

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	$	122,564		34.00	%
State and other taxes, net of federal tax benefit		8,926		2.48
Permanent differences, current period		(1,394	)	(0.39	)
Valuation allowance		(130,096	)	(36.09	)
Total	$	0		0.00	%

Components of the Fund’s Net Deferred Tax Asset at Period-End:

Deferred Tax Assets:
Net operating loss carryforward	$	149,839
Capital loss carryforward		373,190
Unrealized gains/losses on investment securities		76,749
Total Deferred Tax Assets		599,778
Valuation allowance		(599,778	)
Deferred Tax Asset, Net	$	0

The Fund has a capital loss carryforward as of October 31, 2016, of $1,049,767. 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, 2016, of $418,810, which begin to expire in 2034. As of October 31, 2016, the Fund has state net operating loss carryforward of approximately $413,628. If not utilized, these state net operating losses will expire in various years through October 31, 2036.

At October 31, 2016, 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, 2016 based on historical evidence it is unlikely the DTA will be realized.

17                         Invesco MLP Fund

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2016 and 2015:

	2016		2015
Return of capital	$	380,590	$	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, 2016 was $8,106,029 and $3,711,442, 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	$	356,596
Aggregate unrealized (depreciation) of investment securities		(576,387	)
Net unrealized appreciation (depreciation) of investment securities	$	(219,791	)

Cost of investments for tax purposes is $9,291,813.

NOTE 8—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of dividends received deduction, on October 31, 2016, undistributed net investment income (loss) was decreased by $4,100 and shares of beneficial interest was increased by $4,100. This reclassification had no effect on the net assets of the Fund.

NOTE 9—Share Information

	Summary of Share Activity
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		320,430		$	1,847,014			245,529		$	1,973,144
Class C		182,453			1,102,203			39,161			326,314
Class R		33,865			174,013			3,039			21,882
Class Y		292,748			1,626,732			152,367			1,224,893
Issued as reinvestment of dividends:
Class A		20,756			117,814			5,681			42,918
Class C		3,359			19,487			1,176			9,203
Class R		1,379			7,992			81			611
Class Y		11,016			63,540			2,700			20,473
Reacquired:
Class A		(58,763	)		(348,743	)		(72,038	)		(588,259	)
Class C		(5,647	)		(32,582	)		(192,021	)		(1,591,909	)
Class R		(944	)		(5,582	)		—			—
Class Y		(43,714	)		(256,964	)		(4,668	)		(34,836	)
Net increase in share activity		756,938		$	4,314,924			181,007		$	1,404,434

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% 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, 31% of the outstanding shares of the Fund are owned by the Adviser or an affiliated of 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
	Years ended October 31,
	2016			2015			2014(a)
Net asset value, beginning of period	$	6.45		$	9.35		$	10.00
Net investment income (loss)(b)		(0.07	)		(0.09	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		0.02			(2.51	)		(0.64	)
Total from investment operations		(0.05	)		(2.60	)		(0.65	)
Less:
Return of capital		(0.34	)		(0.30	)		—
Net asset value, end of period	$	6.06		$	6.45		$	9.35
Total return(c)		(0.14	)%		(28.30	)%		(6.50	)%
Net assets, end of period (000’s omitted)	$	4,050		$	2,489		$	1,931
Portfolio turnover rate(d)		57	%		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)		1.50	%		1.49	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		1.50	%(e)		1.50	%		1.49	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		4.75	%(e)		6.37	%		72.56	%(f)
Ratio of net investment income (loss), before taxes		(1.28	)%(e)		(1.16	)%		(0.54	)%(f)
Ratio of net investment income (loss), after taxes(h)		(1.28	)%(e)		(1.16	)%		(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 $3,107.

^(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
	Years ended October 31,
	2016			2015			2014(a)
Net asset value, beginning of period	$	6.45		$	9.34		$	10.00
Net investment income (loss)(b)		(0.12	)		(0.16	)		(0.02	)
Net gains (losses) on securities (both realized and unrealized)		0.02			(2.49	)		(0.64	)
Total from investment operations		(0.10	)		(2.65	)		(0.66	)
Less:
Return of capital		(0.30	)		(0.24	)		—
Net asset value, end of period	$	6.05		$	6.45		$	9.34
Total return(c)		(1.08	)%		(28.78	)%		(6.60	)%
Net assets, end of period (000’s omitted)	$	1,283		$	205		$	1,713
Portfolio turnover rate(d)		57	%		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)		2.25	%		2.24	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		2.25	%(e)		2.25	%		2.24	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		5.50	%(e)		7.12	%		73.31	%(f)
Ratio of net investment income (loss), before taxes		(2.03	)%(e)		(1.91	)%		(1.29	)%(f)
Ratio of net investment income (loss), after taxes(h)		(2.03	)%(e)		(1.91	)%		(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 $518.

^(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
	Years ended October 31,
	2016			2015			2014(a)
Net asset value, beginning of period	$	6.45		$	9.35		$	10.00
Net investment income (loss)(b)		(0.09	)		(0.11	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		0.03			(2.51	)		(0.64	)
Total from investment operations		(0.06	)		(2.62	)		(0.65	)
Less:
Return of capital		(0.33	)		(0.28	)		—
Net asset value, end of period	$	6.06		$	6.45		$	9.35
Total return(c)		(0.39	)%		(28.48	)%		(6.50	)%
Net assets, end of period (000’s omitted)	$	241		$	35		$	21
Portfolio turnover rate(d)		57	%		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)		1.75	%		1.74	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		1.75	%(e)		1.75	%		1.74	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		5.00	%(e)		6.62	%		72.80	%(f)
Ratio of net investment income (loss), before taxes		(1.53	)%(e)		(1.41	)%		(0.79	)%(f)
Ratio of net investment income (loss), after taxes(h)		(1.53	)%(e)		(1.41	)%		(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 $149.

^(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
	Years ended October 31,
	2016			2015			2014(a)
Net asset value, beginning of period	$	6.46		$	9.36		$	10.00
Net investment income (loss)(b)		(0.06	)		(0.07	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		0.03			(2.51	)		(0.63	)
Total from investment operations		(0.03	)		(2.58	)		(0.64	)
Less:
Return of capital		(0.36	)		(0.32	)		—
Net asset value, end of period	$	6.07		$	6.46		$	9.36
Total return(c)		0.14	%		(28.07	)%		(6.40	)%
Net assets, end of period (000’s omitted)	$	3,545		$	2,094		$	1,628
Portfolio turnover rate(d)		57	%		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)		1.25	%		1.24	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		1.25	%(e)		1.25	%		1.24	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		4.50	%(e)		6.12	%		72.31	%(f)
Ratio of net investment income (loss), before taxes		(1.03	)%(e)		(0.91	)%		(0.29	)%(f)
Ratio of net investment income (loss) to average net assets(h)		(1.03	)%(e)		(0.91	)%		(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 $2,766.

^(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
	Years ended October 31,
	2016			2015			2014(a)
Net asset value, beginning of period	$	6.46		$	9.36		$	10.00
Net investment income (loss)(b)		(0.06	)		(0.07	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		0.02			(2.51	)		(0.63	)
Total from investment operations		(0.04	)		(2.58	)		(0.64	)
Less:
Return of capital		(0.36	)		(0.32	)		—
Net asset value, end of period	$	6.06		$	6.46		$	9.36
Total return(c)		(0.03	)%		(28.07	)%		(6.40	)%
Net assets, end of period (000’s omitted)	$	6		$	6		$	9
Portfolio turnover rate(d)		57	%		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)		1.25	%		1.24	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		1.25	%(e)		1.25	%		1.24	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		4.44	%(e)		6.10	%		72.28	%(f)
Ratio of net investment income (loss), before taxes		(1.03	)%(e)		(0.91	)%		(0.29	)%(f)
Ratio of net investment income (loss), after taxes(h)		(1.03	)%(e)		(0.91	)%		(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 $6.

^(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
	Years ended October 31,
	2016			2015			2014(a)
Net asset value, beginning of period	$	6.46		$	9.36		$	10.00
Net investment income (loss)(b)		(0.06	)		(0.07	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		0.02			(2.51	)		(0.63	)
Total from investment operations		(0.04	)		(2.58	)		(0.64	)
Less:
Return of capital		(0.36	)		(0.32	)		—
Net asset value, end of period	$	6.06		$	6.46		$	9.36
Total return(c)		(0.03	)%		(28.07	)%		(6.40	)%
Net assets, end of period (000’s omitted)	$	6		$	6		$	9
Portfolio turnover rate(d)		57	%		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)		1.25	%		1.24	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		1.25	%(e)		1.25	%		1.24	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		4.44	%(e)		6.10	%		72.23	%(f)
Ratio of net investment income (loss), before taxes		(1.03	)%(e)		(0.91	)%		(0.29	)%(f)
Ratio of net investment income (loss), after taxes(h)		(1.03	)%(e)		(0.91	)%		(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 $6.

^(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.

NOTE 11—Subsequent Event

Effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2018, 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 in Note 2) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.28%, 2.03%, 1.53%, 1.03%, 1.03% and 1.03%, respectively, of the Fund’s average daily net assets.

24                         Invesco MLP Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of the 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 the Invesco MLP Fund (the “Fund”) as of October 31, 2016, 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 two years in the period 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 as of October 31, 2016 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

Houston, Texas

December 21, 2016

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, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio2
			Ending Account Value (10/31/16)1		Expenses Paid During Period2,3		Ending Account Value (10/31/16)		Expenses Paid During Period2,4
A	$	1,000.00	$	1,045.60	$	7.71	$	1,017.60	$	7.61		1.50	%
C		1,000.00		1,041.70		11.54		1,013.84		11.38		2.25
R		1,000.00		1,044.30		8.98		1,016.35		8.86		1.75
Y		1,000.00		1,048.70		6.44		1,018.85		6.34		1.25
R5		1,000.00		1,047.00		6.42		1,018.86		6.33		1.25
R6		1,000.00		1,047.00		6.42		1,018.86		6.33		1.25

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 to reflect the most recent fiscal half year. Effective January 1, 2017, the Fund’s adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.28%, 2.03%, 1.53%, 1.03%, 1.03%, and 1.03% of average daily net assets, respectively. The annualized ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.28%, 2.03%, 1.53%, 1.03%, 1.03% and 1.03%, for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $6.56, $10.41, $7.85, $5.30, $5.29 and $5.29 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $6.47, $10.27, $7.75, $5.23, $5.22 and $5.22 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the

independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 calendar year to the performance of funds in the Broadridge performance universe and against Lipper Energy MLP 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 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 year period. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

27                         Invesco MLP Fund

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 Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of 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 28, 2017 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 and a report from an independent

consultant engaged by the Senior Officer 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 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 Broadridge 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 certain 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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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, 2016
	Invesco Multi-Asset Income Fund
	Effective July 27, 2016, Invesco Premium Income Fund was renamed Invesco Multi-Asset Income Fund.
	Nasdaq:
	A: PIAFX  ∎  C: PICFX  ∎  R: PIRFX  ∎  Y: PIYFX  ∎  R5: IPNFX  ∎  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. In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to sink at the start of calendar year 2016, but they eventually recovered; they sank again following the UK’s decision to leave the European Union, but

then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

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.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

2                         Invesco Multi-Asset 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:
	∎	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.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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 Multi-Asset Income Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2016, Class A shares of Invesco Multi-Asset Income Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Multi-Asset Income Index, the Fund’s style-specific benchmark.

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

Fund vs. Indexes

Total returns, 10/31/15 to 10/31/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	9.44	%
Class C Shares	8.62
Class R Shares	9.28
Class Y Shares	9.71
Class R5 Shares	9.82
Class R6 Shares	9.71
Bloomberg Barclays U.S. Aggregate Index▼ (Broad Market Index)	4.37
Custom Invesco Multi-Asset Income Index∎ (Style-Specific Index)	5.08
Lipper Mixed-Asset Target Allocation Conservative Funds Index◆ (Peer Group Index)	4.08
Source(s): ▼FactSet Research Systems, Inc.; ∎Invesco, FactSet Research Systems, Inc.; ◆Lipper Inc.

Market conditions and your Fund

Effective July 27, 2016, Invesco Premium Income Fund was renamed Invesco Multi-Asset Income Fund. The name change is intended to be more representative of the Fund’s investment strategy and the underlying assets in which it invests.

    For the fiscal year ended October 31, 2016, Invesco Multi-Asset Income Fund provided positive returns led by gains in high yield securities, emerging market bonds, mortgage real estate investment trusts (REITs) and preferred stocks. The tactical component of the strategy was also a contributor to Fund performance, led by gains in global government bonds. We make tactical adjustments to the Fund’s portfolio on a monthly basis to try

to take advantage of short-term market dynamics.

    Despite the Fund’s positive performance, there were some challenges at the beginning of the fiscal year; these included deflationary pressures fueled by monetary policy, plunging oil prices and a rising US dollar. Then, in June 2016, the UK’s vote to leave the European Union roiled global financial markets. Overall, interest rate levels remained low as US Treasury prices rallied on volatility early in the reporting period and “flight-to-safety” demand in the wake of the UK vote. However, US Treasuries surrendered some of those gains late in the reporting period as economic data improved and the US Federal Reserve hinted at an increase in interest rates.

    As part of its strategic allocation process, the Fund invests in eight primary asset classes: preferred stocks, high yield bonds, emerging market debt securities, dividend-producing equities, securities of real estate and real estate-related issuers (including mortgage REITs, equity REITs, and equity securities of global companies principally engaged in the real estate industry), floating rate debt securities and loans, US master limited partnerships (MLPs) and US government obligations. All components of the Fund’s strategic allocation finished the reporting period with gains, but high yield bonds was the top-performing component due to a rally in oil prices in the middle of the fiscal year; the rally buoyed the energy sector and reduced the prospect of widespread defaults. The energy rally also helped the Fund’s financials sector-dominated preferred stock allocation after fears of a banking crisis, caused by plunging oil prices, subsided. Emerging market bonds and MLPs benefited from a broad rally in commodities and weakening in the US dollar. Mortgage REIT prices benefited from their attractive yields, given a sluggish global economy and highly accommodative global monetary policy, which drove down yields of government bonds.

    The Fund’s tactical allocation, obtained through the use of swaps and futures, contributed further to overall results mainly led by exposure to global government bonds, with UK gilts, German bunds and Canadian government bonds being the largest contributors. Tactical equity exposure also aided results as gains in

Portfolio Composition
By security type	% of total net assets

U.S. Dollar-Denominated Bonds and Notes	39.9	%
Preferred Stocks	21.8
Common Stocks and Other Equity Interests	16.7
U.S. Treasury Securities	8.2
Exchange-Traded Notes	4.1
Non-U.S. Dollar-Denominated Bonds and Notes	0.3
Money Market Funds Plus Other Assets Less Liabilities	9.0

Top 5 Debt Issuers
	% of total net assets

1.	U.S. Treasury Securities	8.2%
2.	El Salvador Government International Bond	0.8
3.	Sri Lanka Government International Bonds	0.7
4.	Colombia Government International Bond	0.6
5.	Brazilian Government International Bond	0.6

Total Net Assets $196.8 million

Total Number of Holdings* 627

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, 2016.

4                         Invesco Multi-Asset Income Fund

the UK, Japan and Hong Kong overcame losses in Europe and the US.

    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 investment in Invesco Multi-Asset Income 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 Multi-Asset 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 Multi-Asset 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 Multi-Asset 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 Multi-Asset 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.

	Christian Ulrich Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Multi-Asset 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 Multi-Asset 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

1 Source(s): Invesco, FactSet Research Systems Inc.

2 Source: Lipper Inc.

3 Source: FactSet Research Systems Inc.

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 Multi-Asset Income Fund

Average Annual Total Returns
As of 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (12/14/11)	5.21	%
1 Year	3.40
Class C Shares
Inception (12/14/11)	5.63	%
1 Year	7.62
Class R Shares
Inception (12/14/11)	6.17	%
1 Year	9.28
Class Y Shares
Inception (12/14/11)	6.68	%
1 Year	9.71
Class R5 Shares
Inception (12/14/11)	6.71	%
1 Year	9.82
Class R6 Shares
Inception	6.65	%
1 Year	9.71

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 1.28%, 2.03%, 1.53%, 1.03%, 0.90% and 0.90%, respectively. The expense ratios presented above may vary from the expense ratios presented in other

Average Annual Total Returns

As of 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (12/14/11)	5.69	%
1 Year	8.42
Class C Shares
Inception (12/14/11)	6.14	%
1 Year	12.74
Class R Shares
Inception (12/14/11)	6.68	%
1 Year	14.42
Class Y Shares
Inception (12/14/11)	7.22	%
1 Year	14.98
Class R5 Shares
Inception (12/14/11)	7.22	%
1 Year	14.98
Class R6 Shares
Inception	7.19	%
1 Year	14.98

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 by the adviser in effect through at least June 30, 2018. 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 February 28, 2017. See current prospectus for more information.

7                         Invesco Multi-Asset Income Fund

Invesco Multi-Asset Income Fund’s investment objective is to provide current income.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

∎ 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

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

∎ Bank loan risk. There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund’s returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest

paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates.

∎ 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 near, at or below zero. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

∎ 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. Should the Internal Revenue Service issue guidance, or Congress enact legislation, that adversely affects the tax treatment of the Fund’s use of the Subsidiary (which guidance might be applied to the Fund retroactively), it could, among other consequences, limit the Fund’s ability to pursue its investment strategy.

∎ Commodity risk. The Fund may have 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. Volatility in the commodities markets may

be caused by 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, investment and trading activities of mutual funds, hedge funds and commodities funds, and factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments or supply and demand disruptions. Because the Fund’s performance may be linked to the performance of volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of the Fund’s shares.

∎ 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, in some cases, foreign currency risk. 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. Credit linked notes may be less liquid than other investments and therefore harder to dispose of at the desired time and price. In addition, credit linked notes may be leveraged and, as a result, small changes in the value of the underlying reference obligation may produce disproportionate losses to the Fund.

∎ Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates

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 Multi-Asset Income Fund

will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ 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 strategies.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Exchange-traded funds risk. In addition to the risks associated with the underlying assets held by the exchange-traded fund, investments in exchange-traded funds are subject to the following additional risks: (1) an exchange-traded fund’s shares may trade above or below its net asset value; (2) an active trading market for the exchange-traded fund’s shares may not develop or be maintained; (3) trading an exchange-traded fund’s shares may be halted by the listing exchange; (4) a passively managed exchange-traded fund may not track the performance of the reference asset; and (5) a passively managed exchange-traded fund may hold troubled securities. Investment 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 exchange-traded funds in which the Fund may invest are leveraged, which may result in economic leverage, permitting the Fund to gain exposure that is greater than would be the case in an unlevered instrument and potentially resulting in greater volatility.

∎ 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, 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.

∎ Foreign government debt risk. Investments in foreign government debt securities (sometimes referred to as sovereign debt securities) 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.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions

continued on page 10

9                         Invesco Multi-Asset Income Fund

continued from page 9

such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ High yield debt securities (junk bond) risk. Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

∎ Indexing risk. Certain portions of the Fund’s assets are managed pursuant to an indexing approach (Indexed Assets) and, therefore, the adverse performance of a particular security necessarily will not result in the elimination of the security from the Indexed Assets. Ordinarily, the Adviser will not sell portfolio securities of the Indexed Assets except to reflect additions or deletions of the securities that comprise the index the Fund seeks to track with respect to the Indexed Assets (Underlying Index), or as may be necessary to raise cash to pay Fund shareholders who sell Fund shares. As such, the Indexed Assets, and therefore the Fund, will be negatively affected by declines in the securities represented by the Underlying Index. Also, there is no guarantee that the Adviser will be able to correlate the performance of the Indexed Assets with that of the Underlying Index.

∎ Investment companies risk. Investing in other investment companies could result in the duplication of certain fees, including management and administrative fees, and may expose the Fund to the risks of owning the underlying investments that the other investment company holds.

∎ Liquidity risk. The Fund may be unable to sell illiquid investments at the time or price it desires and, as a result, could lose its entire investment in such

investments. Liquid securities can become illiquid during periods of market stress. If a significant amount of the Fund’s securities become illiquid, the Fund may not be able to timely pay redemption proceeds and may need to sell securities at significantly reduced prices.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s and/or sub-adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. 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. In addition, the Fund is subject to the risk that the investment decisions made by the Adviser or a sub-adviser may conflict with other decisions made by the Adviser or the same or a different sub-adviser. For example, it is possible that the Adviser may purchase a security for the Fund at the same time that a sub-adviser sells the same security, resulting in higher expenses without accomplishing any net investment result and, possibly, resulting in a wash sale for tax purposes, which would defer the ability of the Fund to utilize any realized loss. Conflicting investment decisions made by the Adviser, a sub-adviser or some combination thereof (including decisions made by different teams in the Adviser or the same sub-adviser) also could subject the Fund to other special tax rules that may, for example, defer or disallow the ability of the Fund to utilize realized losses. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the portfolio managers in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically

than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ MLP risk. The Fund invests in securities of MLPs, which are subject to the following risks:

- Limited partner risk. An MLP is a public limited partnership or limited liability company taxed as a partnership under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). 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 risks of investing in an MLP are similar to those of investing in a partnership, including more flexible governance structures, which could result in less protection for investors than investments in a corporation. Investors in an MLP normally would 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. In certain circumstances, creditors of an MLP would have the right to seek return of capital distributed to a limited partner, which right would continue after an investor sold its investment in the MLP.

- Liquidity risk. 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 than conventional publicly traded securities and, therefore, more difficult to trade at desirable times and/or prices.

- Interest rate risk. In addition, MLP distributions may be reduced by fees and other expenses incurred by the MLP. MLPs generally are considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.

- General partner risk. The holder of the general partner or managing member interest can be liable in certain circumstances for amounts

10                         Invesco Multi-Asset Income Fund

greater than the amount of the holder’s investment in the general partner or managing member. 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 a regulated investment company under Subchapter M of the Internal Revenue Code.

∎ MLP tax risk. MLPs taxed as partnerships do not pay US federal income tax at the partnership level. A change in current tax law, or a change in the underlying business mix of a given MLP, however, could result in an MLP being classified as a corporation for US federal income tax purposes, which would have the effect of reducing the amount of cash available for distribution by the MLP and, as a result, could cause a reduction of the value of the Fund’s investment, and consequently your investment in the Fund and lower income. 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. If an MLP in which the Fund invests amends its partnership tax return, the Fund will, when necessary, send you a corrected Form 1099, which could, in turn, require you to amend your federal, state or local tax returns.

∎ Mortgage- and asset-backed securities risk. Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. The Fund may invest in mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages. Privately issued mortgage-related securities are

not subject to the same underwriting requirements as those with government or government-sponsored entity guarantees and, therefore, mortgage loans underlying privately issued mortgage-related securities may have less favorable collateral, credit risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics.

∎ Non-correlation risk. The return of the Fund’s assets managed pursuant to an indexing approach (Indexed Assets) may not match the return of the index the Fund seeks to track with respect to the Indexed Assets (Underlying Index) for a number of reasons. For example, the Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing securities holdings to reflect changes in the Underlying Index. In addition, the performance of the Indexed Assets and the Underlying Index may vary due to asset valuation differences and differences between the Indexed Assets and the Underlying Index resulting from legal restrictions, costs or liquidity constraints.

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

∎ REIT 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.

∎ Sampling risk. The Fund’s use of a sampling methodology with respect to assets managed pursuant to an indexing approach (Indexed Assets) may result in the Indexed Assets including a smaller number of securities than are in the index the Fund seeks to track with respect to the Indexed Assets (Underlying Index), and in the Indexed Assets including securities that are not included in the Underlying Index. As a result, an adverse development to an

issuer of securities included in the Indexed Assets could result in a greater decline in the Fund’s NAV than would be the case if all of the securities in the Underlying Index were included in the Indexed Assets. The Fund’s use of a sampling methodology may also include the risk that the Indexed Assets may not track the return of the Underlying Index as well as they would have if the Indexed Assets included all of the securities in the Underlying Index. To the extent the assets in the Indexed Assets are smaller, these risks will be greater.

∎ Short position risk. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the Fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Fund’s short positions will cause the Fund to underperform the overall market and its peers that do not engage in shorting. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund’s returns.

∎ 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 the 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 the prospectus and the SAI, and could negatively affect the Fund and its shareholders.

∎ US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government,

continued on page 12

11                         Invesco Multi-Asset Income Fund

continued from page 11

which could affect the Fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

About indexes used in this report

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

∎ The Custom Invesco Multi-Asset Income Index, created by Invesco to serve as a benchmark for Invesco Multi-Asset Income Fund, comprises the following indexes: S&P 500 (50%) and Bloomberg Barclays U.S. Universal (50%).

∎ 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.

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

∎ The Bloomberg Barclays U.S. Universal Index is an unmanaged index comprising US dollar-denominated, taxable bonds that are rated investment grade or below investment grade.

∎ 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.

12                         Invesco Multi-Asset Income Fund

Schedule of Investments^(a)

October 31, 2016

	Principal Amount		Value
U.S. Dollar Denominated Bonds and Notes–39.92%
Aerospace & Defense–0.51%
Bombardier Inc. (Canada), Sr. Unsec. Notes, 6.00%, 10/15/2022(b)	$	90,000	$	79,988
DigitalGlobe Inc., Sr. Unsec. Gtd. Notes, 5.25%, 02/01/2021(b)		107,000		108,070
KLX Inc., Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2022(b)		240,000		244,800
Moog Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2022(b)		130,000		134,062
TransDigm Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.50%, 05/15/2025		414,000		434,700
				1,001,620
Agricultural & Farm Machinery–0.10%
Titan International Inc., Sr. Sec. Gtd. First Lien Global Notes, 6.88%, 10/01/2020		196,000		187,915
Alternative Carriers–0.26%
EarthLink Holdings Corp., Sr. Sec. Gtd. First Lien Global Notes, 7.38%, 06/01/2020		255,000		268,387
Level 3 Financing, Inc.,
Sr. Unsec. Gtd. Global Notes, 5.38%, 05/01/2025		140,000		143,675
Sr. Unsec. Gtd. Notes, 5.25%, 03/15/2026(b)		94,000		95,645
				507,707
Aluminum–0.33%
Alcoa Nederland B.V., Sr. Unsec. Gtd. Notes, 6.75%, 09/30/2024(b)		400,000		415,354
Novelis Corp., Sr. Unsec. Gtd. Notes, 5.88%, 09/30/2026(b)		231,000		235,042
				650,396
Apparel Retail–0.17%
Hot Topic, Inc., Sr. Sec. Gtd. First Lien Notes, 9.25%, 06/15/2021(b)		184,000		195,960
Men’s Wearhouse, Inc. (The), Sr. Unsec. Gtd. Global Notes, 7.00%, 07/01/2022		155,000		144,344
				340,304
Asset Management & Custody Banks–0.71%
CommScope Technologies Finance LLC, Sr. Unsec. Notes, 6.00%, 06/15/2025(b)		230,000		242,650
First Data Corp.,
Sr. Sec. Gtd. First Lien Notes,
5.00%, 01/15/2024(b)		60,000		60,825
Sr. Unsec. Gtd. Notes,
7.00%, 12/01/2023(b)		750,000		787,500
Prime Security Services Borrower, LLC/Prime Finance, Inc., Sec. Gtd. Second Lien Notes, 9.25%, 05/15/2023(b)		227,000		241,471

	Principal Amount		Value
Asset Management & Custody Banks–(continued)
RegionalCare Hospital Partners Holdings Inc., Sr. Sec. Gtd. First Lien Notes, 8.25%, 05/01/2023(b)	$	56,000	$	57,050
				1,389,496
Auto Parts & Equipment–0.04%
Dana Inc., Sr. Unsec. Notes, 5.38%, 09/15/2021		67,000		69,680
Broadcasting–0.63%
Clear Channel Worldwide Holdings, Inc.,
Series B, Sr. Unsec. Gtd. Global Notes,
6.50%, 11/15/2022		135,000		138,375
Sr. Unsec. Gtd. Sub. Global Notes,
7.63%, 03/15/2020		220,000		213,400
iHeartCommunications, Inc., Sr. Sec. Gtd. First Lien Global Notes, 9.00%, 12/15/2019		349,000		266,549
Netflix, Inc., Sr. Unsec. Global Notes, 5.75%, 03/01/2024		163,000		177,670
Nexstar Escrow Corp., Sr. Unsec. Gtd. Notes, 5.63%, 08/01/2024(b)		142,000		141,645
Sirius XM Radio Inc., Sr. Unsec. Gtd. Notes, 5.38%, 07/15/2026(b)		168,000		171,360
Tribune Media Co., Sr. Unsec. Gtd. Global Notes, 5.88%, 07/15/2022		140,000		140,000
				1,248,999
Building Products–0.19%
Allegion PLC, Sr. Unsec. Gtd. Notes, 5.88%, 09/15/2023		172,000		185,061
Gibraltar Industries Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.25%, 02/01/2021		191,000		198,640
				383,701
Cable & Satellite–2.27%
Altice Luxembourg S.A. (Luxembourg), Sr. Unsec. Gtd. Notes, 7.75%, 05/15/2022(b)		600,000		630,750
AMC Networks Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 04/01/2024		215,000		219,837
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec. Notes, 5.75%, 02/15/2026(b)		860,000		903,000
CSC Holdings LLC,
Sr. Unsec. Global Notes,
6.75%, 11/15/2021		175,000		185,062
Sr. Unsec. Gtd. Notes,
6.63%, 10/15/2025(b)		200,000		217,500
Sr. Unsec. Notes,
10.13%, 01/15/2023(b)		200,000		226,500
10.88%, 10/15/2025(b)		226,000		261,030
DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.88%, 11/15/2024		627,000		634,837

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

13                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Cable & Satellite–(continued)
Intelsat Jackson Holdings S.A. (Luxembourg), Sr. Unsec. Gtd. Global Notes,
7.25%, 04/01/2019	$	64,000	$	51,360
7.25%, 10/15/2020		140,000		105,700
SFR Group S.A. (France),
Sr. Sec. Gtd. First Lien Bonds,
6.00%, 05/15/2022(b)		400,000		410,000
Sr. Sec. Gtd. First Lien Notes,
7.38%, 05/01/2026(b)		200,000		202,750
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany), REGS, Sr. Sec. Gtd. First Lien Euro Bonds, 5.00%, 01/15/2025(b)		200,000		203,750
VTR Finance B.V. (Chile), Sr. Sec. First Lien Notes, 6.88%, 01/15/2024(b)		200,000		208,500
				4,460,576
Casinos & Gaming–0.54%
Boyd Gaming Corp.,
Sr. Unsec. Gtd. Global Notes,
6.88%, 05/15/2023		220,000		236,500
Sr. Unsec. Gtd. Notes,
6.38%, 04/01/2026(b)		148,000		159,100
MGM Resorts International,
Sr. Unsec. Gtd. Global Notes,
6.63%, 12/15/2021		45,000		50,513
Sr. Unsec. Gtd. Notes,
4.63%, 09/01/2026		69,000		66,757
6.00%, 03/15/2023		230,000		250,125
7.75%, 03/15/2022		188,000		218,550
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Sr. Unsec. Gtd. Notes, 5.50%, 03/01/2025(b)		80,000		80,800
				1,062,345
Commercial Printing–0.19%
Multi-Color Corp., Sr. Unsec. Gtd. Notes, 6.13%, 12/01/2022(b)		364,000		382,200
Commodity Chemicals–0.07%
Koppers Inc., Sr. Unsec. Gtd. Global Notes, 7.88%, 12/01/2019		113,000		114,695
Valvoline Inc., Sr. Unsec. Gtd. Notes, 5.50%, 07/15/2024(b)		23,000		24,323
				139,018
Communications Equipment–0.15%
Hughes Satellite Systems Corp.,
Sr. Sec. Gtd. First Lien Notes,
5.25%, 08/01/2026(b)		136,000		134,640
Sr. Unsec. Gtd. Global Notes,
7.63%, 06/15/2021		142,000		156,200
				290,840
Construction Machinery & Heavy Trucks–0.54%
Allied Specialty Vehicles, Inc., Sr. Sec. Notes, 8.50%, 11/01/2019(b)		159,000		162,776

	Principal Amount		Value
Construction Machinery & Heavy Trucks–(continued)
Commercial Vehicle Group Inc., Sec. Gtd. Second Lien Global Notes, 7.88%, 04/15/2019	$	213,000	$	211,402
Meritor Inc., Sr. Unsec. Gtd. Notes,
6.25%, 02/15/2024		13,000		12,903
6.75%, 06/15/2021		160,000		163,600
Navistar International Corp., Sr. Unsec. Gtd. Notes, 8.25%, 11/01/2021		149,000		146,393
Oshkosh Corp., Sr. Unsec. Gtd. Global Notes,
5.38%, 03/01/2022		164,000		172,405
5.38%, 03/01/2025		180,000		188,775
				1,058,254
Consumer Finance–0.45%
Ally Financial Inc., Sr. Unsec. Global Notes,
4.63%, 03/30/2025		250,000		255,625
5.13%, 09/30/2024		593,000		625,615
				881,240
Copper–0.23%
First Quantum Minerals Ltd. (Canada), Sr. Unsec. Gtd. Notes, 6.75%, 02/15/2020(b)		135,000		130,444
Freeport-McMoRan Inc., Sr. Unsec. Gtd. Global Notes, 5.40%, 11/14/2034		140,000		121,275
Lundin Mining Corp. (Canada), Sr. Sec. Gtd. First Lien Notes, 7.88%, 11/01/2022(b)		184,000		199,640
				451,359
Department Stores–0.03%
Pinnacle Foods Finance LLC / Corp., Sr. Unsec. Gtd. Global Notes, 5.88%, 01/15/2024		61,000		66,109
Diversified Banks–0.28%
Citigroup Inc., Series T, Jr. Unsec. Sub. Global Notes, 6.25%(c)		169,000		182,309
Dresdner Funding Trust I (Germany), REGS, Jr. Unsec. Sub. Euro Notes, 8.15%, 06/30/2031(b)		100,000		119,209
Royal Bank of Scotland Group PLC (The) (United Kingdom), Unsec. Sub. Global Bonds,
5.13%, 05/28/2024		100,000		99,353
6.13%, 12/15/2022		145,000		153,876
				554,747
Diversified Chemicals–0.31%
Chemours Co. (The), Sr. Unsec. Gtd. Global Notes, 6.63%, 05/15/2023		416,000		407,680
Consolidated Energy Finance S.A. (Trinidad), Sr. Unsec. Gtd. Notes, 6.75%, 10/15/2019(b)		200,000		199,500
				607,180

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

14                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Diversified Metals & Mining–0.42%
Teck Resources Ltd. (Canada),
Sr. Unsec. Gtd. Global Notes,
4.75%, 01/15/2022	$	429,000	$	429,536
Sr. Unsec. Gtd. Notes,
4.50%, 01/15/2021		154,000		155,155
8.50%, 06/01/2024(b)		96,000		111,480
Sr. Unsec. Notes,
6.13%, 10/01/2035		130,000		129,350
				825,521
Electrical Components & Equipment–0.26%
EnerSys, Sr. Unsec. Gtd. Notes, 5.00%, 04/30/2023(b)		269,000		275,725
Sensata Technologies B.V., Sr. Unsec. Gtd. Notes,
4.88%, 10/15/2023(b)		99,000		103,455
5.00%, 10/01/2025(b)		134,000		138,690
				517,870
Environmental & Facilities Services–0.06%
Advanced Disposal Services, Inc., Sr. Unsec. Notes, 5.63%, 11/15/2024(b)		112,000		112,560
Financial Exchanges & Data–0.13%
MSCI Inc., Sr. Unsec. Gtd. Notes, 5.25%, 11/15/2024(b)		250,000		263,750
Food Distributors–0.07%
US Foods, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 06/15/2024(b)		132,000		138,930
Forest Products–0.07%
Norbord Inc. (Canada), Sr. Sec. Gtd. First Lien Notes, 6.25%, 04/15/2023(b)		125,000		133,750
Gas Utilities–0.45%
AmeriGas Partners, L.P./AmeriGas Finance Corp., Sr. Unsec. Global Notes,
5.63%, 05/20/2024		134,000		141,035
5.88%, 08/20/2026		60,000		62,700
Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Global Notes, 6.50%, 05/01/2021		295,000		280,250
Suburban Propane Partners, L.P./Suburban Energy Finance Corp.,
Sr. Unsec. Global Notes,
5.50%, 06/01/2024		340,000		350,200
7.38%, 08/01/2021		44,000		45,980
				880,165
General Merchandise Stores–0.09%
Dollar Tree, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 03/01/2023		170,000		181,475
Health Care Facilities–1.23%
Acadia Healthcare Co., Inc., Sr. Unsec. Gtd. Global Notes, 6.50%, 03/01/2024		110,000		113,850

	Principal Amount		Value
Health Care Facilities–(continued)
Community Health Systems, Inc.,
Sr. Sec. Gtd. First Lien Global Notes,
5.13%, 08/01/2021	$	55,000	$	51,562
Sr. Unsec. Gtd. Global Notes,
6.88%, 02/01/2022		146,470		110,219
HCA, Inc.,
Sr. Sec. Gtd. First Lien Notes,
5.25%, 04/15/2025		190,000		200,569
Sr. Unsec. Gtd. Global Notes,
5.88%, 05/01/2023		45,000		47,925
7.50%, 02/15/2022		116,000		132,675
Sr. Unsec. Gtd. Notes,
5.38%, 02/01/2025		120,000		123,300
5.88%, 02/15/2026		465,000		491,737
HealthSouth Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 09/15/2025		80,000		83,200
LifePoint Health, Inc., Sr. Unsec. Gtd. Notes,
5.38%, 05/01/2024(b)		80,000		80,000
5.88%, 12/01/2023		23,000		23,633
Surgical Care Affiliates, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 04/01/2023(b)		310,000		324,725
Tenet Healthcare Corp., Sr. Unsec. Global Notes,
6.75%, 06/15/2023		141,000		130,425
8.00%, 08/01/2020		74,000		74,000
8.13%, 04/01/2022		395,000		388,087
Universal Health Services, Inc, Sr. Sec. Gtd. First Lien Notes, 5.00%, 06/01/2026(b)		36,000		37,125
				2,413,032
Health Care Services–0.33%
AMN Healthcare Services, Inc., Sr. Unsec. Gtd. Notes, 5.13%, 10/01/2024(b)		110,000		112,200
DaVita Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/01/2025		165,000		159,844
MEDNAX, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2023(b)		191,000		200,550
MPH Acquisition Holdings LLC, Sr. Unsec. Notes, 7.13%, 06/01/2024(b)		167,000		179,525
				652,119
Home Improvement Retail–0.10%
Hillman Group Inc. (The), Sr. Unsec. Gtd. Notes, 6.38%, 07/15/2022(b)		205,000		192,188
Homebuilding–0.23%
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec. Notes, 6.88%, 02/15/2021(b)		112,000		109,480
K. Hovnanian Enterprises Inc., Sr. Sec. Gtd. First Lien Notes, 7.25%, 10/15/2020(b)		61,000		55,968
KB Home, Sr. Unsec. Gtd. Notes, 7.50%, 09/15/2022		23,000		25,128

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

15                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Homebuilding–(continued)
Meritage Homes Corp., Sr. Unsec. Gtd. Global Notes,
6.00%, 06/01/2025	$	85,000	$	89,781
7.15%, 04/15/2020		65,000		72,637
Taylor Morrison Communities Inc./ Monarch Communities Inc., Sr. Unsec. Gtd. Notes, 5.88%, 04/15/2023(b)		104,000		109,720
				462,714
Household Products–0.29%
Reynolds Group Issuer Inc./LLC (New Zealand),
Sr. Sec. Gtd. First Lien Notes,
5.13%, 07/15/2023(b)		41,000		42,230
Sr. Unsec. Gtd. Global Notes,
8.25%, 02/15/2021		300,000		314,250
Sr. Unsec. Gtd. Notes,
7.00%, 07/15/2024(b)		13,000		14,040
Spectrum Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 07/15/2025		80,000		87,000
Springs Industries, Inc., Sr. Sec. Global Notes, 6.25%, 06/01/2021		106,000		110,637
				568,157
Independent Power Producers & Energy Traders–0.89%
AES Corp. (The), Sr. Unsec. Notes,
5.50%, 04/15/2025		822,000		834,330
6.00%, 05/15/2026		10,000		10,400
Calpine Corp., Sr. Unsec. Global Notes,
5.38%, 01/15/2023		364,000		361,725
5.50%, 02/01/2024		227,000		220,190
NRG Energy, Inc., Sr. Unsec. Gtd. Notes, 6.63%, 01/15/2027(b)		336,000		317,520
				1,744,165
Integrated Oil & Gas–0.02%
California Resources Corp., Sec. Gtd. Second Lien Notes, 8.00%, 12/15/2022(b)		68,000		46,580
Integrated Telecommunication Services–1.42%
CenturyLink, Inc., Series Y, Sr. Unsec. Global Notes, 7.50%, 04/01/2024		216,000		225,720
Cincinnati Bell Inc., Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024(b)		72,000		75,600
Communications Sales & Leasing, Inc./CSL Capital LLC, Sr. Sec. Gtd. First Lien Notes, 6.00%, 04/15/2023(b)		15,000		15,675
Frontier Communications Corp.,
Sr. Unsec. Global Notes,
8.88%, 09/15/2020		58,000		61,988
10.50%, 09/15/2022		380,000		399,000
GCI, Inc., Sr. Unsec. Global Notes, 6.88%, 04/15/2025		64,000		64,960
SBA Communications Corp.,
Sr. Unsec. Global Notes,
4.88%, 07/15/2022		100,000		102,000
Sr. Unsec. Notes,
4.88%, 09/01/2024(b)		296,000		297,850

	Principal Amount		Value
Integrated Telecommunication Services–(continued)
T-Mobile USA, Inc.,
Sr. Unsec. Gtd. Global Bonds,
6.50%, 01/15/2026	$	565,000	$	622,206
6.84%, 04/28/2023		173,000		185,543
Sr. Unsec. Gtd. Global Notes,
6.38%, 03/01/2025		221,000		238,127
Sr. Unsec. Gtd. Notes,
6.00%, 04/15/2024		34,000		36,253
Telecom Italia S.p.A. (Italy), Sr. Unsec. Notes, 5.30%, 05/30/2024(b)		250,000		254,687
Virgin Media Finance PLC (United Kingdom), Sr. Unsec. Gtd. Notes, 6.00%, 10/15/2024(b)		200,000		207,500
				2,787,109
Internet Software & Services–0.05%
Match Group, Inc., Sr. Unsec. Global Notes, 6.38%, 06/01/2024		92,000		100,050
Leisure Products–0.15%
Vista Outdoor Inc., Sr. Unsec. Gtd. Global Notes, 5.88%, 10/01/2023		286,000		301,730
Life Sciences Tools & Services–0.13%
Quintiles IMS Holdings, Inc.,
Sr. Unsec. Gtd. Notes,
4.88%, 05/15/2023(b)		38,000		39,378
5.00%, 10/15/2026(b)		200,000		207,750
				247,128
Managed Health Care–0.11%
Centene Corp., Sr. Unsec. Notes,
4.75%, 05/15/2022		53,000		54,193
4.75%, 01/15/2025		87,000		87,217
Molina Healthcare, Inc., Sr. Unsec. Gtd. Global Notes, 5.38%, 11/15/2022		65,000		67,763
				209,173
Marine–0.10%
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Sr. Sec. Gtd. First Lien Mortgage Notes, 8.13%, 11/15/2021 (Acquired 01/08/2015-07/16/2015; Cost $250,700)(b)		255,000		193,163
Metal & Glass Containers–0.16%
Berry Plastics Corp.,
Sec. Gtd. Second Lien Global Notes,
6.00%, 10/15/2022		85,000		90,844
Sec. Gtd. Second Lien Notes,
5.50%, 05/15/2022		15,000		15,712
Coveris Holdings S.A. (Luxembourg), Sr. Unsec. Gtd. Notes, 7.88%, 11/01/2019(b)		200,000		206,500
				313,056
Movies & Entertainment–0.25%
AMC Entertainment Holdings, Inc., Sr. Unsec. Sub. Notes, 5.88%, 11/15/2026(b)		29,000		29,290

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

16                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Movies & Entertainment–(continued)
AMC Entertainment Inc., Sr. Unsec. Gtd. Sub. Global Notes, 5.75%, 06/15/2025	$	100,000	$	100,625
LG FinanceCo Corp., Sr. Unsec. Notes, 5.88%, 11/01/2024(b)		125,000		126,562
Pinnacle Entertainment, Inc., Sr. Unsec. Notes, 5.63%, 05/01/2024(b)		240,000		242,100
				498,577
Oil & Gas Drilling–0.05%
Ensco PLC, Sr. Unsec. Global Notes, 4.50%, 10/01/2024		60,000		48,300
Precision Drilling Corp. (Canada), Sr. Unsec. Gtd. Global Notes, 5.25%, 11/15/2024		55,000		48,675
				96,975
Oil & Gas Equipment & Services–0.06%
SESI, L.L.C., Sr. Unsec. Gtd. Global Notes, 7.13%, 12/15/2021		59,000		57,820
Weatherford International Ltd., Sr. Unsec. Gtd. Notes, 6.50%, 08/01/2036		75,000		59,625
				117,445
Oil & Gas Exploration & Production–1.81%
Antero Resources Corp., Sr. Unsec. Gtd. Global Notes,
5.38%, 11/01/2021		78,000		79,170
5.63%, 06/01/2023		286,000		293,150
Callon Petroleum Co., Sr. Unsec. Gtd. Notes, 6.13%, 10/01/2024(b)		84,000		86,940
Concho Resources Inc., Sr. Unsec. Gtd. Global Notes, 5.50%, 10/01/2022		161,000		165,830
5.50%, 04/01/2023		73,000		75,190
Continental Resources Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 09/15/2022		255,000		251,812
Denbury Resources Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 05/01/2022		18,000		14,130
Gulfport Energy Corp., Sr. Unsec. Gtd. Notes, 6.00%, 10/15/2024(b)		125,000		127,500
Newfield Exploration Co., Sr. Unsec. Global Notes, 5.63%, 07/01/2024		474,000		495,330
Oasis Petroleum Inc.,
Sr. Unsec. Gtd. Global Notes, 6.88%, 01/15/2023		127,000		125,730
Sr. Unsec. Gtd. Notes,
6.50%, 11/01/2021		34,000		33,830
Parsley Energy LLC/Parsley Finance Corp., Sr. Unsec. Gtd. Notes, 6.25%, 06/01/2024(b)		14,000		14,805
QEP Resources, Inc., Sr. Unsec. Notes, 6.88%, 03/01/2021		64,000		67,680
Range Resources Corp.,
Sr. Unsec. Gtd. Global Notes, 4.88%, 05/15/2025		150,000		143,250
Sr. Unsec. Gtd. Notes,
5.00%, 03/15/2023(b)		210,000		206,850

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
Rice Energy Inc., Sr. Unsec. Gtd. Global Notes, 6.25%, 05/01/2022	$	337,000	$	345,425
RSP Permian, Inc., Sr. Unsec. Gtd. Global Notes, 6.63%, 10/01/2022		63,000		66,780
SM Energy Co., Sr. Unsec. Global Notes,
6.13%, 11/15/2022		31,000		31,078
6.50%, 01/01/2023		55,000		55,137
Southwestern Energy Co., Sr. Unsec. Global Notes, 4.10%, 03/15/2022		402,000		367,830
Whiting Petroleum Corp., Sr. Unsec. Gtd. Global Notes, 6.25%, 04/01/2023		163,000		150,775
WPX Energy Inc., Sr. Unsec. Global Notes, 6.00%, 01/15/2022		368,000		368,000
				3,566,222
Oil & Gas Refining & Marketing–0.03%
Tesoro Corp., Sr. Unsec. Gtd. Global Notes, 5.13%, 04/01/2024		65,000		67,600
Oil & Gas Storage & Transportation–1.30%
Antero Midstream Partners LP/Antero Midstream Finance Corp., Sr. Unsec. Gtd. Notes, 5.38%, 09/15/2024(b)		49,000		49,612
Energy Transfer Equity, L.P., Sr. Sec. First Lien Notes, 5.88%, 01/15/2024		352,000		359,040
Holly Energy Partners L.P./Holly Energy Finance Corp., Sr. Unsec. Gtd. Notes, 6.00%, 08/01/2024(b)		152,000		159,220
MPLX LP, Sr. Unsec. Gtd. Global Notes, 5.50%, 02/15/2023		250,000		260,859
Sabine Pass Liquefaction, LLC,
Sr. Sec. First Lien Global Notes,
5.63%, 03/01/2025		678,000		719,104
Sr. Sec. Notes,
5.00%, 03/15/2027(b)		87,000		88,849
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
Sr. Unsec. Gtd. Global Bonds,
5.25%, 05/01/2023		114,000		114,000
Sr. Unsec. Gtd. Notes,
5.13%, 02/01/2025(b)		190,000		190,475
Tesoro Logistics L.P./Tesoro Logistics Finance Corp., Sr. Unsec. Gtd. Global Notes,
6.13%, 10/15/2021		11,000		11,550
6.25%, 10/15/2022		14,000		14,910
6.38%, 05/01/2024		392,000		423,360
Willams Cos. Inc. (The), Sr. Unsec. Global Notes, 4.55%, 06/24/2024		162,000		165,890
				2,556,869
Other Diversified Financial Services–0.11%
Lincoln Finance Ltd. (Netherlands), Sr. Sec. Gtd. Notes, 7.38%, 04/15/2021(b)		200,000		215,666

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

17                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Packaged Foods & Meats–0.25%
FAGE International S.A./FAGE USA Dairy Industry, Inc. (Luxembourg), Sr. Unsec. Gtd. Notes, 5.63%, 08/15/2026(b)	$	200,000	$	206,500
JBS Investments GmbH (Brazil), REGS, Sr. Unsec. Gtd. Euro Notes, 7.25%, 04/03/2024(b)		200,000		203,000
Smithfield Foods Inc., Sr. Unsec. Notes, 6.63%, 08/15/2022		84,000		88,830
				498,330
Paper Packaging–0.07%
Graphic Packaging International Inc., Sr. Unsec. Gtd. Notes, 4.88%, 11/15/2022		138,000		145,245
Paper Products–0.08%
Clearwater Paper Corp., Sr. Unsec. Gtd. Global Notes, 4.50%, 02/01/2023		156,000		156,780
Pharmaceuticals–0.42%
Concordia International Corp. (Canada),
Sr. Sec. First Lien Notes,
9.00%, 04/01/2022(b)		8,000		7,840
Sr. Unsec. Gtd. Notes,
7.00%, 04/15/2023(b)		148,000		86,210
REGS, Sr. Unsec. Gtd. Euro Notes,
7.00%, 04/15/2023(b)		120,000		72,600
Endo Ltd./Endo Finance LLC/Endo Finco Inc., Sr. Unsec. Gtd. Notes, 6.00%, 07/15/2023(b)		200,000		175,500
Valeant Pharmaceuticals International, Inc.,
Sr. Unsec. Gtd. Notes, 5.63%, 12/01/2021(b)		140,000		116,200
6.13%, 04/15/2025(b)		100,000		79,500
7.50%, 07/15/2021(b)		250,000		223,750
REGS, Sr. Unsec. Gtd. Euro Notes, 6.13%, 04/15/2025(b)		90,000		71,325
				832,925
Regional Banks–0.27%
CIT Group Inc., Sr. Unsec. Global Notes,
5.00%, 08/15/2022		319,000		341,330
5.00%, 08/01/2023		175,000		187,250
				528,580
Restaurants–0.20%
1011778 BC ULC/ New Red Finance, Inc. (Canada),
Sec. Gtd. Second Lien Notes,
6.00%, 04/01/2022(b)		97,000		101,729
REGS, Sec. Gtd. Second Lien Euro Notes, 6.00%, 04/01/2022(b)		120,000		125,700
Brinker International Inc., Sr. Unsec. Gtd. Notes, 5.00%, 10/01/2024(b)		51,000		51,648
Carrols Restaurant Group, Inc., Sec. Gtd. Second Lien Global Notes, 8.00%, 05/01/2022		106,000		116,335
				395,412

	Principal Amount		Value
Semiconductors–0.31%
Micron Technology, Inc.,
Sr. Unsec. Global Notes,
5.50%, 02/01/2025	$	187,000	$	184,195
Sr. Unsec. Notes,
5.25%, 08/01/2023(b)		330,000		325,050
5.25%, 01/15/2024(b)		105,000		103,950
				613,195
Sovereign Debt–16.41%
Brazilian Government International Bond (Brazil), Sr. Unsec. Global Bonds,
5.63%, 01/07/2041		400,000		388,000
7.13%, 01/20/2037		350,000		400,750
8.25%, 01/20/2034		325,000		413,156
Colombia Government International Bond (Colombia), Sr. Unsec. Global Bonds,
5.63%, 02/26/2044		400,000		439,000
6.13%, 01/18/2041		350,000		401,625
7.38%, 09/18/2037		300,000		385,500
Croatia Government International Bond (Croatia), REGS, Sr. Unsec. Euro Notes,
6.00%, 01/26/2024(b)		300,000		339,248
6.38%, 03/24/2021(b)		300,000		333,726
6.63%, 07/14/2020(b)		300,000		333,353
Dominican Republic International Bond (Dominican Repubic), REGS,
Sr. Unsec. Euro Bonds,
6.60%, 01/28/2024(b)		300,000		327,000
7.45%, 04/30/2044(b)		300,000		334,500
Sr. Unsec. Euro Notes,
6.85%, 01/27/2045(b)		350,000		365,750
El Salvador Government International Bond (El Salvador),
Sr. Unsec. Notes,
6.38%, 01/18/2027(b)		172,000		172,000
REGS, Sr. Unsec. Euro Notes,
5.88%, 01/30/2025(b)		225,000		223,875
7.63%, 02/01/2041(b)		400,000		412,620
7.65%, 06/15/2035(b)		350,000		364,318
8.25%, 04/10/2032(b)		350,000		383,204
Hungary Government International Bond (Hungary), Sr. Unsec. Global Notes,
5.38%, 03/25/2024		300,000		345,241
5.75%, 11/22/2023		300,000		350,513
7.63%, 03/29/2041		240,000		366,660
Indonesia Government International Bond (Indonesia), REGS, Sr. Unsec. Euro Bonds,
6.63%, 02/17/2037(b)		300,000		377,772
7.75%, 01/17/2038(b)		250,000		351,405
8.50%, 10/12/2035(b)		250,000		370,759
Kazakhstan Government International Bond (Kazakhstan), REGS, Sr. Unsec. Euro Notes,
4.88%, 10/14/2044(b)		350,000		354,851
Sr. Unsec. Medium-Term Euro Notes,
5.13%, 07/21/2025(b)		350,000		388,944
6.50%, 07/21/2045(b)		300,000		359,868

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

18                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Sovereign Debt–(continued)
Korea International Bond (South Korea),
Sr. Unsec. Global Notes,
3.88%, 09/11/2023	$	450,000	$	505,732
4.13%, 06/10/2044		400,000		506,490
Latvia Government International Bond (Latvia), REGS, Sr. Unsec. Euro Notes, 2.75%, 01/12/2020(b)		950,000		987,126
Lebanon Government International Bond (Lebanon), REGS, Sr. Unsec. Euro Bonds,
6.65%, 04/22/2024(b)		325,000		321,750
Sr. Unsec. Euro Notes,
6.75%, 11/29/2027(b)		300,000		296,850
Sr. Unsec. Medium-Term Euro Notes,
6.65%, 02/26/2030(b)		350,000		338,625
Lithuania Government International Bond (Lithuania), REGS, Sr. Unsec. Euro Notes,
6.13%, 03/09/2021(b)		300,000		349,875
6.63%, 02/01/2022(b)		250,000		303,204
7.38%, 02/11/2020(b)		300,000		353,122
Mexico Government International Bond (Mexico), Sr. Unsec. Global Notes,
4.60%, 01/23/2046		350,000		343,438
5.55%, 01/21/2045		320,000		359,600
Series A, Sr. Unsec. Medium-Term Global Notes, 6.05%, 01/11/2040		300,000		358,500
Morocco Government International Bond (Morocco), REGS, Sr. Unsec. Euro Notes,
4.25%, 12/11/2022(b)		450,000		480,667
5.50%, 12/11/2042(b)		500,000		565,010
Pakistan Government International Bond (Pakistan), REGS, Sr. Unsec. Euro Notes,
8.25%, 04/15/2024(b)		300,000		338,682
8.25%, 09/30/2025(b)		300,000		342,028
Panama Government International Bond (Panama), Sr. Unsec. Global Bonds,
6.70%, 01/26/2036		270,000		360,113
7.13%, 01/29/2026		250,000		331,875
8.88%, 09/30/2027		250,000		370,000
Peruvian Government International Bond (Peru), Sr. Unsec. Global Bonds,
4.13%, 08/25/2027		320,000		358,860
5.63%, 11/18/2050		300,000		381,750
8.75%, 11/21/2033		250,000		395,000
Philippine Government International Bond (Philippines),
Sr. Unsec. Global Bonds,
6.38%, 10/23/2034		250,000		349,178
9.50%, 02/02/2030		200,000		335,068
Sr. Unsec. Global Notes,
7.75%, 01/14/2031		200,000		302,812

	Principal Amount		Value
Sovereign Debt–(continued)
Qatar Government International Bond (Qatar), REGS,
Sr. Unsec. Euro Bonds,
4.63%, 06/02/2046(b)	$	300,000	$	316,836
Sr. Unsec. Euro Notes,
5.75%, 01/20/2042(b)		225,000		284,981
6.40%, 01/20/2040(b)		300,000		405,113
Republic of Poland Government International Bond (Poland),
Sr. Unsec. Global Notes,
3.25%, 04/06/2026		325,000		337,860
4.00%, 01/22/2024		300,000		327,930
5.00%, 03/23/2022		300,000		340,139
Republic of South Africa Government International Bond (South Africa),
Sr. Unsec. Global Bonds,
5.38%, 07/24/2044		350,000		365,225
Sr. Unsec. Global Notes,
5.88%, 09/16/2025		300,000		337,371
6.25%, 03/08/2041		300,000		350,759
Romanian Government International Bond (Romania), REGS, Sr. Unsec. Medium-Term Euro Notes,
4.38%, 08/22/2023(b)		300,000		326,564
6.13%, 01/22/2044(b)		250,000		325,449
6.75%, 02/07/2022(b)		300,000		356,625
Russian Foreign Bond (Russia), REGS,
Sr. Unsec. Euro Bonds,
4.88%, 09/16/2023(b)		200,000		215,431
5.63%, 04/04/2042(b)		400,000		442,680
5.88%, 09/16/2043(b)		400,000		457,700
Second Pakistan International Sukuk Co. Ltd. (The) (Pakistan), REGS, Sr. Unsec. Euro Bonds, 6.75%, 12/03/2019(b)		300,000		318,483
Serbia International Bond (Serbia), REGS, Sr. Unsec. Euro Bonds,
4.88%, 02/25/2020(b)		475,000		492,634
Sr. Unsec. Euro Notes,
7.25%, 09/28/2021(b)		400,000		460,203
Slovenia Government International Bond (Slovenia), REGS, Sr. Unsec. Euro Notes,
5.25%, 02/18/2024(b)		300,000		349,546
5.50%, 10/26/2022(b)		300,000		347,705
5.85%, 05/10/2023(b)		250,000		296,750
Sri Lanka Government International Bond (Sri Lanka), REGS, Sr. Unsec. Euro Bonds,
6.83%, 07/18/2026(b)		350,000		370,597
6.85%, 11/03/2025(b)		350,000		369,719
Sr. Unsec. Euro Notes,
6.13%, 06/03/2025(b)		550,000		553,484
Turkey Government International Bond (Turkey), Sr. Unsec. Global Notes,
6.88%, 03/17/2036		300,000		342,015
7.25%, 03/05/2038		280,000		333,332
8.00%, 02/14/2034		270,000		340,798

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

19                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Sovereign Debt–(continued)
Ukraine Government International Bond (Ukraine), REGS, Sr. Unsec. Euro Notes,
7.75%, 09/01/2019(b)	$	350,000	$	349,956
7.75%, 09/01/2020(b)		350,000		347,743
7.75%, 09/01/2021(b)		350,000		345,625
Uruguay Government International Bond (Uruguay),
Sr. Unsec. Euro Bonds,
7.88%, 01/15/2033		275,000		383,212
Sr. Unsec. Global Bonds,
7.63%, 03/21/2036		275,000		380,462
Unsec. Global Notes,
8.00%, 11/18/2022		250,000		321,875
Venezuela Government International Bond (Venezuela), REGS, Sr. Unsec. Euro Bonds,
6.00%, 12/09/2020(b)		915,000		410,835
9.00%, 05/07/2023(b)		800,000		371,200
Sr. Unsec. Euro Notes,
7.75%, 10/13/2019(b)		800,000		410,000
				32,305,830
Specialized Consumer Services–0.14%
ServiceMaster Co., LLC (The), Sr. Unsec. Notes, 7.45%, 08/15/2027		254,000		273,368
Specialized Finance–0.30%
Aircastle Ltd., Sr. Unsec. Notes,
5.00%, 04/01/2023		250,000		260,000
5.50%, 02/15/2022		310,000		334,025
				594,025
Specialized REIT’s–0.48%
CyrusOne L.P./CyrusOne Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 11/15/2022		321,000		341,063
Equinix Inc., Sr. Unsec. Notes, 5.88%, 01/15/2026		300,000		321,000
GLP Capital LP/GLP Financing II Inc., Sr. Unsec. Gtd. Notes, 5.38%, 04/15/2026		100,000		106,750
Lamar Media Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 02/01/2026		100,000		107,375
Rayonier A.M. Products Inc., Sr. Unsec. Gtd. Notes, 5.50%, 06/01/2024(b)		69,000		63,911
				940,099
Specialty Chemicals–0.48%
Ashland LLC, Sr. Unsec. Gtd. Global Notes, 4.75%, 08/15/2022		130,000		134,713
Axalta Coating Systems, LLC, Sr. Unsec. Gtd. Notes, 4.88%, 08/15/2024(b)		150,000		153,562
GCP Applied Technologies Inc., Sr. Unsec. Gtd. Notes, 9.50%, 02/01/2023(b)		115,000		131,388
Kraton Polymers LLC/Kraton Polymers Capital Corp., Sr. Unsec. Gtd. Notes, 10.50%, 04/15/2023(b)		210,000		235,987

	Principal Amount		Value
Specialty Chemicals–(continued)
PolyOne Corp., Sr. Unsec. Global Notes, 5.25%, 03/15/2023	$	192,000	$	197,760
PQ Corp., Sr. Sec. Gtd. First Lien Notes, 6.75%, 11/15/2022(b)		85,000		91,906
				945,316
Steel–0.45%
ArcelorMittal (Luxembourg),
Sr. Unsec. Global Bonds,
6.13%, 06/01/2025		190,000		209,950
Sr. Unsec. Global Notes,
8.00%, 10/15/2039		35,000		38,281
FMG Resources (August 2006) Pty. Ltd. (Australia), Sr. Unsec. Gtd. Notes, 6.88%, 04/01/2022(b)		366,000		377,895
United States Steel Corp.,
Sr. Sec. First Lien Notes,
8.38%, 07/01/2021(b)		45,000		47,925
Sr. Unsec. Global Notes,
7.50%, 03/15/2022		218,000		209,280
				883,331
Technology Hardware, Storage & Peripherals–0.24%
Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Unsec. Gtd. Notes, 7.13%, 06/15/2024(b)		235,000		257,912
Western Digital Corp., Sr. Sec. Gtd. First Lien Notes, 7.38%, 04/01/2023(b)		195,000		213,952
				471,864
Tobacco–0.04%
Alliance One International, Inc., Sr. Sec. First Lien Notes, 8.50%, 04/15/2021(b)		78,000		78,975
Trading Companies & Distributors–0.54%
AerCap Global Aviation Trust (Netherlands), Jr. Unsec. Gtd. Sub. Notes, 6.50%, 06/15/2045(b)		400,000		412,000
BMC East, LLC, Sr. Sec. Gtd. First Lien Notes, 5.50%, 10/01/2024(b)		91,000		93,048
Fly Leasing Ltd. (Ireland), Sr. Unsec. Global Notes, 6.75%, 12/15/2020		200,000		208,502
HD Supply, Inc., Sr. Unsec. Gtd. Notes, 5.75%, 04/15/2024(b)		35,000		36,881
United Rentals North America, Inc.,
Sr. Unsec. Gtd. Global Notes,
5.50%, 07/15/2025		50,000		50,750
Sr. Unsec. Gtd. Notes,
5.50%, 05/15/2027		55,000		55,275
6.13%, 06/15/2023		200,000		210,000
				1,066,456
Trucking–0.20%
Avis Budget Car Rental LLC/Avis Budget Finance Inc., Sr. Unsec. Gtd. Notes,
5.13%, 06/01/2022(b)		87,000		85,804
6.38%, 04/01/2024(b)		125,000		126,250

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

20                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Trucking–(continued)
OPE KAG Finance Sub Inc., Sr. Unsec. Notes, 7.88%, 07/31/2023(b)	$	190,000	$	180,737
				392,791
Wireless Telecommunication Services–0.67%
Digicel Ltd. (Jamaica), Sr. Unsec. Gtd. Notes, 6.75%, 03/01/2023(b)		200,000		179,750
Sprint Corp., Sr. Unsec. Gtd. Global Notes,
7.25%, 09/15/2021		514,000		528,777
7.88%, 09/15/2023		359,000		357,205
Wind Acquisition Finance S.A. (Italy), Sec. Gtd. Second Lien Notes, 7.38%, 04/23/2021(b)		250,000		256,875
				1,322,607
Total U.S. Dollar Denominated Bonds and Notes (Cost $78,484,630)				78,582,554
	Shares
Preferred Stocks–21.82%
Asset Management & Custody Banks–0.91%
Affiliated Managers Group Inc., 6.38% Sr. Unsec. Pfd.		2,700		69,471
Apollo Investment Corp., 6.88% Sr. Unsec. Pfd.		2,700		71,172
Ares Management, L.P., Series A, 7.00% Pfd.		2,700		70,011
Bank of New York Mellon Corp. (The), 5.20% Pfd.		6,600		174,900
KKR & Co. L.P., Series A, 6.75% Sr. Pfd.		4,300		116,358
KKR & Co. L.P., Series B, 6.50% Pfd.		1,900		50,673
Legg Mason, Inc., 5.45% Jr. Unsec. Sub. Pfd.		5,500		136,895
Legg Mason, Inc., 6.38% Jr. Unsec. Sub. Pfd.		3,400		90,780
Northern Trust Corp., Series C, 5.85% Pfd.		4,000		107,640
OM Asset Management PLC, 5.13% Sr. Unsec. Pfd.		1,300		32,100
Prospect Capital Corp., 6.25% Sr. Unsec. Pfd.		2,000		51,320
State Street Corp., Series C, 5.25% Pfd.		4,500		114,300
State Street Corp., Series D, 5.90% Pfd.		6,100		171,105
State Street Corp., Series E, 6.00% Pfd.		12,200		324,520
State Street Corp., Series G, 5.35% Pfd.		8,200		219,514
				1,800,759
Cable & Satellite–0.03%
Comcast Corp., 5.00% Sr. Unsec. Gtd. Pfd.		2,600		67,522
Consumer Finance–0.64%
Capital One Financial Corp., Series B, 6.00% Pfd.		10,900		281,329
Capital One Financial Corp., Series C, 6.25% Pfd.		6,000		159,360

	Shares		Vlaue
Consumer Finance–(continued)
Capital One Financial Corp., Series D, 6.70% Pfd.		5,400	$	151,686
Capital One Financial Corp., Series F, 6.20% Pfd.		5,400		144,126
Capital One Financial Corp., Series G, 5.20% Pfd.		8,200		203,606
Discover Financial Services, Series B, 6.50% Pfd.		7,000		183,330
Navient Corp., 6.00% Sr. Unsec. Pfd.		5,600		128,072
				1,251,509
Diversified Banks–7.57%
Bank of America Corp., Series 3, 6.38% Pfd.		1,600		41,280
Bank of America Corp., Series I, 6.63% Pfd.		16,351		429,868
Bank of America Corp., Series W, 6.63% Pfd.		35,400		965,358
Bank of America Corp., Series Y, 6.50% Pfd.		27,200		731,408
Bank of America Corp., Class CC, 6.20% Pfd.		21,800		567,672
Bank of America Corp., Series EE, 6.00% Pfd.		12,200		317,200
Barclays Bank PLC (United Kingdom), Series 5, 8.13% Jr. Unsec. Sub. Pfd.		40,000		1,041,600
Citigroup Inc., Series J, 7.13% Pfd.		16,300		464,876
Citigroup Inc., Series K, 6.88% Pfd.		15,200		436,088
Citigroup Inc., Series L, 6.88% Pfd.		6,000		162,240
Citigroup Inc., Series S, 6.30% Pfd.		19,100		506,341
HSBC Holdings PLC (United Kingdom), Series 2, 8.00% Jr. Unsec. Sub. Pfd.		68,000		1,772,080
JPMorgan Chase & Co., Series O, 5.50% Pfd.		5,000		127,100
JPMorgan Chase & Co., Series P, 5.45% Pfd.		7,200		185,472
JPMorgan Chase & Co., Series T, 6.70% Pfd.		3,200		87,744
JPMorgan Chase & Co., Series W, 6.30% Pfd.		4,100		110,167
JPMorgan Chase & Co., Series Y, 6.13% Unsec. Pfd.		21,800		585,548
JPMorgan Chase & Co., Series AA, 6.10% Pfd.		29,900		797,732
JPMorgan Chase & Co., Series BB, 6.15% Pfd.		29,900		797,433
Royal Bank of Scotland Group PLC (The) (United Kingdom), Series L, 5.75% Jr. Unsec. Sub. Pfd.		16,301		409,970
Royal Bank of Scotland Group PLC (The) (United Kingdom), Series S, 6.60% Pfd.		8,200		208,526
Santander Finance Preferred SAU (Spain), 6.50% Jr. Unsec. Gtd. Sub. Pfd.		3,400		86,190
US Bancorp, Series F, 6.50% Pfd.		20,400		598,740
Wells Fargo & Co., 5.20% Unsec. Pfd.		19,100		483,994
Wells Fargo & Co., 5.85% Pfd.		9,700		258,408
Wells Fargo & Co., 6.63% Unsec. Pfd.		9,700		286,247

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

21                         Invesco Multi-Asset Income Fund

	Shares		Vlaue
Diversified Banks–(continued)
Wells Fargo & Co., Series J, 8.00% Pfd.		4,500	$	122,130
Wells Fargo & Co., Series O, 5.13% Unsec. Pfd.		17,700		448,695
Wells Fargo & Co., Series P, 5.25% Unsec. Pfd.		6,100		154,574
Wells Fargo & Co., Series T, 6.00% Unsec. Pfd.		15,000		393,000
Wells Fargo & Co., Series V, 6.00% Pfd.		12,200		318,176
Wells Fargo & Co., Series W, 5.70% Pfd.		12,200		314,150
Wells Fargo & Co., Series X, 5.50% Pfd.		27,200		692,240
				14,902,247
Diversified Capital Markets–0.75%
Deutsche Bank Contingent Capital Trust III (Germany), 7.60% Jr. Unsec. Gtd. Sub. Pfd.		24,500		595,105
Deutsche Bank Contingent Capital Trust V (Germany), 8.05% Jr. Unsec. Gtd. Sub. Pfd.		27,200		672,656
KKR Financial Holdings LLC, 8.38% Sr. Unsec. Pfd.		3,800		96,938
KKR Financial Holdings LLC, Series A, 7.38% Pfd.		4,600		119,554
				1,484,253
Diversified REIT’s–0.14%
PS Business Parks, Inc., Series S, 6.45% Pfd.		10,600		269,346
Electric Utilities–1.52%
BGE Capital Trust II, 6.20% Jr. Unsec. Gtd. Sub. Pfd.		2,300		59,225
Duke Energy Corp., 5.13% Jr. Unsec. Sub. Pfd.		6,800		177,480
Entergy Arkansas, Inc., 4.88% Sr. Sec. Mortgage Pfd.		4,500		110,295
Entergy Arkansas, Inc., 4.90% Sr. Sec. First Mortgage Pfd.		3,000		75,900
Entergy Louisiana, LLC, 4.88% Sec. Mortgage Pfd.		5,500		135,850
Entergy Louisiana, LLC, 5.25% Sr. Sec. First Mortgage Pfd.		3,300		85,173
Entergy Mississippi, Inc., 4.90% Sr. Sec. Mortgage Pfd.		3,400		83,130
Entergy Texas Inc., 5.63% Sr. Sec. First Mortgage Pfd.		4,000		109,520
Interstate Power & Light Co., Series D, 5.10% Pfd.		1,800		48,348
NextEra Energy Capital Holdings Inc., 5.00% Jr. Unsec. Gtd. Sub. Pfd.		7,300		182,500
NextEra Energy Capital Holdings Inc., Series G, 5.70% Jr. Unsec. Gtd. Sub. Pfd.		3,200		81,856
NextEra Energy Capital Holdings Inc., Series H, 5.63% Jr. Unsec. Gtd. Sub. Pfd.		8,400		215,040
NextEra Energy Capital Holdings Inc., Series K, 5.25% Jr. Unsec. Gtd. Sub. Pfd.		10,300		258,942

	Shares		Vlaue
Electric Utilities–(continued)
Pacific Gas & Electric Co., Series A, 6.00% Pfd.		1,000	$	32,710
PPL Capital Funding, Inc., Series B, 5.90% Jr. Unsec. Gtd. Sub. Pfd.		5,500		143,330
SCE Trust I, 5.63% Jr. Unsec. Sub. Pfd.		8,200		209,756
SCE Trust IV, Series J, 5.38% Jr. Unsec. Sub. Pfd.		6,700		186,662
SCE Trust V, Series K, 5.45% Jr. Unsec. Sub. Pfd.		6,100		172,020
Southern Co. (The), 5.25% Jr. Unsec. Sub. Pfd.		11,600		288,608
Southern Co. (The), 6.25% Jr. Unsec. Sub. Pfd.		12,200		325,862
				2,982,207
Health Care REIT’s–0.17%
Senior Housing Properties Trust, 5.63% Sr. Unsec. Pfd.		8,200		204,180
Ventas Realty L.P. / Ventas Capital Corp., 5.45% Sr. Unsec. Gtd. Pfd.		2,300		60,996
Welltower Inc., Series J, 6.50% Pfd.		2,600		65,936
				331,112
Hotel and Resort REIT’s–0.03%
Hospitality Properties Trust, Series D, 7.13% Pfd.		2,600		65,884
Industrial Conglomerates–0.33%
General Electric Co., 4.70% Sr. Unsec. Pfd.		6,200		160,208
General Electric Co., 4.88% Sr. Unsec. Pfd.		8,500		222,105
General Electric Co., 4.88% Sr. Unsec. Pfd.		10,200		262,140
				644,453
Industrial Machinery–0.13%
Stanley Black & Decker Inc., 5.75% Jr. Unsec. Sub. Pfd.		10,200		263,976
Integrated Telecommunication Services–0.78%
Qwest Corp., 6.13% Sr. Unsec. Pfd.		7,300		184,325
Qwest Corp., 6.50% Sr. Unsec. Pfd.		13,600		345,984
Qwest Corp., 6.63% Sr. Unsec. Pfd.		6,800		173,808
Qwest Corp., 6.88% Sr. Unsec. Pfd.		8,200		211,560
Qwest Corp., 7.00% Sr. Unsec. Pfd.		7,300		188,340
Qwest Corp., 7.00% Sr. Unsec. Pfd.		5,200		132,080
Qwest Corp., 7.50% Sr. Unsec. Pfd.		5,456		138,692
Verizon Communications Inc., 5.90% Sr. Unsec. Pfd.		6,000		160,740
				1,535,529
Internet Software & Services–0.12%
eBay Inc., 6.00% Sr. Unsec. Pfd.		9,100		241,605
Investment Banking & Brokerage–1.76%
BGC Partners Inc., 8.13% Sr. Unsec. Pfd.		1,000		26,100

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

22                         Invesco Multi-Asset Income Fund

	Shares		Vlaue
Investment Banking & Brokerage–(continued)
Charles Schwab Corp. (The), Series B, 6.00% Pfd.		5,800	$	153,410
Charles Schwab Corp. (The), Series C, 6.00% Pfd.		6,800		188,020
Charles Schwab Corp. (The), Series D, 5.95% Pfd.		10,200		276,114
Goldman Sachs Group, Inc. (The), 6.50% Sr. Unsec. Pfd.		500		12,490
Goldman Sachs Group, Inc. (The), Series I, 5.95% Pfd.		5,000		129,100
Goldman Sachs Group, Inc. (The), Series J, 5.50% Pfd.		12,200		318,054
Goldman Sachs Group, Inc. (The), Series K, 6.38% Pfd.		19,100		544,923
Goldman Sachs Group, Inc. (The), Series N, 6.30% Pfd.		19,100		509,206
Morgan Stanley, Series E, 7.13% Pfd.		3,000		87,540
Morgan Stanley, Series F, 6.88% Pfd.		8,500		247,010
Morgan Stanley, Series G, 6.63% Pfd.		6,800		185,980
Morgan Stanley, Series I, 6.38% Pfd.		23,100		637,560
Raymond James Financial Inc., 6.90% Sr. Unsec. Pfd.		3,800		98,078
Stifel Financial Corp., Series A, 6.25% Pfd.		1,500		40,320
				3,453,905
Life & Health Insurance–0.86%
Aegon N.V. (Netherlands), 6.38% Jr. Unsec. Sub. Pfd.		2,900		73,834
Aegon N.V. (Netherlands), 8.00% Unsec. Sub. Pfd.		20,100		534,258
Aflac Inc., 5.50% Jr. Unsec. Sub. Pfd.		6,800		175,848
Protective Life Corp., 6.25% Unsec. Sub. Pfd.		6,000		154,980
Prudential Financial Inc., 5.70% Jr. Unsec. Sub. Pfd.		8,800		228,536
Prudential Financial Inc., 5.75% Jr. Unsec. Sub. Pfd.		7,300		192,647
Prudential PLC (United Kingdom), 6.75% Jr. Unsec. Sub. Pfd.		7,500		198,600
Torchmark Corp., 5.88% Jr. Unsec. Sub. Pfd.		1,100		28,435
Torchmark Corp., 6.13% Jr. Unsec. Sub. Pfd.		4,100		110,823
				1,697,961
Mortgage REIT’s–0.06%
Wells Fargo Real Estate Investment Corp., Series A, 6.38% Pfd.		4,300		116,444
Multi-Line Insurance–0.27%
American Financial Group, Inc., 6.00% Unsec. Sub. Pfd.		1,500		40,200
American Financial Group, Inc., 6.38% Sr. Unsec. Pfd.		5,800		150,974
Aviva PLC (United Kingdom), 8.25% Unsec. Sub. Pfd.		4,900		125,587
Hartford Financial Services Group Inc. (The), 7.88% Jr. Unsec. Sub. Pfd.		6,100		190,808

	Shares		Vlaue
Multi-Line Insurance–(continued)
Kemper Corp., 7.38% Unsec. Sub. Pfd.		1,200	$	32,028
				539,597
Multi-Utilities–0.31%
Dominion Resources, Inc., Series A, 5.25% Jr. Unsec. Sub. Pfd.		9,700		241,821
DTE Energy Co., 6.50% Jr. Unsec. Sub. Pfd.		4,800		122,256
DTE Energy Co., Series B, 5.38% Jr. Unsec. Sub. Pfd.		4,500		113,670
Integrys Holding, Inc., 6.00% Jr. Unsec. Sub. Pfd.		4,900		133,537
				611,284
Office REIT’s–0.35%
Alexandria Real Estate Equities Inc., Series E, 6.45% Pfd.		1,200		30,708
Boston Properties, Inc., 5.25% Pfd.		1,800		47,070
Equity Commonwealth, 5.75% Sr. Unsec. Pfd.		1,300		32,916
Government Properties Income Trust, 5.88% Sr. Unsec. Pfd.		4,200		107,394
Kilroy Realty Corp., Series G, 6.88% Pfd.		900		22,779
Kilroy Realty Corp., Series H, 6.38% Pfd.		900		22,950
SL Green Realty Corp., Series I, 6.50% Pfd.		2,100		54,579
Vornado Realty Trust, Series L, 5.40% Pfd.		14,600		367,190
				685,586
Office Services & Supplies–0.06%
Pitney Bowes Inc., 6.70% Sr. Unsec. Pfd.		4,300		114,466
Oil & Gas Refining & Marketing–0.06%
NuStar Logistics L.P., 7.63% Jr. Unsec. Gtd. Sub. Pfd.		4,500		115,245
Oil & Gas Storage & Transportation–0.01%
Targa Resources Partners LP, Series A, 9.00% Pfd.		1,000		26,810
Other Diversified Financial Services–0.39%
ING Groep NV (Netherlands), 6.38% Jr. Unsec. Sub. Pfd.		30,000		774,000
Property & Casualty Insurance–0.90%
Allstate Corp. (The), 5.10% Unsec. Sub. Pfd.		3,600		96,696
Allstate Corp. (The), 5.63% Pfd.		2,800		73,668
Allstate Corp. (The), Series C, 6.75% Pfd.		3,000		81,030
Allstate Corp. (The), Series E, 6.63% Pfd.		9,700		263,452
Allstate Corp. (The), Series F, 6.25% Pfd.		4,000		109,000
Arch Capital Group Ltd. (Bermuda), Series C, 6.75% Pfd.		4,000		102,280
Arch Capital Group Ltd. (Bermuda), Series E, 5.25% Pfd.		6,100		148,718
Argo Group U.S. Inc., 6.50% Sr. Unsec. Gtd. Pfd.		1,300		33,449

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

23                         Invesco Multi-Asset Income Fund

	Shares		Vlaue
Property & Casualty Insurance–(continued)
Aspen Insurance Holdings Ltd. (Bermuda), 5.63% Pfd.		3,400	$	86,938
Aspen Insurance Holdings Ltd. (Bermuda), 5.95% Pfd.		3,700		105,302
Aspen Insurance Holdings Ltd. (Bermuda), 7.25% Pfd.		1,300		33,540
Assured Guaranty Municipal Holdings Inc., 6.25% Sr. Unsec. Gtd. Pfd.		5,200		138,320
Axis Capital Holdings Ltd., Series C, 6.88% Pfd.		7,300		187,245
Hanover Insurance Group, Inc. (The), 6.35% Jr. Unsec. Sub. Pfd.		1,600		41,168
Selective Insurance Group, Inc., 5.88% Sr. Unsec. Pfd.		1,600		40,896
W. R. Berkley Corp., 5.63% Jr. Unsec. Sub. Pfd.		3,200		82,016
W. R. Berkley Corp., 5.75% Unsec. Sub. Pfd.		6,100		157,014
				1,780,732
Regional Banks–1.72%
Associated Banc-Corp, Series D, 5.38% Pfd.		1,400		35,000
BB&T Corp., Series E, 5.63% Pfd.		21,800		562,440
BB&T Corp., Series D, 5.85% Pfd.		7,500		192,225
BB&T Corp., Series H, 5.63% Pfd.		9,600		254,112
BOK Financial Corp., 5.38% Unsec. Sub. Pfd.		1,300		32,695
Commerce Bancshares Inc., Series B, 6.00% Pfd.		1,600		43,344
Cullen/Frost Bankers, Inc., 5.38% Pfd.		1,400		37,100
Fifth Third Bancorp, Series I, 6.63% Pfd.		5,500		165,055
First Horizon National Corp., Series A, 6.20% Pfd.		900		23,094
First Republic Bank, Series A, 6.70% Pfd.		2,100		53,550
First Republic Bank, Series B, 6.20% Pfd.		2,200		56,210
First Republic Bank, Series D, 5.50% Pfd.		900		22,950
First Republic Bank, Series E, 7.00% Pfd.		1,800		48,960
First Republic Bank, Series F, 5.70% Pfd.		2,300		63,250
First Republic Bank, Series G, 5.50% Pfd.		1,300		33,969
FNB Corp., 7.25% Pfd.		1,000		29,790
Hancock Holding Co., 5.95% Unsec. Sub. Pfd.		1,800		46,980
Huntington Bancshares, Inc., Series C, 5.88% Pfd.		900		23,256
Huntington Bancshares, Inc., Series D, 6.25% Pfd.		6,500		173,940
PNC Financial Services Group, Inc. (The), Series P, 6.13% Pfd.		24,500		690,900
Regions Financial Corp., Series A, 6.38% Pfd.		6,100		158,478
Regions Financial Corp., Series B, 6.38% Pfd.		6,800		195,636
SunTrust Banks, Inc., Series E, 5.88% Pfd.		5,500		142,615
TCF Financial Corp., 7.50% Pfd.		1,200		31,344
TCF Financial Corp., Series B, 6.45% Pfd.		1,200		30,948

	Shares		Vlaue
Regional Banks–(continued)
Texas Capital Bancshares, Inc., Series A, 6.50% Pfd.		2,400	$	61,896
Valley National Bancorp, Series A, 6.25% Pfd.		1,000		28,830
Webster Financial Corp., Series E, 6.40% Pfd.		1,100		28,512
Wintrust Financial Corp., Series D, 6.50% Pfd.		1,500		42,315
Zions Bancorp., Series F, 7.90% Pfd.		2,872		74,959
				3,384,353
Reinsurance–0.46%
Endurance Specialty Holdings Ltd., Series C, 6.35% Pfd.		1,900		50,616
Maiden Holdings, Ltd., 6.63% Sr. Unsec. Pfd.		1,000		26,470
Maiden Holdings, Ltd., Series A, 8.25% Pfd.		3,300		86,064
Maiden Holdings, Ltd., Series C, 7.13% Pfd.		1,900		49,457
PartnerRe Ltd. (Bermuda), Series H, 7.25% Pfd.		8,700		259,260
Reinsurance Group of America, Inc., 5.75% Unsec. Sub. Pfd.		6,000		172,080
Reinsurance Group of America, Inc., 6.20% Unsec. Sub. Pfd.		3,300		94,347
RenaissanceRe Holdings Ltd. (Bermuda), Series E, 5.38% Pfd.		4,900		125,636
Validus Holdings, Ltd., Series A, 5.88% Pfd.		1,300		32,955
				896,885
Retail REIT’s–0.34%
DDR Corp., Series J, 6.50% Pfd.		3,200		82,240
Kimco Realty Corp., Series I, 6.00% Pfd.		8,600		218,096
National Retail Properties Inc., Series D, 6.63% Pfd.		7,000		178,850
Realty Income Corp., Series F, 6.63% Pfd.		5,000		127,500
Regency Centers Corp., Series 6, 6.63% Pfd.		2,300		58,581
				665,267
Specialized REIT’s–0.83%
Digital Realty Trust, Inc., Series F, 6.63% Pfd.		3,300		84,480
Digital Realty Trust, Inc., Series G, 5.88% Pfd.		4,500		115,920
Digital Realty Trust, Inc., Series H, 7.38% Pfd.		4,500		124,785
DuPont Fabros Technology, Inc., Series C, 6.63% Pfd.		3,000		82,500
EPR Properties, Series F, 6.63% Pfd.		1,100		28,600
Public Storage, Series A, 5.88% Pfd.		8,400		224,364
Public Storage, Series B, 5.40% Pfd.		10,900		281,002
Public Storage, Series C, 5.13% Pfd.		8,800		224,928
Public Storage, Series D, 4.95% Pfd.		9,700		238,620
Public Storage, Series Y, 6.38% Pfd.		8,100		221,211
				1,626,410

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

24                         Invesco Multi-Asset Income Fund

	Shares		Vlaue
Thrifts & Mortgage Finance–0.02%
Astoria Financial Corp., Series C, 6.50% Pfd.		1,200	$	31,392
Trading Companies & Distributors–0.02%
GATX Corp., 5.63% Sr. Unsec. Pfd.		1,300		33,176
Wireless Telecommunication Services–0.28%
Telephone & Data Systems Inc., 7.00% Sr. Unsec. Pfd.		11,400		290,358
United States Cellular Corp., 6.95% Sr. Unsec. Pfd.		3,100		81,003
United States Cellular Corp., 7.25% Sr. Unsec. Pfd.		2,800		73,276
United States Cellular Corp., 7.25% Sr. Unsec. Pfd.		4,100		108,691
				553,328
Total Preferred Stocks (Cost $41,691,768)				42,947,243
Common Stocks & Other Equity Interests–16.65%
Diversified REIT’s–2.37%
Armada Hoffler Properties, Inc.		32,083		430,875
Gladstone Commercial Corp.		39,210		699,898
Global Net Lease, Inc.		87,287		646,797
Gramercy Property Trust		39,770		366,679
Investors Real Estate Trust		99,888		606,320
Lexington Realty Trust		49,467		501,595
Spirit Realty Capital, Inc.		33,769		402,189
VEREIT, Inc.		42,656		400,966
Whitestone REIT		45,985		611,601
				4,666,920
Health Care REIT’s–1.65%
Care Capital Properties, Inc.		21,470		570,458
Community Healthcare Trust, Inc.		24,560		549,653
Medical Properties Trust Inc.		33,416		465,819
New Senior Investment Group Inc.		57,377		597,868
Sabra Health Care REIT, Inc.		21,916		510,643
Senior Housing Properties Trust		26,473		563,081
				3,257,522
Hotel and Resort REIT’s–0.51%
Ashford Hospitality Trust, Inc.		83,681		486,187
Hospitality Properties Trust		18,585		508,485
				994,672
Industrial REIT’s–0.42%
Monmouth REIT Corp.		27,655		378,044
STAG Industrial, Inc.		19,095		440,521
				818,565
Mortgage REIT’s–8.51%
AGNC Investment Corp.		86,287		1,730,917
Altisource Residential Corp.		23,287		234,500
Annaly Capital Management, Inc.		154,975		1,605,541

	Shares		Vlaue
Mortgage REIT’s–(continued)
Apollo Commercial Real Estate Finance, Inc.		28,815	$	487,550
ARMOUR Residential REIT, Inc.		15,692		355,738
Blackstone Mortgage Trust, Inc.–Class A		40,161		1,212,862
Capstead Mortgage Corp.		41,067		390,547
Chimera Investment Corp.		80,281		1,258,003
Colony Capital, Inc.–Class A		48,664		925,103
CYS Investments, Inc.		64,743		558,085
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		18,522		423,413
Ladder Capital Corp.		46,845		593,995
MFA Financial, Inc.		158,726		1,160,287
MTGE Investment Corp.		19,579		333,822
New Residential Investment Corp.		98,581		1,376,191
New York Mortgage Trust, Inc.		46,845		276,854
PennyMac Mortgage Investment Trust		28,941		440,482
Redwood Trust, Inc.		32,909		462,700
Starwood Property Trust, Inc.		76,182		1,694,288
Two Harbors Investment Corp.		148,668		1,238,404
				16,759,282
Office REIT’s–0.50%
Franklin Street Properties Corp.		40,802		472,079
Government Properties Income Trust		26,833		513,584
				985,663
Residential REIT’s–0.53%
Independence Realty Trust, Inc.		68,283		568,798
Preferred Apartment Communities, Inc.–Class A		35,815		466,311
				1,035,109
Retail REIT’s–0.48%
CBL & Associates Properties, Inc.		44,087		471,731
Washington Prime Group Inc.		44,862		470,602
				942,333
Specialized REIT’s–1.68%
Corrections Corp. of America		72,089		1,041,686
EPR Properties		5,302		385,561
Gaming and Leisure Properties, Inc.		17,368		570,192
Geo Group Inc. (The)		54,831		1,313,751
				3,311,190
Total Common Stocks & Other Equity Interests (Cost $31,334,998)				32,771,256
	Principal Amount
U.S. Treasury Securities–8.16%
U.S. Treasury Bills–0.13%
0.27%, 11/17/2016(d)(e)	$	105,000		104,992
0.28%, 11/17/2016(d)(e)		160,000		159,988
				264,980

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

25                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
U.S. Treasury STRIPS–8.03%
2.28%, 02/15/2043(d)(f)	$	2,550,000	$	1,272,899
2.30%, 02/15/2043(d)(f)		1,700,000		848,599
2.32%, 02/15/2043(d)(f)		650,000		324,464
2.34%, 02/15/2043(d)(f)		2,650,000		1,322,816
2.38%, 02/15/2043(d)(f)		450,000		224,629
2.50%, 02/15/2043(d)(f)		1,900,000		948,435
3.03%, 02/15/2043(d)(f)		1,100,000		549,094
3.07%, 02/15/2043(d)(f)		2,700,000		1,347,775
3.36%, 02/15/2043(d)(f)		2,450,000		1,222,981
3.98%, 02/15/2043(d)(f)		10,800,000		5,391,101
4.11%, 02/15/2043(d)(f)		4,700,000		2,346,127
				15,798,920
Total U.S. Treasury Securities (Cost $13,793,134)				16,063,900
	Shares
Exchange-Traded Notes–4.12%
JPMorgan Alerian MLP Index ETN, 6.53%, 05/24/2024(g) (Cost $8,376,699)		269,000		8,107,660
	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes– 0.35%(h)
Cable & Satellite–0.19%
Virgin Media Secured Finance PLC (United Kingdom), Sr. Sec. Gtd. First Lien Notes, 4.88%, 01/15/2027(b)	GBP	100,000		120,086
REGS, Sr. Sec. Gtd. First Lien Medium-Term Euro Notes, 5.13%, 01/15/2025(b)	GBP	200,000		248,217
				368,303

	Principal Amount		Value
Hotels, Resorts & Cruise Lines–0.06%
Thomas Cook Finance PLC (United Kingdom), Sr. Unsec. Gtd. Bonds, 6.75%, 06/15/2021(b)	EUR	100,000	$	112,822
Multi-Sector Holdings–0.04%
Gala Electric Casinos Ltd. (United Kingdom), REGS, Sec. Gtd. Second Lien Euro Notes, 11.50%, 06/01/2019(b)	GBP	63,636		80,993
Other Diversified Financial Services–0.06%
Garfunkelux Holdco 3 S.A. (Luxembourg), REGS, Sr. Sec. Gtd. First Lien Euro Notes, 8.50%, 11/01/2022(b)	GBP	100,000		121,554
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $793,832)				683,672
	Shares
Money Market Funds–7.34%
Government & Agency Portfolio–Institutional Class, 0.29% (i)		8,664,018		8,664,018
Treasury Portfolio–Institutional Class, 0.22%(i)		5,776,012		5,776,012
Total Money Market Funds (Cost $14,440,030)				14,440,030
TOTAL INVESTMENTS–98.36% (Cost $188,915,091)				193,596,315
OTHER ASSETS LESS LIABILITIES–1.64%				3,221,228
NET ASSETS–100.00%			$	196,817,543

Investment Abbreviations:

EUR	– Euro
ETN	– Exchange-Traded Notes
GBP	– British Pound Sterling
Gtd.	– Guaranteed
Jr.	– Junior
MLP	– Master Limited Partnerships
Pfd.	– Preferred

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, 2016 was $39,258,920, which represented 19.95% of the Fund’s Net Assets.

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

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

^(e)  All or a portion of the value was pledged as collateral to cover margin requirements for open swap agreements. See Note 1N and Note 4.

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

^(g)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2016.

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

⁽ⁱ⁾  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, 2016.

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

26                         Invesco Multi-Asset Income Fund

Statement of Assets and Liabilities

October 31, 2016

Assets:
Investments, at value (Cost $174,475,061)	$	179,156,285
Investments in affiliated money market funds, at value and cost		14,440,030
Total investments, at value (Cost $188,915,091)		193,596,315
Cash		117,179
Foreign currencies, at value (Cost $131,868)		130,767
Receivable for:
Investments sold		734,425
Fund shares sold		1,869,160
Dividends and interest		1,407,817
Fund expenses absorbed		6,563
Investment for trustee deferred compensation and retirement plans		23,661
Unrealized appreciation on forward foreign currency contracts outstanding		54,259
Other assets		55,480
Total assets		197,995,626
Liabilities:
Payable for:
Investments purchased		507,076
Fund shares reacquired		396,408
Variation margin — futures		72,856
Variation margin — centrally cleared swap agreements		4,155
Accrued fees to affiliates		87,210
Accrued trustees’ and officers’ fees and benefits		1,616
Accrued other operating expenses		79,504
Trustee deferred compensation and retirement plans		26,615
Unrealized depreciation on forward foreign currency contracts outstanding		2,643
Total liabilities		1,178,083
Net assets applicable to shares outstanding	$	196,817,543
Net assets consist of:
Shares of beneficial interest	$	201,446,012
Undistributed net investment income		(145,929	)
Undistributed net realized gain (loss)		(9,560,585	)
Net unrealized appreciation		5,078,045
	$	196,817,543

Net Assets:
Class A	$	91,584,700
Class C	$	24,237,749
Class R	$	538,405
Class Y	$	31,049,284
Class R5	$	19,405
Class R6	$	49,388,000
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		8,713,272
Class C		2,308,038
Class R		51,235
Class Y		2,952,998
Class R5		1,845
Class R6		4,697,380
Class A:
Net asset value per share	$	10.51
Maximum offering price per share
(Net asset value of $10.51 ¸ 94.50%)	$	11.12
Class C:
Net asset value and offering price per share	$	10.50
Class R:
Net asset value and offering price per share	$	10.51
Class Y:
Net asset value and offering price per share	$	10.51
Class R5:
Net asset value and offering price per share	$	10.52
Class R6:
Net asset value and offering price per share	$	10.51

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

27                         Invesco Multi-Asset Income Fund

Statement of Operations

For the year ended October 31, 2016

Investment income:
Interest (net of foreign withholding taxes of $1,009)	$	4,127,449
Dividends (net of foreign withholding taxes of $1,141)		4,043,329
Dividends from affiliated money market funds		38,708
Total investment income		8,209,486
Expenses:
Advisory fees		946,304
Administrative services fees		50,000
Custodian fees		26,058
Distribution fees:
Class A		145,662
Class C		181,961
Class R		1,880
Transfer agent fees — A, C, R and Y		124,851
Transfer agent fees — R6		289
Trustees’ and officers’ fees and benefits		21,697
Registration and filing fees		92,659
Licensing Fees		40,423
Reports to shareholders		40,564
Professional services fees		55,889
Other		38,132
Total expenses		1,766,369
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(286,601	)
Net expenses		1,479,768
Net investment income		6,729,718
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(707,393	)
Foreign currencies		733
Forward foreign currency contracts		156,608
Futures contracts		1,558,873
Swap agreements		(27,606	)
		981,215
Change in net unrealized appreciation (depreciation) of:
Investment securities		2,205,953
Foreign currencies		(1,718	)
Forward foreign currency contracts		42,521
Futures contracts		(368,354	)
Swap agreements		14,837
		1,893,239
Net realized and unrealized gain		2,874,454
Net increase in net assets resulting from operations	$	9,604,172

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

28                         Invesco Multi-Asset Income Fund

Statement of Changes in Net Assets

For the years ended October 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	6,729,718		$	6,262,903
Net realized gain (loss)		981,215			(3,404,074	)
Change in net unrealized appreciation (depreciation)		1,893,239			(487,253	)
Net increase in net assets resulting from operations		9,604,172			2,371,576
Distributions to shareholders from net investment income:
Class A		(2,847,881	)		(2,285,486	)
Class C		(751,745	)		(649,749	)
Class R		(17,519	)		(7,758	)
Class Y		(825,464	)		(631,870	)
Class R5		(587	)		(513	)
Class R6		(2,805,712	)		(2,998,898	)
Total distributions from net investment income		(7,248,908	)		(6,574,274	)
Share transactions–net:
Class A		37,737,567			12,053,236
Class C		6,501,206			2,778,173
Class R		194,926			201,235
Class Y		18,353,047			6,112,094
Class R5		9,064			—
Class R6		(18,420,097	)		18,253,102
Net increase in net assets resulting from share transactions		44,375,713			39,397,840
Net increase in net assets		46,730,977			35,195,142
Net assets:
Beginning of year		150,086,566			114,891,424
End of year (includes undistributed net investment income of $(145,929) and $(122,117), respectively)	$	196,817,543		$	150,086,566

Notes to Financial Statements

October 31, 2016

NOTE 1—Significant Accounting Policies

Invesco Multi-Asset Income Fund (the “Fund”), formerly Invesco Premium Income 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-two 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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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

29                         Invesco Multi-Asset Income 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.

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.

30                         Invesco Multi-Asset 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. 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.

F. 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.

G. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated 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.

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

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

J. Exchange-traded Notes — The Fund may invest in exchange-traded notes (“ETNs”) which are senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular market benchmark or strategy, minus applicable fees. ETNs can be traded on an exchange and/or they can be held to maturity. At maturity, the issuer pays the investor a cash amount equal to the principal amount, subject to the day’s market benchmark or strategy factor. ETNs do not make periodic coupon payments or provide principal protection. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying assets and changes in the applicable interest rates. ETNs are subject to credit risk, including the credit risk of the issuer.

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.

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

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

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying

31                         Invesco Multi-Asset Income Fund

securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

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

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

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

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

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.

32                         Invesco Multi-Asset Income Fund

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. 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, 2016 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 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.

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 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, 2016, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least 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%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $161,461 and reimbursed class level expenses of $77,926, $24,336, $503, $21,723 and $289 of Class A, Class C, Class R, Class Y and Class R6 shares, respectively.

33                         Invesco Multi-Asset Income Fund

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2016, 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, 2016, 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $23,628 in front-end sales commissions from the sale of Class A shares and $2,470 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, 2016. 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
Common Stocks & Other Equity Interests	$	32,771,256	$	—	$	—	$	32,771,256
Preferred Stocks		42,781,606		165,637		—		42,947,243
Exchange-Traded Notes		8,107,660		—		—		8,107,660
Money Market Funds		14,440,030		—		—		14,440,030
U.S. Treasury Securities		—		16,063,900		—		16,063,900
U.S. Dollar Denominated Bonds and Notes		—		78,582,554		—		78,582,554
Non-U.S. Dollar Denominated Bonds and Notes		—		683,672		—		683,672
		98,100,552		95,495,763		—		193,596,315
Forward Foreign Currency Contracts*		—		51,616		—		51,616
Futures Contracts*		314,783		—		—		314,783
Swap Agreements*		—		32,453		—		32,453
Total Investments	$	98,415,335	$	95,579,832	$	—	$	193,995,167

* Unrealized appreciation.

34                         Invesco Multi-Asset Income Fund

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2016:

	Value
Derivative Assets	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	—		$	—		$	606,233		$	188,748		$	794,981
Unrealized appreciation on swap agreements — Centrally Cleared(a)		32,453			—			—			—			32,453
Unrealized appreciation on forward foreign currency contracts outstanding		—			54,259			—			—			54,259
Total Derivative Assets		32,453			54,259			606,233			188,748			881,693
Derivatives not subject to master netting agreements		(32,453	)		—			(606,233	)		(188,748	)		(827,434	)
Total Derivative Assets subject to master netting agreements	$	—		$	54,259		$	—		$	—		$	54,259
	Value
Derivative Liabilities	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	—		$	—		$	(480,198	)	$	—		$	(480,198	)
Unrealized depreciation on forward foreign currency contracts outstanding		—			(2,643	)		—			—			(2,643	)
Total Derivative Liabilities		—			(2,643	)		(480,198	)		—			(482,841	)
Derivatives not subject to master netting agreements		—			—			480,198			—			480,198
Total Derivative Liabilities subject to master netting agreements	$	—		$	(2,643	)	$	—		$	—		$	(2,643	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2016.

	Financial Derivative Assets		Financial Derivative Liabilities			Net Value of Derivatives			Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency contracts		Forward Foreign Currency contracts						Non-Cash		Cash		Net amount
Citigroup Global Markets Inc.	$	54,259	$	—		$	54,259		$	—	$	—	$	54,259
Goldman Sachs International		—		(2,643	)		(2,643	)		—		—		(2,643	)
Total	$	54,259	$	(2,643	)	$	51,616		$	—	$	—	$	51,616

Effect of Derivative Investments for the year ended October 31, 2016

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

	Location of Gain (Loss) on Statement of Operations
	Credit Risk			Currency Risk		Equity Risk			Interest Rate Risk		Total
Realized Gain (Loss):
Forward foreign currency contracts	$	—		$	156,608	$	—		$	—	$	156,608
Futures contracts		—			—		(19,405	)		1,578,278		1,558,873
Swap agreements		(27,606	)		—		—			—		(27,606	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		—			42,521		—			—		42,521
Futures contracts		—			—		(434,541	)		66,187		(368,354	)
Swap agreements		14,837			—		—			—		14,837
Total	$	(12,769	)	$	199,129	$	(453,946	)	$	1,644,465	$	1,376,879

35                         Invesco Multi-Asset Income Fund

The table below summarizes the 12-month average notional value of forward foreign currency contracts and futures contracts and the 9-month average notional value of swap agreements outstanding during the period.

	Forward Foreign Currency Contracts		Futures Contracts		Swap Agreements
Average notional value	$	1,948,758	$	46,219,669	$	2,246,111

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver			Receive
11/30/2016	Citigroup Global Markets Inc.		EUR	283,150		USD	317,082	$	311,199	$	5,883
11/30/2016	Citigroup Global Markets Inc.		GBP	451,502		USD	601,238		552,862		48,376
11/30/2016	Goldman Sachs International		USD	123,540		EUR	110,000		120,897		(2,643	)
Total open forward foreign currency contracts — currency risk										$	51,616

Currency Abbreviations:

EUR	– Euro
GBP	– British Pound Sterling
USD	– U.S. Dollar

Open Futures Contracts
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation (Depreciation)
Dow Jones Euro STOXX 50 Index		Long		205		December-2016	$	6,870,433		$	137,597
E-Mini S&P 500 Index		Long		66		December-2016		6,996,330			(124,666	)
FTSE 100 Index		Long		80		December-2016		6,783,768			283,322
Hang Seng Index		Long		47		November-2016		6,940,506			(160,745	)
Russell 2000 Mini Index		Long		43		December-2016		5,122,590			(194,787	)
Tokyo Stock Price Index		Long		32		December-2016		4,256,902			185,314
Subtotal — Equity Risk											126,035
Australian 10 Year Bonds		Short		28		December-2016		(2,824,619	)		62,394
Canadian 10 Year Bonds		Short		10		December-2016		(1,078,248	)		19,101
Euro Bonds		Short		6		December-2016		(1,068,133	)		21,858
Japanese Mini 10 Year Bonds		Short		8		December-2016		(1,157,221	)		3,275
Long Gilt		Short		7		December-2016		(1,073,738	)		44,687
U.S. Treasury Long Bonds		Short		7		December-2016		(1,139,031	)		37,433
Subtotal — Interest Rate Risk											188,748
Total Futures Contracts										$	314,783

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, Series 26, Version 1		Sell		5.00	%		06/20/2021		3.93	%	$	4,500,000	$	159,427	$	32,453

Abbreviations:

CME – Chicago Mercantile Exchange

^(a)  Implied credit spreads represent the current level as of October 31, 2016, 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.

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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $363.

36                         Invesco Multi-Asset Income Fund

NOTE 6—Trustees’ and Officers’ Fees and Benefits

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

NOTE 7—Cash Balances

The Fund 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, 2016 and 2015:

	2016		2015
Ordinary income	$	7,248,908	$	6,574,274

Tax Components of Net Assets at Period-End:

	2016
Net unrealized appreciation — investments	$	4,187,762
Net unrealized appreciation — other investments		113,542
Temporary book/tax differences		(26,722	)
Capital loss carryforward		(8,903,051	)
Shares of beneficial interest		201,446,012
Total net assets	$	196,817,543

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 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. 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, 2016, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	7,105,236	$	1,797,815	$	8,903,051

* 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.

37                         Invesco Multi-Asset Income 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, 2016 was $178,967,587 and $128,151,251, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $12,180,852 and $7,084,320, 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	$	6,619,456
Aggregate unrealized (depreciation) of investment securities		(2,431,694	)
Net unrealized appreciation of investment securities	$	4,187,762

Cost of investments for tax purposes is $189,408,553.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of bond premium amortization, foreign currency transactions, futures contracts and swap income, on October 31, 2016, undistributed net investment income (loss) was increased by $495,378, undistributed net realized gain (loss) was decreased by $469,744 and shares of beneficial interest was decreased by $25,634. This reclassification had no effect on the net assets of the Fund.

NOTE 11—Share Information

	Summary of Share Activity
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		5,267,027		$	55,774,372			3,054,961		$	31,571,397
Class C		973,923			10,215,089			665,576			6,862,470
Class R		35,654			374,579			22,519			227,585
Class Y		2,466,882			25,860,783			1,777,827			18,357,253
Class R5		838			9,002			—			—
Class R6		949,592			9,507,580			1,558,502			16,063,482
Issued as reinvestment of dividends:
Class A		250,608			2,538,721			149,450			1,530,255
Class C		64,533			650,905			42,814			438,178
Class R		1,661			16,789			705			7,215
Class Y		71,597			730,390			37,371			383,770
Class R5		6			62			—			—
Class R6		275,154			2,746,085			292,705			2,998,897
Reacquired:
Class A		(2,020,290	)		(20,575,526	)		(2,049,651	)		(21,048,416	)
Class C		(430,535	)		(4,364,788	)		(442,432	)		(4,522,475	)
Class R		(19,673	)		(196,442	)		(3,273	)		(33,565	)
Class Y		(816,554	)		(8,238,126	)		(1,232,469	)		(12,628,929	)
Class R6(b)		(3,221,075	)		(30,673,762	)		(78,709	)		(809,277	)
Net increase in share activity		3,849,348		$	44,375,713			3,795,896		$	39,397,840

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 47% 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, 25% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)  On February 18, 2016, 3,221,845 Class R6 shares valued at $30,671,968 were redeemed by affiliated mutual funds.

38                         Invesco Multi-Asset Income 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			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 10/31/16	$	10.09	$	0.47	$	0.45		$	0.92		$	(0.50	)	$	—		$	(0.50	)	$	10.51		9.44	%	$	91,585		1.04	%(d)		1.28	%(d)		4.60	%(d)		101	%
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			1.27			4.52			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 10/31/16		10.08		0.39		0.45			0.84			(0.42	)		—			(0.42	)		10.50		8.62			24,238		1.79	(d)		2.03	(d)		3.85	(d)		101
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			2.02			3.77			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 10/31/16		10.08		0.44		0.46			0.90			(0.47	)		—			(0.47	)		10.51		9.28			538		1.29	(d)		1.53	(d)		4.35	(d)		101
Year ended 10/31/15		10.36		0.44		(0.26	)		0.18			(0.46	)		—			(0.46	)		10.08		1.77			339		1.24			1.52			4.27			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 10/31/16		10.09		0.50		0.44			0.94			(0.52	)		—			(0.52	)		10.51		9.71			31,049		0.79	(d)		1.03	(d)		4.85	(d)		101
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			1.02			4.77			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 10/31/16		10.09		0.50		0.45			0.95			(0.52	)		—			(0.52	)		10.52		9.82			19		0.79	(d)		0.90	(d)		4.85	(d)		101
Year ended 10/31/15		10.37		0.49		(0.26	)		0.23			(0.51	)		—			(0.51	)		10.09		2.28			10		0.74			0.89			4.77			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 10/31/16		10.09		0.49		0.45			0.94			(0.52	)		—			(0.52	)		10.51		9.71			49,388		0.79	(d)		0.90	(d)		4.85	(d)		101
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			0.89			4.77			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 $58,265, $18,196, $, $376, $16,242, $11 and $52,495 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 and September 24, 2012 for Class R6 shares.

^(f)  Annualized.

NOTE 13—Subsequent Event

Effective January 1, 2017, the Fund will pay 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		0.50%
Next $500 million		0.45%
Next $500 million		0.40%
Over $1.5 billion		0.39%

In addition, effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2018, 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 in Note 2) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.85%, 1.60%, 1.10%, 0.60%, 0.60% and 0.60%, respectively, of the Fund’s average daily net assets.

39                         Invesco Multi-Asset Income Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of the Invesco Multi-Asset 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 the Invesco Multi-Asset Income Fund (formerly, Invesco Premium Income Fund, the “Fund”) as of October 31, 2016, 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 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 as of October 31, 2016 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

Houston, Texas

December 21, 2016

40                         Invesco Multi-Asset 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, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio2
			Ending Account Value (10/31/16)1		Expenses Paid During Period2,3		Ending Account Value (10/31/16)		Expenses Paid During Period2,4
A	$	1,000.00	$	1,065.60	$	5.40	$	1,019.91	$	5.28		1.04	%
C		1,000.00		1,061.70		9.28		1,016.14		9.07		1.79
R		1,000.00		1,064.30		6.69		1,018.65		6.55		1.29
Y		1,000.00		1,066.90		4.10		1,021.17		4.01		0.79
R5		1,000.00		1,066.90		4.10		1,021.17		4.01		0.79
R6		1,000.00		1,066.90		4.10		1,021.17		4.01		0.79

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 to reflect the most recent fiscal half year. Effective January 1, 2017, the Fund’s adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expense of Class A, Class C, Class R, Class Y Class R5 and Class R6 shares to 0.85%, 1.60%, 1.10%, 0.60%, 0.60% and 0.60% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 0.84%, 1.59%, 1.09%, 0.59%, 0.59% and 0.59% for Class A, Class C, Class R, Class Y Class R5 and Class R6 shares, respectively.

³ The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $4.36, $8.24, $5.66, $3.07, $3.07 and $3.07 for Class A, Class C, Class R, Class Y Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $4.27, $8.06, $5.53, $3.00, $3.00 and $3.00 for Class A, Class C, Class R, Class Y Class R5 and Class R6 shares, respectively.

41                         Invesco Multi-Asset 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 Multi-Asset Income Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the

independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 four calendar years was available. The Board compared the Fund’s performance during the past four calendar years to the performance of funds in the Broadridge 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 fifth 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 the Fund’s performance was above the performance of the Index for the one year period and below the performance of the index for the three year period. The

42                         Invesco Multi-Asset Income Fund

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 Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge 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��28, 2017 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 and a report from an independent consultant engaged by the Senior Officer 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 Broadridge 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 certain 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.

43                         Invesco Multi-Asset 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, 2016:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	4.14	%

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

44                         Invesco Multi-Asset 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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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 Multi-Asset 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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	None

T-2                         Invesco Multi-Asset 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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

T-3                         Invesco Multi-Asset 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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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 Multi-Asset Income Fund

Explore High-Conviction Investing with Invesco

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 MAIN-AR-1 Invesco Distributors, Inc.

	Annual Report to Shareholders	October 31, 2016
	Invesco Pacific Growth Fund Nasdaq: A: TGRAX  ∎   B: TGRBX  ∎  C: TGRCX  ∎  R: TGRRX  ∎  Y: TGRDX  ∎  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.     In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to sink at the start of calendar year 2016, but they eventually recovered; they sank again following the UK’s decision to leave the European Union, but then quickly recovered and reached record highs later in the summer. Strong demand for

income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

    Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

    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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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: ∎ 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. ∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, 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, 10/31/15 to 10/31/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	9.53	%
Class B Shares	8.73
Class C Shares	8.71
Class R Shares	9.24
Class Y Shares	9.80
Class R5 Shares	9.91
MSCI EAFE Indexq (Broad Market Index)	-3.23
MSCI All Country Asia Pacific Indexq (Style-Specific Index)	5.98
Lipper Pacific Region Funds Index∎ (Peer Group Index)	8.94
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

The Asia Pacific economy started to show signs of stabilizing during the fiscal year ended October 31, 2016. A combination of positive earnings across the region in the second quarter of 2016 combined with accommodative monetary policies and progress on reforms helped raise investor confidence.

    After a strong rally in October 2015, markets in Asia retreated in November on concerns over the greater likelihood of a US Federal Reserve (the Fed) rate hike. In December, the Fed followed through on its commitment to normalize monetary policy by raising interest rates – its first increase since 2006. Monetary policies elsewhere moved in the opposite direction as the European Central Bank extended its asset purchase program and Japan introduced additional quantitative easing and even negative interest rates the following month.

    It was a turbulent start to calendar year 2016, driven by investor concerns about further economic weakness in China and the selloff in commodities. By late February, markets had begun to recover, with some posting gains amid the concerted central bank commitments to very loose monetary policy. A sharp rise in property prices in first-tier cities in China and the start of the restocking cycle in information technology were some of the developments triggering a shift in sentiment. The global cyclical shift led to an increase in fund flows to Asia and a weakening US dollar, a development that was largely supportive of oil and stock prices. Throughout Asia, the rebound in oil prices and a general risk-on sentiment helped drive Asian markets in March, leading to a strong double-digit rally. Growth conditions, however, were reassessed in the subsequent months as economic conditions continued to be uneven.

    June 2016 was an eventful month with global sentiment changing rapidly following the results of the Fed’s decision to keep interest rates unchanged and the Brexit referendum in the UK where voters opted to leave the European Union. Despite the heightened global market volatility, Asia Pacific equity markets ended on a high note, outperforming developed equity markets. There were high hopes for the new president in the Philippines. South Korea also announced a stimulus package while a few countries cut rates throughout Asia. Strong inflows into emerging markets continued to lift equity markets in Asia on the renewed growth prospects for the region. Positive earnings in China, Thailand, South Korea and Taiwan, as well as the pick-up in GDP in some countries, kept markets moving higher. However, sentiment once again started to shift over concerns regarding the outcome of the US presidential election and future monetary policies among developed countries toward the end of the reporting period. In Japan, a stronger Japanese currency amid risk-off mode resulting from China’s bubble fear, as well as Brexit shock weighed on Japanese equity markets for the reporting period on the back of investors’ concerns over corporate earnings particularly exporters. On top of that, the Bank of Japan’s surprising introduction of a negative interest rate policy caused most financials sector stocks like banks to decline.

    On a geographic basis, positive stock selection in Japan was the leading contributor to relative Fund performance versus the MSCI All Country Asia Pacific Index. Stock selection in India and China contributed to Fund outperformance versus the style-specific index, as well. Underweight exposure versus the style-specific index in Hong Kong also helped the Fund’s relative performance.

Portfolio Composition
By sector	% of total net assets

Information Technology	20.8%
Industrials	19.6
Consumer Discretionary	16.6
Consumer Staples	11.7
Financials	11.2
Health Care	7.4
Utilities	5.7
Telecommunication Services	4.3
Materials	2.2
Money Market Funds Plus Other Assets Less Liabilities	0.5

Top 10 Equity Holdings*
	% of total net assets
1.	Tencent Holdings Ltd.	6.6%
2.	Taiwan Semiconductor Manufacturing Co. Ltd.	3.5
3.	Bajaj Finance Ltd.	3.4
4.	AIA Group Ltd.	3.3
5.	APA Group	2.4
6.	Maruti Suzuki India Ltd.	2.3
7.	Yamaha Motor Co., Ltd.	2.3
8.	Nidec Corp.	2.3
9.	Sekisui Chemical Co., Ltd.	2.3
10.	Guangdong Investment Ltd.	2.3

Total Net Assets	$80.5 million
Total Number of Holdings*	55

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, 2016.

4                         Invesco Pacific Growth Fund

    In contrast, negative stock selection in South Korea was the leading detractor from the Fund’s relative performance versus the style-specific index following very strong contribution from previous reporting periods. Holdings in Australia, Thailand and Singapore also detracted from relative results.

    At the sector level, stock selection in and underweight exposure to the financials sector led relative outperformance versus the MSCI All Country Asia Pacific Index. Bajaj Finance, an Indian non-banking finance company, was the leading contributor to Fund performance during the fiscal year. Australian bank and financial services provider, Westpac Banking, was also a key contributor to Fund performance within the financials sector. We sold the holding before the close of the reporting period.

    Stock selection in the consumer discretionary sector also contributed to relative Fund performance versus the style-specific index. Japanese discount retailer, Seria, was the largest contributor within the sector to Fund performance during the fiscal year. The company’s stock price rose after it announced strong results thanks to its share increase in the one-dollar shop segment in Japan. Nifco, a Japanese manufacturer and seller of industrial plastic parts and components, was a leading contributor to Fund performance within the sector during the reporting period, as well.

    Conversely, stock selection in the health care sector was the leading detractor from both absolute and relative Fund performance versus the style-specific index. Yuhan, a pharmaceutical and chemical company based in South Korea, was the leading detractor from relative Fund performance within the sector.

Bumrungrad International Hospital, a multi-specialty medical center located in Bangkok, Thailand, and Green Cross, a biopharmaceutical company headquartered in Yongin, South Korea, were also detractors from the Fund’s relative performance during the reporting period.

    Stock selection in and overweight exposure to the consumer staples sector was a detractor from relative performance versus the style-specific index. Nongshim, the largest ramen and snack food company in South Korea, was the largest detractor from relative performance within the sector. Stock selection in the telecommunication services sector detracted from relative Fund performance, as well. Australian telecommunications and IT company, TPG Telecom, was the largest detractor in the sector from Fund performance during the fiscal year.

    During the reporting period, we reduced our exposure to the financials and energy sectors. The Fund’s Asia ex-Japan allocation favored consumer-related sectors, with overweight allocations in the consumer discretionary and consumer staples sectors, as well as in the health care and IT sectors.

    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 10/31/06

1 Source: Lipper Inc.

2 Source: FactSet Research Systems Inc.

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

    my, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

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

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

About indexes used in this report

∎ 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.

∎ The MSCI All Country Asia Pacific Index is an unmanaged index considered representative of Asia Pacific region stock markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ The Lipper Pacific Region Funds Index is an unmanaged index considered representative of Pacific region 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.

continued on page 7

6                         Invesco Pacific Growth Fund

Average Annual Total Returns  As of 10/31/16, including maximum applicable  sales charges
Class A Shares
Inception (7/28/97)	1.90	%
10 Years	3.09
5 Years	5.21
1 Year	3.50
Class B Shares
Inception (11/30/90)	4.71	%
10 Years	3.05
5 Years	5.28
1 Year	3.73
Class C Shares
Inception (7/28/97)	1.47	%
10 Years	2.92
5 Years	5.63
1 Year	7.71
Class R Shares
Inception (3/31/08)	1.75	%
5 Years	6.12
1 Year	9.24
Class Y Shares
Inception (7/28/97)	2.45	%
10 Years	3.94
5 Years	6.67
1 Year	9.80
Class R5 Shares
10 Years	3.90	%
5 Years	6.82
1 Year	9.91

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, prior to June 1, 2010, for Class A, Class B, Class C, Class R and Class Y shares are blended returns of the predecessor fund and

Average Annual Total Returns  As of 9/30/16, the most recent calendar quarter  end, including maximum applicable  sales charges
Class A Shares
Inception (7/28/97)	2.05	%
10 Years	3.64
5 Years	7.21
1 Year	11.16
Class B Shares
Inception (11/30/90)	4.83	%
10 Years	3.61
5 Years	7.31
1 Year	11.77
Class C Shares
Inception (7/28/97)	1.61	%
10 Years	3.48
5 Years	7.65
1 Year	15.84
Class R Shares
Inception (3/31/08)	2.08	%
5 Years	8.15
1 Year	17.36
Class Y Shares
Inception (7/28/97)	2.60	%
10 Years	4.50
5 Years	8.70
1 Year	17.93
Class R5 Shares
10 Years	4.45	%
5 Years	8.85
1 Year	18.05

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 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%, 2.53%, 2.53%, 2.03%, 1.53% 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 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.

continued from page 7

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 trans-

actions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

∎ 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 Pacific Growth Fund

Invesco Pacific Growth Fund’s investment objective is long-term growth of capital.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

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

∎ 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

∎ Depositary receipts risk. Investing in depositary receipts involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

∎ 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.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation poli-

cies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Geographic focus risk. The Fund may from time to time invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund’s investment performance.

∎ Growth investing risk. Growth stocks tend to be more expensive relative to the issuing company’s earnings or assets compared with other types of stock. As a result, they tend to be more sensitive to changes in, or investors’ expectations of, the issuing company’s earnings and can be more volatile.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the econo-

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
	continued on page 6

8                         Invesco Pacific Growth Fund

Schedule of Investments

October 31, 2016

	Shares		Value
Common Stocks & Other Equity Interests–99.46%
Australia–8.65%
APA Group		317,310	$	1,917,413
Orora Ltd.		794,697		1,747,851
Sydney Airport		194,233		922,485
Telstra Corp. Ltd.		337,327		1,275,797
TPG Telecom Ltd.		191,531		1,099,206
				6,962,752
China–13.48%
Beijing Capital International Airport Co. Ltd.–Class H		1,574,000		1,650,016
Beijing Enterprises Water Group Ltd.		1,220,000		885,648
China Animal Healthcare Ltd.(a)		349,000		58,501
China Mobile Ltd.		97,500		1,117,005
Guangdong Investment Ltd.		1,202,000		1,816,457
Tencent Holdings Ltd.		200,900		5,319,848
				10,847,475
Hong Kong–3.33%
AIA Group Ltd.		424,800		2,681,206
Henderson Land Development Co. Ltd.		110		652
				2,681,858
India–7.81%
Bajaj Finance Ltd.		168,480		2,725,753
Britannia Industries Ltd.		33,795		1,682,610
Maruti Suzuki India Ltd.		21,270		1,877,974
				6,286,337
Indonesia–2.13%
PT Unilever Indonesia Tbk		502,300		1,712,190
Japan–46.38%
AIDA ENGINEERING, LTD.		122,700		1,057,749
Astellas Pharma Inc.		67,800		1,008,288
Daikin Industries, Ltd.		18,800		1,803,730
Daiwa House Industry Co., Ltd.		53,400		1,469,627
FUKUSHIMA INDUSTRIES CORP.		44,000		1,504,220
H.I.S. Co., Ltd.(b)		43,700		1,195,171
Hitachi High-Technologies Corp.		36,900		1,542,998
K’s Holdings Corp.		81,000		1,405,035
Komatsu Ltd.		34,500		768,989
Konoike Transport Co., Ltd.		96,000		1,273,409
MAEDA ROAD CONSTRUCTION CO., LTD.		40,000		741,525
Mitsubishi Corp.		77,500		1,693,153
Nidec Corp.		18,800		1,823,258
Nifco Inc.		28,900		1,664,546
OMRON Corp.		38,000		1,460,354
OTSUKA CORP.		32,500		1,549,611
Relo Group, Inc.		4,600		761,074
Resorttrust, Inc.		55,600		1,113,962

	Shares		Value
Japan–(continued)
SCSK Corp.		37,300	$	1,394,326
Sekisui Chemical Co., Ltd.		115,600		1,821,090
Seria Co., Ltd.		13,800		1,088,759
Seven & i Holdings Co., Ltd.		19,900		831,752
Shimamura Co., Ltd.		10,700		1,372,384
Temp Holdings Co. Ltd.		58,900		1,000,904
transcosmos inc.		38,400		974,052
Tsubakimoto Chain Co.		197,000		1,561,852
Yamaha Motor Co., Ltd.		82,400		1,829,336
Yaskawa Electric Corp.		100,700		1,606,704
				37,317,858
Philippines–1.69%
Ayala Corp.		78,980		1,361,162
Singapore–1.45%
Raffles Medical Group Ltd.		1,080,640		1,169,078
South Korea–8.96%
AMOREPACIFIC Group		13,299		1,720,838
BGF Retail Co., Ltd.		8,607		1,309,364
Green Cross Corp.		6,067		739,959
Nongshim Co., Ltd.		5,942		1,496,182
Ottogi Corp.		1,079		620,736
Yuhan Corp.		7,188		1,319,735
				7,206,814
Taiwan–3.54%
Taiwan Semiconductor Manufacturing Co. Ltd.		477,143		2,850,127
Thailand–2.04%
Bumrungrad Hospital PCL		313,200		1,636,186
Total Common Stocks & Other Equity Interests (Cost $67,603,739)				80,031,837
Money Market Funds–0.52%
Government & Agency Portfolio–Institutional Class, 0.29%(c)		250,355		250,355
Treasury Portfolio–Institutional Class, 0.22%(c)		166,578		166,578
Total Money Market Funds (Cost $416,933)				416,933
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–99.98% (Cost $68,020,672)				80,448,770

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

9                         Invesco Pacific Growth Fund

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.35%
Government & Agency Portfolio–Institutional Class, 0.29% (Cost $285,700)(c)(d)		285,700	$	285,700
TOTAL INVESTMENTS–100.33% (Cost $68,306,372)				80,734,470
OTHER ASSETS LESS LIABILITIES–(0.33)%				(268,024	)
NET ASSETS–100.00%			$	80,466,446

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, 2016.

^(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, 2016.

^(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, 2016

Assets:
Investments, at value (Cost $67,603,739)*	$	80,031,837
Investments in affiliated money market funds, at value and cost		702,633
Total investments, at value (Cost $68,306,372)		80,734,470
Foreign currencies, at value (Cost $42,685)		42,530
Receivable for:
Fund shares sold		151,585
Dividends		382,547
Investment for trustee deferred compensation and retirement plans		38,011
Other assets		26,396
Total assets		81,375,539
Liabilities:
Payable for:
Fund shares reacquired		347,269
Collateral upon return of securities loaned		285,700
Accrued foreign taxes		48,931
Accrued fees to affiliates		66,570
Accrued trustees’ and officers’ fees and benefits		1,571
Accrued other operating expenses		66,219
Trustee deferred compensation and retirement plans		92,833
Total liabilities		909,093
Net assets applicable to shares outstanding	$	80,466,446
Net assets consist of:
Shares of beneficial interest	$	83,691,736
Undistributed net investment income		43,531
Undistributed net realized gain (loss)		(15,686,630	)
Net unrealized appreciation		12,417,809
	$	80,466,446

Net Assets:
Class A	$	65,106,681
Class B	$	126,114
Class C	$	4,477,066
Class R	$	241,708
Class Y	$	10,500,840
Class R5	$	14,037
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		2,474,664
Class B		5,168
Class C		183,073
Class R		9,290
Class Y		391,961
Class R5		523
Class A:
Net asset value per share	$	26.31
Maximum offering price per share
(Net asset value of $26.31 ¸ 94.50%)	$	27.84
Class B:
Net asset value and offering price per share	$	24.40
Class C:
Net asset value and offering price per share	$	24.46
Class R:
Net asset value and offering price per share	$	26.02
Class Y:
Net asset value and offering price per share	$	26.79
Class R5:
Net asset value and offering price per share	$	26.84

* At October 31, 2016, securities with an aggregate value of $272,080 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, 2016

Investment income:
Dividends (net of foreign withholding taxes of $132,007)	$	1,397,264
Dividends from affiliated money market funds (includes securities lending income of $5,991)		10,121
Other income		13,395
Total investment income		1,420,780
Expenses:
Advisory fees		683,709
Administrative services fees		50,000
Distribution fees:
Class A		163,870
Class B		2,126
Class C		45,005
Class R		1,137
Transfer agent fees — A, B, C, R and Y		172,618
Transfer agent fees — R5		13
Trustees’ and officers’ fees and benefits		22,944
Registration and filing fees		73,060
Reports to shareholders		25,616
Professional services fees		56,104
Other		12,640
Total expenses		1,308,842
Less: Fees waived and expense offset arrangement(s)		(2,439	)
Net expenses		1,306,403
Net investment income		114,377
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $5,933)		(1,049,512	)
Foreign currencies		22,495
		(1,027,017	)
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $7,053)		8,112,334
Foreign currencies		(6,468	)
		8,105,866
Net realized and unrealized gain		7,078,849
Net increase in net assets resulting from operations	$	7,193,226

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, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	114,377		$	140,270
Net realized gain (loss)		(1,027,017	)		2,603,452
Change in net unrealized appreciation (depreciation)		8,105,866			(4,562,286	)
Net increase (decrease) in net assets resulting from operations		7,193,226			(1,818,564	)
Distributions to shareholders from net investment income:
Class A		—			(82,200	)
Class Y		—			(11,222	)
Class R5		—			(67	)
Total distributions from net investment income		—			(93,489	)
Share transactions–net:
Class A		(7,698,132	)		(5,325,439	)
Class B		(162,410	)		(199,876	)
Class C		(764,548	)		440,928
Class R		(20,547	)		(94,501	)
Class Y		6,323,559			809,820
Net increase (decrease) in net assets resulting from share transactions		(2,322,078	)		(4,369,068	)
Net increase (decrease) in net assets		4,871,148			(6,281,121	)
Net assets:
Beginning of year		75,595,298			81,876,419
End of year (includes undistributed net investment income of $43,531 and $(103,879), respectively)	$	80,466,446		$	75,595,298

Notes to Financial Statements

October 31, 2016

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-two 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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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. 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”).

13                         Invesco Pacific Growth 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

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

J. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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 the daily mark-to-market obligation for forward foreign currency contracts.

15                         Invesco Pacific Growth Fund

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

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, 2016, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 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 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 the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $1,836.

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, 2016, 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, 2016, 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $59,798 in front-end sales commissions from the sale of Class A shares and $1,475, $11 and $202 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 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, 2016. 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, 2016, there were transfers from Level 1 to Level 2 of $4,115,696 and from Level 2 to Level 1 of $44,242,891, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Australia	$	—	$	6,962,752	$	—	$	6,962,752
China		5,469,126		5,319,848		58,501		10,847,475
Hong Kong		2,681,858		—		—		2,681,858
India		4,603,727		1,682,610		—		6,286,337
Indonesia		1,712,190		—		—		1,712,190
Japan		25,172,851		12,145,007		—		37,317,858
Philippines		1,361,162		—		—		1,361,162
Singapore		1,169,078		—		—		1,169,078
South Korea		7,206,814		—		—		7,206,814
Taiwan		2,850,127		—		—		2,850,127
Thailand		1,636,186		—		—		1,636,186
Money Market Funds		702,633		—		—		702,633
Total Investments	$	54,565,752	$	26,110,217	$	58,501	$	80,734,470

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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $603.

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, 2016 and 2015:

	2016		2015
Ordinary income	$	—	$	93,489

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	135,906
Net unrealized appreciation — investments		12,249,167
Net unrealized appreciation (depreciation) — other investments		(10,289	)
Temporary book/tax differences		(92,375	)
Capital loss carryforward		(15,507,699	)
Shares of beneficial interest		83,691,736
Total net assets	$	80,466,446

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, 2016, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
October 31, 2017	$	14,498,927	$	—	$	14,498,927
Not subject to expiration		1,008,772		—		1,008,772
	$	15,507,699	$	—	$	15,507,699

* 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, 2016 was $24,277,608 and $25,339,322, 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	$	14,124,815
Aggregate unrealized (depreciation) of investment securities		(1,875,648	)
Net unrealized appreciation of investment securities	$	12,249,167

Cost of investments for tax purposes is $68,485,303.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of expired capital loss carryforwards, on October 31, 2016, undistributed net investment income was increased by $33,033, undistributed net realized gain (loss) was increased by $267,439 and shares of beneficial interest was decreased by $300,472. 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,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		279,894		$	6,771,918			342,880		$	8,510,509
Class B		275			5,882			1,080			24,936
Class C		27,117			623,727			98,266			2,337,682
Class R		2,450			60,652			5,689			141,656
Class Y		366,237			9,295,285			161,849			4,107,733
Issued as reinvestment of dividends:
Class A		—			—			3,049			70,381
Class Y		—			—			450			10,535
Automatic conversion of Class B shares to Class A shares:
Class A		4,452			112,008			6,968			169,471
Class B		(4,785	)		(112,008	)		(7,427	)		(169,471	)
Reacquired:
Class A		(581,521	)		(14,582,058	)		(578,288	)		(14,075,800	)
Class B		(2,418	)		(56,284	)		(2,389	)		(55,341	)
Class C		(60,951	)		(1,388,275	)		(82,173	)		(1,896,754	)
Class R		(3,457	)		(81,199	)		(9,528	)		(236,157	)
Class Y		(121,219	)		(2,971,726	)		(133,611	)		(3,308,448	)
Net increase (decrease) in share activity		(93,926	)	$	(2,322,078	)		(193,185	)	$	(4,369,068	)

^(a)  There is an entity that is record owner of more than 5% of the outstanding shares of the Fund that owns 57% 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.

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 10/31/16	$	24.03	$	0.04		$	2.24		$	2.28		$	—		$	26.31		9.49	%	$	65,107		1.64	%(e)		1.64	%(e)		0.17	%(e)		31	%
Year ended 10/31/15		24.51		0.05			(0.50	)		(0.45	)		(0.03	)		24.03		(1.84	)		66,599		1.78			1.78			0.21			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
Class B
Year ended 10/31/16		22.46		(0.13	)		2.07			1.94			—			24.40		8.64			126		2.39	(e)		2.39	(e)		(0.58	)(e)		31
Year ended 10/31/15		23.05		(0.12	)		(0.47	)		(0.59	)		—			22.46		(2.56	)		272		2.53			2.53			(0.54	)		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
Class C
Year ended 10/31/16		22.50		(0.13	)		2.09			1.96			—			24.46		8.71	(g)		4,477		2.37	(e)(g)		2.37	(e)(g)		(0.56	)(e)(g)		31
Year ended 10/31/15		23.09		(0.12	)		(0.47	)		(0.59	)		—			22.50		(2.55	)		4,880		2.53			2.53			(0.54	)		137
Year ended 10/31/14		22.53		(0.03	)		0.76			0.73			(0.17	)		23.09		3.28	(g)		4,638		2.52	(g)		2.52	(g)		(0.15	)(g)		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	(g)		4,624		2.46	(g)		2.46	(g)		0.09	(g)		101
Class R
Year ended 10/31/16		23.82		(0.02	)		2.22			2.20			—			26.02		9.24			242		1.89	(e)		1.89	(e)		(0.08	)(e)		31
Year ended 10/31/15		24.33		(0.01	)		(0.50	)		(0.51	)		—			23.82		(2.10	)		245		2.03			2.03			(0.04	)		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
Class Y
Year ended 10/31/16		24.41		0.11			2.27			2.38			—			26.79		9.75			10,501		1.39	(e)		1.39	(e)		0.42	(e)		31
Year ended 10/31/15		24.90		0.12			(0.52	)		(0.40	)		(0.09	)		24.41		(1.59	)		3,587		1.53			1.53			0.46			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
Class R5
Year ended 10/31/16		24.42		0.13			2.29			2.42			—			26.84		9.91			14		1.28	(e)		1.28	(e)		0.53	(e)		31
Year ended 10/31/15		24.92		0.15			(0.52	)		(0.37	)		(0.13	)		24.42		(1.47	)		13		1.39			1.39			0.60			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

^(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 year ended October 31, 2012.

^(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 $66,935, $213, $4,600, $227, $6,599 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 (loss) to average net assets reflect actual 12b-1 fees of 0.24% for Class A shares for the year ended October 31, 2014.

^(g)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.98%, 0.99% and 0.90% for Class C shares for the years ended October 31, 2016, 2014 and 2012, respectively.

20                         Invesco Pacific Growth Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees

and Shareholders of the 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 the Invesco Pacific Growth Fund (the “Fund”) as of October 31, 2016, 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 as of October 31, 2016 by correspondence with the custodian, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

Houston, Texas

December 21, 2016

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, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/16)1		Expenses Paid During Period2		Ending Account Value (10/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,089.90	$	8.04	$	1,017.44	$	7.76		1.53	%
B		1,000.00		1,086.30		12.01		1,013.62		11.59		2.29
C		1,000.00		1,086.10		11.80		1,013.83		11.39		2.25
R		1,000.00		1,088.70		9.40		1,016.14		9.07		1.79
Y		1,000.00		1,091.20		6.78		1,018.65		6.55		1.29
R5		1,000.00		1,091.90		6.26		1,019.15		6.04		1.19

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s

evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services 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 Broadridge 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 first quintile of its performance universe for the one and three year periods and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. Invesco Advisers noted that the portfolio management team is managing to a new index, which has slightly lower exposure to Japan, but that the Fund still has larger exposure to Japan than its peers. The Trustees also reviewed more

23                         Invesco Pacific Growth Fund

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 Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge 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 and a report from an independent consultant engaged by the Senior Officer 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 Broadridge 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

certain 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

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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior 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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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, 2016
	Invesco Select Companies Fund
	Nasdaq:
	A: ATIAX  ∎  B: ATIBX  ∎  C: ATICX  ∎  R: ATIRX  ∎  Y: ATIYX  ∎  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.      In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to

sink at the start of calendar year 2016, but they eventually recovered; they sank again following the UK’s decision to leave the European Union, but then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

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.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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: ∎ 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. ∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, Class A shares of Invesco Select Companies Fund (the Fund), at net asset value (NAV), outperformed the Russell 2000 Index, the Fund’s style-specific benchmark.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 10/31/15 to 10/31/16, 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	5.22	%
Class B Shares	4.36
Class C Shares	4.39
Class R Shares	4.90
Class Y Shares	5.44
Class R5 Shares	5.54
S&P 500 Indexq (Broad Market Index)	4.51
Russell 2000 Indexq (Style-Specific Index)	4.11
Lipper Small-Cap Core Funds Index∎ (Peer Group Index)	4.46
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

During the fiscal year ended October 31, 2016, the US economy continued to expand. The initial estimate of US gross domestic product (GDP) showed the US economy grew by 2.9% in the third quarter, beating consensus estimates.¹ However, annualized GDP is expected to be lower. Employment data were mixed, though the unemployment rate had a surprise uptick from 4.9% in August to 5.0% in September before ending the fiscal year at 4.9%.² Oil prices traded in a range from the high $20s to the low $50s during the reporting period.³

    The US Federal Reserve (the Fed) raised interest rates in December 2015 – its first increase since 2006 – but that was its only increase during the reporting period. Major US stock market indexes posted gains for the reporting period, but they were fairly volatile. Stocks began

calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China, falling oil prices and uncertainty over Fed policy, including rumors of possible negative interest rates in the US. Markets recovered in late February and posted gains until June when UK voters opted to leave the European Union, sending markets sharply lower once again. Markets again recovered, and major US equity indexes hit record highs during the summer.⁴ In this environment, investors generally favored the perceived safety of government bonds and more defensive, dividend-paying equities often found in the telecommunication services, utilities and consumer staples sectors.

     Before we discuss the Fund’s results during the fiscal year, it is helpful to briefly explain how we manage the Fund for shareholders. 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 has 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) and energy stocks were the largest contributors to Fund performance. Select holdings in the financials and energy sectors were among the largest detractors. Our avoidance of the utilities and consumer staples sectors also hurt the Fund’s relative performance, as these were some of the best-performing sectors in the Russell 2000 Index for the fiscal year.

    IT sector holding TiVo (formerly Rovi) was the largest contributor to the Fund’s absolute performance for the fiscal year. TiVo is focused on revolutionizing the digital entertainment landscape by delivering solutions that enable consumers to intuitively connect to new entertainment from many sources and locations. TiVo holds over 5,000 issued or pending patents and patent applications worldwide. An example of the company’s technology is the TV Guide, a segment where TiVo has a 100% market share and 40% margins. Over the long term, we believe the growth opportunity of TiVo stems from sales increases from higher-margin, internally-developed guides and the sale

Portfolio Composition
By sector	% of total net assets

Information Technology	33.4	%
Consumer Discretionary	16.3
Industrials	15.6
Health Care	10.2
Financials	8.7
Energy	5.9
Materials	3.1
Telecommunication Services	2.2
Money Market Funds
Plus Other Assets Less Liabilities	4.6

Top 10 Equity Holdings*
	% of total net assets

1.	CommScope Holding Co., Inc.	6.3	%
2.	Booz Allen Hamilton Holding Corp.	6.0
3.	Encore Capital Group, Inc.	5.8
4.	Microsemi Corp.	5.7
5.	America’s Car-Mart, Inc.	4.9
6.	Spirit Airlines Inc.	4.9
7.	GasLog Ltd.	4.8
8.	Charles River Laboratories International, Inc.	4.6
9.	John Wiley & Sons, Inc.-Class A	4.5
10.	Liberty Broadband Corp.-Class A	4.5

Total Net Assets	$550.6 million
Total Number of Holdings*	28

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, 2016.

4                         Invesco Select Companies Fund

of ancillary services. The company’s share price rose over the reporting period as TiVo signed a major customer, which means that currently nine of the top 10 US TV service providers are licensing its guide patents. As litigation continues with the remaining TV service provider, we believe the probability of a licensing contract is high.

Energy sector holding GasLog was also a large contributor to the Fund’s absolute performance during the fiscal year. GasLog is a merchant marine shipper of liquefied natural gas (LNG). The majority of the company’s ships have firm contracts with strategic, financially-strong customers. The contracts provide a steady cash flow with five-, seven- or 10-year terms. The company plays an important part in LNG transportation from low-cost producing countries to high-demand countries. The ships are modern and powered by tri-fuel diesel engines that enjoy a 30% cost savings compared to the existing fleet. The company’s management team is both strategic and patient, and has a large personal ownership in the company. The company’s stock price rose as there was a recovery in the day rate for LNG carriers. Longer term, we believe natural gas is set to gain market share versus other fossil fuels due to its relative cleanliness, lower cost and extremely long reserve life.

Financials sector holding Encore Capital Group was the largest detractor from absolute Fund performance for the fiscal year. Encore Capital Group is a leading global provider of debt recovery. The company purchases portfolios of defaulted credit at pennies on the dollar. It seeks repayment that amounts to multiple that of its acquisition costs. The competitive advantage of the business is that it is one of the largest debt recovery companies in the US. Therefore, the company has scale and is able to meet the regulatory needs of its clients, and has the infrastructure built to be successful in this space. Given its success in the US, the company has begun to expand internationally, which should benefit the company in the long term. Shares of the company declined during the fiscal year due to industry uncertainty and a changing regulatory environment.

Energy sector holding Ultra Petroleum was also a large detractor from the Fund’s absolute performance. Ultra Petroleum is a low-cost natural gas producer in the US. The company’s share price declined

during the reporting period due to increased balance sheet risk that resulted from low commodity prices that occurred throughout 2015 and in early 2016. Ultra Petroleum filed for bankruptcy protection in May of 2016 and we subsequently sold our position in the company.

During the fiscal year, we made some new investments and added to some of our existing holdings during periods of market volatility, which reduced the Fund’s cash position. We also sold several holdings based on valuations and other factors.

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 to you that we will adhere to our discipline of being business people who buy businesses – and 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.

1 Source: Bureau of Economic Analysis

2 Source: Bureau of Labor Statistics

3 Source: Thompson-Reuters

4 Source: Reuters

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.

Rob 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 10/31/06

1 Source: FactSet Research Systems Inc.

2 Source: Lipper Inc.

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

∎ Value investing style risk. A value investing style subjects the Fund 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.

About indexes used in this report

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

∎ The Russell 2000^® Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎ The Lipper Small-Cap Core Funds Index is an unmanaged index considered representative of small-cap core 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.

∎ 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 Select Companies Fund

Average Annual Total Returns
As of 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (11/4/03)	8.88	%
10 Years	6.27
5 Years	6.09
1 Year	-0.57
Class B Shares
Inception (11/4/03)	8.87	%
10 Years	6.23
5 Years	6.23
1 Year	0.42
Class C Shares
Inception (11/4/03)	8.55	%
10 Years	6.07
5 Years	6.49
1 Year	3.61
Class R Shares
Inception (4/30/04)	9.00	%
10 Years	6.61
5 Years	7.02
1 Year	4.90
Class Y Shares
10 Years	7.08	%
5 Years	7.56
1 Year	5.44
Class R5 Shares
Inception (4/30/04)	9.71	%
10 Years	7.30
5 Years	7.65
1 Year	5.54

Average Annual Total Returns
As of 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (11/4/03)	9.10	%
10 Years	6.97
5 Years	8.97
1 Year	6.18
Class B Shares
Inception (11/4/03)	9.08	%
10 Years	6.93
5 Years	9.12
1 Year	7.26
Class C Shares
Inception (11/4/03)	8.77	%
10 Years	6.77
5 Years	9.37
1 Year	10.65
Class R Shares
Inception (4/30/04)	9.23	%
10 Years	7.31
5 Years	9.93
1 Year	12.06
Class Y Shares
10 Years	7.78	%
5 Years	10.48
1 Year	12.58
Class R5 Shares
Inception (4/30/04)	9.94	%
10 Years	8.00
5 Years	10.57
1 Year	12.73

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 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 1.23%, 1.98%, 1.98%, 1.48%, 0.98% and 0.91%, 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, 2018. See current prospectus for more information.

7                         Invesco Select Companies Fund

Invesco Select Companies Fund’s investment objective is long-term growth of capital.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

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

∎ 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

∎ Cash/cash equivalents risk. In rising markets, holding cash or cash equivalents will negatively affect the Fund’s performance relative to its benchmark.

∎ Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect

the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Limited number of holdings risk. Because the Fund may hold a more limited number of securities than other funds with a similar investment strategy, a change in the value of these securities could significantly affect the value of your investment in the Fund.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments

may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ Sector focus risk. The Fund may from time to time invest a significant amount of its assets (i.e. over 25%) in one market sector or group of related industries. In this event, the Fund’s performance will depend to a greater extent on the overall condition of the sector or group of industries and there is increased risk that the Fund will lose significant value if conditions adversely affect that sector or group of industries.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

∎ US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

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	continued on page 6

8                         Invesco Select Companies Fund

Schedule of Investments^(a)

October 31, 2016

	Shares		Value
Common Stocks–95.38%
Aerospace & Defense–3.63%
Cubic Corp.		467,529	$	19,963,488
Airlines–4.86%
Spirit Airlines Inc.(b)		557,975		26,743,742
Aluminum–0.01%
Cymat Technologies Ltd. (Canada)(b)		249,750		38,172
Apparel, Accessories & Luxury Goods–0.00%
Hampshire Group, Ltd.(b)(c)		592,824		7,114
Automotive Retail–4.88%
America’s Car-Mart, Inc.(b)(c)		657,903		26,875,338
Cable & Satellite–4.48%
Liberty Broadband Corp.–Class A(b)		380,201		24,694,055
Commodity Chemicals–2.50%
Chemtrade Logistics Income Fund (Canada)		1,045,784		13,761,855
Communications Equipment–10.03%
CommScope Holding Co., Inc.(b)		1,136,702		34,726,246
Mitel Networks Corp.(b)		3,066,441		20,514,490
				55,240,736
Consumer Finance–5.76%
Encore Capital Group, Inc.(b)(c)		1,597,305		31,706,504
Data Processing & Outsourced Services–7.36%
Alliance Data Systems Corp.(b)		109,016		22,290,502
Global Payments Inc.		251,404		18,231,818
				40,522,320
Diversified Support Services–3.00%
Performant Financial Corp.(b)(c)		5,527,196		16,526,316
Education Services–2.47%
American Public Education Inc.(b)		675,426		13,609,834
Electrical Components & Equipment–4.10%
Regal-Beloit Corp.		381,856		22,567,690
Health Care Supplies–5.64%
Alere, Inc.(b)		369,403		16,504,926
Cooper Cos., Inc. (The)		82,635		14,547,065
				31,051,991

	Shares		Value
Integrated Telecommunication Services–2.17%
General Communication, Inc.– Class A(b)		753,654	$	11,937,879
IT Consulting & Other Services–6.02%
Booz Allen Hamilton Holding Corp.		1,087,737		33,143,346
Life Sciences Tools & Services–4.56%
Charles River Laboratories International, Inc.(b)		331,067		25,121,364
Oil & Gas Equipment & Services–1.00%
ION Geophysical Corp.(b)(c)		938,486		5,537,067
Oil & Gas Storage & Transportation–4.84%
GasLog Ltd. (Monaco)		1,735,410		26,638,544
Other Diversified Financial Services–0.00%
Brompton Corp. (Canada)(b)		69,374		0
Publishing–4.50%
John Wiley & Sons, Inc.–Class A		479,820		24,758,712
Real Estate Services–2.98%
Colliers International Group Inc. (Canada)		471,395		16,413,157
Semiconductors–5.72%
Microsemi Corp.(b)		747,142		31,477,092
Specialty Chemicals–0.59%
Axalta Coating Systems Ltd.(b)		128,604		3,230,533
Systems Software–4.28%
TiVo Corp.(b)		1,186,166		23,545,395
Total Common Stocks (Cost $518,000,408)				525,112,244
Money Market Funds–5.69%
Government & Agency Portfolio–Institutional Class, 0.29%(d)		18,805,823		18,805,823
Treasury Portfolio–Institutional Class, 0.22%(d)		12,537,216		12,537,216
Total Money Market Funds (Cost $31,343,039)				31,343,039
TOTAL INVESTMENTS–101.07% (Cost $549,343,447)				556,455,283
OTHER ASSETS LESS LIABILITIES–(1.07)%				(5,890,469	)
NET ASSETS–100.00%			$	550,564,814

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, 2016 was $80,652,339, which represented 14.65% 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, 2016.

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, 2016

Assets:
Investments, at value (Cost $289,717,979)	$	444,459,905
Investments in affiliates, at value (Cost $259,625,468)		111,995,378
Total investments, at value (Cost $549,343,447)		556,455,283
Foreign currencies, at value (Cost $66,416)		66,275
Receivable for:
Investments sold		420,651
Fund shares sold		345,369
Dividends		74,325
Investment for trustee deferred compensation and retirement plans		137,657
Other assets		41,179
Total assets		557,540,739
Liabilities:
Payable for:
Investments purchased		3,220,122
Fund shares reacquired		3,083,004
Accrued fees to affiliates		438,803
Accrued trustees’ and officers’ fees and benefits		2,450
Accrued other operating expenses		74,266
Trustee deferred compensation and retirement plans		157,280
Total liabilities		6,975,925
Net assets applicable to shares outstanding	$	550,564,814
Net assets consist of:
Shares of beneficial interest	$	526,823,942
Undistributed net investment income (loss)		(3,138,618	)
Undistributed net realized gain		19,767,938
Net unrealized appreciation		7,111,552
	$	550,564,814

Net Assets:
Class A	$	305,003,029
Class B	$	2,261,449
Class C	$	99,413,221
Class R	$	29,623,022
Class Y	$	81,268,563
Class R5	$	32,995,530
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		18,246,004
Class B		154,313
Class C		6,796,920
Class R		1,843,992
Class Y		4,769,937
Class R5		1,863,607
Class A:
Net asset value per share	$	16.72
Maximum offering price per share
(Net asset value of $16.72 ¸ 94.50%)	$	17.69
Class B:
Net asset value and offering price per share	$	14.65
Class C:
Net asset value and offering price per share	$	14.63
Class R:
Net asset value and offering price per share	$	16.06
Class Y:
Net asset value and offering price per share	$	17.04
Class R5:
Net asset value and offering price per share	$	17.71

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, 2016

Investment income:
Dividends (net of foreign withholding taxes of $147,899)	$	4,354,339
Dividends from affiliates		163,849
Total investment income		4,518,188
Expenses:
Advisory fees		4,635,773
Administrative services fees		170,504
Custodian fees		23,267
Distribution fees:
Class A		882,610
Class B		28,759
Class C		1,056,525
Class R		176,834
Transfer agent fees — A, B, C, R and Y		1,153,190
Transfer agent fees — R5		38,231
Trustees’ and officers’ fees and benefits		36,511
Registration and filing fees		86,632
Reports to shareholders		64,823
Professional services fees		46,120
Other		28,849
Total expenses		8,428,628
Less: Fees waived and expense offset arrangement(s)		(93,033	)
Net expenses		8,335,595
Net investment income (loss)		(3,817,407	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		22,499,647
Foreign currencies		(38,444	)
		22,461,203
Change in net unrealized appreciation (depreciation) of:
Investment securities		(2,472,114	)
Foreign currencies		(1,258	)
		(2,473,372	)
Net realized and unrealized gain		19,987,831
Net increase in net assets resulting from operations	$	16,170,424

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, 2016 and 2015

	2016			2015
Operations:
Net investment income (loss)	$	(3,817,407	)	$	(10,676,285	)
Net realized gain		22,461,203			159,822,637
Change in net unrealized appreciation (depreciation)		(2,473,372	)		(271,320,461	)
Net increase (decrease) in net assets resulting from operations		16,170,424			(122,174,109	)
Distributions to shareholders from net realized gains:
Class A		(90,607,514	)		(71,199,853	)
Class B		(852,464	)		(916,857	)
Class C		(27,331,498	)		(18,752,500	)
Class R		(9,286,133	)		(6,758,426	)
Class Y		(25,445,697	)		(28,688,490	)
Class R5		(9,411,972	)		(6,188,617	)
Total distributions from net realized gains		(162,935,278	)		(132,504,743	)
Share transactions–net:
Class A		(88,653,328	)		(140,909,514	)
Class B		(960,874	)		(3,398,328	)
Class C		(2,538,965	)		(17,809,047	)
Class R		(7,773,269	)		(11,731,066	)
Class Y		(43,089,014	)		(104,389,400	)
Class R5		(10,311,968	)		(1,476,849	)
Net increase (decrease) in net assets resulting from share transactions		(153,327,418	)		(279,714,204	)
Net increase (decrease) in net assets		(300,092,272	)		(534,393,056	)
Net assets:
Beginning of year		850,657,086			1,385,050,142
End of year (includes undistributed net investment income (loss) of $(3,138,618) and $(9,250,127), respectively)	$	550,564,814		$	850,657,086

Notes to Financial Statements

October 31, 2016

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-two 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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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.

Effective the open of business on October 17, 2016, the Fund re-opened public sales of its shares to all investors.

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

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

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

12                         Invesco Select Companies 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.

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 the daily mark-to-market obligation for forward foreign currency contracts.

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

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, 2016, the effective advisory fees incurred by the Fund was 0.73%.

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

The Adviser has contractually agreed, through at least June 30, 2017, 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%, respectively of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee 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, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $90,317.

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, 2016, 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, 2016, 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $1,461 in front-end sales commissions from the sale of Class A shares and $641 and $242 from Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the year ended October 31, 2016, the Fund incurred $4,426 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.

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, 2016. 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
Common Stocks	$	525,105,130	$	7,114	$	0	$	525,112,244
Money Market Funds		31,343,039		—		—		31,343,039
Total Investments	$	556,448,169	$	7,114	$	0	$	556,455,283

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, 2016.

	Value 10/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 10/31/16		Dividend Income
America’s Car-Mart, Inc.	$	32,258,737	$	—	$	(10,050,796	)	$	6,482,125		$	(1,814,728	)	$	26,875,338	$	—
American Public Education Inc.(a)		24,773,765		—		(12,690,730	)		5,110,338			(3,583,539	)		13,609,834		—
Encore Capital Group, Inc.		65,010,313		—		—			(33,303,809	)		—			31,706,504		—
Hampshire Group, Ltd.		88,924		—		—			(81,810	)		—			7,114		—
ION Geophysical Corp.		5,208,597		—		0			328,470			0			5,537,067		—
Performant Financial Corp.		12,767,823		—		—			3,758,493			—			16,526,316		—
Total	$	140,108,159	$	—	$	(22,741,526	)	$	(17,706,193	)	$	(5,398,267	)	$	94,262,173	$	—

^(a)  As of October 31, 2016, this security is no longer considered as an affiliate of the 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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,716.

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.

16                         Invesco Select Companies 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, 2016 and 2015:

	2016		2015
Long-term capital gain	$	162,935,278	$	132,504,743

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	19,965,493
Net unrealized appreciation — investments		6,914,281
Net unrealized appreciation (depreciation) — other investments		(284	)
Temporary book/tax differences		(162,787	)
Late-Year ordinary loss deferral		(2,975,831	)
Shares of beneficial interest		526,823,942
Total net assets	$	550,564,814

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, 2016.

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, 2016 was $117,318,299 and $309,742,719, 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	$	171,073,591
Aggregate unrealized (depreciation) of investment securities		(164,159,310	)
Net unrealized appreciation of investment securities	$	6,914,281

Cost of investments for tax purposes is $549,541,002.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating loss, on October 31, 2016, undistributed net investment income (loss) was increased by $9,928,916, undistributed net realized gain was decreased by $2,443,703 and shares of beneficial interest was decreased by $7,485,213. This reclassification had no effect on the net assets of the Fund.

17                         Invesco Select Companies Fund

NOTE 11—Share Information

	Summary of Share Activity
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		1,203,364		$	19,243,385			1,412,942		$	31,995,201
Class B		1,546			21,378			3,991			75,134
Class C		69,465			978,040			108,970			2,269,796
Class R		378,007			5,747,730			489,174			10,794,717
Class Y		921,734			15,071,060			754,311			17,155,525
Class R5		446,188			7,561,416			506,037			11,854,368
Issued as reinvestment of dividends:
Class A		5,815,428			85,254,170			3,010,749			66,718,192
Class B		61,365			794,066			42,091			854,027
Class C		2,045,411			26,406,259			881,605			17,861,315
Class R		657,658			9,286,133			313,180			6,758,426
Class Y		1,568,201			23,381,875			1,152,785			25,822,392
Class R5		603,276			9,338,706			264,206			6,089,938
Automatic conversion of Class B shares to Class A shares:
Class A		71,499			1,143,484			133,661			2,972,639
Class B		(81,026	)		(1,143,484	)		(146,438	)		(2,972,639	)
Reacquired:
Class A		(12,105,276	)		(194,294,367	)		(10,911,072	)		(242,595,546	)
Class B		(44,170	)		(632,834	)		(66,806	)		(1,354,850	)
Class C		(2,101,670	)		(29,923,264	)		(1,894,478	)		(37,940,158	)
Class R		(1,485,324	)		(22,807,132	)		(1,329,652	)		(29,284,209	)
Class Y		(4,863,702	)		(81,541,949	)		(6,613,315	)		(147,367,317	)
Class R5		(1,608,274	)		(27,212,090	)		(851,150	)		(19,421,155	)
Net increase (decrease) in share activity		(8,446,300	)	$	(153,327,418	)		(12,739,209	)	$	(279,714,204	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 32% 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 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 10/31/16	$	20.44	$	(0.08	)	$	0.56		$	0.48		$	—		$	(4.20	)	$	(4.20	)	$	16.72		5.22	%	$	305,003		1.24	%(d)		1.25	%(d)		(0.53	)%(d)		20	%
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			1.20			(0.86	)		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
Class B
Year ended 10/31/16		18.59		(0.18	)		0.44			0.26			—			(4.20	)		(4.20	)		14.65		4.36			2,261		1.99	(d)		2.00	(d)		(1.28	)(d)		20
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			1.95			(1.61	)		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
Class C
Year ended 10/31/16		18.57		(0.18	)		0.44			0.26			—			(4.20	)		(4.20	)		14.63		4.39			99,413		1.99	(d)		2.00	(d)		(1.28	)(d)		20
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			1.95			(1.61	)		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
Class R
Year ended 10/31/16		19.86		(0.12	)		0.52			0.40			—			(4.20	)		(4.20	)		16.06		4.90			29,623		1.49	(d)		1.50	(d)		(0.78	)(d)		20
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			1.45			(1.11	)		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
Class Y
Year ended 10/31/16		20.71		(0.04	)		0.57			0.53			—			(4.20	)		(4.20	)		17.04		5.44			81,269		0.99	(d)		1.00	(d)		(0.28	)(d)		20
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			0.95			(0.61	)		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
Class R5
Year ended 10/31/16		21.33		(0.03	)		0.61			0.58			—			(4.20	)		(4.20	)		17.71		5.54			32,996		0.89	(d)		0.90	(d)		(0.18	)(d)		20
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			0.88			(0.54	)		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

^(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 $353,044, $2,876, $105,653, $35,367, $97,417, and $38,269 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 shares, respectively.

19                         Invesco Select Companies Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees

and Shareholders of the 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 the Invesco Select Companies Fund (the “Fund”) as of October 31, 2016, 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 as of October 31, 2016 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

Houston, Texas

December 21, 2016

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, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/16)1		Expenses Paid During Period2		Ending Account Value (10/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,048.30	$	6.44	$	1,018.85	$	6.34		1.25	%
B		1,000.00		1,043.40		10.27		1,015.08		10.13		2.00
C		1,000.00		1,044.30		10.28		1,015.08		10.13		2.00
R		1,000.00		1,046.30		7.72		1,017.60		7.61		1.50
Y		1,000.00		1,049.30		5.15		1,020.11		5.08		1.00
R5		1,000.00		1,049.80		4.69		1,020.56		4.62		0.91

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s

evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 Broadridge 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 fifth quintile of its performance universe for the one and three year periods and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. Invesco Advisers noted that performance was affected by negative stock selection in several sectors. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

22                         Invesco Select Companies Fund

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 Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge 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, based on asset balances as of December 31, 2015. 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 and a report from an independent consultant engaged by the Senior Officer 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 Broadridge 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 certain 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 that the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and was 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, 2016:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	162,935,278
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.

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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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.

	Annual Report to Shareholders	October 31, 2016
	Invesco International Total Return Fund
	Effective December 1, 2016, after the close of the reporting period,
	Invesco International Total Return Fund was renamed Invesco World Bond Fund.
	Nasdaq:
	A: AUBAX  ∎  B: AUBBX  ∎  C: AUBCX  ∎  Y: AUBYX  ∎  R5: AUBIX  ∎  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.     In December 2015, the US Federal Reserve raised short-term interest rates for the first time since 2006, signaling its belief that the economy was likely to continue strengthening. Indeed, throughout the reporting period, US economic data were generally positive and the economy expanded at a moderate rate – but there were some bumps along the road. Job growth in May 2016 was very weak, but it was followed by strong increases in nonfarm payrolls in June and July. Increased concerns about global economic weakness caused US stock market indexes to sink at the start of calendar year 2016, but they eventually recovered; they sank again following

the UK’s decision to leave the European Union, but then quickly recovered and reached record highs later in the summer. Strong demand for income-producing investments, particularly those perceived to be lower risk, benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive, news overseas was less upbeat. The European Central Bank, and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. As the fiscal year drew to a close, uncertainty about the outcome of the US presidential election resulted in increased market volatility; the surprise outcome after the close of the reporting period suggested that market volatility may continue for some time to come.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for average results. The investment professionals at Invesco, in contrast, invest with high conviction, take a long-term perspective and have a passion to exceed. Invesco’s pure focus on investment management eliminates possible distractions and means that there are no competing lines of business for us to support. Just as important, we embrace a variety of investment strategies, asset classes and geographies – because we know that no single investment approach meets the diverse needs of all of our clients. We manage all our investment approaches with a passion to exceed. All our investment teams have a highly disciplined, long-term investing style that eliminates short-term decision-making. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

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 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.

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.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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:
	∎	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.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

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

∎ 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, 2016, Class A shares of Invesco International Total Return Fund (the Fund), at net asset value (NAV), outperformed the Fund’s broad market/style-specific index, the Bloomberg Barclays Global Aggregate ex-U.S. Index.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 10/31/15 to 10/31/16, 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	8.02	%
Class B Shares	7.35
Class C Shares	7.24
Class Y Shares	8.40
Class R5 Shares	8.29
Class R6 Shares	8.29
Bloomberg Barclays Global Aggregate ex-U.S. Indexq (Broad Market/Style-Specific Index)	6.47
Lipper International Income Funds Index∎ (Peer Group Index)	5.13
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

The fiscal year began in the midst of heightened global financial market volatility triggered by a significant sell-off in Chinese equities over economic growth concerns and uncertainty regarding China’s monetary and fiscal policy. In January, the confluence of global growth concerns with respect to emerging economies such as China and the effect of slower growth with respect to oil demand and lower oil prices and the impact that this had on energy company profits and firm solvency all came together to produce a “perfect storm” that roiled global financial markets. From just before the end of 2015 through mid-February, 10-year global government yields plummeted while government bond prices rose. Government bonds played their traditional role of buffering risk-asset volatility such as that of equities. Riskier asset

classes such as equities, commodities and bonds that carry credit risks associated with them (such as high yield and emerging market debt) posted significant losses.

    With respect to global central bank policy, the US Federal Reserve (the Fed) raised interest rates in December 2015 – its first increase since 2006. Realizing the systemic risks from the fallout of financial markets and the subsequent financial tightening – which could significantly hamper economic growth and overall economic health – global central banks quickly acted to provide liquidity and more accommodative monetary policy measures to help spur growth. In the case of the Fed, it was more rhetoric as it adopted language stating that risks to the economy would slow the frequency of rate hikes and that the neutral rate would likely be lower than it has been historically. In September 2016, the Fed decided against raising short-term rates again, but signaled that a

Portfolio Composition
By sector	% of total net assets

Sovereign Debt	46.1	%
Financials	20.3
Industrials	4.7
Energy	4.3
Telecommunication Services	3.9
Collateralized Mortgage Obligations	3.6
Utilities	3.6
Consumer Staples	2.6
Information Technology	2.6
Consumer Discretionary	1.6
Other Sectors, Each Less than 2%	1.7
Money Market Funds Plus Other Assets Less Liabilities	5.0

Top 5 Debt Issuers*
	% of total net assets

1.	Italy Buoni Poliennali Del Tesoro	9.0	%
2.	Spain Government Bond	4.9
3.	Ireland Government Bond	4.8
4.	United Kingdom Gilt	4.3
5.	Asian Development Bank	3.5

Total Net Assets	$	44.9 million
Total Number of Holdings*		94

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, 2016.

December hike would be likely. The Bank of Japan and the European Central Bank adopted negative interest rates in an attempt to stimulate growth by forcing investors to spend rather than save. These actions, together with the stabilization of oil prices, calmed markets and induced a significant rally across most risk asset classes. Additionally, the Bank of Japan adjusted its monetary policy in September in an effort to manage the steepness of its yield curve. This softened Japanese demand for US Treasuries, which helped to steepen the US yield curve as Japanese investors sold US Treasuries to purchase Japanese government bonds.

    Geopolitics in the form of the UK vote to leave the European Union did its part to reignite volatility. However, it was short-lived as central banks remained diligent in their commitment to keep financial markets functioning and promote economic growth. The UK vote, coupled with negative global government interest rates, had the effect of driving the 10-year US Treasury yield to an all-time low of 1.37%.¹ The 10-year US Treasury yield ended the reporting period at 1.84%, 32 basis points lower than at the beginning of the reporting period.¹ (A basis point is one one-hundredth of a percentage point.)

    All fixed income sectors (Treasuries, government-related, corporate and securitized debt) posted positive returns for the fiscal year. Exposure to global high yield and emerging market debt provided strong gains despite concerns over global growth, volatile commodity prices and the specter of Fed interest rate hikes. Helping to support returns in high yield and emerging market debt were very accommodative central bank policies, signs of recovery in various emerging market economies, and global demand for assets carrying adequate yields.

    The Fund, at NAV, outperformed its broad market/style-specific benchmark, the Bloomberg Barclays Global Aggregate ex-U.S. Index, for the reporting period. Exposure to high yield corporate credit was one of the most notable contributors to the Fund’s relative performance. Overweight exposure and security selection within US dollar-denominated investment grade credit also added to performance relative to the Fund’s broad market/style-specific index. Security selection within high yield corporate credit detracted from the Fund’s relative performance. The Fund’s exposure to derivatives, which are used to hedge credit risk,

4                         Invesco International Total Return Fund

also detracted from relative returns. With respect to foreign currency, the Fund’s exposure to the British pound, the Chinese renminbi and Canadian dollar contributed to relative performance, while exposure to the euro, Japanese yen and Mexican peso detracted from Fund returns.

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 Fund performance versus the Fund’s 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.

Please note that 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 investment risks. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

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

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. The risk may be greater in the current market environment because interest rates are at or near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates

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

Thank you for investing in Invesco International Total Return Fund and for sharing our long-term investment horizon.

1  Source: US Department of Treasury

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.

Raymund 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)

Fund and index data from 10/31/06

1 Source: Lipper Inc.

2 Source: FactSet Research Systems Inc.

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 9

About indexes used in this report

∎ The Bloomberg Barclays Global Aggregate ex-U.S. Index is an unmanaged index considered representative of bonds of foreign countries.

∎ The Lipper International Income Funds Index is an unmanaged index considered representative of international income funds tracked by Lipper.

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

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

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.

∎ 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 International Total Return Fund

Average Annual Total Returns
As of 10/31/16, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	3.21	%
10 Years	2.79
5 Years	-0.30
1 Year	3.39
Class B Shares
Inception (3/31/06)	3.04	%
10 Years	2.63
5 Years	-0.52
1 Year	2.35
Class C Shares
Inception (3/31/06)	2.85	%
10 Years	2.46
5 Years	-0.18
1 Year	6.24
Class Y Shares
10 Years	3.44	%
5 Years	0.83
1 Year	8.40
Class R5 Shares
Inception (3/31/06)	3.89	%
10 Years	3.49
5 Years	0.83
1 Year	8.29
Class R6 Shares
10 Years	3.34	%
5 Years	0.78
1 Year	8.29

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

Average Annual Total Returns

As of 9/30/16, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (3/31/06)	3.60	%
10 Years	3.26
5 Years	0.77
1 Year	7.88
Class B Shares
Inception (3/31/06)	3.43	%
10 Years	3.11
5 Years	0.54
1 Year	6.82
Class C Shares
Inception (3/31/06)	3.24	%
10 Years	2.93
5 Years	0.89
1 Year	10.71
Class Y Shares
10 Years	3.91	%
5 Years	1.91
1 Year	12.92
Class R5 Shares
Inception (3/31/06)	4.28	%
10 Years	3.97
5 Years	1.91
1 Year	12.80
Class R6 Shares
10 Years	3.81	%
5 Years	1.84
1 Year	12.80

report for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares was 1.10%, 1.85%, 1.85%, 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 1.72%, 2.47%, 2.47%, 1.47%, 1.16% and 1.16%, 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.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2016, 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

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

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

∎ 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

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

∎ 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. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

∎ Collateralized loan obligations risk. CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CLOs may also lose

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

∎ Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ 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.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

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

∎ 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, 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.

∎ Foreign government debt risk. Investments in foreign government debt securities (sometimes referred to as sovereign debt securities) 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.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ High yield debt securities (junk bond) risk. Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with

respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

∎ Liquidity risk. The Fund may be unable to sell illiquid investments at the time or price it desires and, as a result, could lose its entire investment in such investments. Liquid securities can become illiquid during periods of market stress. If a significant amount of the Fund’s securities become illiquid, the Fund may not be able to timely pay redemption proceeds and may need to sell securities at significantly reduced prices.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ Mortgage- and asset-backed securities risk. Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates

could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. The Fund may invest in mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages. Privately issued mortgage-related securities are not subject to the same underwriting requirements as those with government or government-sponsored entity guarantee and, therefore, mortgage loans underlying privately issued mortgage-related securities may have less favorable collateral, credit risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics.

∎ When-issued, delayed delivery and forward commitment risks. When-issued and delayed delivery transactions subject the Fund to market risk because the value or yield of a security at delivery may be more or less than the purchase price or yield generally available when delivery occurs, and counter-party risk because the Fund relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging effect on the Fund because the Fund commits to purchase securities that it does not have to pay for until a later date, which increases the Fund’s overall investment exposure and, as a result, its volatility.

∎ 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 loans that periodically pay interest.

continued on page 6

9                         Invesco International Total Return Fund

Schedule of Investments

October 31, 2016

	Principal Amount		Value
Non U.S. Dollar Denominated Bonds & Notes–67.46%(a)
Australia–1.71%
Australia Government Bond, REGS, Sr. Unsec. Australian Bonds, 3.75%, 04/21/2037(b)	AUD	900,000	$	770,685
Austria–1.05%
OMV AG, REGS, Jr. Unsec. Sub. Euro Bonds, 6.75%(b)(c)	EUR	400,000		471,146
Belgium–1.15%
Anheuser-Busch InBev SA/NV, REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 4.00%, 09/24/2025(b)	GBP	200,000		282,735
Solvay Finance S.A., REGS, Jr. Unsec. Gtd. Sub. Euro Bonds, 5.12%(b)(c)	EUR	200,000		235,820
				518,555
Canada–5.39%
City of Ottawa, Unsec. Canadian Bonds, 3.10%, 07/27/2048	CAD	500,000		359,105
Province of British Columbia
Sr. Unsec. Bonds,
6.60%, 01/09/2020(b)	INR	30,000,000		448,535
Unsec. Bonds,
2.80%, 06/18/2048	CAD	290,000		218,762
Province of Ontario Canada, Unsec. Canadian Bonds, 3.45%, 06/2/2045	CAD	1,670,000		1,395,690
				2,422,092
Denmark–0.47%
Danske Bank A/S, Jr. Unsec. Sub. Medium-Term Euro Notes, 5.68%(c)	GBP	170,000		210,751
France–4.14%
Électricité de France S.A., REGS, Jr. Unsec. Sub. Medium-Term Euro Notes, 4.13%(b)(c)	EUR	200,000		221,304
French Republic Government Bond OAT, REGS, Unsec. Euro Bonds, 1.75%, 05/25/2066(b)	EUR	1,000,000		1,166,777
Orange S.A., REGS, Jr. Unsec. Sub. Euro Notes, 5.88%(b)(c)	GBP	200,000		264,366
TOTAL S.A., REGS, Jr. Unsec. Sub. Medium-Term Euro Notes, 2.63%(b)(c)	EUR	200,000		211,015
				1,863,462
Germany–4.12%
EnBW Energie Baden-Wuerttemberg AG, REGS, Jr. Unsec. Sub. Medium-Term Euro Notes, 7.38%, 04/02/2072(b)	EUR	120,000		135,442

	Principal Amount		Value
Germany–(continued)
HeidelbergCement Finance Luxembourg S.A., REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 3.25%, 10/21/2021(b)	EUR	100,000	$	122,262
KfW, Sr. Unsec. Gtd. Global Notes, 2.05%, 02/16/2026	JPY	100,000,000		1,155,789
RWE AG, REGS, Jr. Unsec. Sub. Euro Notes, 7.00%(b)(c)	GBP	200,000		257,325
Volkswagen International Finance N.V., REGS, Jr. Unsec. Gtd. Sub. Euro Bonds, 3.88%(b)(c)	EUR	160,000		180,031
				1,850,849
Ireland–4.79%
Ireland Government Bond, REGS, Unsec. Euro Bonds, 1.00%, 05/15/2026(b)	EUR	1,900,000		2,154,810
Italy–9.03%
Italy Buoni Poliennali Del Tesoro, Unsec. Euro Bonds, 1.60%, 06/1/2026	EUR	3,700,000		4,061,712
Japan–2.72%
Government of Japan Forty Year Bond, Series 8, Sr. Unsec. Bonds, 1.40%, 03/20/2055	JPY	100,000,000		1,224,597
Mexico–3.74%
Mexican Bonos, Series M, Sr. Unsec. Bonds, 5.00%, 12/11/2019	MXN	25,000,000		1,295,215
Petróleos Mexicanos, REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 2.75%, 04/21/2027(b)	EUR	400,000		387,754
				1,682,969
Netherlands–3.98%
Achmea B.V., Series 1, Jr. Unsec. Sub. Medium-Term Euro Notes, 6.00%(c)	EUR	500,000		568,989
Coöperatieve Rabobank U.A., REGS, Jr. Unsec. Sub. Euro
Bonds, 5.50%(b)(c)	EUR	200,000		221,609
Unsec. Sub. Euro Bonds,
3.88%, 07/25/2023(b)	EUR	600,000		765,500
Koninklijke KPN N.V., REGS, Jr. Unsec. Sub. Euro Notes, 6.13%(b)(c)	EUR	200,000		236,016
				1,792,114
Norway–0.62%
DNB Bank ASA, REGS, Unsec. Sub. Medium-Term Euro Notes, 4.75%, 03/8/2022(b)	EUR	250,000		279,053

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

10                         Invesco International Total Return Fund

	Principal Amount		Value
Russia–2.13%
Russian Federal Bond — OFZ, Series 6214, Unsec. Bonds, 6.40%, 05/27/2020	RUB	65,000,000	$	960,012
South Korea–2.64%
Korea Treasury Bond, Series 2403, Sr. Unsec. Bonds, 3.50%, 03/10/2024	KRW	1,200,000,000		1,186,985
Spain–5.13%
Spain Government Bond, REGS, Sr. Unsec. Euro Bonds,
1.30%, 10/31/2026(b)	EUR	600,000		664,181
5.90%, 07/30/2026(b)	EUR	970,000		1,526,752
Telefónica Europe B.V., REGS, Jr. Unsec. Gtd. Sub. Euro Bonds, 6.50%(b)(c)	EUR	100,000		117,298
				2,308,231
Supranational–3.49%
Asian Development Bank, Series 339-00-1, Sr. Unsec. Medium-Term Global Notes, 2.35%, 06/21/2027	JPY	130,000,000		1,567,948
United Kingdom–8.17%
AA Bond Co. Ltd., REGS, Sec. Second Lien Euro Notes, 5.50%, 07/31/2022(b)	GBP	200,000		244,582
Boparan Finance PLC, REGS, Sr. Sec. Gtd. First Lien Euro Notes, 5.50%, 07/15/2021(b)	GBP	200,000		224,567
Direct Line Insurance Group PLC, REGS, Unsec. Gtd. Sub. Euro Notes, 9.25%, 04/27/2042(b)	GBP	150,000		223,434
Moto Finance PLC, REGS, Sec. Gtd. Second Lien Euro Notes, 6.38%, 09/1/2020(b)	GBP	200,000		255,779
Nationwide Building Society, Jr. Unsec. Sub. Euro Bonds, 6.00%(c)	GBP	200,000		245,704
NGG Finance PLC, REGS, Unsec. Gtd. Sub. Euro Notes, 5.63%, 06/18/2073(b)	GBP	250,000		342,282
Scottish Widows Ltd., REGS, Unsec. Sub. Euro Notes, 5.50%, 06/16/2023(b)	GBP	150,000		194,297
United Kingdom Gilt, REGS, Unsec. Bonds, 1.50%, 07/22/2026(b)	GBP	1,550,000		1,942,377
				3,673,022
United States–2.99%
Apple Inc., REGS, Sr. Unsec. Medium-Term Notes, 3.70%, 08/28/2022(b)	AUD	1,100,000		870,284
Goldman Sachs Group, Inc. (The), REGS, Sr. Unsec. Medium-Term DIP Notes, 5.00%, 08/8/2018(b)	AUD	600,000		473,006
				1,343,290
Total Non U.S. Dollar Denominated Bonds & Notes (Cost $30,762,749)				30,342,283

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–23.85%
Bahrain–1.01%
Bahrain Government International Bond, Sr. Unsec. Bonds, 7.00%, 10/12/2028(b)	$	440,000	$	454,300
Brazil–2.44%
BRF GmbH, Sr. Unsec. Gtd. Notes, 4.35%, 09/29/2026(b)		200,000		194,500
Minerva Luxembourg S.A., Sr. Unsec. Gtd. Notes, 6.50%, 09/20/2026(b)		471,000		464,510
Odebrecht Finance Ltd., REGS, Sr. Unsec. Gtd. Euro Notes, 5.25%, 06/27/2029(b)		200,000		98,000
Petrobras Global Finance B.V., Sr. Unsec. Gtd. Global Notes, 8.75%, 05/23/2026		300,000		338,625
				1,095,635
Canada–0.48%
Air Canada Pass Through Trust, Series 2015-1, Class B, Sec. Second Lien Pass Through Ctfs., 3.88%, 03/15/2023(b)		220,795		215,849
Colombia–0.53%
Avianca Holdings S.A./ Avianca Leasing LLC/ Grupo Taca Holdings, REGS, Sr. Unsec. Gtd. Euro Notes, 8.38%, 05/10/2020(b)		200,000		198,000
Pacific Exploration & Production Corp., REGS, Sr. Unsec. Gtd. Euro Notes, 5.63%, 01/19/2025(b)(d)		200,000		41,000
				239,000
Georgia–0.66%
BGEO Group JSC, Sr. Unsec. Bonds, 6.00%, 07/26/2023(b)		285,000		294,045
India–1.14%
Delhi International Airport (Pvt.) Ltd., Sr. Sec. First Lien Bonds, 6.13%, 10/31/2026(b)		500,000		514,424
Indonesia–0.61%
Listrindo Capital B.V., Sr. Unsec. Gtd. Notes, 4.95%, 09/14/2026(b)		271,000		274,248
Jamaica–0.40%
Digicel Group Ltd., REGS, Sr. Unsec. Gtd. Euro Notes, 6.75%, 03/1/2023(b)		200,000		180,440
Kuwait–0.89%
Equate Petrochemical B.V., Sr. Unsec. Gtd. Notes, 4.25%, 11/3/2026(b)		405,000		402,262

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

11                         Invesco International Total Return Fund

	Principal Amount		Value
Mexico–1.82%
Mexico City Airport Trust, Sr. Sec. Notes, 4.25%, 10/31/2026(b)	$	219,000	$	223,565
SixSigma Networks México, S.A. de C.V., REGS, Sr. Unsec. Gtd. Euro Notes, 8.25%, 11/7/2021(b)		200,000		196,500
Unifin Financiera, S.A.B. de C.V., SOFOM, E.N.R., Sr. Unsec. Gtd. Bonds, 7.25%, 09/27/2023(b)		400,000		399,578
				819,643
Netherlands–1.43%
AerCap Global Aviation Trust, Jr. Unsec. Gtd. Sub. Notes, 6.50%, 06/15/2045(b)		267,000		275,010
GTH Finance B.V., Sr. Unsec. Gtd. Notes, 7.25%, 04/26/2023(b)		343,000		368,296
				643,306
Pakistan–1.14%
Third Pakistan International Sukuk Co. Ltd. (The), Sr. Unsec. Bonds, 5.50%, 10/13/2021(b)		500,000		510,658
Russia–1.56%
Credit Bank of Moscow Via CBOM Finance PLC, Sr. Unsec. Notes, 5.88%, 11/7/2021(b)		400,000		400,000
Polyus Gold International Ltd., Sr. Unsec. Gtd. Bonds, 4.70%, 03/28/2022(b)		300,000		300,000
				700,000
South Africa–1.72%
Eskom Holdings SOC Ltd., REGS, Sr. Unsec. Euro Notes, 7.13%, 02/11/2025(b)		360,000		373,424
MTN (Mauritius) Investments Ltd., Sr. Unsec. Gtd. Notes, 6.50%, 10/13/2026(b)		394,000		401,388
				774,812
Sri Lanka–0.85%
Sri Lanka Government International Bond, Sr. Unsec. Bonds, 6.83%, 07/18/2026(b)		362,000		383,303
Switzerland–0.45%
UBS AG, REGS, Unsec. Sub. Medium-Term Euro Notes, 7.25%, 02/22/2022(b)		200,000		203,203
United States–6.72%
Ally Financial Inc., Unsec. Sub. Global Notes, 5.75%, 11/20/2025		143,000		147,648
AMC Entertainment Holdings, Inc., Sr. Unsec. Sub. Notes, 5.88%, 11/15/2026(b)		75,000		75,750

	Principal Amount		Value
United States–(continued)
Antero Midstream Partners LP/Antero Midstream Finance Corp., Sr. Unsec. Gtd. Notes, 5.38%, 09/15/2024(b)	$	110,000	$	111,375
BMC East, LLC, Sr. Sec. Gtd. First Lien Notes, 5.50%, 10/1/2024(b)		87,000		88,958
Callon Petroleum Co., Sr. Unsec. Gtd. Notes, 6.13%, 10/1/2024(b)		170,000		175,950
Cantor Fitzgerald, L.P., Unsec. Notes, 6.50%, 06/17/2022(b)		246,000		266,446
Centene Corp., Sr. Unsec. Notes, 4.75%, 01/15/2025		92,000		92,230
EarthLink Holdings Corp., Sr. Unsec. Gtd. Global Notes, 8.88%, 05/15/2019		69,000		70,725
JPMorgan Chase & Co., Series Z, Jr. Unsec. Sub. Global Notes, 5.30%(c)		300,000		304,500
Micron Technology, Inc., Series G, Sr. Unsec. Conv. Global Bonds, 3.00%, 11/15/2028(e)		250,000		221,719
Navios Maritime Acquisition Corp./ Navios Acquisition Finance U.S. Inc., Sr. Sec. Gtd. First Lien Mortgage Notes, 8.13%, 11/15/2021 (Acquired 08/21/2015; Cost $192,500)(b)		200,000		151,500
RSP Permian, Inc., Sr. Unsec. Gtd. Global Notes, 6.63%, 10/1/2022		200,000		212,000
Sirius XM Radio Inc., Sr. Unsec. Gtd. Notes, 5.38%, 07/15/2026(b)		200,000		204,000
TransDigm Inc., Sr. Unsec. Gtd. Sub. Notes, 6.38%, 06/15/2026(b)		192,000		197,520
United Rentals (North America), Inc., Sr. Unsec. Gtd. Notes, 3.45%, 05/15/2027		150,000		150,750
Wabtec Corp., Sr. Unsec. Gtd. Notes, 3.45%, 11/15/2026(b)		227,000		226,921
Wells Fargo & Co., Series U, Jr. Unsec. Sub. Global Notes, 5.88%(c)		300,000		322,125
				3,020,117
Total U.S. Dollar Denominated Bonds & Notes (Cost $10,586,428)				10,725,245
Collateralized Mortgage Obligations–3.66%
United States–3.66%
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-2, Class A1, Floating Rate Pass Through Ctfs., 2.92%, 03/25/2035(f)		143,962		145,035

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)
BLCP Hotel Trust, Series 2014-CLRN, Class C, Floating Rate Pass Through Ctfs., 2.49%, 08/15/2029(b)(f)	$	450,000	$	444,947
GMACM Mortgage Loan Trust, Series 2006-AR1, Class 1A1, Variable Rate Pass Through Ctfs., 3.41%, 04/19/2036(f)		208,566		186,976
JP Morgan Mortgage Trust Series 2007-A1, Class 2A2, Variable Rate Pass Through Ctfs., 3.06%, 07/25/2035(f)		215,881		211,831
Series 2007-A4, Class 3A1,
Variable Rate Pass Through Ctfs., 4.64%, 06/25/2037(f)		226,348		200,602
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, Floating Rate Pass Through Ctfs. 2.85%, 11/25/2035(f)		136,232		135,018
WaMu Mortgage Pass-Through Trust, Series 2005-AR12, Class 1A8, Variable Rate Pass Through Ctfs., 2.74%, 10/25/2035(f)		205,966		200,871

	Principal Amount		Value
United States–(continued)
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR14, Class A1, Variable Rate Pass Through Ctfs., 3.01%, 08/25/2035(f)	$	121,515	$	122,170
Total Collateralized Mortgage Obligations (Cost $1,657,592)				1,647,450
Money Market Funds–2.18%
Government & Agency Portfolio–Institutional Class, 0.29%(g)		587,197		587,197
Treasury Portfolio–Institutional Class, 0.22%(g)		391,464		391,464
Total Money Market Funds (Cost $978,661)				978,661
TOTAL INVESTMENTS–97.15% (Cost $43,985,430)				43,693,639
OTHER ASSETS LESS LIABILITIES–2.85%				1,283,760
NET ASSETS–100.00%			$	44,977,399

Investment Abbreviations:

AUD	– Australian Dollar
CAD	– Canadian Dollar
Conv.	– Convertible
Ctfs.	– Certificates
DIP	– Debtor-in-possession
EUR	– Euro
GBP	– British Pound Sterling
Gtd.	– Guaranteed
JPY	– Japanese Yen
Jr.	– Junior
KRW	– South Korean Won
MXN	– Mexican New Peso
REGS	– Regulation S
RUB	– Russian Ruble
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, 2016 was $25,200,894, which represented 56.03% of the Fund’s Net Assets.

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

^(d)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at October 31, 2016 represented less than 1% of the Fund’s Net Assets.

^(e)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(f)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2016.

^(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, 2016.

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, 2016

Assets:
Investments, at value (Cost $43,006,769)	$	42,714,978
Investments in affiliated money market funds, at value and cost		978,661
Total investments, at value (Cost $43,985,430)		43,693,639
Foreign currencies, at value (Cost $112,038)		111,483
Receivable for:
Deposits with brokers for open futures contracts and swap agreements		380,591
Investments sold		3,075,627
Variation margin — futures		4,567
Fund shares sold		171,673
Dividends and interest		473,698
Fund expenses absorbed		13,404
Swaps receivables		1,029
Premiums paid on swap agreements		408,475
Investment for trustee deferred compensation and retirement plans		34,754
Unrealized appreciation on forward foreign currency contracts outstanding		947,318
Other assets		24,641
Total assets		49,340,899
Liabilities:
Payable for:
Investments purchased		2,912,259
Fund shares reacquired		185,521
Swaps payable		5,135
Variation margin — centrally cleared swap agreements		3,263
Accrued fees to affiliates		33,745
Accrued trustees’ and officers’ fees and benefits		1,755
Accrued other operating expenses		67,887
Trustee deferred compensation and retirement plans		36,854
Unrealized depreciation on forward foreign currency contracts outstanding		962,826
Unrealized depreciation on swap agreements — OTC		154,255
Total liabilities		4,363,500
Net assets applicable to shares outstanding	$	44,977,399
Net assets consist of:
Shares of beneficial interest	$	45,735,995
Undistributed net investment income		(114,802	)
Undistributed net realized gain (loss)		(122,341	)
Net unrealized appreciation (depreciation)		(521,453	)
	$	44,977,399

Net Assets:
Class A	$	28,870,017
Class B	$	465,847
Class C	$	5,120,828
Class Y	$	10,509,083
Class R5	$	846
Class R6	$	10,778
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		2,764,519
Class B		44,671
Class C		491,496
Class Y		1,006,956
Class R5		81
Class R6		1,032
Class A:
Net asset value per share	$	10.44
Maximum offering price per share
(Net asset value of $10.44 ¸ 95.75%)	$	10.90
Class B:
Net asset value and offering price per share	$	10.43
Class C:
Net asset value and offering price per share	$	10.42
Class Y:
Net asset value and offering price per share	$	10.44
Class R5:
Net asset value and offering price per share	$	10.44
Class R6:
Net asset value and offering price per share	$	10.44

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, 2016

Investment income:
Interest (net of foreign withholding taxes of $5,581)	$	1,562,146
Dividends from affiliated money market funds		4,181
Total investment income		1,566,327
Expenses:
Advisory fees		294,471
Administrative services fees		50,000
Custodian fees		38,213
Distribution fees:
Class A		68,528
Class B		6,650
Class C		52,110
Transfer agent fees — A, B, C and Y		115,591
Transfer agent fees — R6		86
Trustees’ and officers’ fees and benefits		20,164
Registration and filing fees		74,640
Reports to shareholders		29,854
Professional services fees		54,177
Other		25,966
Total expenses		830,450
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(320,155	)
Net expenses		510,295
Net investment income		1,056,032
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(532,427	)
Foreign currencies		(133,567	)
Forward foreign currency contracts		777,322
Futures contracts		98,438
Option contracts written		31,354
Swap agreements		(429,648	)
		(188,528	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		2,126,267
Foreign currencies		(12,133	)
Forward foreign currency contracts		16,428
Futures contracts		33,097
Option contracts written		(9,698	)
Swap agreements		(261,995	)
		1,891,966
Net realized and unrealized gain		1,703,438
Net increase in net assets resulting from operations	$	2,759,470

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, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	1,056,032		$	977,757
Net realized gain (loss)		(188,528	)		(3,538,480	)
Change in net unrealized appreciation (depreciation)		1,891,966			(564,679	)
Net increase (decrease) in net assets resulting from operations		2,759,470			(3,125,402	)
Return of Capital:
Class A		(180,952	)		(334,679	)
Class B		(4,447	)		(5,037	)
Class C		(34,564	)		(22,195	)
Class Y		(38,737	)		(34,332	)
Class R5		(5	)		(404	)
Class R6		(42,369	)		(234,598	)
Total return of capital		(301,074	)		(631,245	)
Distributions to shareholders from net investment income:
Class A		(230,285	)		—
Class B		(274	)		—
Class C		(5,811	)		—
Class Y		(75,009	)		—
Class R5		(10	)		—
Class R6		(30,564	)		—
Total distributions from net investment income		(341,953	)		—
Distributions to shareholders from net realized gains:
Class A		—			(424,234	)
Class B		—			(23,164	)
Class C		—			(82,956	)
Class Y		—			(58,822	)
Class R5		—			(1,571	)
Class R6		—			(190,546	)
Total distributions from net realized gains		—			(781,293	)
Share transactions–net:
Class A		853,114			(3,774,867	)
Class B		(473,800	)		(848,162	)
Class C		(196,968	)		(969,761	)
Class Y		8,535,582			(3,026,142	)
Class R5		—			(113,619	)
Class R6		(19,308,820	)		8,002,329
Net increase (decrease) in net assets resulting from share transactions		(10,590,892	)		(730,222	)
Net increase (decrease) in net assets		(8,474,449	)		(5,268,162	)
Net assets:
Beginning of year		53,451,848			58,720,010
End of year (includes undistributed net investment income of $(114,802) and $(171,343), respectively)	$	44,977,399		$	53,451,848

Notes to Financial Statements

October 31, 2016

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 open-end

16                         Invesco International Total Return Fund

series management investment company consisting of twenty-two 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 Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met 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.

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.

17                         Invesco International Total Return 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 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.

18                         Invesco International Total Return 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 Statement of Operations.

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

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

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

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

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on 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

19                         Invesco International Total Return 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 Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

N. Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s 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, recorded as

20                         Invesco International Total Return Fund

a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. 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, 2016 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. Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

P. 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	.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, 2016, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least 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%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee 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. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $204,477 and reimbursed class level expenses of $80,139, $1,944, $15,234, $17,545 and $86 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, 2016, 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, 2016, 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

21                         Invesco International Total Return Fund

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, 2016, 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, 2016, IDI advised the Fund that IDI retained $4,775 in front-end sales commissions from the sale of Class A shares and $28, $320 and $160 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, 2016. 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
Non U.S. Denominated Bonds & Notes	$		$	30,342,283		$	—	$	30,342,283
U.S. Denominated Bonds & Notes				10,725,245			—		10,725,245
Collateralized Mortgage Obligations		—		1,647,450			—		1,647,450
Money Market Funds		978,661		—			—		978,661
		978,661		42,714,978			—		43,693,639
Forward Foreign Currency Contracts*		—		(15,508	)		—		(15,508	)
Futures Contracts*		53,023		—			—		53,023
Swap Agreements*		—		(261,995	)		—		(261,995	)
Total Investments	$	1,031,684	$	42,437,475		$	—	$	43,469,159

* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

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

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

22                         Invesco International Total Return Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2016:

	Value
Derivative Assets	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	—		$	—		$	—		$	53,023		$	53,023
Unrealized appreciation on forward foreign currency contracts outstanding(b)		—			947,318			—			—			947,318
Total Derivative Assets	$	—		$	947,318		$	—		$	53,023			1,000,341
Derivatives not subject to master netting agreements		—			—			—			(53,023	)		(53,023	)
Total Derivative Assets subject to master netting agreements	$	—		$	947,318		$	—		$	—		$	947,318
	Value
Derivative Liabilities	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on swap agreements — OTC(c)	$	(142,908	)	$	—		$	(11,347	)	$	—		$	(154,255	)
Unrealized depreciation forward foreign currency contracts outstanding(b)		—			(962,826	)		—			—			(962,826	)
Unrealized depreciation on swap agreements — Centrally Cleared(d)		(15,508	)		—			—			(92,232	)		(107,740	)
Total Derivative Liabilities	$	(158,416	)	$	(962,826	)	$	(11,347	)	$	(92,232	)	$	(1,224,821	)
Derivatives not subject to master netting agreements		15,508			—			—			92,232			107,740
Total Derivative Liabilities subject to master netting agreements	$	(142,908	)	$	(962,826	)	$	(11,347	)	$	—		$	(1,117,081	)

^(a)  Includes cumulative appreciation on futures contracts. 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)  Values are disclosed on the Statement of Assets and Liabilities under the caption Unrealized depreciation on swap agreements — OTC.

^(d)  Includes cumulative appreciation (depreciation) on swap agreements. Only current day’s variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either and ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2016.

	Financial Derivative Assets						Financial Derivative Liabilities												Collateral (Received)/ Pledged				Net amount
Counterparty	Forward foreign currency contracts		Swap agreements		Total assets		Forward foreign currency contracts			Swap agreements			Total liabilities			Net value of derivatives			Non-Cash		Cash
Barclays Bank PLC	$	—	$	93,727	$	93,727	$	—		$	(20,736	)	$	(20,736	)	$	72,991		$	—	$	—	$	72,991
Citibank, N.A.		—		1,029		1,029		—			(11,347	)		(11,347	)		(10,318	)		—		—		(10,318	)
Citigroup Global Markets Inc.		137,768		—		137,768		(165,849	)		—			(165,849	)		(28,081	)		—		—		(28,081	)
Deutsche Bank Securities		110,231		—		110,231		(117,917	)		—			(117,917	)		(7,686	)		—		—		(7,686	)
Goldman Sachs International		492,003		314,748		806,751		(476,226	)		(127,307	)		(603,533	)		203,218			—		—		203,218
JPMorgan Chase Bank, N.A.		56,077		—		56,077		(97,568	)		—			(97,568	)		(41,491	)		—		—		(41,491	)
Merrill Lynch International		85,354		—		85,354		(89,104	)		—			(89,104	)		(3,750	)		—		—		(3,750	)
Morgan Stanley & Co. LLC		14,025		—		14,025		(11,915	)		—			(11,915	)		2,110			—		—		2,110
RBC Capital Markets Corp.		36,352		—		36,352		—			—			—			36,352			—		—		36,352
TD Bank, N.A.		15,508		—		15,508		(4,247	)		—			(4,247	)		11,261			—		—		11,261
Total	$	947,318	$	409,504	$	1,356,822	$	(962,826	)	$	(159,390	)	$	(1,122,216	)	$	234,606		$	—	$	—	$	234,606

23                         Invesco International Total Return Fund

Effect of Derivative Investments for the year ended October 31, 2016

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

	Location of Gain (Loss) on Statement of Operations
	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	—		$	777,322		$	—		$	—		$	777,322
Futures contracts		—			—			—			98,438			98,438
Options purchased(a)		—			(9,790	)		—			(38,500	)		(48,290	)
Options written		—			22,104			—			9,250			31,354
Swap agreements		(65,449	)		—			(116,182	)		(248,017	)		(429,648	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		—			16,428			—			—			16,428
Futures contracts		—			—			—			33,097			33,097
Options purchased(a)		—			4,849			—			—			4,849
Options written		—			(9,698	)		—			—			(9,698	)
Swap agreements		(158,416	)		—			(11,347	)		(92,232	)		(261,995	)
Total	$	(223,865	)	$	801,215		$	(127,529	)	$	(237,964	)	$	211,857

^(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, the eleven month average notional value of futures contracts, the four month average notional value of options purchased, the seven month average notional value of options written and the twelve 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	$	65,916,412	$	3,138,768	$	2,781,030	$	2,392,146	$	14,368,867

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver				Receive
11/21/16	Goldman Sachs International		CNY	3,500,000	USD		529,728	$	515,851	$	13,877
11/21/16	TD Bank, N.A.		USD	520,098	CNY		3,500,000		515,851		(4,247	)
11/30/16	Citigroup Global Markets Inc.		EUR	2,000,000	USD		2,241,501		2,198,123		43,378
11/30/16	Citigroup Global Markets Inc.		EUR	405,835	GBP		350,000		456,138		(17,464	)
11/30/16	Citigroup Global Markets Inc.		GBP	1,300,000	USD		1,665,396		1,591,843		73,553
11/30/16	Citigroup Global Markets Inc.		PLN	7,600,000	USD		1,921,868		1,935,830		(13,962	)
11/30/16	Citigroup Global Markets Inc.		PLN	3,755,000	EUR		867,415		985,861		(3,110	)
11/30/16	Citigroup Global Markets Inc.		SGD	1,000,000	USD		739,835		718,998		20,837
11/30/16	Citigroup Global Markets Inc.		USD	6,091,437	EUR		5,491,809		6,035,834		(55,603	)
11/30/16	Citigroup Global Markets Inc.		USD	918,447	GBP		700,000		857,146		(61,301	)
11/30/16	Citigroup Global Markets Inc.		USD	2,510,610	PLN		9,800,000		2,496,201		(14,409	)
11/30/16	Deutsche Bank Securities Inc.		GBP	473,819	USD		626,972		580,189		46,783
11/30/16	Deutsche Bank Securities Inc.		KRW	2,000,000,000	USD		1,762,504		1,747,694		14,810
11/30/16	Deutsche Bank Securities Inc.		RUB	47,000,000	USD		701,134		735,691		(34,557	)
11/30/16	Deutsche Bank Securities Inc.		TWD	30,000,000	USD		939,644		949,758		(10,114	)
11/30/16	Deutsche Bank Securities Inc.		USD	941,620	TWD		30,000,000		949,758		8,138
11/30/16	Deutsche Bank Securities Inc.		USD	625,673	GBP		473,819		580,189		(45,484	)
11/30/16	Deutsche Bank Securities Inc.		USD	898,311	KRW		1,000,000,000		873,847		(24,464	)
11/30/16	Deutsche Bank Securities Inc.		USD	713,025	RUB		47,000,000		735,690		22,665
11/30/16	Goldman Sachs International		AUD	300,000	USD		227,415		228,015		(600	)
11/30/16	Goldman Sachs International		CAD	2,300,000	USD		1,734,315		1,715,153		19,162
11/30/16	Goldman Sachs International		CHF	600,000	USD		602,343		607,255		(4,912	)
11/30/16	Goldman Sachs International		CLP	500,000,000	USD		742,666		763,685		(21,019	)

24                         Invesco International Total Return Fund

Open Forward Foreign Currency Contracts — (continued)
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver				Receive
11/30/16	Goldman Sachs International		COP	3,760,000,000	USD		1,232,203	$	1,244,300	$	(12,097	)
11/30/16	Goldman Sachs International		EUR	1,500,000	USD		1,660,234		1,648,591		11,643
11/30/16	Goldman Sachs International		GBP	1,750,000	USD		2,280,006		2,142,865		137,141
11/30/16	Goldman Sachs International		HUF	515,000,000	USD		1,841,886		1,830,981		10,905
11/30/16	Goldman Sachs International		IDR	12,600,000,000	USD		942,293		962,934		(20,641	)
11/30/16	Goldman Sachs International		MXN	85,000,000	USD		4,501,340		4,480,723		20,617
11/30/16	Goldman Sachs International		MYR	3,000,000	USD		731,243		713,874		17,369
11/30/16	Goldman Sachs International		NZD	1,300,000	USD		934,135		928,486		5,649
11/30/16	Goldman Sachs International		PLN	9,800,000	USD		2,531,211		2,496,202		35,009
11/30/16	Goldman Sachs International		SEK	15,000,000	USD		1,770,656		1,662,997		107,659
11/30/16	Goldman Sachs International		TRY	7,400,000	USD		2,418,513		2,376,366		42,147
11/30/16	Goldman Sachs International		USD	227,910	AUD		300,000		228,015		105
11/30/16	Goldman Sachs International		USD	456,781	CAD		600,000		447,431		(9,350	)
11/30/16	Goldman Sachs International		USD	606,006	CHF		600,000		607,255		1,249
11/30/16	Goldman Sachs International		USD	306,748	CLP		200,000,000		305,474		(1,274	)
11/30/16	Goldman Sachs International		USD	936,776	COP		2,760,000,000		913,369		(23,407	)
11/30/16	Goldman Sachs International		USD	560,071	EUR		500,000		549,531		(10,540	)
11/30/16	Goldman Sachs International		USD	2,188,648	GBP		1,749,966		2,142,824		(45,824	)
11/30/16	Goldman Sachs International		USD	1,866,867	HUF		515,000,000		1,830,980		(35,887	)
11/30/16	Goldman Sachs International		USD	530,504	IDR		7,000,000,000		534,964		4,460
11/30/16	Goldman Sachs International		USD	730,674	INR		50,000,000		746,491		15,817
11/30/16	Goldman Sachs International		USD	2,751,371	MXN		51,800,000		2,730,607		(20,764	)
11/30/16	Goldman Sachs International		USD	927,642	NZD		1,300,000		928,486		844
11/30/16	Goldman Sachs International		USD	3,581,952	PLN		13,855,000		3,529,068		(52,884	)
11/30/16	Goldman Sachs International		USD	1,746,589	SEK		15,000,000		1,662,997		(83,592	)
11/30/16	Goldman Sachs International		USD	735,927	SGD		1,000,000		718,998		(16,929	)
11/30/16	Goldman Sachs International		USD	1,882,059	TRY		5,700,000		1,830,444		(51,615	)
11/30/16	Goldman Sachs International		USD	1,121,631	ZAR		15,700,000		1,157,493		35,862
11/30/16	Goldman Sachs International		ZAR	23,600,000	USD		1,678,664		1,739,925		(61,261	)
11/30/16	JPMorgan Chase Bank, N.A.		AUD	2,000,000	USD		1,528,338		1,520,100		8,238
11/30/16	JPMorgan Chase Bank, N.A.		JPY	170,000,000	USD		1,662,978		1,622,702		40,276
11/30/16	JPMorgan Chase Bank, N.A.		NZD	600,000	USD		427,861		428,532		(671	)
11/30/16	JPMorgan Chase Bank, N.A.		USD	1,535,921	AUD		2,000,000		1,520,100		(15,821	)
11/30/16	JPMorgan Chase Bank, N.A.		USD	694,503	CAD		900,000		671,147		(23,356	)
11/30/16	JPMorgan Chase Bank, N.A.		USD	1,674,749	JPY		170,000,000		1,622,702		(52,047	)
11/30/16	JPMorgan Chase Bank, N.A.		USD	428,779	NZD		600,000		428,532		(247	)
11/30/16	Merrill Lynch International		AUD	2,489,000	USD		1,865,716		1,891,764		(26,048	)
11/30/16	Merrill Lynch International		GBP	370,000	USD		450,570		453,063		(2,493	)
11/30/16	Merrill Lynch International		JPY	360,000,000	USD		3,474,669		3,436,311		38,358
11/30/16	Merrill Lynch International		NOK	4,500,000	EUR		499,961		560,606		4,859
11/30/16	Merrill Lynch International		NOK	19,110,018	USD		2,270,660		2,312,855		(42,195	)
11/30/16	Merrill Lynch International		SEK	3,000,000	USD		346,889		332,599		14,290
11/30/16	Merrill Lynch International		USD	822,744	AUD		1,080,000		820,855		(1,889	)
11/30/16	Merrill Lynch International		USD	416,357	IDR		5,600,000,000		427,971		11,614
11/30/16	Merrill Lynch International		USD	12,980,769	JPY		1,361,611,320		12,997,002		16,233
11/30/16	Merrill Lynch International		USD	2,872,129	NOK		23,610,018		2,857,482		(14,647	)
11/30/16	Merrill Lynch International		USD	334,431	SEK		3,000,000		332,599		(1,832	)
11/30/16	RBC Capital Markets Corp.		CAD	2,143,534	USD		1,634,825		1,598,473		36,352
11/30/16	TD Bank, N.A.		USD	360,766	ZAR		5,000,000		368,628		7,862
12/02/16	JPMorgan Chase Bank, N.A.		BRL	1,500,000	USD		472,843		465,280		7,563
12/02/16	JPMorgan Chase Bank, N.A.		USD	470,706	BRL		1,500,000		465,280		(5,426	)
01/20/17	Goldman Sachs International		USD	927,835	PHP		45,000,000		924,205		(3,630	)
01/23/17	Morgan Stanley & Co. LLC		CNY	10,836,001	USD		1,600,000		1,586,367		13,633

25                         Invesco International Total Return Fund

Open Forward Foreign Currency Contracts — (continued)
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver				Receive
01/23/17	Morgan Stanley & Co. LLC		USD	1,598,136	CNY		10,835,000	$	1,586,221	$	(11,915	)
04/28/17	Deutsche Bank Securities Inc.		CNY	5,664,200	USD		841,358		823,523		17,835
04/28/17	Deutsche Bank Securities Inc.		USD	400,000	CNY		2,728,519		396,702		(3,298	)
04/28/17	Goldman Sachs International		CNY	12,500,000	USD		1,829,874		1,817,386		12,488
04/28/17	Morgan Stanley & Co. LLC		GBP	244,520	USD		300,644		300,416		228
04/28/17	Morgan Stanley & Co. LLC		USD	300,000	GBP		244,315		300,164		164
04/28/17	TD Bank, N.A.		CNY	9,700,000	USD		1,417,937		1,410,291		7,646
Total Forward Foreign Currency Contracts — Currency Risk										$	(15,508	)

Currency Abbreviations:

AUD	– Australian Dollar
BRL	– Brazilian Real
CAD	– Canadian Dollar
CNY	– Chinese Yuan
CHF	– Swiss Franc
CLP	– Chilean Peso
COP	– Colombian Peso

EUR	– Euro
GBP	– British Pound Sterling
HUF	– Hungarian Forint
IDR	– Indonesian Rupiah
INR	– Indian Rupee
JPY	– Japanese Yen
KRW	– South Korean Won

MXN	– Mexican Peso
MYR	– Malaysian Ringgit
NOK	– Norwegian Krone
NZD	– New Zealand Dollar
PLN	– Polish Zloty
PHP	– Philippine Peso
RUB	– Russian Rouble

SEK	– Swedish Krona
SGD	– Singapore Dollar
TRY	– Turkish Lira
TWD	– Taiwan Dollar
USD	– U.S. Dollar
ZAR	– South African Rand

Open Futures Contracts — Interest Rate Risk(a)
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation
Euro Bonds		Short		16		December-2016	$	(2,433,668	)	$	53,023

^(a)  Futures contracts collateralized by $80,591 cash held with Bank of America Merrill Lynch, the futures commission merchant.

Options Written Transactions
	Call Options							Put Options
	Notional Value				Premiums Received			Notional Value				Notional Value				Premiums Received
Beginning of period		USD	2,500,000		$	16,222			EUR	—			USD	—		$	—
Written		USD	3,600,000			18,254			EUR	400			USD	5,000,000			9,776
Closed		USD	(3,500,000	)		(23,905	)		EUR	(400	)		USD	—			(526	)
Exercised		USD	—			—			EUR	—			USD	—			—
Expired		USD	(2,600,000	)		(10,571	)		EUR	—			USD	(5,000,000	)		(9,250	)
End of period		USD	—		$	—			EUR	—			USD	—		$	—

Open Centrally Cleared Interest Rate Swap Agreements(b)
Counterparty/Clearinghouse	Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Termination Date		Notional Value				Unrealized Appreciation (Depreciation)
Credit Suisse Securities (USA) LLC/CME	Pay		1 Month LIBOR		4.90	%		06/29/2018		MXN	45,500,000		$	(33,526	)
Credit Suisse Securities (USA) LLC/CME	Receive		3 Month LIBOR		1.38			05/26/2021		USD	(9,000,000	)		(27,228	)
Credit Suisse Securities (USA) LLC/CME	Receive		3 Month LIBOR		1.64			11/19/2020		USD	(2,000,000	)		(31,478	)
Total Interest Rate Swap Agreements — Interest Rate Risk													$	(92,232	)

Open Centrally Cleared Credit Default Swap Agreements — Credit Risk(b)
Counterparty/Clearinghouse	Reference Entity	Buy/Sell Protection		(Pay)/Receive Fixed Rate			Expiration Date		Implied Credit Spread(b)			Notional Value			Upfront Payments		Unrealized Appreciation (Depreciation)
Credit Suisse Securities (USA) LLC/ICE	Markit CDX Emerging Markets Index, Series 25, Version 1		Buy		(1.00	)%		06/20/2021		2.43	%	$	(2,800,000	)	$	190,749	$	(15,508	)

Abbreviations:

CME	– Chicago Mercantile Exchange
EUR	– Euro

ICE	– Intercontinental Exchange
LIBOR	– London interbank offer rate

MXN	– Mexican Peso
USD	– U.S. Dollar

^(b)  Centrally Cleared Interest Rate Swap Agreements are collateralized by $300,000 cash held with Credit Suisse Securities, the swap agreements merchant.

26                         Invesco International Total Return Fund

Open Over-The-Counter Credit Default Swap Agreements
Counterparty	Reference Entity	Buy/Sell Protection		(Pay)/Receive Fixed Rate			Expiration Date		Implied Credit Spread(a)			Notional Value			Upfront Payments		Unrealized Appreciation (Depreciation)
Barclays Bank, PLC	Republic of South Africa		Buy		(1.00	)%		06/20/2021		2.22	%	$	(1,400,000	)	$	93,727	$	(19,101	)
Goldman Sachs International	Federative Republic of Brazil		Buy		(1.00	)		06/20/2021		2.47			(3,000,000	)		314,748		(123,807	)
Total Credit Default Swap Agreements — Credit Risk															$	408,475	$	(142,908	)

^(a)  Implied credit spreads represent the current level as of October 31, 2016 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.

Open Over-The-Counter Total Return Swap Agreements — Equity Risk

Counterparty

Pay/Receive

Reference Entity

Fixed/ Floating Rate

Number of Contracts

Termination Date

Notional Value

Unrealized Appreciation (Depreciation)

Citibank, N.A.

Pay

iBoxx USD Liquid High Yield Index

3 Month USD LIBOR

10,000

12/21/2016

$

1,000,000

$

(11,347

)

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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $730.

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.

27                         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, 2016 and 2015:

	2016		2015
Ordinary income	$	185,147	$	767,377
Long-term capital gain		156,806		—
Return of capital		301,074		645,161
Total distributions	$	643,027	$	1,412,538

Tax Components of Net Assets at Period-End:

	2016
Net unrealized appreciation (depreciation) — investments	$	(430,535	)
Net unrealized appreciation (depreciation) — other investments		(291,577	)
Temporary book/tax differences		(36,484	)
Shares of beneficial interest		45,735,995
Total net assets	$	44,977,399

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 (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, 2016.

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, 2016 was $105,785,461 and $114,131,713, 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	$	1,244,931
Aggregate unrealized (depreciation) of investment securities		(1,675,466	)
Net unrealized appreciation (depreciation) of investment securities	$	(430,535	)

Cost of investments for tax purposes is $44,124,174.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of return of capital, foreign currency transactions, options, paydowns, swaps, dividends, distributions and net operating loss, on October 31, 2016, undistributed net investment income was decreased by $356,464, undistributed net realized gain (loss) was increased by $657,539 and shares of beneficial interest was decreased by $301,075. This reclassification had no effect on the net assets of the Fund.

28                         Invesco International Total Return Fund

NOTE 11—Share Information

	Summary of Share Activity
	Years ended October 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		981,590		$	10,283,740			559,131		$	5,613,328
Class B		5,051			51,039			2,353			23,757
Class C		215,278			2,170,817			140,867			1,399,589
Class Y		1,491,034			15,491,121			50,488			513,631
Class R5		—			—			540			5,481
Class R6		129,251			1,243,370			757,993			7,670,289
Issued as reinvestment of dividends:
Class A		36,686			380,582			69,310			709,542
Class B		425			4,396			2,631			27,181
Class C		3,461			36,065			9,824			101,226
Class Y		9,101			95,884			6,150			63,098
Class R5		—			—			188			1,953
Class R6		7,558			72,784			41,767			425,144
Automatic conversion of Class B shares to Class A shares:
Class A		36,838			372,595			34,527			347,816
Class B		(36,896	)		(372,595	)		(34,569	)		(347,816	)
Reacquired:
Class A		(984,775	)		(10,183,803	)		(1,040,878	)		(10,445,553	)
Class B		(15,599	)		(156,640	)		(54,554	)		(551,284	)
Class C		(237,901	)		(2,403,850	)		(247,025	)		(2,470,576	)
Class Y		(668,294	)		(7,051,423	)		(350,943	)		(3,602,871	)
Class R5		—			—			(11,766	)		(121,053	)
Class R6(b)		(2,114,835	)		(20,624,974	)		(9,013	)		(93,104	)
Net increase (decrease) in share activity		(1,142,027	)	$	(10,590,892	)		(72,979	)	$	(730,222	)

^(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.

^(b)  On February 18, 2016, 2,112,864 Class R6 shares valued at $20,600,421 were redeemed by affiliated mutual funds.

29                         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 10/31/16	$	9.81	$	0.25	$	0.54		$	0.79		$	(0.08	)	$	—		$	(0.08	)	$	(0.16	)	$	10.44		8.02	%	$	28,870		1.10	%(e)		1.84	%(e)		2.36	%(e)		246	%
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			1.72			1.79			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
Class B
Year ended 10/31/16		9.79		0.16		0.56			0.72			(0.05	)		—			(0.03	)		(0.08	)		10.43		7.35			466		1.85	(e)		2.59	(e)		1.61	(e)		246
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			2.47			1.04			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
Class C
Year ended 10/31/16		9.79		0.17		0.54			0.71			(0.05	)		—			(0.03	)		(0.08	)		10.42		7.24			5,121		1.85	(e)		2.59	(e)		1.61	(e)		246
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			2.47			1.04			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
Class Y
Year ended 10/31/16		9.80		0.27		0.55			0.82			(0.07	)		—			(0.11	)		(0.18	)		10.44		8.40			10,509		0.85	(e)		1.59	(e)		2.61	(e)		246
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			1.47			2.04			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
Class R5
Year ended 10/31/16		9.81		0.27		0.54			0.81			(0.07	)		—			(0.11	)		(0.18	)		10.44		8.29			1		0.85	(e)		1.30	(e)		2.61	(e)		246
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			1.16			2.04			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
Class R6
Year ended 10/31/16		9.81		0.25		0.56			0.81			(0.07	)		—			(0.11	)		(0.18	)		10.44		8.29			11		0.85	(e)		1.30	(e)		2.61	(e)		246
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			1.16			2.04			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 the year ended October 31, 2012.

^(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 $27,411, $665, $5,511, $6,001, $1, and $6,014 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.

NOTE 13—Subsequent Event

Effective December 1, 2016, the Fund changed its principal investment strategies in connection with the repositioning of the Fund as a globally diverse fixed income fund, including adding certain derivative capabilities and changing the Fund’s name to Invesco World Bond Fund. Further, the Fund changed its distribution frequency from quarterly to monthly.

In addition, effective December 1, 2016, the Adviser reduced the expense limits of Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares to 0.94%, 1.69%, 1.69%, 0.69%, 0.69% and 0.69%, respectively, of the Fund’s average daily net assets.

30                         Invesco International Total Return Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees

and Shareholders of the Invesco World Bond 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 the Invesco World Bond Fund (formerly, Invesco International Total Return Fund, the “Fund”) as of October 31, 2016, 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 as of October 31, 2016 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

Houston, Texas

December 21, 2016

31                         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, 2016 through October 31, 2016.

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 (05/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/16)1		Expenses Paid During Period2,3		Ending Account Value (10/31/16)		Expenses Paid During Period2,4
A	$	1,000.00	$	992.00	$	5.51	$	1,019.61	$	5.58		1.10	%
B		1,000.00		988.30		9.25		1,015.84		9.37		1.85
C		1,000.00		988.30		9.25		1,015.84		9.37		1.85
Y		1,000.00		993.30		4.26		1,020.86		4.32		0.85
R5		1,000.00		993.30		4.26		1,020.86		4.32		0.85
R6		1,000.00		993.30		4.26		1,020.86		4.32		0.85

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2016 through October 31, 2016, 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 184/366 to reflect the most recent fiscal half year. Effective December 1, 2017, the Fund’s Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares to 0.94%, 1.69%, 1.69%, 0.69%, 0.69% and 0.69% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 0.94%, 1.69%, 1.69%, 0.69%, 0.69% and 0.69% for Class A, Class B and Class C, Class Y, Class R5 and Class R6 shares, respectively.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $4.71, $8.45, $8.45, $3.46, $3.46 and $3.46 for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $4.77, $8.57, $8.57, $3.51, $3.51 and $3.51 for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

32                         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 7-8, 2016, 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, 2016.

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, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). 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 Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s

evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, 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 8, 2016, 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, trading operations, internal audit, 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 Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided 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 Broadridge 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 third quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. Invesco Advisers noted that performance of the Fund was mostly driven by performance of the U.S. dollar relative to other currencies. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

33                         Invesco International Total Return Fund

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 Broadridge 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” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge 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 28, 2017 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 and a report from an independent consultant engaged by the Senior Officer 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 Broadridge 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 certain 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.

34                         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, 2016:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	156,806
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	$	185,147

35                         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, Invesco Holding Company (US) Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	146	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas 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 Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) 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 and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; 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); 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 and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); 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.	146	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	2001	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	146	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company); Member of the Audit Committee, Ferroglobe PLC and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	146	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	146	Trustee, Evans Scholarship Foundation
Albert R. Dowden — 1941 Trustee	2001	Director of a number of public and private business corporations, including Nature’s Sunshine Products, Inc. Formerly: Director, The Boss Group, Ltd. and Reich & Tang Funds (5 portfolios) (registered investment company); 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)	146	Director of Nature’s Sunshine Products, Inc.
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); 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	146	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	146	None
Larry Soll  — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	146	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	146	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	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	Retired. Formerly: Chief Executive Officer of Woolsey Partners LLC	146	Director, SunShare LLC; Trustee, Ocean Conservancy; Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses and of Colorado College; Trustee, Chair, Business and Finance Committee 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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds 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
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.; 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.) 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, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, 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

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 Senior Vice President	2004	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 and Director, 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; Senior Vice President, The Invesco Funds Formerly: 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); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as 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); 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 Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, 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: Assistant Vice President, The Invesco Funds	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., 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. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 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

Explore High-Conviction Investing with Invesco

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                            WBD-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.

PricewaterhouseCoopers LLP informed the Trust that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.

The Loan Rule specifically provides that an accounting firm would not be independent if it receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the Invesco Fund Complex). PricewaterhouseCoopers LLP informed the Trust it has relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex. These relationships call into question PricewaterhouseCoopers LLP’s independence under the Loan Rule with respect to those funds, as well as all other funds in the Invesco Fund Complex.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. In October 2016, in connection with its annual communication, PricewaterhouseCoopers LLP communicated, as contemplated by the no-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PricewaterhouseCoopers LLP is able to exhibit the requisite objectivity and impartiality to report on the Funds’ financial statements as the independent registered public accounting firm. PricewaterhouseCoopers LLP also represented that it has complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to the Funds relying on the no action letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520. Therefore, the Adviser, the Funds and PricewaterhouseCoopers LLP concluded that PricewaterhouseCoopers LLP could continue to serve as the Funds’ independent registered public accounting firm. The Invesco Fund Complex relied upon the no-action letter in reaching this conclusion.

If in the future the independence of PricewaterhouseCoopers LLP is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Fund will need to take other action in order for the Fund’s filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair

the ability of the Funds to issue new shares or have other material adverse effects on the Funds. In addition, the SEC has indicated that the no-action relief will expire 18 months from its issuance after which the Invesco Funds will no longer be able rely on the letter unless its term is extended or made permanent by the SEC Staff

(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 2016			Fees Billed for Services Rendered to the Registrant for fiscal year end 2015
Audit Fees		$	931,700		$	931,700
Audit-Related Fees(1)		$	4,000		$	0
Tax Fees(2)		$	318,830		$	376,200
All Other Fees		$	0		$	0
Total Fees		$	1,254,530		$	1,307,900

(g) PWC billed the Registrant aggregate non-audit fees of $322,830for the fiscal year ended 2016, and $376,200 for the fiscal year ended 2015, for non-audit services rendered to the Registrant.

(1) Audit-Related fees for the fiscal year ended October 31, 2016 includes fees billed for agreed upon procedures related to regulatory filings.

(2) Tax fees for the fiscal year end October 31, 2016 includes fees billed for reviewing tax returns and/or services related to tax compliance. Tax fees for fiscal year end October 31, 2015 includes fees billed for reviewing tax returns and/or services related to tax compliance.

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 2016 That Were Required to be Pre- Approved by the Registrant’s Audit Committee			Fees Billed for Non-Audit Services Rendered to Invesco and Invesco  Affiliates for fiscal year end 2015 That Were Required to be Pre- Approved by the Registrant’s Audit Committee
Audit-Related Fees		$	635,000		$	574,000
Tax Fees		$	0		$	0
All Other Fees		$	2,193,000		$	3,750,000
Total Fees(1)		$	2,828,000		$	4,324,000

(1) Audit-Related fees for the year end 2016 include fees billed related to reviewing controls at a service organization. Audit-Related fees for the year end 2015 include fees billed related to reviewing controls at a service organization.

  All other fees for the year end 2016 include fees billed related to the identification of structural and organizational alternatives, informed by industry practices, for certain of the company’s administrative activities and functions. All other fees for the year end 2015 include fees billed related to reviewing the operating effectiveness of strategic projects.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(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 $5,032,000 for the fiscal year ended October 31, 2016, and $9,083,000 for the fiscal year ended October 31, 2015, for non-audit services rendered to Invesco and Invesco Affiliates.

PWC provided audit services to the Investment Company complex of approximately $22 million.

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PWC’s independence.

(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, 2016

I. Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to the pre-approval of audit and non-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).¹ They address both general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II. Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

¹ Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

III. General and Specific Pre-Approval of Non-Audit Fund Services

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of General Pre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV. Non-Audit Service Types

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

a. Audit-Related Services

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

b. Tax Services

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

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

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

c. Other Services

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

V. Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds.

VI. Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII. Delegation

The Audit Committee may from time to time delegate specific pre-approval authority to its Chair and/or Vice Chair, so that the Chair or, in his or her absence, Vice Chair may grant specific pre-approval for audit and non-audit services by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement between Audit Committee meetings. Any such delegation shall be reflected in resolutions adopted by the Audit Committee and may include such limitations as to dollar amount(s) and/or scope of service(s) as the Audit Committee may choose to impose. Any such delegation shall not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000 and any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000 must be pre-approved by the Audit Committee and may not be delegated to the Chair or Vice Chair.

VIII. Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX. Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

• Management functions;

• Human resources;

• Broker-dealer, investment adviser, or investment banking services ;

• Legal services;

• Expert services unrelated to the audit;

• Any service or product provided for a contingent fee or a commission;

• Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

• Tax services for persons in financial reporting oversight roles at the Fund; and

• Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:

• Bookkeeping or other services related to the accounting records or financial statements of the audit client;

• Financial information systems design and implementation;

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

• Actuarial services; and

• Internal audit outsourcing services

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 21, 2016, 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 21, 2016, 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/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	January 6, 2017

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	January 6, 2017

By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	January 6, 2017

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.