Aim Investment Funds NCSR Certified annual shareholder report (management investment company)

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

OMB APPROVAL

OMB Number: 3235-0570

Expires: August 31, 2020

Estimated average burden

hours per response: 20.6

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: 10/31/17

Item 1. Report to Stockholders.

LOGO

Letters to Shareholders

LOGO

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.

American voters went to the polls just days after the start of the reporting period, and their decisions quickly affected markets. The US stock market rallied strongly after the election, with major market indexes rising, and setting record highs, throughout the reporting period. Generally positive economic data, strong corporate earnings and hope for tax and regulatory reform contributed to the rally. US and global bond markets, as well as emerging market equities, sold off immediately following the election – with the US bond market eventually recovering most of its

losses. Overseas, economic data were mixed, prompting the European Central Bank and central banks in China and Japan, among other countries, to maintain extraordinarily accommodative monetary policies. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US Federal Reserve raised interest rates three times during the reporting period: first in December 2016, and then again in March and June 2017. Health care and tax reform proved to be more difficult than expected to enact, with little progress achieved by the end of the reporting period.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for whatever returns the market has to offer. The investment professionals at Invesco, in contrast, invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. 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. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

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 and the economy 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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco All Cap Market Neutral Fund

LOGO

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. (a subsidiary of Broadridge Financial Solutions, 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,

LOGO

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, 2017, Class A shares of Invesco All Cap Market Neutral Fund (the Fund), at net asset value (NAV), outperformed the Citi US Three-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, 10/31/16 to 10/31/17, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.


Class A Shares	2.81	%
Class C Shares	2.14
Class R Shares	2.63
Class Y Shares	3.10
Class R5 Shares	3.20
Class R6 Shares	3.20
Citi US Three-Month Treasury Bill Index^▼(Broad Market/Style-Specific Index)	0.71
Lipper Alternative Equity Market Neutral Funds Index^∎ (Peer Group Index)	4.34
Source(s): ^▼FactSet Research Systems Inc., ^∎Lipper Inc.

Market conditions and your Fund

Despite highly destructive hurricanes that threatened to derail a year-long recovery, the US economy continued to expand throughout the fiscal year ended October 31, 2017. Gross domestic product (GDP) – the value of all goods and services produced in the US – grew by 1.8% in the fourth quarter of 2016, and by 1.2% in the first quarter and 3.1% in the second quarter of 2017.¹ Inflation remained subdued even as the labor market continued to strengthen. Unemployment continued its multiyear decline, hitting just 4.2% in September – a 16-year low.²

Given signs of an improving economy, the US Federal Reserve (the Fed) raised interest rates three times during the reporting period, most recently in June 2017.³ The Fed pledged that “realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation” will guide its future actions. At the close of the reporting period, Fed policy remained accommodative, and the fed funds target rate stood at a range of 1.00% to 1.25% – up 75 basis points for the reporting period.³ (A basis point is 0.01%)

Despite the Fed’s actions, major US stock market indexes repeatedly hit all-time highs throughout the reporting


Portfolio Composition
By sector, based on total net assets
		Equity Securities
	Long¹			Short²			Gross Exposure³			Net Exposure⁴
Health Care		33.4	%		32.5	%		65.9	%		0.9	%
Information Technology		11.6			11.5			23.1			0.1
Consumer Discretionary		19.9			20.6			40.5			-0.7
Energy		6.2			7.1			13.3			-0.9
Materials		2.0			1.4			3.4			0.6
Industrials		8.4			9.0			17.4			-0.6
Financials		4.5			5.7			10.2			-1.2
Consumer Staples		2.2			1.6			3.8			0.6
Real Estate		2.0			1.1			3.1			0.9
Telecommunication Services		0.3			–			0.3			0.3
Money Market Funds Plus Other Assets Less Liabilities		9.5			–			9.5			9.5
Total		100.0			90.5			190.5			9.5

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.

period. The stock market rally began immediately following the outcome of the US presidential election in November 2016, based on investors’ hopes for reduced regulation, lowered corporate and personal tax rates and increased infrastructure spending. The stock market rally continued throughout the reporting period, fueled by generally positive economic data, strong corporate earnings and improved consumer confidence – even as the prospect for health care and tax reform faded somewhat.

The Fund follows a market neutral strategy, which is intended to produce a portfolio that experiences minimal influence from the return patterns of the general US stock market. The Fund seeks neutral positioning in terms of beta (market exposure) by seeking to maintain neutral sector and industry exposures. The Fund uses a systematic model that evaluates fundamental and behavioral factors to forecast individual security returns and risks and ranks these securities based on their attractiveness relative to industry peers. Implementation occurs by establishing a portfolio with long positions in highly ranked stocks and shorting those that are poorly ranked. As such, the goal is to provide absolute risk-adjusted returns over a full market cycle, regardless of the directions of equity markets.


Total Net Assets				$128.7 million

Data presented here are as of October 31, 2017.

4 Invesco All Cap Market Neutral Fund

During the fiscal year, the Fund benefited the most from a positive long/short spread in seven of the 11 market sectors, led by the information technology (IT), consumer discretionary, materials and industrials sectors. However, the long/ short spread in the energy and financials sectors partially offset those gains and detracted from the Fund’s returns during the reporting period.

During the fiscal year, the strongest contributors to absolute Fund performance were holdings in the consumer discretionary sector. Specifically, the long holdings in consumer services were up over 40%, while the short positions marginally declined, generating positive returns from both sides. The Fund’s short holdings in the consumer durables and apparel industry performed as expected and were also additive to Fund returns. In the strong-performing IT sector, the Fund’s short positions rose in price, detracting from returns, but were more than offset by stronger gains in the long positions. This was most evident in the computers/electronics and semiconductor industries.

The energy sector was the largest detractor from Fund performance for the reporting period as its long/short spread was negative, mostly due to short positions in the oil, gas and consumable fuels industry. In addition, losses in long positions in the energy sector hampered Fund performance. In the financials sector, the Fund’s short positions – specifically, those in the banking and insurance industries – negatively impacted performance primarily in the fourth quarter of 2016 as the election of Donald Trump led to a broad-based rally in these industries. This rally was reversed somewhat in the following two quarters of 2017.

Please note that the Fund may utilize derivative instruments that include equity-related total return swaps and futures contracts. During the reporting period, the Fund utilized equity-related total return swaps to efficiently implement its strategy and gain long and/or short exposure to the various sectors/ industries described above, but did not use future contracts. The implementation impact of using equity-related total return swaps is a component of transaction costs. Certain 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(s): Bureau of Labor Statistics, Bloomberg

3	Source: US Federal Reserve

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.

		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.



		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

LOGO

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

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 Citi US Three-Month Treasury Bill Index is an unmanaged index representative of three-month US 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 10/31/17, including maximum applicable sales charges

Class A Shares
Inception (12/17/13)	1.82	%
1 Year	-2.84

Class C Shares
Inception (12/17/13)	2.56	%
1 Year	1.14

Class R Shares
Inception (12/17/13)	3.06	%
1 Year	2.63

Class Y Shares
Inception (12/17/13)	3.55	%
1 Year	3.10

Class R5 Shares
Inception (12/17/13)	3.61	%
1 Year	3.20

Class R6 Shares
Inception (12/17/13)	3.58	%
1 Year	3.20



Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (12/17/13)	1.22	%
1 Year	-3.38

Class C Shares
Inception (12/17/13)	1.98	%
1 Year	0.43

Class R Shares
Inception (12/17/13)	2.47	%
1 Year	1.94

Class Y Shares
Inception (12/17/13)	2.98	%
1 Year	2.54

Class R5 Shares
Inception (12/17/13)	3.01	%
1 Year	2.54

Class R6 Shares
Inception (12/17/13)	2.98	%
1 Year	2.54

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 1.45%, 2.20%, 1.70%, 1.20%, 1.05% and 1.04%, 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 1.47%, 2.22%, 1.72%, 1.22%, 1.07% 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 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, 2019. 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, 2017, 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 available for use by retirement plans that meet certain standards and for institutional investors. Class R6 shares are also available through intermediaries that have established an agreement with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts. 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.

∎

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.

∎

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

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.

∎

continued on page 6

8 Invesco All Cap Market Neutral Fund

Schedule of Investments^(a)

October 31, 2017


	Shares		Value
Common Stocks & Other Equity Interests–90.57%
Aerospace & Defense–1.50%
Boeing Co. (The)		7,500	$	1,934,850

Airlines–0.62%
Copa Holdings, S.A.–Class A (Panama)		6,500		800,735

Apparel Retail–1.50%
Tailored Brands, Inc.		84,000		1,297,800
Tilly’s Inc.–Class A		53,150		633,016
				1,930,816

Application Software–0.26%
Upland Software, Inc.^(b)		15,000		329,550

Auto Parts & Equipment–0.44%
BorgWarner, Inc.		5,250		276,780
Stoneridge, Inc.^(b)		12,725		289,367
				566,147

Biotechnology–19.97%
Acorda Therapeutics Inc.^(b)		64,850		1,723,389
Akebia Therapeutics, Inc.^(b)		79,400		1,441,110
Applied Genetic Technologies Corp.^(b)		1,681		5,715
Arena Pharmaceuticals, Inc.^(b)		58,600		1,642,558
Array BioPharma, Inc.^(b)		186,050		1,944,222
BioSpecifics Technologies Corp.^(b)		17,800		814,706
Calithera Biosciences, Inc.^(b)		65,350		1,052,135
Celgene Corp.^(b)		12,250		1,236,883
ChemoCentryx, Inc.^(b)		76,450		502,277
Conatus Pharmaceuicals, Inc.^(b)		48,600		223,074
CytomX Therapeutics, Inc.^(b)		62,100		1,242,000
Exelixis, Inc.^(b)		50,050		1,240,739
FibroGen, Inc.^(b)		41,500		2,317,775
ImmunoGen, Inc.^(b)		177,950		1,032,110
Ionis Pharmaceuticals, Inc.^(b)		36,900		2,107,359
PDL BioPharma Inc.		96,450		285,492
Repligen Corp.^(b)		6,000		223,200
Sangamo Therapeutics, Inc.^(b)		140,950		1,747,780
Spectrum Pharmaceuticals, Inc.^(b)		104,450		2,046,175
Verastem, Inc.^(b)		60,050		229,391
Vertex Pharmaceuticals, Inc.^(b)		15,200		2,222,696
Xencor, Inc.^(b)		6,002		118,720
XOMA Corp.^(b)		12,300		298,767
				25,698,273

Broadcasting–0.19%
Beasley Broadcast Group, Inc.–Class A		26,550		250,898

Casinos & Gaming–1.85%
Scientific Games Corp.–Class A^(b)		49,900		2,375,240

Coal & Consumable Fuels–0.27%
Hallador Energy Co.		66,300		343,434


	Shares		Value
Commercial Printing–0.41%
Ennis, Inc.		9,300	$	187,395
Quad/Graphics, Inc.		14,700		335,013
				522,408

Communications Equipment–0.89%
Comtech Telecommunications Corp.		43,500		935,685
PC-Tel, Inc.		31,350		208,477
				1,144,162

Computer & Electronics Retail–3.08%
Best Buy Co., Inc.		37,950		2,124,441
Conn’s, Inc.^(b)		48,850		1,502,137
Rent-A-Center, Inc.		34,600		343,924
				3,970,502

Construction & Engineering–0.22%
Goldfield Corp. (The)^(b)		49,350		283,763

Construction Machinery & Heavy Trucks–1.79%
Commercial Vehicle Group, Inc.^(b)		45,000		365,400
Wabash National Corp.		86,050		1,936,125
				2,301,525

Consumer Electronics–0.55%
ZAGG, Inc.^(b)		45,350		709,727

Consumer Finance–0.08%
Nelnet, Inc.–Class A		1,800		105,372

Copper–0.47%
Freeport-McMoRan Inc.^(b)		43,700		610,926

Data Processing & Outsourced Services–0.98%
Everi Holdings Inc.^(b)		127,150		1,054,073
StarTek, Inc.^(b)		17,850		213,129
				1,267,202

Department Stores–0.07%
Dillard’s, Inc.–Class A		1,800		91,440

Diversified Chemicals–0.87%
Chemours Co. (The)		19,850		1,123,708

Diversified Metals & Mining–0.59%
Teck Resources Ltd.–Class B (Canada)		37,350		763,434

Education Services–0.32%
Cambium Learning Group Inc.^(b)		9,300		56,916
K12 Inc.^(b)		21,600		350,352
				407,268

Electronic Components–0.14%
Bel Fuse, Inc.–Class B		5,450		176,308

Electronic Equipment & Instruments–1.03%
Control4 Corp.^(b)		45,200		1,331,140

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

9 Invesco All Cap Market Neutral Fund


	Shares		Value
Electronic Manufacturing Services–1.76%
KEMET Corp.^(b)		88,350	$	2,269,711

Financial Exchanges & Data–0.06%
Donnelley Financial Solutions, Inc.^(b)		3,650		78,475

Food Distributors–0.69%
Chefs Warehouse, Inc. (The)^(b)		44,600		889,770

Footwear–0.80%
Wolverine World Wide, Inc.		37,650		1,027,845

Health Care Equipment–2.73%
Cutera, Inc.^(b)		23,600		927,480
Fonar Corp.^(b)		1,600		51,040
LeMaitre Vascular, Inc.		18,900		604,989
Novocure Ltd.^(b)		89,550		1,934,280
				3,517,789

Health Care Facilities–0.85%
Community Health Systems, Inc.^(b)		185,900		1,096,810

Health Care Services–0.15%
Psychemedics Corp.		11,350		198,625

Health Care Supplies–2.92%
Lantheus Holdings, Inc.^(b)		88,400		1,759,160
OraSure Technologies, Inc.^(b)		100,950		1,993,762
				3,752,922

Health Care Technology–0.45%
Tabula Rasa Healthcare, Inc.^(b)		19,835		572,835

Home Entertainment Software–0.15%
PolarityTE, Inc.^(b)		7,650		197,906

Homebuilding–0.94%
Beazer Homes USA, Inc.^(b)		57,800		1,212,644

Homefurnishing Retail–5.08%
Aaron’s, Inc.		42,900		1,578,720
Pier 1 Imports, Inc.		116,750		485,680
RH^(b)		26,750		2,405,360
Select Comfort Corp.^(b)		63,550		2,065,375
				6,535,135

Household Appliances–0.55%
iRobot Corp.^(b)		10,450		702,136

Household Products–0.41%
HRG Group, Inc.^(b)		32,300		523,906

Industrial Machinery–2.06%
Harsco Corp.^(b)		106,000		2,252,500
LB Foster Co.–Class A^(b)		16,050		399,645
				2,652,145

Internet & Direct Marketing Retail–2.49%
Nutrisystem, Inc.		36,750		1,835,662
PetMed Express, Inc.		38,900		1,375,504
				3,211,166


	Shares		Value
Internet Software & Services–1.23%
Blucora, Inc.^(b)		43,200	$	937,440
QuinStreet, Inc.^(b)		72,450		644,805
				1,582,245

IT Consulting & Other Services–0.09%
Teradata Corp.^(b)		3,650		122,093

Leisure Facilities–0.22%
Town Sports International Holdings, Inc.^(b)		46,900		281,400

Leisure Products–0.16%
Johnson Outdoors Inc.–Class A		2,800		210,588

Life & Health Insurance–0.74%
Lincoln National Corp.		12,500		947,250

Managed Health Care–0.24%
WellCare Health Plans Inc.^(b)		1,550		306,497

Marine–0.07%
Genco Shipping & Trading Ltd.^(b)		7,000		84,070

Metal & Glass Containers–0.08%
Myers Industries, Inc.^(b)		4,700		101,520

Office REITs–0.13%
JBG SMITH Properties^(b)		5,250		163,853

Oil & Gas Drilling–1.57%
Diamond Offshore Drilling, Inc.		14,300		239,239
Noble Corp. PLC^(b)		32,950		137,072
Rowan Cos. PLC–Class A^(b)		64,700		927,151
Unit Corp.^(b)		38,050		712,296
				2,015,758

Oil & Gas Exploration & Production–4.22%
Bill Barrett Corp.^(b)		175,250		863,983
Comstock Resources, Inc.^(b)		30,250		142,780
Devon Energy Corp.		31,800		1,173,420
Enerplus Corp. (Canada)		127,250		1,166,882
Evolution Petroleum Corp.		66,000		488,400
Panhandle Oil & Gas, Inc.–Class A		15,997		386,328
Whiting Petroleum Corp.^(b)		200,850		1,207,108
				5,428,901

Oil & Gas Storage & Transportation–0.14%
Overseas Shipholding Group, Inc.–Class A^(b)		76,500		181,305

Packaged Foods & Meats–0.48%
Sanderson Farms, Inc.		4,150		620,716

Personal Products–0.49%
Medifast, Inc.		10,200		636,480

Pharmaceuticals–6.11%
Corcept Therapeutics Inc.^(b)		119,050		2,344,094
Innoviva, Inc.^(b)		120,800		1,478,592
Intersect ENT, Inc.^(b)		32,950		976,968
MyoKardia, Inc.^(b)		33,200		1,276,540
Supernus Pharmaceuticals Inc.^(b)		42,850		1,782,560
				7,858,754

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

10 Invesco All Cap Market Neutral Fund


	Shares		Value
Property & Casualty Insurance–0.35%
Ambac Financial Group, Inc.^(b)		8,850	$	144,078
Assured Guaranty Ltd.		8,250		306,075
				450,153

Real Estate Development–0.43%
Maui Land & Pineapple Co., Inc.^(b)		35,100		559,845

Real Estate Services–0.17%
Altisource Asset Management Corp.^(b)		2,650		223,594

Regional Banks–0.11%
Central Valley Community Bancorp		7,150		144,430

Reinsurance–0.29%
Blue Capital Reinsurance Holdings Ltd. (Bermuda)^(b)		4,400		58,300
Third Point Reinsurance Ltd. (Bermuda)^(b)		18,950		316,465
				374,765

Research & Consulting Services–0.13%
RPX Corp.^(b)		12,750		166,005

Semiconductor Equipment–2.40%
Amtech Systems, Inc.^(b)		21,850		318,136
SolarEdge Technologies, Inc.^(b)		36,600		1,202,310
Ultra Clean Holdings, Inc.^(b)		61,700		1,574,584
				3,095,030

Semiconductors–2.20%
Micron Technology, Inc.^(b)		56,800		2,516,808
Pixelworks, Inc.^(b)		56,950		318,350
				2,835,158

Specialized Consumer Services–1.65%
H&R Block, Inc.		13,250		327,805
Weight Watchers International, Inc.		39,850		1,790,062
				2,117,867

Specialized REITs–1.26%
CoreCivic, Inc.		65,750		1,621,395

Technology Distributors–0.25%
Systemax, Inc.^(b)		11,150		318,333


	Shares		Value
Technology Hardware, Storage & Peripherals–0.24%
Intevac, Inc.^(b)		27,850	$	233,940
Quantum Corp.^(b)		13,500		71,550
				305,490

Thrifts & Mortgage Finance–2.85%
Charter Financial Corp.		5,900		113,103
Federal Agricultural Mortgage Corp.–Class C		19,550		1,451,392
FS Bancorp, Inc.^(b)		1,450		78,706
Walker & Dunlop, Inc.^(b)		36,800		2,019,952
				3,663,153

Tobacco–0.13%
Alliance One International, Inc.^(b)		15,050		161,035

Trading Companies & Distributors–1.25%
CAI International, Inc.^(b)		35,950		1,330,869
Titan Machinery, Inc.^(b)		18,550		276,209
				1,607,078

Trucking–0.38%
YRC Worldwide, Inc.^(b)		35,850		482,900

Wireless Telecommunication Services–0.33%
Boingo Wireless, Inc.^(b)		18,050		422,009
Total Common Stocks & Other Equity Interests (Cost $104,076,900)				116,568,318

Money Market Funds–9.11%
Invesco Government & Agency Portfolio–Institutional Class, 0.95%^(c)		7,039,791		7,039,791
Invesco Treasury Portfolio–Institutional Class, 0.94%^(c)		4,693,194		4,693,194
Total Money Market Funds (Cost $11,732,985)				11,732,985
TOTAL INVESTMENTS IN SECURITIES–99.68% (Cost $115,809,885)				128,301,303
OTHER ASSETS LESS LIABILITIES–0.32%				408,495
NET ASSETS–100.00%			$	128,709,798

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, 2017.


Open Over-The-Counter Total Return Swap Agreements — Equity Risk
Reference Entity	Counterparty	Expiration Date		Floating Rate Index⁽¹⁾	Payment Frequency	Notional Amount			Upfront Payments Paid (Received)		Value			Unrealized Appreciation			Net Value of Reference Entities
Equity Securities – Short	Morgan Stanley & Co. LLC		04/24/2019	Federal Funds floating rate	Monthly	$	(117,349,003	)	$	—	$	856,299	⁽²⁾	$	856,299	⁽²⁾	$	(116,463,863	)

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

⁽²⁾	Amount includes $(28,841) of dividends payable and financing fees related to the reference entities.

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

11 Invesco All Cap Market Neutral Fund

The following table represents the individual short positions and related values of equity securities underlying the total return swap with Morgan Stanley & Co. LLC, as of October 31, 2017.


	Shares			Value			Percentage of Reference Entities
Equity Securities — Short–(100.00)%
Aerospace & Defense–(1.14)%
KeyW Holding Corp. (The)		(80,800	)	$	(610,040	)		(0.53	)
Wesco Aircraft Holdings, Inc.		(75,000	)		(678,750	)		(0.61	)
					(1,288,790	)		(1.14	)

Airlines–(0.19)%
Spirit Airlines, Inc.		(6,400	)		(237,376	)		(0.19	)

Apparel Retail–(1.72)%
Boot Barn Holdings, Inc.		(42,450	)		(349,364	)		(0.30	)
L Brands Inc.		(38,950	)		(1,676,408	)		(1.42	)
					(2,025,772	)		(1.72	)

Apparel, Accessories & Luxury Goods–(2.09)%
G-III Apparel Group, Ltd.		(23,650	)		(599,291	)		(0.53	)
Under Armour, Inc.–Class A		(73,050	)		(914,586	)		(1.05	)
Under Armour, Inc.–Class C		(39,550	)		(456,012	)		(0.51	)
					(1,969,889	)		(2.09	)

Application Software–(1.95)%
Digimarc Corp.		(18,000	)		(642,600	)		(0.55	)
Ellie Mae, Inc.		(15,450	)		(1,389,727	)		(1.17	)
SITO Mobile Ltd.		(35,550	)		(271,957	)		(0.23	)
					(2,304,284	)		(1.95	)

Asset Management & Custody Banks–(0.58)%
Fifth Street Asset Management, Inc.		(24,250	)		(99,425	)		(0.08	)
Safeguard Scientifics, Inc.		(10,250	)		(144,525	)		(0.11	)
WisdomTree Investments, Inc.		(40,000	)		(443,600	)		(0.39	)
					(687,550	)		(0.58	)

Automobile Manufacturers–(1.53)%
Tesla, Inc.		(5,360	)		(1,777,001	)		(1.53	)

Automotive Retail–(5.55)%
Advance Auto Parts, Inc.		(17,300	)		(1,414,102	)		(1.27	)
AutoZone Inc.		(2,920	)		(1,721,340	)		(1.46	)
Monro, Inc.		(8,200	)		(404,670	)		(0.35	)
Murphy USA Inc.		(17,100	)		(1,271,556	)		(1.07	)
OReilly Automotive Inc.		(8,000	)		(1,687,600	)		(1.40	)
					(6,499,268	)		(5.55	)

Biotechnology–(21.64)%
ACADIA Pharmaceuticals Inc.		(45,350	)		(1,579,541	)		(1.38	)
Advaxis, Inc.		(60,650	)		(206,210	)		(0.18	)
Agios Pharmaceuticals, Inc.		(23,500	)		(1,510,345	)		(1.34	)
Alder Biopharmaceuticals, Inc.		(93,100	)		(1,047,375	)		(0.88	)
Ardelyx, Inc.		(71,150	)		(380,652	)		(0.31	)
Atara Biotherapeutics, Inc.		(20,450	)		(290,390	)		(0.25	)
Bellicum Pharmaceuticals, Inc.		(53,750	)		(506,325	)		(0.44	)
bluebird bio, Inc.		(12,350	)		(1,717,885	)		(1.48	)


	Shares			Value			Percentage of Reference Entities
Biotechnology–(continued)
Cascadian Therapeutics, Inc.		(37,450	)	$	(171,895	)		(0.14	)
Coherus Biosciences, Inc.		(68,450	)		(770,062	)		(0.67	)
Corbus Pharmaceuticals Holdings, Inc.		(79,700	)		(565,870	)		(0.50	)
Dynavax Technologies Corp.		(80,250	)		(1,765,500	)		(1.36	)
Eiger BioPharmaceuticals, Inc.		(11,400	)		(127,110	)		(0.12	)
Flexion Therapeutics, Inc.		(51,800	)		(1,140,118	)		(0.97	)
Ellie Mae Therapeutics, Inc.		(85,850	)		(1,317,797	)		(1.12	)
Intercept Pharmaceuticals, Inc.		(12,100	)		(745,723	)		(0.68	)
Juno Therapeutics, Inc.		(38,050	)		(1,708,826	)		(1.46	)
La Jolla Pharmaceutical Co.		(20,375	)		(700,085	)		(0.59	)
Mirati Therapeutics, Inc.		(39,375	)		(513,844	)		(0.48	)
Neurocrine Biosciences, Inc.		(28,000	)		(1,739,080	)		(1.40	)
Novavax, Inc.		(119,000	)		(129,710	)		(0.10	)
Radius Health, Inc.		(53,550	)		(1,719,491	)		(1.59	)
Sarepta Therapeutics, Inc.		(36,150	)		(1,782,557	)		(1.59	)
T2 Biosystems, Inc.		(49,850	)		(185,940	)		(0.16	)
TESARO, Inc.		(15,050	)		(1,742,339	)		(1.46	)
Ultragenyx Pharmaceutical Inc.		(19,900	)		(917,191	)		(0.86	)
Vital Therapies, Inc.		(27,175	)		(160,332	)		(0.13	)
					(25,142,193	)		(21.64	)

Casinos & Gaming–(0.05)%
Empire Resorts, Inc.		(2,550	)		(56,865	)		(0.05	)

Communications Equipment–(1.72)%
Finisar Corp.		(55,450	)		(1,305,293	)		(1.09	)
Lumentum Holdings, Inc.		(11,850	)		(748,328	)		(0.63	)
					(2,053,621	)		(1.72	)

Construction & Engineering–(0.33)%
Dycom Industries, Inc.		(4,350	)		(382,060	)		(0.33	)

Construction Machinery & Heavy Trucks–(1.48)%
Wabtec Corp./DE		(22,750	)		(1,740,375	)		(1.48	)

Distributors–(1.47)%
Core-Mark Holding Co., Inc.		(51,750	)		(1,762,605	)		(1.47	)

Diversified Chemicals–(0.29)%
LSB Industries, Inc.		(43,950	)		(331,822	)		(0.29	)

Diversified Metals & Mining–(0.92)%
Compass Minerals International, Inc.		(16,450	)		(1,079,120	)		(0.92	)

Electrical Components & Equipment–(2.92)%
Acuity Brands Inc.		(10,150	)		(1,697,080	)		(1.38	)
American Superconductor Corp.		(27,275	)		(114,555	)		(0.10	)
Energous Corp.		(34,150	)		(335,012	)		(0.34	)
Revolution Lighting Technologies, Inc.		(30,200	)		(167,912	)		(0.14	)
Sunrun Inc.		(166,100	)		(953,414	)		(0.76	)

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

12 Invesco All Cap Market Neutral Fund


	Shares			Value			Percentage of Reference Entities
Electrical Components & Equipment–(continued)
Vivint Solar, Inc.		(59,300	)	$	(222,375	)		(0.20	)
					(3,490,348	)		(2.92	)

Electronic Equipment & Instruments–(0.03)%
Mesa Laboratories, Inc.		(250	)		(39,862	)		(0.03	)

Electronic Manufacturing Services–(1.45)%
Fabrinet (Thailand)		(46,000	)		(1,710,280	)		(1.45	)

Environmental & Facilities Services–(0.71)%
Aqua Metals, Inc.		(32,500	)		(129,350	)		(0.12	)
Covanta Holding Corp.		(9,550	)		(153,755	)		(0.12	)
Team, Inc.		(45,700	)		(562,110	)		(0.47	)
					(845,215	)		(0.71	)

Food Retail–(0.15)%
Natural Grocers by Vitamin Cottage, Inc.		(33,450	)		(164,239	)		(0.15	)

General Merchandise Stores–(0.25)%
Fred’s, Inc.–Class A		(23,300	)		(102,753	)		(0.09	)
Tuesday Morning Corp.		(65,250	)		(202,275	)		(0.16	)
					(305,028	)		(0.25	)

Health Care Equipment–(6.99)%
ConforMIS Inc.		(65,100	)		(230,454	)		(0.20	)
CytoSorbents Corp.		(43,400	)		(266,910	)		(0.22	)
DexCom, Inc.		(39,050	)		(1,756,079	)		(1.49	)
Entellus Medical, Inc.		(40,900	)		(692,437	)		(0.63	)
Invacare Corp.		(51,000	)		(790,500	)		(0.65	)
InVivo Therapeutics Holdings Corp.		(44,300	)		(57,590	)		(0.06	)
Invuity, Inc.		(26,750	)		(239,412	)		(0.21	)
Nevro Corp.		(14,300	)		(1,252,394	)		(1.12	)
NuVasive, Inc.		(24,800	)		(1,406,904	)		(1.21	)
Oxford Immunotec Global PLC		(39,200	)		(518,224	)		(0.53	)
ViewRay Inc.		(92,350	)		(636,292	)		(0.54	)
Viveve Medical, Inc.		(26,000	)		(141,960	)		(0.13	)
					(7,989,156	)		(6.99	)

Health Care Facilities–(0.27)%
AAC Holdings, Inc.		(37,350	)		(295,812	)		(0.27	)

Health Care Supplies–(0.99)%
Cerus Corp.		(165,650	)		(475,416	)		(0.41	)
Endologix, Inc.		(133,000	)		(704,900	)		(0.58	)
					(1,180,316	)		(0.99	)

Heavy Electrical Equipment–(0.17)%
Babcock & Wilcox Enterprises, Inc.		(46,800	)		(204,984	)		(0.17	)

Hotels, Resorts & Cruise Lines–(0.07)%
Red Lion Hotels Corp.		(9,400	)		(82,720	)		(0.07	)


	Shares			Value			Percentage of Reference Entities
Household Products–(0.18)%
Orchids Paper Products Co.		(16,900	)	$	(207,532	)		(0.18	)

Industrial Machinery–(0.24)%
ExOne Co. (The)		(26,700	)		(283,821	)		(0.24	)

Internet & Direct Marketing Retail–(3.32)%
Duluth Holdings, Inc.–Class B		(42,250	)		(872,885	)		(0.73	)
Overstock.com, Inc.		(39,800	)		(1,826,820	)		(1.19	)
Wayfair, Inc.–Class A		(24,450	)		(1,709,055	)		(1.40	)
					(4,408,760	)		(3.32	)

Internet Software & Services–(0.80)%
Liquidity Services, Inc.		(15,250	)		(86,925	)		(0.07	)
Pandora Media, Inc.		(118,600	)		(866,966	)		(0.73	)
					(953,891	)		(0.80	)

Leisure Products–(1.64)%
Mattel Inc.		(124,350	)		(1,755,822	)		(1.64	)

Life & Health Insurance–(1.13)%
Trupanion, Inc.		(47,150	)		(1,327,744	)		(1.13	)

Life Sciences Tools & Services–(0.47)%
Pacific Biosciences of California, Inc.		(129,550	)		(547,996	)		(0.47	)

Movies & Entertainment–(0.87)%
Global Eagle Entertainment Inc.		(111,300	)		(270,459	)		(0.31	)
IMAX Corp.		(31,200	)		(756,600	)		(0.56	)
					(1,027,059	)		(0.87	)

Oil & Gas Equipment & Services–(1.87)%
Bristow Group, Inc.		(56,150	)		(530,056	)		(0.42	)
Frank’s International N.V.		(80,600	)		(532,766	)		(0.45	)
Key Energy Services, Inc.		(4,900	)		(52,136	)		(0.04	)
US Silica Holdings, Inc.		(39,450	)		(1,203,620	)		(0.96	)
					(2,318,578	)		(1.87	)

Oil & Gas Exploration & Production–(5.04)%
Callon Petroleum Co.		(95,150	)		(1,055,213	)		(0.85	)
Gulfport Energy Corp.		(57,850	)		(792,545	)		(0.67	)
Halcon Resources Corp.		(238,500	)		(1,569,330	)		(1.24	)
Lilis Energy, Inc.		(82,350	)		(410,103	)		(0.33	)
Resolute Energy Corp.		(35,350	)		(1,061,561	)		(0.85	)
Sanchez Energy Corp.		(92,650	)		(401,174	)		(0.30	)
SM Energy Co.		(52,550	)		(1,120,892	)		(0.80	)
					(6,410,818	)		(5.04	)

Oil & Gas Storage & Transportation–(0.35)%
Frontline Ltd. (Norway)		(55,950	)		(340,735	)		(0.29	)
Nordic American Tankers Ltd.		(15,050	)		(66,822	)		(0.06	)
					(407,557	)		(0.35	)

Personal Products–(1.39)%
Coty, Inc.–Class A		(105,400	)		(1,623,160	)		(1.39	)

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

13 Invesco All Cap Market Neutral Fund


	Shares			Value			Percentage of Reference Entities
Pharmaceuticals–(5.82)%
Adamis Pharmaceuticals Corp.		(47,950	)	$	(249,340	)		(0.23	)
Axsome Therapeutics, Inc.		(36,300	)		(172,425	)		(0.15	)
Collegium Pharmaceutical, Inc.		(46,650	)		(481,895	)		(0.45	)
Dermira, Inc.		(65,700	)		(1,758,789	)		(1.56	)
Egalet Corp.		(35,100	)		(34,398	)		(0.03	)
Lipocine Inc.		(31,850	)		(112,430	)		(0.10	)
Medicines Co. (The)		(36,750	)		(1,056,195	)		(1.03	)
Nektar Therapeutics, Inc.		(68,050	)		(1,639,325	)		(1.42	)
Neos Therapeutics, Inc.		(42,900	)		(446,160	)		(0.27	)
Ocular Therapeutix, Inc.		(46,500	)		(267,840	)		(0.22	)
TherapeuticsMD, Inc.		(56,550	)		(266,916	)		(0.24	)
WaVe Life Sciences Ltd.		(5,950	)		(137,147	)		(0.12	)
					(6,622,860	)		(5.82	)

Property & Casualty Insurance–(0.98)%
AmTrust Financial Services Inc.		(83,200	)		(1,044,992	)		(0.98	)

Real Estate Operating Companies–(0.06)%
Trinity Place Holdings, Inc.		(9,400	)		(67,680	)		(0.06	)

Regional Banks–(1.68)%
Bank of California, Inc.		(41,600	)		(875,680	)		(0.72	)
MidSouth Bancorp, Inc.		(26,800	)		(351,080	)		(0.30	)
Pacific Mercantile Bancorp		(772	)		(7,218	)		(0.01	)
United Bankshares, Inc.		(20,750	)		(745,963	)		(0.65	)
					(1,979,941	)		(1.68	)

Reinsurance–(0.47)%
Maiden Holdings Ltd.		(67,600	)		(557,700	)		(0.47	)

Research & Consulting Services–(0.34)%
Cogint, Inc.		(86,400	)		(393,120	)		(0.34	)

Restaurants–(3.47)%
Chipotle Mexican Grill, Inc.		(6,300	)		(1,712,970	)		(1.68	)
Habit Restaurants, Inc. (The)–Class A		(41,100	)		(505,530	)		(0.42	)
Jamba, Inc.		(6,950	)		(57,129	)		(0.05	)
Noodles & Co.		(65,634	)		(285,508	)		(0.25	)
Papa John’s International, Inc.		(12,050	)		(820,002	)		(0.71	)
Shake Shack Inc.–Class A		(1,350	)		(51,246	)		(0.04	)
Zoe’s Kitchen, Inc.		(30,400	)		(373,312	)		(0.32	)
					(3,805,697	)		(3.47	)

Retail REITs–(1.06)%
CBL & Associates Properties, Inc.		(12,200	)		(95,648	)		(0.09	)
Pennsylvania Real Estate Investment Trust		(110,900	)		(1,077,948	)		(0.97	)
					(1,173,596	)		(1.06	)


	Shares			Value			Percentage of Reference Entities
Semiconductor Equipment–(0.89)%
CyberOptics Corp.		(11,300	)	$	(162,720	)		(0.13	)
PDF Solutions, Inc.		(57,650	)		(844,572	)		(0.76	)
					(1,007,292	)		(0.89	)

Semiconductors–(4.05)%
Advanced Micro Devices Inc.		(134,950	)		(1,482,426	)		(1.62	)
Impinj, Inc.		(32,800	)		(1,119,792	)		(0.97	)
MACOM Technology Solutions Holdings, Inc.		(30,400	)		(1,242,752	)		(1.02	)
NeoPhotonics Corp.		(68,150	)		(355,061	)		(0.33	)
SunPower Corp.		(19,000	)		(135,280	)		(0.11	)
					(4,335,311	)		(4.05	)

Soft Drinks–(0.04)%
Celsius Holdings, Inc.		(7,750	)		(40,610	)		(0.04	)

Specialized Finance–(0.39)%
On Deck Capital, Inc.		(91,600	)		(451,588	)		(0.39	)

Specialized REITs–(0.15)%
Life Storage, Inc.		(2,150	)		(173,763	)		(0.15	)

Specialty Chemicals–(0.38)%
Flotek Industries, Inc.		(92,100	)		(453,132	)		(0.38	)

Specialty Stores–(0.78)%
MarineMax, Inc.		(38,600	)		(716,030	)		(0.55	)
Sportsmans Warehouse Holdings, Inc.		(62,600	)		(256,660	)		(0.23	)
					(972,690	)		(0.78	)

Systems Software–(0.57)%
SecureWorks Corp.–Class A		(61,900	)		(620,238	)		(0.57	)

Technology Hardware, Storage & Peripherals–(1.58)%
3D Systems Corp.		(55,450	)		(686,471	)		(0.55	)
Diebold Nixdorf, Inc.		(36,800	)		(710,240	)		(0.66	)
USA Technologies, Inc.		(69,050	)		(438,468	)		(0.37	)
					(1,835,179	)		(1.58	)

Thrifts & Mortgage Finance–(1.08)%
Meta Financial Group, Inc.		(15,150	)		(1,321,838	)		(1.08	)

Trading Companies & Distributors–(0.79)%
Huttig Building Products, Inc.		(39,050	)		(262,416	)		(0.24	)
NOW Inc.		(52,450	)		(656,674	)		(0.55	)
					(919,090	)		(0.79	)

Trucking–(1.47)%
Hertz Global Holdings, Inc.		(71,100	)		(1,768,257	)		(1.47	)
Total Equity Securities — Short				$	(116,463,863	)		(100.00	)

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

14 Invesco All Cap Market Neutral Fund

Statement of Assets and Liabilities

October 31, 2017


Assets:
Investments in securities, at value (Cost $104,076,900)	$116,568,318
Investments in affiliated money market funds, at value and cost	11,732,985
Other investments:
Unrealized appreciation on swap agreements — OTC	856,299
Deposits with brokers:
Cash collateral — OTC derivatives	50,811
Foreign currencies, at value (Cost $51)	53
Receivable for:
Investments sold	12,793,437
Fund shares sold	417,064
Dividends and interest	34,499
Investment for trustee deferred compensation and retirement plans	7,476
Other assets	58,038
Total assets	142,518,980

Liabilities:
Other investments:
Swaps payable — OTC	174,079
Payable for:
Investments purchased	13,398,032
Fund shares reacquired	153,988
Accrued fees to affiliates	25,061
Accrued trustees’ and officers’ fees and benefits	2,113
Accrued other operating expenses	48,433
Trustee deferred compensation and retirement plans	7,476
Total liabilities	13,809,182
Net assets applicable to shares outstanding	$128,709,798

Net assets consist of:
Shares of beneficial interest	$101,297,766
Undistributed net investment income (loss)	(862,941	)
Undistributed net realized gain	14,927,254
Net unrealized appreciation	13,347,719
	$128,709,798


Net Assets:
Class A	$	11,085,105
Class C	$	4,855,923
Class R	$	109,368
Class Y	$	40,874,699
Class R5	$	10,359
Class R6	$	71,774,344

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,100,478
Class C		495,633
Class R		10,963
Class Y		4,025,590
Class R5		1,018
Class R6		7,065,375
Class A:
Net asset value per share	$	10.07
Maximum offering price per share
(Net asset value of $10.07 ¸ 94.50%)	$	10.66
Class C:
Net asset value and offering price per share	$	9.80
Class R:
Net asset value and offering price per share	$	9.98
Class Y:
Net asset value and offering price per share	$	10.15
Class R5:
Net asset value and offering price per share	$	10.18
Class R6:
Net asset value and offering price per share	$	10.16

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

15 Invesco All Cap Market Neutral Fund

Statement of Operations

For the year ended October 31, 2017


Investment income:
Dividends (net of foreign withholding taxes of $6,038)	$	1,313,667
Dividends from affiliated money market funds		80,212
Total investment income		1,393,879

Expenses:
Advisory fees		1,391,916
Administrative services fees		50,000
Custodian fees		9,751
Distribution fees:
Class A		63,564
Class C		74,645
Class R		584
Transfer agent fees — A, C, R and Y		92,386
Transfer agent fees — R5		2
Transfer agent fees — R6		313
Trustees’ and officers’ fees and benefits		22,248
Registration and filing fees		90,496
Reports to shareholders		38,993
Professional services fees		62,710
Other		11,051
Total expenses		1,908,659
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(54,255	)
Net expenses		1,854,404
Net investment income (loss)		(460,525	)

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		32,809,799
Foreign currencies		25
Swap agreements		(24,129,094	)
		8,680,730
Change in net unrealized appreciation (depreciation) of:
Investment securities		3,611,051
Foreign currencies		2
Swap agreements		(7,067,258	)
		(3,456,205	)
Net realized and unrealized gain		5,224,525
Net increase in net assets resulting from operations	$	4,764,000

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

16 Invesco All Cap Market Neutral Fund

Statement of Changes in Net Assets

For the years ended October 31, 2017 and 2016


	2017			2016
Operations:
Net investment income (loss)	$	(460,525	)	$	(225,004	)
Net realized gain (loss)		8,680,730			(31,472,934	)
Change in net unrealized appreciation (depreciation)		(3,456,205	)		15,439,146
Net increase (decrease) in net assets resulting from operations		4,764,000			(16,258,792	)

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	)

Distributions to shareholders from net realized gains:
Class A		(23,299	)		—
Class C		(5,884	)		—
Class R		(63	)		—
Class Y		(23,998	)		—
Class R5		(290	)		—
Class R6		(40,229	)		—
Total distributions from net realized gains		(93,763	)		—

Share transactions–net:
Class A		(32,641,294	)		37,820,319
Class C		(5,491,479	)		9,875,981
Class R		3,532			106,118
Class Y		(1,328,111	)		30,769,232
Class R5		(484,975	)		—
Class R6		(4,100,374	)		77,562,633
Net increase (decrease) in net assets resulting from share transactions		(44,042,701	)		156,134,283
Net increase (decrease) in net assets		(39,372,464	)		135,224,863

Net assets:
Beginning of year		168,082,262			32,857,399
End of year (includes undistributed net investment income (loss) of $(862,941) and $(7,969,348), respectively)	$	128,709,798		$	168,082,262

Notes to Financial Statements

October 31, 2017

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 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.

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

17 Invesco All Cap Market Neutral Fund

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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.

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind income received in the form of securities in-lieu of cash is recorded as interest income. Dividend income and dividend expense on short sales are 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.

18 Invesco All Cap Market Neutral Fund

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.

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.

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

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

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

Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated 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.

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

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

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.

19 Invesco All Cap Market Neutral 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.

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.

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.

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Effective January 1, 2017, under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate
First $250 million		0.85%
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%

20 Invesco All Cap Market Neutral Fund

Prior to January 1, 2017, the Fund had paid 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, 2017, the effective advisory fees incurred by the Fund was 0.93%.

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

Effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2019, 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 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to January 1, 2017, 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 1.62%, 2.37%, 1.87%, 1.37%, 1.37% and 1.37%, 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 February 28, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2019, 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, 2017, the Adviser waived advisory fees of $33,021 and reimbursed class level expenses of $6,723, $1,974, $31, $11,905 and $49 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, 2017, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2017, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2017, 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, 2017, IDI advised the Fund that IDI retained $4,290 in front-end sales commissions from the sale of Class A shares and $1,506 and $4,574 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

21 Invesco All Cap Market Neutral Fund

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, 2017. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended October 31, 2017, there were no material transfers between valuation levels.


	Level 1		Level 2		Level 3		Total
Common Stocks & Other Equity Interests	$	116,568,318	$	—	$	—	$	116,568,318
Money Market Funds		11,732,985		—		—		11,732,985
		128,301,303		—		—		128,301,303
Swap Agreements*		—		856,299		—		856,299
Total Investments	$	128,301,303	$	856,299	$	—	$	129,157,602

*	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, 2017:


	Value
Derivative Assets	Equity Risk
Unrealized appreciation on swap agreements — OTC	$	856,299
Derivatives not subject to master netting agreements		—
Total Derivative Assets subject to master netting agreements	$	856,299

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, 2017.


	Financial Derivative Assets		Financial Derivative Liabilities			Net Value of Derivatives		Collateral (Received)/Pledged				Net Amount
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives		Non-Cash		Cash		Net Amount
Morgan Stanley & Co. LLC	$	856,299	$	(174,079	)	$	682,220	$	—	$	—	$	682,220

22 Invesco All Cap Market Neutral Fund

Effect of Derivative Investments for the year ended October 31, 2017

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	$	(24,129,094	)
Change in Net Unrealized Appreciation (Depreciation):
Swap agreements		(7,067,258	)
Total	$	(31,196,352	)

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


	Swap Agreements
Average notional value	$	134,533,049

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, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $552.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with 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, 2017 and 2016:


	2017		2016
Ordinary income	$	—	$	4,597,598
Long-term capital gain		93,763		53,030
Total distributions	$	93,763	$	4,650,628

Tax Components of Net Assets at Period-End:


	2017
Undistributed long-term gain	$	15,127,768
Net unrealized appreciation — investments		12,290,905
Temporary book/tax differences		(6,641	)
Shares of beneficial interest		101,297,766
Total net assets	$	128,709,798

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 swap agreements.

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.

23 Invesco All Cap Market Neutral Fund

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

The Fund does not have a capital loss carryforward as of October 31, 2017.

NOTE 9—Investment Transactions

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, 2017 was $221,975,495 and $290,225,550, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	15,956,009
Aggregate unrealized (depreciation) of investments		(3,665,104	)
Net unrealized appreciation of investments	$	12,290,905

Cost of investments for tax purposes is $116,866,697.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses and swap agreement income, on October 31, 2017, undistributed net investment income (loss) was increased by $7,566,932, undistributed net realized gain was increased by $6,818,945 and shares of beneficial interest was decreased by $14,385,877. This reclassification had no effect on the net assets of the Fund.

NOTE 11—Share Information


	Summary of Share Activity
	Years ended October 31,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		450,565		$	4,530,754			9,254,725		$	98,705,258
Class C		58,328			578,322			1,785,156			18,630,806
Class R		3,876			38,742			25,401			266,205
Class Y		3,880,773			39,331,445			5,966,976			62,854,381
Class R6^(b)		941,211			9,425,954			8,048,947			84,017,175

Issued as reinvestment of dividends:
Class A		1,971			20,639			132,014			1,395,381
Class C		573			5,875			32,714			341,201
Class R		6			57			444			4,665
Class Y		2,159			22,736			145,868			1,547,659
Class R6		3,792			39,939			1,595			16,921

Reacquired:
Class A		(3,693,539	)		(37,192,687	)		(6,120,260	)		(62,280,320	)
Class C		(618,543	)		(6,075,676	)		(913,301	)		(9,096,026	)
Class R		(3,557	)		(35,267	)		(17,120	)		(164,752	)
Class Y		(4,055,298	)		(40,682,292	)		(3,326,932	)		(33,632,808	)
Class R5		(48,983	)		(484,975	)		—			—
Class R6		(1,336,039	)		(13,566,267	)		(656,366	)		(6,471,463	)
Net increase (decrease) in share activity		(4,412,705	)	$	(44,042,701	)		14,359,861		$	156,134,283

^(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 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, 55% 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.

24 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			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 (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			Portfolio turnover^(c)
Class A
Year ended 10/31/17	$	9.80	$	(0.05	)	$	0.33		$	0.28		$	—		$	(0.01	)	$	(0.01	)	$	10.07		2.81	%	$	11,085		1.43	%^(d)		1.48	%^(d)		1.43	%^(d)		1.48	%^(d)		(0.50	)%^(d)		162	%
Year ended 10/31/16		11.92		(0.03	)		(0.76	)		(0.79	)		(1.33	)		—			(1.33	)		9.80		(7.42	)		42,539		1.61			1.85			1.61			1.85			(0.26	)		168
Year ended 10/31/15		10.70		(0.20	)		1.42			1.22			—			—			—			11.92		11.40			12,812		3.69	^(e)		4.62	^(e)		1.60			2.53			(1.85	)		175
Year ended 10/31/14^(f)		10.00		(0.27	)		0.97			0.70			—			—			—			10.70		7.00			9,742		4.53	^(e)(g)		7.28	^(e)(g)		1.60	^(g)		4.35	^(g)		(3.03	)^(g)		105
Class C
Year ended 10/31/17		9.60		(0.12	)		0.33			0.21			—			(0.01	)		(0.01	)		9.80		2.14			4,856		2.18	^(d)		2.23	^(d)		2.18	^(d)		2.23	^(d)		(1.25	)^(d)		162
Year ended 10/31/16		11.76		(0.10	)		(0.76	)		(0.86	)		(1.30	)		—			(1.30	)		9.60		(8.19	)		10,136		2.36			2.60			2.36			2.60			(1.01	)		168
Year ended 10/31/15		10.63		(0.28	)		1.41			1.13			—			—			—			11.76		10.63			1,772		4.44	^(e)		5.37	^(e)		2.35			3.28			(2.60	)		175
Year ended 10/31/14^(f)		10.00		(0.34	)		0.97			0.63			—			—			—			10.63		6.30			857		5.28	^(e)(g)		8.03	^(e)(g)		2.35	^(g)		5.10	^(g)		(3.78	)^(g)		105
Class R
Year ended 10/31/17		9.73		(0.07	)		0.33			0.26			—			(0.01	)		(0.01	)		9.98		2.63			109		1.68	^(d)		1.73	^(d)		1.68	^(d)		1.73	^(d)		(0.75	)^(d)		162
Year ended 10/31/16		11.86		(0.05	)		(0.76	)		(0.81	)		(1.32	)		—			(1.32	)		9.73		(7.66	)		104		1.86			2.10			1.86			2.10			(0.51	)		168
Year ended 10/31/15		10.68		(0.22	)		1.40			1.18			—			—			—			11.86		11.05			23		3.94	^(e)		4.87	^(e)		1.85			2.78			(2.10	)		175
Year ended 10/31/14^(f)		10.00		(0.29	)		0.97			0.68			—			—			—			10.68		6.80			40		4.78	^(e)(g)		7.53	^(e)(g)		1.85	^(g)		4.60	^(g)		(3.28	)^(g)		105
Class Y
Year ended 10/31/17		9.85		(0.03	)		0.34			0.31			—			(0.01	)		(0.01	)		10.15		3.10			40,875		1.18	^(d)		1.23	^(d)		1.18	^(d)		1.23	^(d)		(0.25	)^(d)		162
Year ended 10/31/16		11.97		(0.00	)		(0.77	)		(0.77	)		(1.35	)		—			(1.35	)		9.85		(7.24	)		41,369		1.36			1.60			1.36			1.60			(0.01	)		168
Year ended 10/31/15		10.72		(0.17	)		1.42			1.25			—			—			—			11.97		11.66			16,907		3.44	^(e)		4.37	^(e)		1.35			2.28			(1.60	)		175
Year ended 10/31/14^(f)		10.00		(0.25	)		0.97			0.72			—			—			—			10.72		7.20			14,651		4.28	^(e)(g)		7.03	^(e)(g)		1.35	^(g)		4.10	^(g)		(2.78	)^(g)		105
Class R5
Year ended 10/31/17		9.86		(0.02	)		0.35			0.33			—			(0.01	)		(0.01	)		10.18		3.30			10		1.10	^(d)		1.12	^(d)		1.10	^(d)		1.12	^(d)		(0.17	)^(d)		162
Year ended 10/31/16		11.97		(0.00	)		(0.76	)		(0.76	)		(1.35	)		—			(1.35	)		9.86		(7.15	)		493		1.36			1.45			1.36			1.45			(0.01	)		168
Year ended 10/31/15		10.72		(0.17	)		1.42			1.25			—			—			—			11.97		11.66			599		3.44	^(e)		4.28	^(e)		1.35			2.19			(1.60	)		175
Year ended 10/31/14^(f)		10.00		(0.25	)		0.97			0.72			—			—			—			10.72		7.20			648		4.28	^(e)(g)		7.00	^(e)(g)		1.35	^(g)		4.07	^(g)		(2.78	)^(g)		105
Class R6
Year ended 10/31/17		9.85		(0.02	)		0.34			0.32			—			(0.01	)		(0.01	)		10.16		3.20			71,774		1.10	^(d)		1.12	^(d)		1.10	^(d)		1.12	^(d)		(0.17	)^(d)		162
Year ended 10/31/16		11.97		(0.00	)		(0.77	)		(0.77	)		(1.35	)		—			(1.35	)		9.85		(7.24	)		73,442		1.36			1.44			1.36			1.44			(0.01	)		168
Year ended 10/31/15		10.72		(0.17	)		1.42			1.25			—			—			—			11.97		11.66			745		3.44	^(e)		4.28	^(e)		1.35			2.19			(1.60	)		175
Year ended 10/31/14^(f)		10.00		(0.25	)		0.97			0.72			—			—			—			10.72		7.20			584		4.28	^(e)(g)		6.99	^(e)(g)		1.35	^(g)		4.06	^(g)		(2.78	)^(g)		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 $25,426, $7,465, $117, $45,023, $461 and $71,930 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)	Ratio of interest expense and dividends on short sales to average net assets for the years ended October 31, 2015 and October 31, 2014 were 2.09% and 2.93%, respectively.

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

^(g)	Annualized.

25 Invesco All Cap Market Neutral Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco All Cap Market Neutral Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco All Cap Market Neutral Fund (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended and for the period December 17, 2013 (commencement of investment 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, 2017 by correspondence with the custodian, transfer agent and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

26 Invesco All Cap Market Neutral Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2017 through October 31, 2017.

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 (05/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,003.00	$	7.17	$	1,018.05	$	7.22		1.42	%
C		1,000.00		999.00		10.93		1,014.27		11.02		2.17
R		1,000.00		1,002.00		8.43		1,016.79		8.49		1.67
Y		1,000.00		1,004.00		5.91		1,019.31		5.96		1.17
R5		1,000.00		1,004.90		5.26		1,019.96		5.30		1.04
R6		1,000.00		1,004.90		5.26		1,019.96		5.30		1.04

The actual ending account value is based on the actual total return of the Fund for the period May 1, 2017 through October 31, 2017, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

27 Invesco All Cap Market Neutral Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco All Cap Market Neutral Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 12-13, 2017, 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. and separate Sub-Advisory Contracts with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.

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.

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 most 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. This information is current as of June 13, 2017, 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 included consideration of Invesco Advisers’ investment process oversight, 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 as contrasted with 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.

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.

B.	Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund 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 only had three years of performance history and compared the Fund’s investment performance during the past one and three 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 year period and the first quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three year period. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

28 Invesco All Cap Market Neutral 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, 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.

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, 2016. 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 noted that Invesco Advisers and its affiliates do not manage other client accounts with investment strategies comparable to those of the Fund.

D.	Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board 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 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 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 may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Adviser’s or the Affiliated Sub-Adviser’s 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.

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 Advisers 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 federal securities laws and consistent with best execution obligations.

29 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, 2017:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	93,763
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.

30 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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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.

T-4 Invesco All Cap Market Neutral Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its 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		Invesco Distributors, Inc.		ACMN-AR-1		12202017		1506

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

Visit our website for more information on your investments

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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Balanced-Risk Allocation Fund

LOGO

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.

∎ 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.

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

Sincerely,

LOGO

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, 2017, Class A shares of Invesco Balanced-Risk Allocation Fund (the Fund), at net asset value (NAV), underperformed the Fund’s custom style-specific benchmark, the Custom Invesco Balanced-Risk Allocation Style Index.

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

Fund vs. Indexes


Class A Shares	7.66	%
Class B Shares	6.95
Class C Shares	6.95
Class R Shares	7.48
Class Y Shares	8.06
Class R5 Shares	8.12
Class R6 Shares	8.11
S&P 500 Index^▼(Broad Market Index)	23.63
Custom Invesco Balanced-Risk Allocation Style Index^∎ (Style-Specific Index)	13.58
Lipper Alternative Global Macro Funds Index^t (Peer Group Index)	10.84
Source(s): ^▼FactSet Research Systems Inc.; ^∎Invesco, FactSet Research Systems Inc.; ^tLipper Inc.

Market conditions and your Fund

During the fiscal year ended October 31, 2017, each of the asset classes in which the Fund invests (directly or indirectly through derivatives), with the exception of fixed income, provided positive contributions to Fund performance. For the reporting period, the Fund at NAV reported positive absolute performance. 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 allocation 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 strategic exposure to equities, obtained through the use of swaps and futures, led results for the reporting period, with all six markets in which the Fund invests posting positive returns. Asian equities were the leading contributor as Japanese equity prices were boosted by increased exports. Hong Kong equities provided further positive influence from the Asian region, rising in sympathy with emerging markets, which enjoyed a substantial rally. While the prospect of less accommodative monetary policy from the European Central Bank (ECB) and Brexit (the UK’s plan to leave the European Union) remained sources of political and economic uncertainty, European and UK equities performed strongly due to improved economic data and positive confidence surveys. US equities (both large- and small-caps) also contributed to the Fund’s

Performance. The reporting period began with most major US stock market indexes hitting record highs following the US presidential election. Investors believed the new administration’s plans to reduce tax rates, scale back regulations and increase infrastructure spending had the potential to stimulate economic growth. However, that was called into question after the first quarter of 2017, when it appeared that enacting significant regulatory and tax reform might be more difficult than previously anticipated. Tactical positioning in US equities, obtained through the use of swaps and futures, contributed to Fund performance for the reporting period as overweight exposure to the asset class proved timely.

The Fund’s exposure to commodities, obtained through the use of swaps, futures and commodity-linked notes, also contributed to Fund performance for the fiscal year, as gains in industrial metals and energy outweighed losses in agriculture and precious metals. Strategic positioning in industrial metals was the leading performer within the asset class, with gains in both aluminum and copper. Increased industrial metals prices were supported by strong manufacturing and import growth data out of China and by indications that China intended to cut production to curb pollution. The Fund’s strategic positioning within energy was also favorable as all assets, with the exception of natural gas, experienced gains. The energy commodity sector started the fiscal year plagued by high inventory levels and rising US production and rig counts. These conditions lasted throughout much of the first half of 2017. Oil and distillate prices rebounded in the third quarter of 2017 as the US rig count declined and expectations rose for an extension of OPEC’s production cuts. Severe weather also affected energy prices in the third quarter of 2017 as


Target Risk Allocation and Notional Asset Weights as of 10/31/17
By asset class
Asset Class	Target Risk Allocation*	Notional Asset Weights**
Equities	49.23%	42.33%
Fixed Income	16.67	54.08
Commodities	34.10	31.90
Total	100.00	128.31

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				$5.0 billion

4 Invesco Balanced-Risk Allocation Fund

hurricanes forced refinery shutdowns that further boosted prices. Natural gas prices rose at the beginning of the fiscal year, but those gains were not enough to outweigh the losses from rising US output at the end of the fiscal year. Strategic positioning in precious metals detracted from Fund performance with both gold and silver posting negative results. Precious metals were pressured as the US Federal Reserve raised short-term interest rates three times during the reporting period – in December 2016, and in March and June 2017 – and by expectations for another increase in December 2017. Strategic positioning in agriculture was the leading detractor within the sector. Most agriculture assets posted losses, lean hogs and live cattle posted gains, and cotton was flat. Lean hogs and live cattle rose due to strong US export demand. Sugar was by far the leading detractor as production increased despite softer global demand. Tactical positioning within commodities, obtained through the use of futures, swaps and commodity-linked notes, slightly detracted from Fund results for the reporting period.

The Fund’s exposure to global government bonds, obtained through the use of swaps and futures, detracted from results for the reporting period. Despite expectations that the ECB would likely begin tapering its monetary policy accommodation, German government bonds were the sole contributor to performance within the fixed income asset class. Canadian government bonds were the largest detractor within the fixed income asset class as yields rose after the Central Bank of Canada raised rates in July. Yields spiked again in the third quarter of 2017 in response to a surprise rate hike by the Central Bank of Canada. The Fund’s tactical positioning within bonds detracted from performance as losses from overweight exposure to Canadian and UK government bonds, coupled with underweight exposure to German government bonds, outweighed gains from underweight exposure to Australian and US government bonds.

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.

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 Invesco’s 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

LOGO

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 10/31/17, including maximum applicable sales charges

Class A Shares
Inception (6/2/09)	6.90	%
5 Years	3.22
1 Year	1.74

Class B Shares
Inception (6/2/09)	6.83	%
5 Years	3.33
1 Year	1.99

Class C Shares
Inception (6/2/09)	6.81	%
5 Years	3.63
1 Year	5.96

Class R Shares
Inception (6/2/09)	7.35	%
5 Years	4.16
1 Year	7.48

Class Y Shares
Inception (6/2/09)	7.89	%
5 Years	4.67
1 Year	8.06

Class R5 Shares
Inception (6/2/09)	7.92	%
5 Years	4.72
1 Year	8.12

Class R6 Shares
Inception	7.86	%
5 Years	4.79
1 Year	8.11

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 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,


Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (6/2/09)	6.66	%
5 Years	2.41
1 Year	–2.33

Class B Shares
Inception (6/2/09)	6.59	%
5 Years	2.52
1 Year	–2.16

Class C Shares
Inception (6/2/09)	6.58	%
5 Years	2.82
1 Year	1.65

Class R Shares
Inception (6/2/09)	7.11	%
5 Years	3.32
1 Year	3.11

Class Y Shares
Inception (6/2/09)	7.66	%
5 Years	3.87
1 Year	3.69

Class R5 Shares
Inception (6/2/09)	7.68	%
5 Years	3.88
1 Year	3.67

Class R6 Shares
Inception	7.63	%
5 Years	3.97
1 Year	3.84

Class R, Class Y, Class R5 and Class R6 shares was 1.28%, 2.03%, 2.03%, 1.53%, 1.03%, 0.97% and 0.90%, 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 1.35%, 2.10%, 2.10%, 1.60%, 1.10%, 1.04% and 0.97%, 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.

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.

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, 2019. 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, 2017, 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 available for use by retirement plans that meet certain standards and for institutional investors. Class R6 shares are also available through intermediaries that have established an agreement with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts. 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. As a result of a recent announcement by the Internal Revenue Service, the Fund intends to invest in commodity-linked notes: (a) directly, generally only to the extent that it obtains an opinion of counsel confirming that income from such investments should be qualifying income because such commodity-linked notes constitute securities under section 2(a)(36) of the 1940 Act or (b) indirectly through the Subsidiary. Should the Internal Revenue Service issue further 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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

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.

∎

8 Invesco Balanced-Risk Allocation Fund

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. 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.

∎

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.

∎

continued on page 10

9 Invesco Balanced-Risk Allocation Fund

continued from page 9

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. 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.

∎

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 this 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 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 Balanced-Risk Allocation Style Index changed from the JP Morgan 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 index return is computed using the net return, which withholds applicable taxes for non-resident investors.

∎

The JP Morgan Global (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 Nether-lands and the United States.

∎

Other information

∎

10 Invesco Balanced-Risk Allocation Fund

Consolidated Schedule of Investments

October 31, 2017


	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Securities–32.59%
U.S. Treasury Bills–12.64%^(a)
U.S. Treasury Bills		0.94	%		12/14/2017	$	260,000,000	$	259,700,714
U.S. Treasury Bills		1.02	%		01/04/2018		100,000,000		99,815,780
U.S. Treasury Bills		1.12	%		01/04/2018		61,000,000		60,887,626
U.S. Treasury Bills		1.11	%		02/08/2018		62,700,000		62,507,749
U.S. Treasury Bills		1.12	%		02/08/2018		150,000,000		149,540,070
									632,451,939

U.S. Treasury Notes–19.95%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.27%)^(b)		1.38	%		01/31/2018		413,350,000		413,674,273
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)^(b)		1.30	%		04/30/2018		346,240,000		346,635,198
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.19%)^(b)		1.28	%		07/31/2018		237,520,000		237,883,406
									998,192,877
Total U.S. Treasury Securities (Cost $1,629,564,557)									1,630,644,816

				Expiration Date

Commodity-Linked Securities–3.31%
Canadian Imperial Bank of Commerce EMTN, U.S. Federal Funds Effective Rate minus 0.03% (linked to the Canadian Imperial Bank of Commerce Custom 5 Agriculture Commodity Index, multiplied by 2) (Canada)^(c)					09/24/2018		70,700,000		74,093,485
RBC Capital Markets, LLC, Commodity-Linked Notes, U.S. Federal Funds Effective Rate minus 0.04% (linked to the RBC Enhanced Agricultural Basket 05 Excess Return Index)^(c)					09/17/2018		96,500,000		91,468,476
Total Commodity-Linked Securities (Cost $167,200,000)									165,561,961

						Shares

Money Market Funds–59.51%
Government & Agency Portfolio–Institutional Class, 0.95%^(d)							1,265,641,681		1,265,641,681
STIC (Global Series) PLC–U.S. Dollar Liquidity Portfolio (Ireland)–Institutional Class, 1.25%^(d)							250,189,540		250,189,540
Treasury Obligations Portfolio–Institutional Class, 0.92%^(d)							1,000,000,000		1,000,000,000
Treasury Portfolio–Institutional Class, 0.94%^(d)							462,043,788		462,043,788
Total Money Market Funds (Cost $2,977,875,009)									2,977,875,009
TOTAL INVESTMENTS–95.41% (Cost $4,774,639,566)									4,774,081,786
OTHER ASSETS LESS LIABILITIES–4.59%									229,574,570
NET ASSETS–100.00%								$	5,003,656,356


Open Futures Contracts^(e)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Brent Crude		1,545		January-2018	$	94,152,300	$	7,961,917		$	7,961,917
Gasoline Reformulated Blendstock Oxygenate Blending		2,132		December-2017		155,134,980		12,426,702			12,426,702
Heating Oil		725		April-2018		56,417,760		4,000,138			4,000,138
Silver		1,495		December-2017		124,780,175		(3,830,435	)		(3,830,435	)
WTI Crude		965		April-2018		52,756,550		3,294,384			3,294,384
Subtotal — Commodity Risk								23,852,706			23,852,706

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^(e)—(continued)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Dow Jones EURO STOXX 50 Index		8,800		December-2017	$	377,036,194	$	22,260,502		$	22,260,502
E-Mini Russell 2000 Index		3,600		December-2017		270,486,000		14,732,507			14,732,507
E-Mini S&P 500 Index		2,260		December-2017		290,715,100		9,815,610			9,815,610
FTSE 100 Index		3,870		December-2017		383,897,305		5,031,538			5,031,538
Hang Seng Index		1,685		November-2017		304,541,493		(148,892	)		(148,892	)
Tokyo Stock Price Index		2,765		December-2017		428,770,780		42,808,784			42,808,784
Subtotal — Equity Risk								94,500,049			94,500,049
Australia 10 Year Bonds		5,290		December-2017		521,721,578		(2,799,728	)		(2,799,728	)
Canada 10 Year Bonds		8,500		December-2017		905,476,320		(2,269,982	)		(2,269,982	)
Euro Bonds		1,980		December-2017		375,383,201		1,330,970			1,330,970
Long Gilt		2,530		December-2017		417,854,729		(9,532,842	)		(9,532,842	)
U.S. Treasury Long Bonds		2,875		December-2017		438,347,656		(7,695,778	)		(7,695,778	)
Subtotal — Interest Rate Risk								(20,967,360	)		(20,967,360	)
Total Futures Contracts							$	97,385,395		$	97,385,395


Open Over-The-Counter Total Return Swap Agreements^(f)
Counterparty	Pay/ Receive	Reference Entity^(g)		Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Canadian Imperial Bank of Commerce	Receive		Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.30	%		Monthly		1,200,000		April-2018	$	103,234,560	$	—	$	335,400		$	335,400
Cargill, Inc.	Receive		Monthly Rebalance Commodity Excess Return Index		0.47			Monthly		129,500		July-2018		104,968,556		—		0			0
Cargill, Inc.	Receive		Single Commodity Index Excess Return		0.12			Monthly		53,500		January-2018		47,259,455		—		0			0
Goldman Sachs International	Receive		Goldman Sachs Alpha Basket B823 Excess Return Strategy		0.40			Monthly		585,000		July-2018		46,823,096		—		331,923			331,923
J.P. Morgan Chase Bank, N.A.	Receive		J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25			Monthly		265,000		April-2018		57,654,778		—		2,699,555			2,699,555
Merrill Lynch International	Receive		Merrill Lynch Gold Excess Return Index		0.14			Monthly		527,000		June-2018		85,447,885		—		0			0
Merrill Lynch International	Receive		MLCX Aluminum Annual Excess Return Index		0.28			Monthly		91,000		September-2018		10,907,023		—		0			0
Merrill Lynch International	Receive		MLCX Natural Gas Annual Excess Return Index		0.25			Monthly		1,200,000		September-2018		53,267,916		—		0			0
Morgan Stanley Capital Services LLC	Receive		S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.38			Monthly		605,000		October-2018		70,487,280		—		667,618			667,618
Subtotal — Appreciation — Commodity Risk																—		4,034,496			4,034,496
Barclays Bank PLC	Receive		Barclays Commodity Strategy 1452 Excess Return Index		0.33			Monthly		183,500		October-2018		104,466,440		—		(2,554,504	)		(2,554,504	)
J.P. Morgan Chase Bank, N.A.	Receive		S&P GSCI Gold Index Excess Return		0.09			Monthly		660,000		October-2018		68,841,366		—		(559,020	)		(559,020	)
Macquarie Bank Ltd.	Receive		Macquarie Aluminum Dynamic Selection Index		0.30			Monthly		815,000		December-2017		48,131,048		—		(546,702	)		(546,702	)
Subtotal — Commodity Risk																—		(3,660,226	)		(3,660,226	)

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

12 Invesco Balanced-Risk Allocation Fund


Open Over-The-Counter Total Return Swap Agreements^(f)—(continued)
Counterparty	Pay/ Receive		Reference Entity^(g)		Fixed Rate		Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Goldman Sachs International		Receive		Hang Seng Index Futures		—		Monthly		475		November-2017	$	85,849,976	$	—	$	(101,959	)	$	(101,959	)
Subtotal — Equity Risk																—		(101,959	)		(101,959	)
Subtotal — Depreciation																—		(3,762,185	)		(3,762,185	)
Total — Total Return Swap Agreements															$	—	$	272,311		$	272,311

Investments Abbreviations:


EMTN		– European Medium-Term Notes

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.
RBC Enhanced Agricultural Basket 05 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.

Notes to Consolidated Schedule of Investments:

^(a)	Securities traded on a discount basis. The interest rates shown represent the discount rates at the time of purchase by the Fund.

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2017.

^(c)

Security purchased or received in transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2017 was $165,561,961, which represented 3.31% of the Fund’s Net Assets.

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2017.

^(e)	Futures contracts collateralized by $171,220,000 cash held with Bank of America Merrill Lynch, the futures commission merchant.

^(f)	The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

^(g)	The table below includes additional information regarding the underlying components of certain reference entities that are not publicly available.


Reference Entity Components
Reference Entity	Underlying Components	Percentage
Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2
	Long Futures Contracts
	Copper		100.00	%

Monthly Rebalance Commodity Excess Return Index
	Long Futures Contracts
	Cocoa		0.17	%
	Coffee ‘C’		5.28
	Corn		7.70
	Cotton No. 2		18.88
	Lean Hogs		0.52
	Live Cattle		1.24
	Soybean Meal		18.81
	Soybean Oil		4.79
	Soybeans		18.38
	Sugar No. 11		19.42
	Wheat		4.81
	Total		100.00	%

Single Commodity Index Excess Return
	Long Futures Contracts
	Gold		100.00	%

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

13 Invesco Balanced-Risk Allocation Fund


Reference Entity Components—(continued)
Reference Entity	Underlying Components	Percentage

Goldman Sachs Alpha Basket B823 Excess Return Strategy
	Long Futures Contracts
	Cocoa		0.17	%
	Coffee ‘C’		5.28
	Corn		7.70
	Cotton No. 2		18.88
	Lean Hogs		0.52
	Live Cattle		1.24
	Soybean Meal		18.81
	Soybean Oil		4.79
	Soybeans		18.38
	Sugar No. 11		19.42
	Wheat		4.81
	Total		100.00	%

J.P. Morgan Contag Beta Gas Oil Excess Return Index
	Long Futures Contracts
	Gas Oil		100.00	%

MLCX Aluminum Annual Excess Return Index
	Long Futures Contracts
	Aluminum		100.00	%

Merrill Lynch Gold Excess Return Index
	Long Futures Contracts
	Gold		100.00	%
MLCX Natural Gas Annual Excess Return Index
	Long Futures Contracts
	Natural Gas		100.00	%

S&P GSCI Aluminum Dynamic Roll Index Excess Return
	Long Futures Contracts
	Aluminum		100.00	%

Barclays Commodity Strategy 1452 Excess Return Index
	Long Futures Contracts
	Copper		100.00	%

S&P GSCI Gold Index Excess Return
	Long Futures Contracts
	Gold		100.00	%

Macquarie Aluminum Dynamic Selection Index
	Long Futures Contracts
	Aluminum		100.00	%

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 Assets and Liabilities

October 31, 2017


Assets:
Investments in securities, at value (Cost $1,796,764,557)	$	1,796,206,777
Investments in affiliated money market funds, at value and cost		2,977,875,009
Other investments:
Variation margin receivable- futures		6,876,122
Swaps receivable — OTC		3,107,298
Unrealized appreciation on swap agreements — OTC		4,034,496
Deposits with brokers:
Cash collateral — exchange-traded futures contracts		171,220,000
Cash collateral — OTC derivatives		42,311,962
Cash		12,661,544
Receivable for:
Fund shares sold		3,949,351
Dividends and interest		2,803,873
Fund expenses absorbed		39,864
Investment for trustee deferred compensation and retirement plans		631,115
Other assets		99,521
Total assets		5,021,816,932

Liabilities:
Other investments:
Swaps payable — OTC		4,560,730
Unrealized depreciation on swap agreements — OTC		3,762,185
Payable for:
Dividends		11
Fund shares reacquired		6,683,566
Accrued fees to affiliates		2,358,702
Accrued trustees’ and officers’ fees and benefits		8,807
Accrued other operating expenses		62,343
Trustee deferred compensation and retirement plans		724,232
Total liabilities		18,160,576
Net assets applicable to shares outstanding	$	5,003,656,356

Net assets consist of:
Shares of beneficial interest	$	4,665,229,938
Undistributed net investment income (loss)		(1,050,892	)
Undistributed net realized gain		242,377,384
Net unrealized appreciation		97,099,926
	$	5,003,656,356


Net Assets:
Class A	$	1,337,537,170
Class B	$	4,902,521
Class C	$	1,051,038,352
Class R	$	23,518,065
Class Y	$	2,147,497,289
Class R5	$	119,102,862
Class R6	$	320,060,097

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		118,565,480
Class B		452,699
Class C		97,052,639
Class R		2,116,142
Class Y		187,917,801
Class R5		10,418,534
Class R6		27,975,290
Class A:
Net asset value per share	$	11.28
Maximum offering price per share
(Net asset value of $11.28 ¸ 94.50%)	$	11.94
Class B:
Net asset value and offering price per share	$	10.83
Class C:
Net asset value and offering price per share	$	10.83
Class R:
Net asset value and offering price per share	$	11.11
Class Y:
Net asset value and offering price per share	$	11.43
Class R5:
Net asset value and offering price per share	$	11.43
Class R6:
Net asset value and offering price per share	$	11.44

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 Operations

For the year ended October 31, 2017


Investment income:
Interest	$	19,281,365
Dividends from affiliated money market funds		18,504,718
Total investment income		37,786,083

Expenses:
Advisory fees		44,756,087
Administrative services fees		634,340
Custodian fees		56,363
Distribution fees:
Class A		3,873,324
Class B		68,072
Class C		11,555,875
Class R		128,956
Transfer agent fees — A, B, C, R and Y		5,698,869
Transfer agent fees — R5		95,100
Transfer agent fees — R6		11,075
Trustees’ and officers’ fees and benefits		97,408
Registration and filing fees		252,689
Reports to shareholders		745,774
Professional services fees		75,304
Other		33,032
Total expenses		68,082,268
Less: Fees waived and expense offset arrangement(s)		(3,070,964	)
Net expenses		65,011,304
Net investment income (loss)		(27,225,221	)

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(52,326,256	)
Foreign currencies		(1,839,858	)
Futures contracts		209,989,737
Swap agreements		58,617,311
		214,440,934
Change in net unrealized appreciation (depreciation) of:
Investment securities		8,712,874
Futures contracts		192,484,930
Swap agreements		(6,469,466	)
		194,728,338
Net realized and unrealized gain		409,169,272
Net increase in net assets resulting from operations	$	381,944,051

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

16 Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2017 and 2016


	2017			2016
Operations:
Net investment income (loss)	$	(27,225,221	)	$	(54,791,123	)
Net realized gain		214,440,934			591,803,421
Change in net unrealized appreciation (depreciation)		194,728,338			(188,727,657	)
Net increase in net assets resulting from operations		381,944,051			348,284,641

Distributions to shareholders from net investment income:
Class A		(66,255,742	)		(57,902,283	)
Class B		(237,993	)		(224,978	)
Class C		(36,855,169	)		(26,864,376	)
Class R		(922,264	)		(541,614	)
Class Y		(66,982,783	)		(65,220,904	)
Class R5		(5,634,379	)		(4,519,268	)
Class R6		(11,414,824	)		(12,605,397	)
Total distributions from net investment income		(188,303,154	)		(167,878,820	)

Distributions to shareholders from net realized gains:
Class A		(74,624,430	)		(83,448,580	)
Class B		(342,193	)		(487,027	)
Class C		(52,991,448	)		(58,155,269	)
Class R		(1,119,513	)		(878,445	)
Class Y		(70,271,304	)		(84,286,403	)
Class R5		(5,814,960	)		(5,762,170	)
Class R6		(11,561,935	)		(15,388,645	)
Total distributions from net realized gains		(216,725,783	)		(248,406,539	)

Share transactions-net:
Class A		(502,289,546	)		(494,455,959	)
Class B		(3,444,466	)		(4,653,827	)
Class C		(214,072,180	)		(302,047,491	)
Class R		(3,615,578	)		1,391,792
Class Y		376,209,099			(804,827,082	)
Class R5		(24,107,384	)		(13,958,529	)
Class R6		32,561,955			(120,976,238	)
Net increase (decrease) in net assets resulting from share transactions		(338,758,100	)		(1,739,527,334	)
Net increase (decrease) in net assets		(361,842,986	)		(1,807,528,052	)

Net assets:
Beginning of year		5,365,499,342			7,173,027,394
End of year (includes undistributed net investment income (loss) of $ (1,050,892) and $179,178,674, respectively)	$	5,003,656,356		$	5,365,499,342

Notes to Consolidated Financial Statements

October 31, 2017

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 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 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

17 Invesco Balanced-Risk Allocation Fund

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.

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

18 Invesco Balanced-Risk Allocation Fund

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.

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind income received in the form of securities in-lieu of cash is recorded as interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the 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.

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.

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.

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.

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.

19 Invesco Balanced-Risk Allocation Fund

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.

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.

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.

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.

Futures Contracts — The Fund may enter into futures contracts to equitize the Fund’s cash holdings 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.

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.

20 Invesco Balanced-Risk Allocation Fund

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.

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 and commodity-linked 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 accrues daily and pays monthly 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, 2017, 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.

21 Invesco Balanced-Risk Allocation Fund

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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits

For the year ended October 31, 2017, the Adviser waived advisory fees of $3,045,950.

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, 2017, expenses incurred under the agreement are shown in the Consolidated 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 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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2017, 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, 2017, IDI advised the Fund that IDI retained $287,069 in front-end sales commissions from the sale of Class A shares and $3,410, $5 and $61,915 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

Level 1 —

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

Level 2 —

Level 3 —

22 Invesco Balanced-Risk Allocation Fund


	Level 1		Level 2		Level 3		Total
U.S. Treasury Securities	$	—	$	1,630,644,816	$	—	$	1,630,644,816
Commodity-Linked Securities		—		165,561,961		—		165,561,961
Money Market Funds		2,977,875,009		—		—		2,977,875,009
		2,977,875,009		1,796,206,777		—		4,774,081,786
Futures Contracts*		97,385,395		—		—		97,385,395
Swap Agreements*		—		272,311		—		272,311
Total Investments	$	3,075,260,404	$	1,796,479,088	$	—	$	4,871,739,492

*	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 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, 2017:


	Value
Derivative Assets	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts — Exchange-Traded^(a)	$	27,683,141		$	94,648,941		$	1,330,970		$	123,663,052
Unrealized appreciation on swap agreements — OTC		4,034,496			—			—			4,034,496
Total Derivative Assets		31,717,637			94,648,941			1,330,970			127,697,548
Derivatives not subject to master netting agreements		(27,683,141	)		(94,648,941	)		(1,330,970	)		(123,663,052	)
Total Derivative Assets subject to master netting agreements	$	4,034,496		$	—		$	—		$	4,034,496


	Value
Derivative Liabilities	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded^(a)	$	(3,830,435	)	$	(148,892	)	$	(22,298,330	)	$	(26,277,657	)
Unrealized depreciation on swap agreements — OTC		(3,660,226	)		(101,959	)		—			(3,762,185	)
Total Derivative Liabilities		(7,490,661	)		(250,851	)		(22,298,330	)		(30,039,842	)
Derivatives not subject to master netting agreements		3,830,435			148,892			22,298,330			26,277,657
Total Derivative Liabilities subject to master netting agreements	$	(3,660,226	)	$	(101,959	)	$	—		$	(3,762,185	)

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

23 Invesco Balanced-Risk Allocation 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, 2017.


	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives			Non-Cash		Cash			Net Amount^(a)
Parent
Goldman Sachs International	$	2,229,133	$	(719,695	)	$	1,509,438		$	—	$	(1,509,438	)	$	—

Subsidiary
Barclays Bank PLC		—		(2,563,004	)		(2,563,004	)		—		2,563,004			—
Canadian Imperial Bank of Commerce		361,440		(47,579	)		313,861			—		(313,861	)		—
Cargill, Inc.		560,502		(576,959	)		(16,457	)		—		16,457			—
Goldman Sachs International		352,582		(48,808	)		303,774			—		(303,774	)		—
J.P. Morgan Chase Bank, N.A.		2,700,195		(564,837	)		2,135,358			—		—			2,135,358
Macquarie Bank Ltd.		—		(549,471	)		(549,471	)		—		549,471			—
Merrill Lynch International		267,631		(3,237,935	)		(2,970,304	)		—		2,970,304			—
Morgan Stanley Capital Services LLC		670,311		(14,627	)		655,684			—		(655,684	)		—
Subtotal — Subsidiary	$	4,912,661	$	(7,603,220	)	$	(2,690,559	)	$	—	$	4,825,917		$	2,135,358
Total	$	7,141,794	$	(8,322,915	)	$	(1,181,121	)	$	—	$	3,316,479		$	2,135,358

^(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, 2017

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	$	(22,923,979	)	$	358,154,308	$	(125,240,592	)	$	209,989,737
Swap agreements		44,614,876			17,142,187		(3,139,752	)		58,617,311
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		47,611,081			76,666,192		68,207,657			192,484,930
Swap agreements		(8,300,285	)		1,561,370		269,449			(6,469,466	)
Total	$	61,001,693		$	453,524,057	$	(59,903,238	)	$	454,622,512

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

5,811,749,924

1,017,416,903

NOTE 5—Expense Offset Arrangement(s)

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.

24 Invesco Balanced-Risk Allocation 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, 2017 and 2016:


	2017		2016
Ordinary income	$	276,778,756	$	304,855,039
Long-term capital gain		128,250,181		111,430,320
Total distributions	$	405,028,937	$	416,285,359

Tax Components of Net Assets at Period-End:


	2017
Undistributed ordinary income	$	150,471,658
Undistributed long-term gain		151,700,940
Net unrealized appreciation — investments		36,930,443
Temporary book/tax differences		(676,623	)
Shares of beneficial interest		4,665,229,938
Total net assets	$	5,003,656,356

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, 2017.

NOTE 9—Investment Transactions

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, 2017 was $167,200,000 and $214,127,570, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $0 and $326,186,405, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	72,172,341
Aggregate unrealized (depreciation) of investments		(35,241,898	)
Net unrealized appreciation of investments	$	36,930,443

Cost of investments for tax purposes is $4,834,809,049.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of income and distributions from the subsidiary, futures contracts, net operating losses and swap income, on October 31, 2017, undistributed net investment income (loss) was increased by $35,298,809, undistributed net realized gain was decreased by $35,298,857 and shares of beneficial interest was increased by $48. This reclassification had no effect on the net assets of the Fund.

25 Invesco Balanced-Risk Allocation Fund

NOTE 11—Share Information


	Summary of Share Activity
	Years ended October 31,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		18,344,979		$	199,052,527			22,578,985		$	245,970,130
Class B		17,226			180,479			23,520			246,424
Class C		7,991,905			83,300,692			9,157,449			95,744,113
Class R		613,374			6,597,183			854,075			9,171,029
Class Y		91,480,150			1,002,638,508			45,959,002			505,120,404
Class R5		367,417			4,048,073			713,325			7,891,295
Class R6		5,656,103			62,767,897			1,685,506			18,696,169

Issued as reinvestment of dividends:
Class A		12,977,593			136,394,509			12,003,891			123,039,883
Class B		57,085			579,412			68,184			676,382
Class C		7,791,943			79,088,220			6,816,812			67,622,773
Class R		164,218			1,702,944			117,113			1,186,352
Class Y		10,355,586			109,976,321			8,632,272			89,344,012
Class R5		1,071,434			11,378,630			972,969			10,070,231
Class R6		2,159,386			22,932,683			2,695,857			27,902,119

Automatic conversion of Class B shares to Class A shares:
Class A		254,966			2,780,044			285,285			3,100,212
Class B		(264,857	)		(2,780,044	)		(295,706	)		(3,100,212	)

Reacquired:
Class A		(77,488,915	)		(840,516,626	)		(80,825,479	)		(866,566,184	)
Class B		(135,528	)		(1,424,313	)		(238,135	)		(2,476,421	)
Class C		(35,969,659	)		(376,461,092	)		(44,870,865	)		(465,414,377	)
Class R		(1,109,646	)		(11,915,705	)		(833,996	)		(8,965,589	)
Class Y		(66,911,066	)		(736,405,730	)		(129,540,888	)		(1,399,291,498	)
Class R5		(3,647,987	)		(39,534,087	)		(2,976,458	)		(31,920,055	)
Class R6		(4,816,169	)		(53,138,625	)		(16,039,347	)		(167,574,526	)
Net increase (decrease) in share activity		(31,040,462	)	$	(338,758,100	)		(163,056,629	)	$	(1,739,527,334	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 49% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

26 Invesco Balanced-Risk Allocation 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 10/31/17	$	11.34	$	(0.05	)	$	0.87		$	0.82		$	(0.41	)	$	(0.47	)	$	(0.88	)	$	11.28		7.76	%	$	1,337,537		1.22	%^(d)		1.28	%^(d)		(0.49	)%^(d)		12	%
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			1.27			(0.89	)		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
Class B
Year ended 10/31/17		10.90		(0.12	)		0.84			0.72			(0.32	)		(0.47	)		(0.79	)		10.83		7.05			4,903		1.97	^(d)		2.03	^(d)		(1.24	)^(d)		12
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			2.02			(1.64	)		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
Class C
Year ended 10/31/17		10.90		(0.12	)		0.84			0.72			(0.32	)		(0.47	)		(0.79	)		10.83		7.05			1,051,038		1.97	^(d)		2.03	^(d)		(1.24	)^(d)		12
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			2.02			(1.64	)		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
Class R
Year ended 10/31/17		11.18		(0.07	)		0.85			0.78			(0.38	)		(0.47	)		(0.85	)		11.11		7.48			23,518		1.47	^(d)		1.53	^(d)		(0.74	)^(d)		12
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			1.52			(1.14	)		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
Class Y
Year ended 10/31/17		11.47		(0.02	)		0.88			0.86			(0.43	)		(0.47	)		(0.90	)		11.43		8.15			2,147,497		0.97	^(d)		1.03	^(d)		(0.24	)^(d)		12
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			1.02			(0.64	)		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
Class R5
Year ended 10/31/17		11.48		(0.01	)		0.87			0.86			(0.44	)		(0.47	)		(0.91	)		11.43		8.12			119,103		0.92	^(d)		0.98	^(d)		(0.19	)^(d)		12
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			0.96			(0.58	)		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
Class R6
Year ended 10/31/17		11.49		(0.00	)		0.87			0.87			(0.45	)		(0.47	)		(0.92	)		11.44		8.20			320,060		0.85	^(d)		0.91	^(d)		(0.12	)^(d)		12
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			0.89			(0.51	)		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

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $1,549,330, $6,807, $1,155,587, $25,791, $1,994,137, $125,508 and $287,517 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

Note 13—Subsequent Event

On December 1, 2017, the Fund’s Board of Trustees approved the early conversion of the remaining assets in the Fund’s Class B shares into Class A shares to occur on or about January 26, 2018. At the close of business on or about January 26, 2018, (the “Conversion Date”) all outstanding Class B shares of the Fund will be converted to Class A shares of the Fund, which is prior to the date the Class B shares would normally be converted to Class A shares. Once the conversion is completed, Class B shares will be closed and become inactive. No contingent deferred sales charges will be payable in connection with this early conversion. The conversion of the Fund’s Class B shares into Class A shares on the Conversion Date is not expected to be a taxable event for federal income tax purposes, and should not result in the recognition of gain or loss by converting shareholders, although each shareholder should consult with his or her own tax adviser.

27 Invesco Balanced-Risk Allocation Fund

Report of Independent Registered Public Accounting Firm

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

and Shareholders of Invesco Balanced-Risk Allocation Fund:

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, and the related consolidated statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the consolidated financial position of Invesco Balanced-Risk Allocation Fund and its subsidiary (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, 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, 2017 by correspondence with the custodian, transfer agent and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

28 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, 2017, through October 31, 2017.

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

Hypothetical example for comparison purposes

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.


			ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,041.60	$	6.33	$	1,019.00	$	6.26		1.23	%
B		1,000.00		1,037.40		10.17		1,015.22		10.06		1.98
C		1,000.00		1,037.40		10.17		1,015.22		10.06		1.98
R		1,000.00		1,041.20		7.61		1,017.74		7.53		1.48
Y		1,000.00		1,042.90		5.05		1,020.27		4.99		0.98
R5		1,000.00		1,043.80		4.79		1,020.52		4.74		0.93
R6		1,000.00		1,043.80		4.43		1,020.87		4.38		0.86

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

29 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 12-13, 2017, 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. and separate Sub-Advisory Contracts with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.

The Board’s Fund Evaluation Process

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.

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

functions, trading operations, internal audit, valuation and legal and compliance.

B.	Fund Investment Performance

The Board compared the Fund’s investment 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 first quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual

30 Invesco Balanced-Risk Allocation 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 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, 2016. The Board noted that the Fund’s rate was below the rate of one such mutual fund and below the rates of two off-shore funds. 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 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.

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 that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board 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 advised by Invesco Advisers.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

31 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, 2017:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	128,250,181
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		40.36	%

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	$	88,513,706

32 Invesco Balanced-Risk Allocation Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested 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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco Balanced-Risk Allocation Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		IBRA-AR-1		12192017		1047

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

banks in China and Japan, among other countries, to maintain extraordinarily accommodative monetary policies. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US Federal Reserve raised interest rates three times during the reporting period: first in December 2016, and then again in March and June 2017. Health care and tax reform proved to be more difficult than expected to enact, with little progress achieved by the end of the reporting period.

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. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

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 and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, 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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Balanced-Risk Commodity Strategy Fund

LOGO

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.

∎ 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.

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

Sincerely,

LOGO

Broce 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, 2017, Class A shares of Invesco Balanced-Risk Commodity Strategy Fund (the Fund), at net asset value (NAV), underperformed 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


Class A Shares	0.47	%
Class B Shares	-0.19
Class C Shares	-0.34
Class R Shares	0.35
Class Y Shares	0.80
Class R5 Shares	0.83
Class R6 Shares	1.04
Bloomberg Commodity Index^▼ (Broad Market/Style-Specific Index)	2.35
Source(s): ^▼Bloomberg L.P.

Market conditions and your Fund

The fiscal year ended October 31, 2017, was a strong period for industrial metals and energy but a tough year for agriculture and, to a lesser extent, precious metals. The Fund’s ability to tactically adjust its exposure to assets did not have a meaningful impact on Fund performance, as gains in energy and industrial metals were offset by losses in precious metals and agriculture. 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.

Strategic positioning in industrial metals was the leading contribution to Fund performance during the fiscal year as gains in copper outpaced those of aluminum. Both metals started the fiscal year strongly due to solid Chinese manufacturing data and optimism for infrastructure spending under the newly elected Trump administration. Copper prices were further aided by mine strikes and fears of

inventory shortages, as well as a weaker US dollar. Aluminum benefited from similar trends as well as indications that the Chinese government was committed to cutting aluminum production in order to curb pollution. The Fund’s tactical exposure to industrial metals, obtained through the use of swaps, futures and commodity-linked notes, contributed to Fund performance as overweight allocations to aluminum, copper and zinc out weighed minor losses from nickel. Nickel and zinc are commodities the Fund trades only to a smaller degree within our tactical allocation due to their lower liquidity.

Strategic positioning in energy contributed to Fund performance due to gains in oil and distillates during the reporting period. Unleaded gasoline was the top contributor to Fund performance within the complex, followed by Brent crude oil. Energy prices and performance fluctuated throughout the fiscal year due to uncertainty around OPEC production cuts and a glut of global supply. The complex started the fiscal year on a positive note as OPEC agreed to cut crude oil production by 1.2 million barrels per day.¹

However, high inventory levels and reports of rising US production and rig counts weighed on crude oil prices during the first half of 2017. Oil and distillate prices rebounded in the third quarter of 2017 as the rig count in the US declined and expectations for an extension of OPEC’s production cuts rose. Severe weather also affected energy prices in the third quarter of 2017 as hurricanes forced refinery shutdowns, further boosting prices. Within the energy complex, natural gas was the only asset to suffer losses, as temperate weather reduced demand. The Fund’s tactical exposure to energy, obtained through the use of swaps, futures and commodity-linked notes, contributed to performance due to an underweight position in natural gas and overweight allocations to Brent crude oil and heating oil.

The Fund’s strategic positioning in precious metals detracted from Fund performance as both gold and silver declined in price, with silver suffering the larger net loss. Despite signs of rising global inflation, a weaker US dollar and geopolitical tensions with North Korea, precious metals were pressured by the US Federal Reserve increasing interest rates three times during the fiscal year – and expectations for another increase in December 2017. The Fund’s tactical positioning within precious metals, obtained through the use of swaps, futures and commodity-linked notes, also detracted from Fund performance due to an overweight position in both gold and silver.

The Fund’s strategic positioning within agriculture was the main detractor from Fund performance for the fiscal year as most assets, with the exception of lean hogs and live cattle, posted losses. Lean hogs and live cattle prices rose due to strong US export demand and fears of supply shortages. Sugar was by far the worst-performing asset in the agriculture complex; prices were weighed down by


Target Risk Allocation and Notional Asset Weights as of 10/31/17
By asset class
Asset Class	Target Risk Allocation*		Notional Asset Weights**
Agriculture	28.21	%	36.18	%
Energy	35.76		31.72
Industrial Metals	21.88		26.59
Precious Metals	14.15		20.51
Total	100.00		115.00

*	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

$860.5 million

4 Invesco Balanced-Risk Commodity Strategy Fund

rising global production even as demand fell. Losses in coffee also hurt the agriculture complex as the world’s largest grower, Brazil, had a good harvest. Soybeans and soymeal came under pressure due to a record Brazilian harvest that cut into US exports. Additionally, good weather and growing conditions in the US led to another strong harvest for grains; this put additional pressure on soybeans, soymeal, corn and wheat. Tactical agriculture exposure, obtained through the use of swaps, futures and commodity-linked notes, detracted from Fund performance as gains from exposure to sugar, soybeans and cotton weren’t enough to outweigh losses from coffee, lean hogs and wheat.

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

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

LOGO

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 Invesco’s Global Asset Allocation Team

5 Invesco Balanced-Risk Commodity Strategy Fund

Your Fund’s Long-Term Performance

LOGO

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

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

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 10/31/17, including maximum applicable sales charges


Class A Shares
Inception (11/30/10)	-5.87	%
5 Years	-9.17
1 Year	-5.08

Class B Shares
Inception (11/30/10)	-5.76	%
5 Years	-9.16
1 Year	-5.07

Class C Shares
Inception (11/30/10)	-5.81	%
5 Years	-8.85
1 Year	-1.32

Class R Shares
Inception (11/30/10)	-5.29	%
5 Years	-8.36
1 Year	0.35

Class Y Shares
Inception (11/30/10)	-4.81	%
5 Years	-7.91
1 Year	0.80

Class R5 Shares
Inception (11/30/10)	-4.77	%
5 Years	-7.84
1 Year	0.83

Class R6 Shares
Inception	-4.82	%
5 Years	-7.77
1 Year	1.04

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.


Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges


Class A Shares
Inception (11/30/10)	-6.33	%
5 Years	-10.45
1 Year	-8.53

Class B Shares
Inception (11/30/10)	-6.22	%
5 Years	-10.44
1 Year	-8.56

Class C Shares
Inception (11/30/10)	-6.25	%
5 Years	-10.10
1 Year	-4.81

Class R Shares
Inception (11/30/10)	-5.73	%
5 Years	-9.64
1 Year	-3.38

Class Y Shares
Inception (11/30/10)	-5.26	%
5 Years	-9.19
1 Year	-2.84

Class R5 Shares
Inception (11/30/10)	-5.22	%
5 Years	-9.13
1 Year	-2.81

Class R6 Shares
Inception	-5.29	%
5 Years	-9.09
1 Year	-2.74

1.81%, 1.31%, 1.22% and 1.12%, 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%, 1.30% and 1.20%, 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.

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, 2019. 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, 2017, 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.

∎

Principal risks of investing in the Fund

∎

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 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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Balanced-Risk Commodity Strategy Fund

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. 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.

∎

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.

∎

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.

∎

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.

9 Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Schedule of Investments

October 31, 2017


	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Securities–32.59%
U.S. Treasury Bills–14.00%^(a)
U.S. Treasury Bills		1.06	%		12/14/2017	$	25,000,000	$	24,971,223
U.S. Treasury Bills		1.10	%		12/14/2017		14,680,000		14,663,102
U.S. Treasury Bills^(b)		1.12	%		01/04/2018		21,300,000		21,260,761
U.S. Treasury Bills		1.11	%		02/08/2018		59,740,000		59,556,825
									120,451,911

U.S. Treasury Notes–18.59%^(c)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)		1.28	%		07/31/2018		43,910,000		43,977,182
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.19%)		1.30	%		04/30/2018		53,010,000		53,070,506
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.27%)		1.38	%		01/31/2018		62,880,000		62,929,329
									159,977,017
Total U.S. Treasury Securities (Cost $280,245,275)									280,428,928

				Expiration Date
Commodity-Linked Securities–6.21%
Barclays Bank PLC (United Kingdom) , U.S. Federal Funds (Effective) rate minus 0.06% (linked to the Barclays Diversified Energy-Metals Total Return Index, multiplied by 3)^(d)					07/19/2018		21,150,000		29,378,405
International Bank for Reconstruction and Development, 6 month USD LIBOR rate minus 0.60% (linked to the Barclays Diversified Energy-Metals Total Return Index, multiplied by 2)					04/26/2018		20,000,000		24,021,605
Total Commodity-Linked Securities (Cost $41,150,000)									53,400,010

						Shares
Exchange-Traded Fund–0.96%
PowerShares DB Gold Fund (Cost $11,674,831)^(e)							205,000		8,284,050

Money Market Funds–54.32%
Invesco Government & Agency Portfolio–Institutional Class, 0.95%^(f)							241,468,431		241,468,431
Invesco Treasury Portfolio–Institutional Class, 0.94%^(f)							142,210,288		142,210,288
STIC (Global Series) PLC–U.S. Dollar Liquidity Portfolio (Ireland)–Institutional Class, 1.25%^(f)							83,721,222		83,721,222
Total Money Market Funds (Cost $467,399,941)									467,399,941
TOTAL INVESTMENTS IN SECURITIES–94.08% (Cost $800,470,047)									809,512,929
OTHER ASSETS LESS LIABILITIES–5.92%									50,949,348
NET ASSETS–100.00%								$	860,462,277

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
Long Futures Contracts	Number of Contracts			Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Coffee C		202			December-2017	$	9,476,325		$	(1,296,235	)	$	(1,296,235	)
Corn		565			December-2017		9,767,438			(1,173,008	)		(1,173,008	)
Cotton No. 2		1,151			December-2017		39,352,690			(2,011,364	)		(2,011,364	)
Lean Hogs		55	��		December-2017		1,496,000			145,330			145,330
LME Zinc		356			January-2018		29,156,400			370,500			370,500
NYH RBOB Gasoline (Globex)		1,000			December-2017		72,765,000			6,061,030			6,061,030
Natural Gas		450			December-2017		3,258,000			(241,380	)		(241,380	)
Soybean		757			July-2018		38,313,663			312,158			312,158
Wheat		575			December-2017		12,031,875			(3,508,331	)		(3,508,331	)
Subtotal — Long										(1,341,300	)		(1,341,300	)

Short Futures Contracts
Cocoa		123			March-2018		(2,569,470	)		(39,293	)		(39,293	)
Total Futures Contracts — Commodity Risk									$	(1,380,593	)	$	(1,380,593	)


Open Over-The-Counter Total Return Swap Agreements^(g)
Counterparty	Pay/ Receive		Reference Entity^(h)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value		Unrealized Appreciation (Depreciation)
Barclays Bank PLC		Receive	Barclays Heating Oil Roll Yield Excess Return Index		0.37	%		Monthly		141,100		January-2018	$	33,368,033	$	—	$	1,513,664	$	1,513,664
Barclays Bank PLC		Receive	Barclays Live Cattle Roll Yield Excess Return Index		0.47			Monthly		27,000		January-2018		3,547,600		—		121,983		121,983
Barclays Bank PLC		Receive	Barclays WTI Crude Roll Yield Excess Return Index		0.35			Monthly		51,200		March-2018		12,395,116		—		394,511		394,511
Canadian Imperial Bank of Commerce		Receive	CIBC Dynamic Roll LME Copper Excess Return Index 2		0.30			Monthly		447,000		April-2018		38,454,874		—		124,937		124,937
Goldman Sachs International		Receive	Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index		0.45			Monthly		862,000		October-2018		32,752,191		—		319,378		319,378
Goldman Sachs International		Receive	Enhanced Strategy Sugar A141 on the S&P GSCI Sugar Excess Return Index		0.37			Monthly		198,300		March-2018		39,773,150		—		2,102,278		2,102,278
JPMorgan Chase Bank, N.A.		Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25			Monthly		92,000		April-2018		20,015,998		—		937,204		937,204
Macquarie Bank Ltd.		Receive	Modified Macquarie Single Commodity Sugar type A Excess Return Index		0.34			Monthly		114,000		January-2018		21,219,379		—		838,003		838,003
Merrill Lynch International		Receive	Merrill Lynch Gold Excess Return Index		0.14			Monthly		10,900		June-2018		1,767,328		—		0		0
Merrill Lynch International		Receive	Merrill Lynch Gold Excess Return Index		0.14			Monthly		253,600		June-2018		41,118,755		—		0		0
Merrill Lynch International		Receive	MLCX Aluminum Annual Excess Return Index		0.28			Monthly		61,500		September-2018		7,371,230		—		0		0
Merrill Lynch International		Receive	MLCX Dynamic Enhanced Copper Excess Return Index		0.25			Monthly		58,300		September-2018		38,622,601		—		0		0
Merrill Lynch International		Receive	MLCX Natural Gas Annual Excess Return Index		0.25			Monthly		666,000		September-2018		29,563,693		—		0		0
Morgan Stanley Capital Services LLC		Receive	MS Soybean Oil Dynamic Roll Index		0.30			Monthly		95,300		April-2018		14,636,622		—		463,892		463,892
Royal Bank of Canada		Receive	RBC Enhanced Brent Crude Oil 01 Excess Return Index		0.35			Monthly		92,600		March-2018		26,717,656		—		0		0
Royal Bank of Canada		Receive	RBC Enhanced Brent Crude Oil 01 Excess Return Index		0.35			Monthly		36,900		March-2018		10,646,668		—		0		0
Royal Bank of Canada		Receive	RBC Enhanced Copper LME 01 Excess Return Index		0.28			Monthly		35,700		June-2018		22,296,792		—		0		0
Subtotal — Appreciation																—		6,815,850		6,815,850

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

11 Invesco Balanced-Risk Commodity Strategy Fund


Open Over-The-Counter Total Return Swap Agreements—(continued)^(g)
Counterparty	Pay/ Receive		Reference Entity^(h)		Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Barclays Bank PLC		Receive		Barclays Soybeans Seasonal Excess Return Index		0.30	%		Monthly		80,700		May-2018	$	23,435,893	$	—	$	(347,834	)	$	(347,834	)
Goldman Sachs International		Receive		S&P GSCI Soybean Meal Excess Return Index		0.30			Monthly		56,700		January-2018		61,606,081		—		(722,471	)		(722,471	)
JPMorgan Chase Bank, N.A.		Receive		S&P GSCI Gold Index Excess Return		0.09			Monthly		427,000		October-2018		44,538,278		—		(361,669	)		(361,669	)
Macquarie Bank Ltd.		Receive		Macquarie Aluminum Dynamic Selection Index		0.30			Monthly		1,219,000		December-2017		71,989,874		—		(817,705	)		(817,705	)
Macquarie Bank Ltd.		Receive		Macquarie Single Commodity Silver type A Excess Return Index		0.16			Monthly		210,500		May-2018		41,465,848		—		(568,413	)		(568,413	)
Subtotal — Depreciation																	—		(2,818,092	)		(2,818,092	)
Total Swap Agreements — Commodity Risk																$	—	$	3,997,758		$	3,997,758

Investment Abbreviations:


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.
LIBOR		— London Interbank Offered Rate
USD		— U.S. Dollar

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 1J.

^(c)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2017.

^(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, 2017, represented 3.41% of the Fund’s Net Assets.

^(e)	Affiliated company. The security and the Fund are affiliated by having the same investment adviser. See Note 5.

^(f)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2017.

^(g)	The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

^(h)	The table below includes additional information regarding the underlying components of certain reference entities that are not publicly available.


Reference Entity Components
Reference Entity	Underlying Components		Percentage
Barclays Heating Oil Roll Yield Excess Return Index
		Long Futures Contracts
		Heating Oil		100	%
Barclays Live Cattle Roll Yield Excess Return Index
		Long Futures Contracts
		Live Cattle		100	%
Barclays WTI Crude Roll Yield Excess Return Index
		Long Futures Contracts
		WTI Crude		100	%
CIBC Dynamic Roll LME Copper Excess Return Index 2
		Long Futures Contracts
		Copper		100	%
Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index
		Long Futures Contracts
		Cotton No.2		100	%
Enhanced Strategy Sugar A141 on the S&P GSCI Sugar Excess Return Index
		Long Futures Contracts
		Sugar		100	%

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

12 Invesco Balanced-Risk Commodity Strategy Fund


Reference Entity Components—(continued)
Reference Entity	Underlying Components		Percentage
J.P. Morgan Contag Beta Gas Oil Excess Return Index
		Long Futures Contracts
		Gas Oil		100	%
Modified Macquarie Single Commodity Sugar type A Excess Return Index
		Long Futures Contracts
		Sugar		100	%
Merrill Lynch Gold Excess Return Index
		Long Futures Contracts
		Gold		100	%
MLCX Aluminum Annual Excess Return Index
		Long Futures Contracts
		Aluminum		100	%
MLCX Dynamic Enhanced Copper Excess Return Index
		Long Futures Contracts
		Copper		100	%
MLCX Natural Gas Annual Excess Return Index
		Long Futures Contracts
		Natural Gas		100	%
MS Soybean Oil Dynamic Roll Index
		Long Futures Contracts
		Soybean Oil		100	%
RBC Enhanced Brent Crude Oil 01 Excess Return Index
		Long Futures Contracts
		Brent Crude		100	%
RBC Enhanced Copper LME 01 Excess Return Index
		Long Futures Contracts
		Copper		100	%
Barclays Soybeans Seasonal Excess Return Index
		Long Futures Contracts
		Soybeans		100	%
S&P GSCI Soybean Meal Excess Return Index
		Long Futures Contracts
		Soybean Meal		100	%
S&P GSCI Gold Index Excess Return
		Long Futures Contracts
		Gold		100	%
Macquarie Aluminum Dynamic Selection Index
		Long Futures Contracts
		Aluminum		100	%
Macquarie Single Commodity Silver type A Excess Return Index
		Long Futures Contracts
		Silver		100	%

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 Assets and Liabilities

October 31, 2017


Assets:
Investments in securities, at value (Cost $321,395,275)	$	333,828,938
Investments in affiliates, at value (Cost $479,074,772)		475,683,991
Other investments:
Variation margin receivable — futures contracts		346,393
Unrealized appreciation on LME futures contracts		370,500
Swaps receivable — OTC		5,754,430
Unrealized appreciation on swap agreements — OTC		6,815,850
Cash		4,970,383
Deposits with brokers:
Cash collateral — OTC derivatives		37,763,144
Receivable for:
Fund shares sold		1,390,595
Dividends and interest		505,035
Fund expenses absorbed		14,894
Investment for trustee deferred compensation and retirement plans		75,341
Other assets		79,629
Total assets		867,599,123

Liabilities:
Other investments:
LME futures contracts payable		1,111,204
Swaps payable — OTC		1,873,984
Unrealized depreciation on swap agreements — OTC		2,818,092
Payable for:
Fund shares reacquired		796,279
Accrued fees to affiliates		287,988
Accrued trustees’ and officers’ fees and benefits		2,800
Accrued other operating expenses		111,055
Trustee deferred compensation and retirement plans		135,444
Total liabilities		7,136,846
Net assets applicable to shares outstanding	$	860,462,277

Net assets consist of:
Shares of beneficial interest	$	895,985,347
Undistributed net investment income (loss)		(3,385,403	)
Undistributed net realized gain (loss)		(43,797,714	)
Net unrealized appreciation		11,660,047
	$	860,462,277


Net Assets:
Class A	$	56,532,307
Class B	$	62,401
Class C	$	7,086,452
Class R	$	1,683,242
Class Y	$	577,236,107
Class R5	$	205,568,275
Class R6	$	12,293,493

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		8,437,543
Class B		9,723
Class C		1,106,565
Class R		254,298
Class Y		84,671,507
Class R5		30,048,389
Class R6		1,793,238
Class A:
Net asset value per share	$	6.70
Maximum offering price per share
(Net asset value of $6.70 ¸ 94.50%)	$	7.09
Class B:
Net asset value and offering price per share	$	6.42
Class C:
Net asset value and offering price per share	$	6.40
Class R:
Net asset value and offering price per share	$	6.62
Class Y:
Net asset value and offering price per share	$	6.82
Class R5:
Net asset value and offering price per share	$	6.84
Class R6:
Net asset value and offering price per share	$	6.86

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 Operations

For the year ended October 31, 2017


Investment income:
Dividends from affiliates	$	2,938,455
Interest		3,117,598
Total investment income		6,056,053

Expenses:
Advisory fees		8,659,543
Administrative services fees		224,857
Custodian fees		38,740
Distribution fees:
Class A		122,618
Class B		1,011
Class C		75,551
Class R		5,575
Transfer agent fees — A, B, C, R and Y		1,055,803
Transfer agent fees — R5		163,008
Transfer agent fees — R6		116
Trustees’ and officers’ fees and benefits		31,593
Registration and filing fees		141,811
Reports to shareholders		495,509
Professional services fees		100,815
Other		32,468
Total expenses		11,149,018
Less: Fees waived and expense offset arrangement(s)		(554,248	)
Net expenses		10,594,770
Net investment income (loss)		(4,538,717	)

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		94,859
Futures contracts		(9,816,300	)
Swap agreements		83,183
		(9,638,258	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		11,469,638
Futures contracts		(2,206,000	)
Swap agreements		7,558,759
		16,822,397
Net realized and unrealized gain		7,184,139
Net increase in net assets resulting from operations	$	2,645,422

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

15 Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2017 and 2016


	2017			2016
Operations:
Net investment income (loss)	$	(4,538,717	)	$	(5,571,393	)
Net realized gain (loss)		(9,638,258	)		26,118,397
Change in net unrealized appreciation		16,822,397			9,295,204
Net increase in net assets resulting from operations		2,645,422			29,842,208

Distributions to shareholders from net investment income:
Class A		(1,091,128	)		—
Class B		(3,367	)		—
Class C		(160,205	)		—
Class R		(18,396	)		—
Class Y		(16,712,187	)		—
Class R5		(5,253,994	)		—
Class R6		(56,525	)		—
Total distributions from net investment income		(23,295,802	)		—

Share transactions-net:
Class A		16,448,650			3,941,729
Class B		(85,660	)		(109,926	)
Class C		1,425,627			3,261,855
Class R		892,561			395,187
Class Y		19,012,305			334,368,542
Class R5		12,788,459			(77,810,884	)
Class R6		10,313,107			(106,334,147	)
Net increase in net assets resulting from share transactions		60,795,049			157,712,356
Net increase in net assets		40,144,669			187,554,564

Net assets:
Beginning of year		820,317,608			632,763,044
End of year (includes undistributed net investment income (loss) of $(3,385,403) and $33,321,004, respectively)	$	860,462,277		$	820,317,608

Notes to Consolidated Financial Statements

October 31, 2017

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 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.

16 Invesco Balanced-Risk Commodity Strategy Fund

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.

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.

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind income received in the form of securities in-lieu of cash is recorded as interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

17 Invesco Balanced-Risk Commodity Strategy 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.

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.

18 Invesco Balanced-Risk Commodity Strategy Fund

Futures Contracts — The Fund may enter into futures contracts to equitize the Fund’s cash holdings or to manage exposure to interest rate, equity, commodity 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 on non-LME futures contracts 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. For LME contracts, subsequent or variation margin payments are not made and the value of the contracts is presented as unrealized appreciation or depreciation on the Consolidated Statement of Assets and Liabilities. When LME or non-LME 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.

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, commodity 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.

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.

19 Invesco Balanced-Risk Commodity Strategy Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates


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, 2017, the effective advisory fees incurred by the Fund was 1.02%.

The Adviser has contractually agreed, through at least June 30, 2018, 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2017, the Adviser waived advisory fees of $553,213.

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, 2017, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services 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, 2017, IDI advised the Fund that IDI retained $18,947 in front-end sales commissions from the sale of Class A shares and $1,053, $62 and $4,720 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.

20 Invesco Balanced-Risk Commodity Strategy Fund

NOTE 3—Additional Valuation Information

Level 1 –

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

Level 2 –

Level 3 –

The following is a summary of the tiered valuation input levels, as of October 31, 2017. 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	$	—		$	280,428,928	$	—	$	280,428,928
Commodity-Linked Securities		—			53,400,010		—		53,400,010
Exchange Traded Funds		8,284,050			—		—		8,284,050
Money Market Funds		467,399,941			—		—		467,399,941
		475,683,991			333,828,938		—		809,512,929
Futures Contracts*		(1,380,593	)		—		—		(1,380,593	)
Swap Agreements*		—			3,997,758		—		3,997,758
Total Investments	$	474,303,398		$	337,826,696	$	—	$	812,130,094

*	Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the 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, 2017:


	Value
Derivative Assets	Commodity Risk
Unrealized appreciation on futures contracts — Exchange-Traded^(a)	$	6,889,018
Unrealized appreciation on swap agreements — OTC		6,815,850
Total Derivative Assets		13,704,868
Derivatives not subject to master netting agreements		(6,889,018	)
Total Derivative Assets subject to master netting agreements	$	6,815,850

21 Invesco Balanced-Risk Commodity Strategy Fund


	Value
Derivative Liabilities	Commodity Risk
Unrealized depreciation on futures contracts — Exchange-Traded^(a)	$	(8,269,611	)
Unrealized depreciation on swap agreements — OTC		(2,818,092	)
Total Derivative Liabilities		(11,087,703	)
Derivatives not subject to master netting agreements		8,269,611
Total Derivative Liabilities subject to master netting agreements	$	(2,818,092	)

^(a)	The daily variation margin receivable (payable) at period-end is recorded in 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, 2017.


	Financial Derivative Assets		Financial Derivative Liabilities						Collateral
	Swap		Swap			Net Value of			(Received)/Pledged				Net
Counterparty	Agreements		Agreements			Derivatives			Non-Cash		Cash		Amount
Subsidiary
Barclays Bank PLC	$	2,034,892	$	(364,518	)	$	1,670,374		$	—	$	—	$	1,670,374
Canadian Imperial Bank of Commerce		124,937		(6,637	)		118,300			—		—		118,300
Goldman Sachs International		2,445,116		(782,610	)		1,662,506			—		—		1,662,506
JPMorgan Chase Bank, N.A.		938,319		(365,146	)		573,173			—		—		573,173
Macquarie Bank Ltd.		839,426		(1,394,484	)		(555,058	)		—		555,058		—
Merrill Lynch International		1,993,795		(1,761,329	)		232,466			—		—		232,466
Morgan Stanley Capital Services LLC		464,023		(2,069	)		461,954			—		—		461,954
Royal Bank of Canada		3,729,772		(15,283	)		3,714,489			—		—		3,714,489
Total	$	12,570,280	$	(4,692,076	)	$	7,878,204		$	—	$	555,058	$	8,433,262

Effect of Derivative Investments for the year ended October 31, 2017

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	$	(9,816,300	)
Swap agreements		83,183
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(2,206,000	)
Swap agreements		7,558,759
Total	$	(4,380,358	)

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	$	195,206,137	$	636,753,584

22 Invesco Balanced-Risk Commodity Strategy Fund

NOTE 5—Investments in Affiliates

The Fund’s Adviser and the adviser for PowerShares DB Gold Fund are subsidiaries of Invesco Ltd. and therefore, PowerShares DB Gold Fund is considered to be affiliated with the Fund. The following is a summary of the transactions in, and earnings from, investments in PowerShares DB Gold Fund for the year ended October 31, 2017.

Value

10/31/2016

Purchases
at Cost

Proceeds
from Sales

Change in
Unrealized
Appreciation

Realized
Gain (Loss)

Value

10/31/2017

Dividend
Income

PowerShares DB Gold Fund

15,900,500

807,398

(7,724,630

)

1,572,771

(2,271,989

)

8,284,050

—

NOTE 6—Expense Offset Arrangement(s)

NOTE 7—Trustees’ and Officers’ Fees and Benefits

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, 2017 and 2016:


	2017		2016
Ordinary income	$	23,295,802	$	—

Tax Components of Net Assets at Period-End:


	2017
Net unrealized appreciation — investments	$	12,855,516
Temporary book/tax differences		(128,690	)
Late-year ordinary loss deferrals		(2,878,673	)
Capital loss carryforward		(45,371,223	)
Shares of beneficial interest		895,985,347
Total net assets	$	860,462,277

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.

23 Invesco Balanced-Risk Commodity Strategy Fund

The Fund has a capital loss carryforward as of October 31, 2017, which expires as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	40,365,516	$	5,005,707	$	45,371,223

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 Transactions

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, 2017 was $21,957,398 and $30,313,241, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $0 and $21,091,285, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	53,479,582
Aggregate unrealized (depreciation) of investments		(40,624,066	)
Net unrealized appreciation of investments	$	12,855,516

Cost of investments for tax purposes is $799,274,578.

NOTE 11—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of subsidiary suspended passive losses, swap agreement income and net operating losses, on October 31, 2017, undistributed net investment income (loss) was decreased by $8,871,888, undistributed net realized gain (loss) was increased by $14,520,345 and shares of beneficial interest was decreased by $5,648,457. This reclassification had no effect on the net assets of the Fund.

24 Invesco Balanced-Risk Commodity Strategy Fund

NOTE 12—Share Information


	Summary of Share Activity
	Years ended October 31,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		4,563,865		$	30,361,277			3,954,842		$	26,314,513
Class B		—			—			544			3,483
Class C		632,764			4,089,805			626,084			4,046,670
Class R		210,342			1,356,759			69,351			459,130
Class Y		67,828,430			461,730,692			86,924,324			575,119,186
Class R5		2,861,151			18,947,101			1,680,206			10,775,399
Class R6		2,043,846			13,792,890			1,497,079			9,823,548

Issued as reinvestment of dividends:
Class A		149,749			1,006,312			—			—
Class B		396			2,565			—			—
Class C		22,851			147,620			—			—
Class R		2,740			18,221			—			—
Class Y		1,163,388			7,934,306			—			—
Class R5		763,850			5,224,733			—			—
Class R6		8,252			56,525			—			—

Automatic conversion of Class B shares to Class A shares:
Class A		7,534			49,496			11,168			72,498
Class B		(7,837	)		(49,496	)		(11,562	)		(72,498	)

Reacquired:
Class A		(2,258,911	)		(14,968,435	)		(3,328,683	)		(22,445,282	)
Class B		(5,968	)		(38,729	)		(6,604	)		(40,911	)
Class C		(449,948	)		(2,811,798	)		(127,332	)		(784,815	)
Class R		(74,400	)		(482,419	)		(9,717	)		(63,943	)
Class Y		(67,046,653	)		(450,652,693	)		(37,010,378	)		(240,750,644	)
Class R5		(1,674,504	)		(11,383,375	)		(12,695,346	)		(88,586,283	)
Class R6^(b)		(541,057	)		(3,536,308	)		(18,888,038	)		(116,157,695	)
Net increase in share activity		8,199,880		$	60,795,049			22,685,938		$	157,712,356

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 76% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The 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.

25 Invesco Balanced-Risk Commodity Strategy 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			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 10/31/17	$	6.84	$	(0.05	)	$	0.08		$	0.03		$	(0.17	)	$	6.70		0.47	%	$	56,532		1.49	%^(d)		1.56	%^(d)		(0.78	)%^(d)		10	%
Year ended 10/31/16		6.54		(0.07	)		0.37			0.30			—			6.84		4.59			40,844		1.47			1.56			(1.11	)		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
Class B
Year ended 10/31/17		6.58		(0.10	)		0.09			(0.01	)		(0.15	)		6.42		(0.19	)		62		2.24	^(d)		2.31	^(d)		(1.53	)^(d)		10
Year ended 10/31/16		6.34		(0.12	)		0.36			0.24			—			6.58		3.79			152		2.22			2.31			(1.86	)		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
Class C
Year ended 10/31/17		6.57		(0.10	)		0.08			(0.02	)		(0.15	)		6.40		(0.34	)		7,086		2.24	^(d)		2.31	^(d)		(1.53	)^(d)		10
Year ended 10/31/16		6.33		(0.12	)		0.36			0.24			—			6.57		3.79			5,915		2.22			2.31			(1.86	)		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
Class R
Year ended 10/31/17		6.76		(0.07	)		0.09			0.02			(0.16	)		6.62		0.35			1,683		1.74	^(d)		1.81	^(d)		(1.03	)^(d)		10
Year ended 10/31/16		6.48		(0.09	)		0.37			0.28			—			6.76		4.32			782		1.72			1.81			(1.36	)		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
Class Y
Year ended 10/31/17		6.95		(0.04	)		0.10			0.06			(0.19	)		6.82		0.80			577,236		1.24	^(d)		1.31	^(d)		(0.53	)^(d)		10
Year ended 10/31/16		6.63		(0.06	)		0.38			0.32			—			6.95		4.83			574,878		1.22			1.31			(0.86	)		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
Class R5
Year ended 10/31/17		6.97		(0.03	)		0.09			0.06			(0.19	)		6.84		0.83			205,568		1.16	^(d)		1.23	^(d)		(0.45	)^(d)		10
Year ended 10/31/16		6.64		(0.05	)		0.38			0.33			—			6.97		4.97			195,777		1.13			1.22			(0.77	)		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
Class R6
Year ended 10/31/17		6.98		(0.02	)		0.09			0.07			(0.19	)		6.86		1.04			12,293		1.08	^(d)		1.15	^(d)		(0.37	)^(d)		10
Year ended 10/31/16		6.65		(0.04	)		0.37			0.33			—			6.98		4.96			1,971		1.03			1.12			(0.67	)		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

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $49,047, $101, $7,555, $1,115, $583,064, $198,258 and $8,064 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

NOTE 14 --Subsequent Event

26 Invesco Balanced-Risk Commodity Strategy Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Balanced-Risk Commodity Strategy Fund:

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, and the related consolidated statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the consolidated financial position of Invesco Balanced-Risk Commodity Strategy Fund and its subsidiary (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, 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, 2017 by correspondence with the custodian, transfer agent and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

27 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, 2017, through October 31, 2017.

Actual expenses

Hypothetical example for comparison purposes

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 (05/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,030.80	$	8.09	$	1,017.24	$	8.03		1.58	%
B		1,000.00		1,027.20		11.91		1,013.46		11.82		2.33
C		1,000.00		1,025.60		11.90		1,013.46		11.82		2.33
R		1,000.00		1,029.50		9.36		1,015.98		9.30		1.83
Y		1,000.00		1,031.80		6.81		1,018.50		6.77		1.33
R5		1,000.00		1,031.70		6.09		1,019.21		6.06		1.19
R6		1,000.00		1,033.10		5.79		1,019.51		5.75		1.13

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

28 Invesco Balanced-Risk 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 12-13, 2017, 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. and separate Sub-Advisory Contracts with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.

The Board’s Fund Evaluation Process

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

B.	Fund Investment Performance

The Board compared the Fund’s investment 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 third quintile of its performance universe for the one year period and the second quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the 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

29 Invesco Balanced-Risk Commodity Strategy 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 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.

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 that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board 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 advised by Invesco Advisers.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

30 Invesco Balanced-Risk Commodity Strategy Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2017:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	51.11	%

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

31 Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested 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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco Balanced-Risk Commodity Strategy Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


SEC file number: 811-05426 and 033-19338		Invesco Distribution, Inc.		BRCS-AR-1		12122017		1043

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

extraordinarily accommodative monetary policies. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US Federal Reserve raised interest rates three times during the reporting period: first in December 2016, and then again in March and June 2017. Health care and tax reform proved to be more difficult than expected to enact, with little progress achieved by the end of the reporting period.

Visit our website for more information on your investments

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 and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, 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,

LOGO

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:
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.

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

Sincerely,

LOGO

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, 2017, Class A shares of Invesco Developing Markets Fund (the Fund), at net asset value (NAV), underperformed the MSCI Emerging Markets Index, the Fund’s broad market/style-specific benchmark.

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

Fund vs. Indexes


Class A Shares	20.58	%
Class B Shares	19.65
Class C Shares	19.68
Class Y Shares	20.87
Class R5 Shares	21.01
Class R6 Shares	21.07
MSCI Emerging Markets Index^▼ (Broad Market/Style-Specific Index)	26.45
Lipper Emerging Market Funds Index^∎ (Peer Group Index)	24.58

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

Market conditions and your Fund

The reporting period began with major US stock market indexes posting gains and most hitting record highs following the US presidential election. Investors believed that the new administration’s plans to reduce tax rates, scale back regulations and increase infrastructure spending had the potential to stimulate economic growth. However, that was called into question in the first quarter of 2017, when it appeared that enacting significant regulatory and tax reform might be more difficult than previously anticipated.

during the reporting period. In addition to an improving global economic outlook, other positive tailwinds for international markets included continued weakness in the US dollar and reduced expectations for a major shift in US trade policy.

Interestingly, while 2017 marked the eighth year of the global bull market, we saw a shift in leadership as international stocks outperformed US stocks in the first three quarters of 2017. International stocks had trailed US stocks for four consecutive years and in six of the last seven years. As the reporting period came to a close, both developed and emerging equity markets appeared somewhat fully valued despite material discounts to the US market. In addition, recent earnings growth and earnings revision trends improved for many non-US developed markets.

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 Russia, Brazil, Hong Kong and Thailand delivered double-digit gains, outperforming the MSCI Emerging Markets Index in each of these markets and contributing favorably to both absolute and relative Fund performance. Not having exposure to South Africa, a relatively weak market over the reporting period, supported relative results, as well. In contrast, Fund holdings in Israel and Mexico delivered negative returns and detracted from both absolute and relative Fund performance. Although the Fund delivered double-digit gains in China and South Korea, a meaningful underweight position in these strong markets detracted from relative returns.

From a sector perspective, the Fund’s holdings in the financials, consumer staples, consumer discretionary and energy sectors outperformed those of the MSCI Emerging Markets Index and contributed favorably to both relative and absolute returns. The Fund’s holdings in the information technology (IT) and telecommunication services sectors, however, underperformed those of the broad market/style-specific index and were among the most significant detractors from the Fund’s performance. Underweight exposure to the IT sector – one of the reporting period’s best-performing sectors – was a drag on relative returns. Within this sector, not owning two of the MSCI Emerging Markets Index’s best-performing stocks over the reporting period – China-based Tencent Holdings and Alibaba Group – was a meaningful drag on relative performance.

The market showed little concern for valuation over the fiscal year, with investors accepting very high valuations for these types of momentum growth stocks. The Fund did not hold these stocks because we believed elevated valuations did not offer attractive risk-reward profiles.

Portfolio Composition

By sector

% of total net assets


Financials	29.3	%
Consumer Staples	15.1
Information Technology	14.8
Consumer Discretionary	6.4
Telecommunication Services	4.8
Health Care	4.5
Real Estate	3.5
Materials	2.7
Energy	2.5
Industrials	1.8
Money Market Funds Plus Other Assets Less Liabilities	14.6

Top 10 Equity Holdings*

% of total net assets


1. B3 S.A. - Brasil, Bolsa, Balcao	4.0	%
2. Kasikornbank PCL	3.4
3. WH Group Ltd. - REGS	3.1
4. Haci Omer Sabanci Holding A.S.	2.9
5. Sberbank of Russia PJSC - Preference Shares	2.8
6. NAVER Corp.	2.8
7. Banco Bradesco S.A. - ADR	2.8
8. Inner Mongolia Yili Industrial Group Co., Ltd. - Class A	2.8
9. Samsung Electronics Co., Ltd.	2.7
10. Arcos Dorados Holdings, Inc. - Class A	2.6


Total Net Assets				$3.4 billion

Total Number of Holdings*				54

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, 2017.

4 Invesco Developing Markets Fund

The Fund’s cash exposure (which averaged around 15% over the reporting period), in a strong up-market, was a meaningful detractor from Fund performance versus the broad market/style-specific benchmark. 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. Over the reporting period, cash tended to be higher than the long-term average (generally less than 10% of total net assets) primarily due to the valuation component of our EQV philosophy. As the market moved higher, we trimmed and/or sold a number of stocks based on valuation. Unfortunately, it has been challenging to redeploy the proceeds because valuation is such an integral part of our EQV approach and many high-quality stocks remained very expensive.

From an individual securities perspective, Kweichow Moutai, a Chinese spirits company, was the top contributor to Fund performance for the reporting period. Moutai’s strong performance was driven by a growing demand from young Chinese consumers for the company’s iconic grain liquor products. The company’s investment in marketing campaigns has been successful in attracting a new set of affluent consumers who buy Moutai for social events, leading to record revenues for the company. Toward the end of the reporting period, we took profits and trimmed our position in Moutai as we believed valuations started to look a little stretched.

In contrast, Israel-based pharmaceutical maker Teva Pharmaceutical Industries was among the most significant detractors from Fund performance for the reporting period. Teva reported disappointing results, largely due to a tough pricing environment for generic drugs. Management reduced revenue and cash flow guidance for the company’s fiscal year, citing the Food and Drug Administration’s delayed approval on new generic drugs. We reduced the Fund’s position due to these deteriorating fundamentals.

During the reporting period, we continued to look for opportunities to improve the growth potential and quality of the Fund’s portfolio by adding companies based on our EQV outlook for each company. New additions to the portfolio included Brazil-based educational company Kroton Educacional, Philippines-based shopping mall developer SM Investments, Brazil-based personal care

sales company Raia Drogasil and China-based milk products manufacturer Inner Mongolia Yili Industrial Group. We trimmed or sold several of the Fund’s holdings with EQV characteristics that were no longer as compelling as when we first initiated positions in them, including Fuyao Glass Industry Group, Cetip, US Energy Development and Perusahaan Gas Negara.

Over the reporting period, we continued to look for opportunities to improve the growth potential and quality of the Fund’s portfolio. As disconcerting as volatility may be, we believe it tends to create long-term opportunities for our shareholders and we caution investors against making investment decisions based on short-term performance. Our balanced EQV-focused approach aligns with our goal of delivering attractive returns over the long term.

We thank you for your continued investment in Invesco Developing Markets Fund.

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 10/31/07

LOGO

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 10/31/17, including maximum applicable sales charges

Class A Shares
Inception (1/11/94)	5.51	%
10 Years	1.21
5 Years	2.52
1 Year	13.93

Class B Shares
Inception (11/3/97)	6.68	%
10 Years	1.18
5 Years	2.55
1 Year	14.65

Class C Shares
Inception (3/1/99)	9.54	%
10 Years	1.03
5 Years	2.92
1 Year	18.68

Class Y Shares
10 Years	2.02	%
5 Years	3.94
1 Year	20.87

Class R5 Shares
Inception (10/25/05)	9.23	%
10 Years	2.21
5 Years	4.08
1 Year	21.01

Class R6 Shares
10 Years	2.01	%
5 Years	4.13
1 Year	21.07

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.


Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (1/11/94)	5.52	%
10 Years	2.10
5 Years	2.58
1 Year	14.11

Class B Shares
Inception (11/3/97)	6.70	%
10 Years	2.06
5 Years	2.62
1 Year	14.85

Class C Shares
Inception (3/1/99)	9.58	%
10 Years	1.91
5 Years	2.98
1 Year	18.88

Class Y Shares
10 Years	2.90	%
5 Years	4.01
1 Year	21.05

Class R5 Shares
Inception (10/25/05)	9.28	%
10 Years	3.10
5 Years	4.14
1 Year	21.20

Class R6 Shares
10 Years	2.90	%
5 Years	4.19
1 Year	21.26

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 1.42%, 2.17%, 2.17%, 1.17%, 1.05% and 1.00%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares was 1.43%, 2.18%, 2.18%, 1.18%, 1.06% and 1.01%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period

involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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, 2019. 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, 2017, 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.

∎

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.

∎

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, 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 market 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.

∎

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 unpre-

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Developing Markets Fund

dictably. 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.

∎

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.

∎

Other information

∎

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

∎

9 Invesco Developing Markets Fund

Schedule of Investments

October 31, 2017


	Shares		Value
Common Stocks & Other Equity Interests–85.43%
Brazil–21.16%
Ambev S.A.–ADR		12,317,006	$	77,966,648
Arcos Dorados Holdings, Inc.– Class A^(a)(b)		9,068,694		90,686,940
B3 S.A. — Brasil, Bolsa, Balcão		18,778,020		137,880,366
Banco Bradesco S.A.–ADR		9,090,364		96,085,148
BR Malls Participacoes S.A.		14,496,417		56,367,323
Cielo S.A.		8,965,096		61,223,442
Duratex S.A.		8,965,842		26,311,278
Fleury S.A.		8,772,400		77,016,271
Kroton Educacional S.A.		9,792,389		54,300,717
Raia Drogasil S.A.		1,039,300		25,009,536
TOTVS S.A.		1,387,900		13,788,631
Wilson Sons Ltd.–BDR		962,600		12,358,756
				728,995,056

China–12.41%
Baidu, Inc.–ADR^(b)		98,098		23,930,026
China Mobile Ltd.		6,938,000		69,678,814
Industrial & Commercial Bank of China Ltd.–Class H		58,050,000		46,059,618
Inner Mongolia Yili Industrial Group Co., Ltd.–Class A		21,385,039		95,241,583
Kweichow Moutai Co., Ltd.–Class A		614,261		57,216,537
Lee & Man Paper Manufacturing Ltd.		42,212,000		51,511,042
NetEase, Inc.–ADR		160,737		45,314,975
Stella International Holdings Ltd.		11,189,000		18,173,662
Want Want China Holdings Ltd.		24,950,000		20,404,158
				427,530,415

Egypt–0.42%
Egyptian Financial Group-Hermes Holding Co.		10,922,002		14,521,651

France–0.92%
Bollore S.A.		6,569,497		31,759,149

Hong Kong–4.62%
Galaxy Entertainment Group Ltd.		7,632,000		51,946,984
WH Group Ltd.–REGS^(c)		105,929,500		107,268,317
				159,215,301

Hungary–2.24%
Richter Gedeon Nyrt		3,104,462		77,254,321

Indonesia–5.82%
PT Bank Central Asia Tbk		46,011,600		71,072,417
PT Bank Mandiri Persero Tbk		121,820,700		63,424,809
PT Telekomunikasi Indonesia Persero Tbk		221,321,600		66,096,961
				200,594,187

Israel–0.47%
Israel Chemicals Ltd.		3,907,788		16,291,698


	Shares		Value
Malaysia–1.89%
Public Bank Bhd.		13,492,400	$	65,211,810

Mexico–4.19%
Bolsa Mexicana de Valores, S.A.B. de C.V.		20,598,400		34,371,137
Fomento Economico Mexicano, S.A.B. de C.V.–ADR		894,371		78,481,055
Grupo Televisa S.A.B.–ADR		241,465		5,285,669
Kimberly-Clark de Mexico, S.A.B. de C.V.–Class A		15,332,703		26,376,402
				144,514,263

Nigeria–1.04%
Zenith Bank PLC		504,865,834		35,709,612

Peru–1.33%
Credicorp Ltd.		218,960		45,858,982

Philippines–1.52%
SM Investments Corp.		964,330		17,890,778
SM Prime Holdings Inc.		47,832,400		34,369,355
				52,260,133

Russia–9.71%
Gazprom PAO–ADR		4,731,713		20,320,342
Gazprom PAO–ADR		3,300,000		14,241,810
Mobile TeleSystems PJSC–ADR		2,786,494		29,564,701
Sberbank of Russia PJSC		25,812,144		85,547,563
Sberbank of Russia PJSC–Preference Shares		35,854,175		97,197,155
Yandex N.V.–Class A^(b)		2,592,126		87,691,623
				334,563,194

South Korea–5.49%
NAVER Corp.		121,105		97,005,437
Samsung Electronics Co., Ltd.		37,427		92,133,862
				189,139,299

Taiwan–2.56%
Taiwan Semiconductor Manufacturing Co. Ltd.		10,911,000		88,119,849

Thailand–3.37%
Kasikornbank PCL		16,868,700		115,977,430

Turkey–5.43%
Anadolu Efes Biracilik ve Malt Sanayii A.S.		3,181,985		18,417,604
EIS Eczacibasi Ilaç, Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A.S.		12,948,995		15,734,019
Haci Omer Sabanci Holding A.S.		36,448,535		101,256,605
Tupras-Turkiye Petrol Rafinerileri A.S.		1,435,357		51,641,073
				187,049,301

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

10 Invesco Developing Markets Fund


	Shares		Value
United Arab Emirates–0.84%
Emaar Properties PJSC		12,750,000	$	28,854,460
Total Common Stocks & Other Equity Interests (Cost $2,275,005,393)				2,943,420,111

Money Market Funds–15.08%
Invesco Government & Agency Portfolio–Institutional Class, 0.95%^(d)		311,611,429		311,611,429
Invesco Treasury Portfolio–Institutional Class, 0.94%^(d)		207,740,953		207,740,953
Total Money Market Funds (Cost $519,352,382)				519,352,382
TOTAL INVESTMENTS IN SECURITIES–100.51% (Cost $2,794,357,775)				3,462,772,493
OTHER ASSETS LESS LIABILITIES–(0.51)%				(17,452,799	)
NET ASSETS–100.00%			$	3,445,319,694

Investment Abbreviations:


ADR		– American Depositary Receipt
BDR		– Brazilian Depositary Receipt
REGS		– Regulation S

Notes to Schedule of Investments:

^(a)

Affiliated company during the period. The Investment Company Act of 1940 defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The value of this security as of October 31, 2017 represented 2.63% of the Fund’s Net Assets. See Note 4.

^(b)	Non-income producing security.

^(c)

Security purchased or received in transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2017 represented 3.11% of the Fund’s Net Assets.

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2017.

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, 2017


Assets:
Investments in securities, at value (Cost $2,183,196,610)	$	2,852,733,171
Investments in affiliates, at value (Cost $611,161,165)		610,039,322
Foreign currencies, at value (Cost $1,321,421)		1,171,072
Receivable for:
Investments sold		624,821
Fund shares sold		4,679,547
Dividends		1,605,526
Investment for trustee deferred compensation and retirement plans		363,491
Other assets		84,275
Total assets		3,471,301,225

Liabilities:
Payable for:
Investments purchased		9,861,132
Fund shares reacquired		4,131,566
Accrued foreign taxes		9,827,132
Accrued fees to affiliates		1,117,526
Accrued trustees’ and officers’ fees and benefits		5,138
Accrued other operating expenses		629,299
Trustee deferred compensation and retirement plans		409,738
Total liabilities		25,981,531
Net assets applicable to shares outstanding	$	3,445,319,694

Net assets consist of:
Shares of beneficial interest	$	2,852,010,074
Undistributed net investment income		29,482,876
Undistributed net realized gain (loss)		(104,426,530	)
Net unrealized appreciation		668,253,274
	$	3,445,319,694


Net Assets:
Class A	$	878,910,065
Class B	$	5,098,320
Class C	$	88,231,235
Class Y	$	1,575,400,979
Class R5	$	470,436,189
Class R6	$	427,242,906

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		23,976,134
Class B		143,067
Class C		2,479,004
Class Y		42,884,980
Class R5		12,826,942
Class R6		11,651,543
Class A:
Net asset value per share	$	36.66
Maximum offering price per share
(Net asset value of $36.66 ¸ 94.50%)	$	38.79
Class B:
Net asset value and offering price per share	$	35.64
Class C:
Net asset value and offering price per share	$	35.59
Class Y:
Net asset value and offering price per share	$	36.74
Class R5:
Net asset value and offering price per share	$	36.68
Class R6:
Net asset value and offering price per share	$	36.67

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, 2017


Investment income:
Dividends (net of foreign withholding taxes of $7,001,963)	$	64,430,991
Dividends from affiliates		2,825,631
Total investment income		67,256,622

Expenses:
Advisory fees		25,743,189
Administrative services fees		559,250
Custodian fees		2,448,637
Distribution fees:
Class A		2,045,413
Class B		69,929
Class C		835,866
Transfer agent fees — A, B, C and Y		3,851,186
Transfer agent fees — R5		188,796
Transfer agent fees — R6		13,357
Trustees’ and officers’ fees and benefits		62,550
Registration and filing fees		203,872
Reports to shareholders		781,849
Professional services fees		104,806
Other		52,003
Total expenses		36,960,703
Less: Fees waived and expense offset arrangement(s)		(486,605	)
Net expenses		36,474,098
Net investment income		30,782,524

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		119,991,436
Foreign currencies		(351,182	)
		119,640,254
Change in net unrealized appreciation of:
Investment securities (net of foreign taxes of $4,559,075)		435,201,431
Foreign currencies		165,126
		435,366,557
Net realized and unrealized gain		555,006,811
Net increase in net assets resulting from operations	$	585,789,335

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

October 31, 2017


	2017			2016
Operations:
Net investment income	$	30,782,524		$	25,718,096
Net realized gain (loss)		119,640,254			(139,361,570	)
Change in net unrealized appreciation		435,366,557			487,614,471
Net increase in net assets resulting from operations		585,789,335			373,970,997

Distributions to shareholders from net investment income:
Class A		(6,465,840	)		(7,250,678	)
Class B		(9,114	)		—
Class C		(88,315	)		—
Class Y		(11,463,530	)		(12,161,332	)
Class R5		(3,838,802	)		(4,959,683	)
Class R6		(2,041,422	)		(2,633,867	)
Total distributions from net investment income		(23,907,023	)		(27,005,560	)

Share transactions–net:
Class A		(91,568,138	)		(99,784,850	)
Class B		(4,910,609	)		(5,494,664	)
Class C		(9,310,384	)		(12,607,620	)
Class Y		244,683,793			(99,163,924	)
Class R5		64,225,172			(69,725,261	)
Class R6		217,227,291			(37,179,196	)
Net increase (decrease) in net assets resulting from share transactions		420,347,125			(323,955,515	)
Net increase in net assets		982,229,437			23,009,922

Net assets:
Beginning of year		2,463,090,257			2,440,080,335
End of year (includes undistributed net investment income of $29,482,876 and $22,958,558, respectively)	$	3,445,319,694		$	2,463,090,257

Notes to Financial Statements

October 31, 2017

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 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 June 8, 2017, the Fund has closed public sales of its shares to new 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. 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.

14 Invesco Developing Markets 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”).

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 Developing Markets 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 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.

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.

16 Invesco Developing Markets Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate
First $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, 2017, the effective advisory fees incurred by the Fund was 0.87%.

The Adviser has contractually agreed, through at least June 30, 2018, 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, 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2017, the Adviser waived advisory fees of $471,767.

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, 2017, 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, 2017, IDI advised the Fund that IDI retained $101,321 in front-end sales commissions from the sale of Class A shares and $47,086, $30 and $8,736 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

Level 1 —

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

Level 2 —

Level 3 —

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended October 31, 2017, there were transfers from Level 1 to Level 2 of $302,880,113 and from Level 2 to Level 1 of $286,552,699 due to foreign fair value adjustments.


	Level 1		Level 2		Level 3		Total
Brazil	$	728,995,056	$	—	$	—	$	728,995,056
China		409,356,753		18,173,662		—		427,530,415
Egypt		14,521,651		—		—		14,521,651
France		31,759,149		—		—		31,759,149
Hong Kong		159,215,301		—		—		159,215,301
Hungary		77,254,321		—		—		77,254,321
Indonesia		—		200,594,187		—		200,594,187
Israel		16,291,698		—		—		16,291,698
Malaysia		—		65,211,810		—		65,211,810
Mexico		144,514,263		—		—		144,514,263
Nigeria		35,709,612		—		—		35,709,612
Peru		45,858,982		—		—		45,858,982
Philippines		—		52,260,133		—		52,260,133
Russia		137,576,666		196,986,528		—		334,563,194
South Korea		—		189,139,299		—		189,139,299
Taiwan		—		88,119,849		—		88,119,849
Thailand		—		115,977,430		—		115,977,430
Turkey		187,049,301		—		—		187,049,301
United Arab Emirates		—		28,854,460		—		28,854,460
Money Market Funds		519,352,382		—		—		519,352,382
Total Investments	$	2,507,455,135	$	955,317,358	$	—	$	3,462,772,493

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 (excluding affiliated money market funds) for the year ended October 31, 2017.


	Value 10/31/16		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value 10/31/17		Dividend Income
Arcos Dorados Holdings, Inc. — Class A	$	34,984,330	$	25,998,210	$	—	$	29,704,400	$	—	$	90,686,940	$	—

NOTE 5—Expense Offset Arrangement(s)

18 Invesco Developing Markets Fund

NOTE 6—Trustees’ and Officers’ Fees and Benefits

NOTE 7—Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2017 and 2016:


	2017		2016
Ordinary income	$	23,907,023	$	27,005,560

Tax Components of Net Assets at Period-End:


	2017
Undistributed ordinary income	$	32,055,189
Net unrealized appreciation — investments		665,249,850
Net unrealized appreciation (depreciation) — foreign currencies		(161,444	)
Temporary book/tax differences		(380,994	)
Capital loss carryforward		(103,452,981	)
Shares of beneficial interest		2,852,010,074
Total net assets	$	3,445,319,694

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, 2017 as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	7,328,822	$	96,124,159	$	103,452,981

19 Invesco Developing Markets Fund

NOTE 9—Investment Transactions

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, 2017 was $752,735,128 and $395,217,438 respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	827,051,173
Aggregate unrealized (depreciation) of investments		(161,801,323	)
Net unrealized appreciation of investments	$	665,249,850

Cost of investments for tax purposes is $2,797,522,643.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of expired capital loss carryforward and foreign currency transactions, on October 31, 2017, undistributed net investment income was decreased by $351,183, undistributed net realized gain (loss) was increased by $47,690,009 and shares of beneficial interest was decreased by $47,338,826. This reclassification had no effect on the net assets of the Fund.

NOTE 11—Share Information


	Summary of Share Activity
	Years ended October 31,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		5,580,960		$	179,300,415			6,223,706		$	172,445,345
Class B		3,460			107,898			3,413			93,276
Class C		421,647			13,192,183			434,158			12,231,991
Class Y		23,586,261			742,795,060			16,687,212			462,805,113
Class R5		5,214,837			169,419,983			2,612,537			71,219,411
Class R6		7,776,259			262,410,342			4,221,542			115,075,056

Issued as reinvestment of dividends:
Class A		204,009			5,975,421			263,221			6,388,370
Class B		270			7,751			—			—
Class C		2,815			80,594			—			—
Class Y		224,203			6,566,919			256,399			6,222,812
Class R5		124,103			3,625,047			176,828			4,281,012
Class R6		69,519			2,029,942			108,882			2,633,867

Automatic conversion of Class B shares to Class A shares:
Class A		111,089			3,668,845			121,188			3,279,616
Class B		(113,940	)		(3,668,845	)		(124,281	)		(3,279,616	)

Reacquired:
Class A		(8,807,768	)		(280,512,819	)		(10,482,846	)		(281,898,181	)
Class B		(43,418	)		(1,357,413	)		(89,538	)		(2,308,324	)
Class C		(715,863	)		(22,583,161	)		(955,039	)		(24,839,611	)
Class Y		(15,253,958	)		(504,678,186	)		(21,827,088	)		(568,191,849	)
Class R5		(3,301,481	)		(108,819,858	)		(5,620,816	)		(145,225,684	)
Class R6		(1,435,306	)		(47,212,993	)		(6,069,981	)		(154,888,119	)
Net increase (decrease) in share activity		13,647,698		$	420,347,125			(14,060,503	)	$	(323,955,515	)

^(a)

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

20 Invesco Developing Markets Fund

NOTE 12—Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			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 10/31/17	$	30.67	$	0.28	$	5.96		$	6.24		$	(0.25	)	$	—		$	(0.25	)	$	36.66		20.55	%	$	878,910		1.41	%^(d)		1.43	%^(d)		0.86	%^(d)		16	%
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			1.41			1.01			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
Class B
Year ended 10/31/17		29.82		0.03		5.82			5.85			(0.03	)		—			(0.03	)		35.64		19.65			5,098		2.16	^(d)		2.18	^(d)		0.11	^(d)		16
Year ended 10/31/16		25.06		0.07		4.69			4.76			—			—			—			29.82		18.99			8,848		2.15			2.16			0.26			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
Class C
Year ended 10/31/17		29.78		0.03		5.81			5.84			(0.03	)		—			(0.03	)		35.59		19.65			88,231		2.16	^(d)		2.18	^(d)		0.11	^(d)		16
Year ended 10/31/16		25.03		0.07		4.68			4.75			—			—			—			29.78		18.98			82,513		2.15			2.16			0.26			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
Class Y
Year ended 10/31/17		30.74		0.37		5.95			6.32			(0.32	)		—			(0.32	)		36.74		20.84			1,575,401		1.16	^(d)		1.18	^(d)		1.11	^(d)		16
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			1.16			1.26			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
Class R5
Year ended 10/31/17		30.69		0.41		5.94			6.35			(0.36	)		—			(0.36	)		36.68		20.97			470,436		1.04	^(d)		1.06	^(d)		1.23	^(d)		16
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			1.04			1.38			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
Class R6
Year ended 10/31/17		30.68		0.42		5.94			6.36			(0.37	)		—			(0.37	)		36.67		21.04			427,243		1.00	^(d)		1.02	^(d)		1.27	^(d)		16
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			0.99			1.43			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

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $818,165, $6,993, $83,587, $1,404,398, $396,958 and $245,670 for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

Note 13—Subsequent Event

21 Invesco Developing Markets Fund

Report of Independent Registered Public Accounting Firm

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

and Shareholders of Invesco Developing Markets Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Developing Markets Fund (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, 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, 2017 by correspondence with the custodian, transfer agent and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

22 Invesco Developing Markets Fund

Calculating your ongoing Fund expenses

Example

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


Class	Beginning Account Value (05/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,119.40	$	7.48	$	1,018.15	$	7.12		1.40	%
B		1,000.00		1,114.80		11.46		1,014.37		10.92		2.15
C		1,000.00		1,115.00		11.46		1,014.37		10.92		2.15
Y		1,000.00		1,120.50		6.15		1,019.41		5.85		1.15
R5		1,000.00		1,121.00		5.56		1,019.96		5.30		1.04
R6		1,000.00		1,121.40		5.35		1,020.16		5.09		1.00

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

23 Invesco 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 12-13, 2017, 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. and separate Sub-Advisory Contracts with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.

The Board’s Fund Evaluation Process

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2016 to the performance of funds in the Broadridge performance universe and against the Lipper Emerging Market Funds Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the second quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual

24 Invesco Developing Markets 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 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 client accounts with investment strategies comparable to those of the Fund.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

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 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 Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

25 Invesco Developing Markets Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2017:


Federal and State Income Tax
Qualified Dividend Income*		92.83	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%
Foreign Taxes	$	0.0743	per share
Foreign Source Income	$	0.7641	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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco Developing Markets Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		DVM-AR-1		12122017		0932

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

monetary policies. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US Federal Reserve raised interest rates three times during the reporting period: first in December 2016, and then again in March and June 2017. Health care and tax reform proved to be more difficult than expected to enact, with little progress achieved by the end of the reporting period.

Visit our website for more information on your investments

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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Emerging Markets Flexible Bond Fund

LOGO

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.

∎ 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.

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

Sincerely,

LOGO

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, 2017, Class A shares of Invesco Emerging Markets Flexible Bond Fund (the Fund), at net asset value (NAV), outperformed 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


Class A Shares	6.62	%
Class B Shares	5.82
Class C Shares	5.66
Class R Shares	6.20
Class Y Shares	6.89
Class R5 Shares	6.89
Class R6 Shares	6.73
JP Morgan EMBI Global Diversified Index^▼ (Broad Market Index)	6.32
3-month USD LIBOR Index^∎ (Style-Specific Index)	1.12
Lipper Emerging Markets Hard Currency Debt Funds Index^◆ (Peer Group Index)	7.70
Source(s): ^▼FactSet Research Systems Inc.; ^∎Bloomberg L.P.; ^◆Lipper Inc.

Market conditions and your Fund

Emerging market debt posted strong returns over the reporting period. Hard currency sovereign debt returned 6.32%, corporate debt returned 6.18% and local currency debt returned 5.18%.¹ Price appreciation for US dollar-denominated debt was driven by a credit spread tightening that offset higher US Treasury yields. US 10-year Treasuries ended the fiscal year yielding 2.38%, 56 basis points higher than a year prior.² (A basis

point is 0.01%.) Emerging market sovereign credit spreads tightened 57 basis points over the reporting period to end at 2.83%.¹ Corporate credit spreads also tightened by 78 basis points.¹ The change in US Treasuries reflected stronger expectations for US growth and inflation versus a year prior, while the tightening in emerging market credit spreads was largely the result of sustained flows into the asset class driven by a global hunt for yield in a low yield environment.


Portfolio Composition
By industry				% of total net assets



Sovereign Debt	41.8	%
Diversified Banks	9.3
Integrated Oil & Gas	5.2
Diversified Metals & Mining	2.4
Oil & Gas Refining & Marketing	2.2
Packaged Foods & Meats	2.0
Industrial Conglomerates	2.0
Oil & Gas Storage & Transportation	2.0
Integrated Telecommunication Services	1.8
Airlines	1.8
Commodity Chemicals	1.7
Copper	1.5
Coal & Consumable Fuels	1.1
Renewable Electricity	1.1
Other Diversified Financial Services	1.0
Independent Power Producers & Energy Traders	1.0
Industry Type Each Less Than 1% of Portfolio	7.1
Money Market Funds Plus Other Assets Less Liabilities	15.0


Top Five Debt Issuers*
						% of total net assets



1.	Mexican Bonos	7.9	%
2.	Indonesia Treasury Bond	7.3
3.	Standard Chartered Bank	5.7
4.	Ecuador Government International Bond	4.7
5.	Brazil Notas do Tesouro Nacional	3.3


Total Net Assets	$	57.9 million

Total Number of Holdings*		86

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, 2017.

For local currency debt, returns were driven by local rates. The return for the asset class in local currency terms was 6.17% for the fiscal year, while depreciation of emerging market currencies against the dollar detracted from performance in US dollar terms over the reporting period.¹

Emerging market bonds had a difficult start to the fiscal year driven by the result of the US presidential election in November of 2016, which drove emerging markets broadly lower. However, the asset class rebounded strongly, delivering positive returns in 10 of the following 11 months. Over the reporting period, emerging markets benefited significantly from dovish global central bank policies, incremental improvements across several macroeconomic issues, a recovery in oil prices and continued inflows into the asset class.

For both sovereign and corporate debt, high yield bonds significantly outperformed investment grade bonds for the reporting period.¹ For sovereign debt, the top-performing regions were Latin America and Africa, while Asia lagged. The top-performing countries included Iraq, Mozambique and Belize, while Venezuela, Bolivia and Slovakia were the worst performers. For corporate debt, Africa and Latin America were the top-performing regions, while the Middle East lagged. At the sector level, metals and mining, and oil and gas were the top performers for the reporting period, while the consumer and diversified sectors lagged. For local currency-denominated debt, the top-performing countries during the reporting period were Russia, Brazil and Peru, while Turkey, the Philippines and China were the only countries to post negative returns.

The Fund generated its return over the reporting period with less volatility than the underlying emerging markets themselves. The Fund’s returns were generated from exposure to US dollar-denominated sovereign and corporate debt, in addition to local market interest rate exposures. The Fund’s allocation to sovereign and corporate credit risk, as well as local rates risk, were positive contributors to Fund performance, while foreign exchange risk detracted from Fund returns for the reporting period. The top-contributing countries for credit were Mexico, Ecuador, Ghana and Zambia, while top-contributing local rates markets were Indonesia, India, Mexico and Russia.

4 Invesco Emerging Markets Flexible Bond Fund

At the close of the reporting period, we believed the current backdrop of stable global growth, low inflation and accommodative financial conditions – in spite of the US Federal Reserve beginning to unwind its balance sheet – were supportive of emerging market asset prices, and we have seen an increase in idiosyncratic credit opportunities. While the macroeconomic backdrop remains supportive for emerging markets, we are closely monitoring geopolitical events in the Middle East, NAFTA negotiations and upcoming elections in Latin America, as such events have potential to weigh on the market. Market volatility globally remained exceptionally low during the reporting period. In local debt, the Fund’s positioning became more defensive, as we reduced some long duration positions and moved to reduced emerging market currency risk exposure. We continue to look for relative value opportunities intraregionally where monetary policy divergences are growing.

Please note that our strategy is implemented with derivative instruments. 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

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

Avi Hooper

Chartered Financial Analyst, Portfolio Manager, is co-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.

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.

Rashique Rahman

Portfolio Manager, is co-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.

Rob Turner

Portfolio Manager, is manager of Invesco Emerging Markets Flexible Bond Fund. He joined Invesco in 2017. Mr. Turner earned a

BA with a focus in political science from the University of Arizona and an MBA from Georgia State University.

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

LOGO

Past performance cannot guarantee comparable future results.

but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees; performance of a market index does not. Performance shown in the chart and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6 Invesco Emerging Markets Flexible Bond Fund


Average Annual Total Returns
As of 10/31/17, including maximum applicable sales charges

Class A Shares
Inception (6/16/10)	-0.30	%
5 Years	-4.30
1 Year	2.09

Class B Shares
Inception (6/16/10)	-0.47	%
5 Years	-4.50
1 Year	0.82

Class C Shares
Inception (6/16/10)	-0.47	%
5 Years	-4.20
1 Year	4.66

Class R Shares
Inception (6/16/10)	0.01	%
5 Years	-3.72
1 Year	6.20

Class Y Shares
Inception (6/16/10)	0.54	%
5 Years	-3.22
1 Year	6.89

Class R5 Shares
Inception (6/16/10)	0.54	%
5 Years	-3.19
1 Year	6.89

Class R6 Shares
Inception	0.44	%
5 Years	-3.22
1 Year	6.73

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 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


Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (6/16/10)	-0.34	%
5 Years	-4.24
1 Year	1.94

Class B Shares
Inception (6/16/10)	-0.52	%
5 Years	-4.45
1 Year	0.67

Class C Shares
Inception (6/16/10)	-0.50	%
5 Years	-4.12
1 Year	4.66

Class R Shares
Inception (6/16/10)	-0.03	%
5 Years	-3.68
1 Year	6.21

Class Y Shares
Inception (6/16/10)	0.48	%
5 Years	-3.18
1 Year	6.74

Class R5 Shares
Inception (6/16/10)	0.48	%
5 Years	-3.16
1 Year	6.74

Class R6 Shares
Inception	0.41	%
5 Years	-3.16
1 Year	6.74

R6 shares was 1.25%, 2.00%, 2.00%, 1.50%, 1.00%, 1.00% and 1.00%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.93%, 2.68%, 2.68%, 2.18%, 1.68%, 1.30% and 1.30%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 4.25% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC

on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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, 2019. 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, 2019. See current prospectus for more information.

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, 2017, 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.

∎

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.

∎

redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

∎

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 bet 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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Emerging Markets Flexible Bond Fund

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.

∎

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 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.

∎

continued on page 10

9 Invesco Emerging Markets Flexible Bond Fund

continued from page 9

∎

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.

∎

Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and 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 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.

∎

Other information

∎

10 Invesco Emerging Markets Flexible Bond Fund

Consolidated Schedule of Investments

October 31, 2017


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–55.29%
Angola–0.57%
Angolan Government International Bond, REGS, Sr. Unsec. Euro Bonds, 9.50%, 11/12/2025^(a)	$	300,000	$	327,876

Argentina–2.24%
Adecoagro S.A., Sr. Unsec. Notes, 6.00%, 09/21/2027^(a)		380,000		383,990
Argentine Republic Government International Bond, Sr. Unsec. Global Bonds, 6.63%, 07/06/2028		650,000		691,600
Provincia de Córdoba, Sr. Unsec. Notes, 7.13%, 08/01/2027^(a)		205,000		219,135
				1,294,725

Bahrain–2.03%
Bahrain Government International Bond Sr. Unsec. Bonds, 7.50%, 09/20/2047^(a)		408,000		398,380
Sr. Unsec. Notes, 6.75%, 09/20/2029^(a)		286,000		285,176
Oil and Gas Holding Company B.S.C.C. (The), Sr. Unsec. Notes, 7.50%, 10/25/2027^(a)		471,000		489,849
				1,173,405

Brazil–9.14%
Banco do Brasil S.A., REGS, Jr. Unsec. Sub. Euro Notes, 9.00%^(a)(b)		800,000		880,000
Banco Nacional de Desenvolvimento Economico e Social, Sr. Unsec. Notes, 4.75%, 05/09/2024^(a)		324,000		328,147
Brazilian Government International Bond Sr. Unsec. Global Bonds, 5.63%, 01/07/2041		250,000		254,000
Sr. Unsec. Global Notes, 4.63%, 01/13/2028		219,000		217,741
Cosan Ltd., Sr. Unsec. Notes, 5.95%, 09/20/2024^(a)		200,000		207,060
Cosan Overseas Ltd., REGS, Sr. Unsec. Gtd. Euro Notes, 8.25%^(a)(b)		700,000		717,675
Klabin Finance S.A., Sr. Unsec. Gtd. Notes, 4.88%, 09/19/2027^(a)		238,000		236,810
Minerva Luxembourg S.A., REGS, Sr. Unsec. Gtd. Euro Notes, 6.50%, 09/20/2026^(a)		550,000		571,477


	Principal Amount		Value
Brazil–(continued)
Petrobras Global Finance B.V. Sr. Unsec. Gtd. Global Notes, 7.25%, 03/17/2044	$	996,000	$	1,047,045
Sr. Unsec. Gtd. Notes, 6.00%, 01/27/2028^(a)		600,000		607,944
Vale Canada Ltd., Sr. Unsec. Global Bonds, 7.20%, 09/15/2032		200,000		225,500
				5,293,399

Chile–0.36%
GeoPark Ltd., Sr. Sec. First Lien Notes, 6.50%, 09/21/2024^(a)		200,000		205,600

China–1.04%
Panda Green Energy Group Ltd., REGS, Sr. Unsec. Gtd. Euro Bonds, 8.25%, 01/25/2020^(a)		300,000		306,820
Ronshine China Holdings Ltd., REGS, Sr. Unsec. Gtd. Euro Bonds, 6.95%, 12/08/2018^(a)(c)		300,000		295,559
				602,379

Colombia–3.07%
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		1,023,100
Banco de Bogotá S.A., Sr. Unsec. Notes, 4.38%, 08/03/2027^(a)		430,000		433,655
Colombia Telecomunicaciones S.A. ESP, REGS, Jr. Unsec. Sub. Euro Notes, 8.50%^(a)(b)		300,000		321,750
				1,778,505

Costa Rica–0.65%
Instituto Costarricense de Electricidad, REGS, Sr. Unsec. Euro Notes, 6.38%, 05/15/2043^(a)		400,000		377,988

Ecuador–4.67%
Ecuador Government International Bond REGS, Sr. Unsec. Euro Bonds, 10.75%, 03/28/2022^(a)		950,000		1,075,875
Sr. Unsec. Bonds, 8.75%, 06/02/2023^(a)		600,000		630,900
Sr. Unsec. Notes, 8.88%, 10/23/2027^(a)		550,000		564,037
9.63%, 06/02/2027^(a)		400,000		431,000
				2,701,812

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
El Salvador–2.06%
AES El Salvador Trust II, REGS, Sr. Unsec. Gtd. Euro Notes, 6.75%, 03/28/2023^(a)	$	600,000	$	579,000
El Salvador Government International Bond REGS, Sr. Unsec. Euro Notes, 5.88%, 01/30/2025^(a)		475,000		471,437
Sr. Unsec. Notes, 8.63%, 02/28/2029^(a)		127,000		144,145
				1,194,582

Ghana–0.51%
Ghana Government International Bond, REGS, Sr. Unsec. Euro Notes, 7.88%, 08/07/2023^(a)		270,000		292,592

India–1.86%
Vedanta Resources PLC REGS, Sr. Unsec. Euro Notes, 7.13%, 05/31/2023^(a)		400,000		432,400
Sr. Unsec. Notes, 6.13%, 08/09/2024^(a)		269,000		275,120
6.38%, 07/30/2022^(a)		350,000		367,045
				1,074,565

Indonesia–0.57%
Pertamina Persero PT, REGS, Sr. Unsec. Medium-Term Euro Notes, 5.63%, 05/20/2043^(a)		300,000		329,268

Iraq–1.38%
Iraq International Bond, Sr. Unsec. Notes, 6.75%, 03/09/2023^(a)		793,000		796,589

Jamaica–1.76%
Jamaica Government International Bond Sr. Unsec. Global Notes, 6.75%, 04/28/2028		505,000		586,982
7.88%, 07/28/2045		346,000		429,905
				1,016,887

Jordan–0.63%
Jordan Government International Bond, Sr. Unsec. Bonds, 7.38%, 10/10/2047^(a)		350,000		367,386

Mexico–6.29%
Alfa S.A.B. de C.V., REGS, Sr. Unsec. Euro Notes, 6.88%, 03/25/2044^(a)		1,050,000		1,153,688
Alpek S.A.B. de C.V., REGS, Sr. Unsec. Gtd. Euro Notes, 5.38%, 08/08/2023^(a)		950,000		1,007,000
Petróleos Mexicanos, Sr. Unsec. Gtd. Notes, 6.50%, 03/13/2027^(a)		194,000		211,974
SixSigma Networks México, S.A. de C.V., REGS, Sr. Unsec. Gtd. Euro Notes, 8.25%, 11/07/2021^(a)		700,000		740,250


	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)	$	500,000	$	526,250
				3,639,162

Morocco–0.78%
OCP S.A., REGS, Sr. Unsec. Euro Notes, 6.88%, 04/25/2044^(a)		400,000		452,400

Oman–1.02%
Oman Government International Bond, Sr. Unsec. Notes, 6.50%, 03/08/2047^(a)		378,000		390,057
OmGrid Funding Ltd., Sr. Unsec. Gtd. Bonds, 5.20%, 05/16/2027^(a)		200,000		201,002
				591,059

Peru–2.93%
Banco Internacional del Perú S.A.A. Interbank, REGS, Unsec. Sub. Euro Notes, 6.63%, 03/19/2029^(a)		300,000		340,500
Nexa Resources S.A., Sr. Unsec. Gtd. Notes, 5.38%, 05/04/2027^(a)		300,000		318,300
Peru Enhanced Pass-Through Finance Ltd., REGS, Class A-2, Sr. Sec. First Lien Pass Through Euro Ctfs., 7.33%, 06/02/2025^(a)(d)		250,000		217,813
Petróleos del Perú S.A. Sr. Unsec. Notes, 4.75%, 06/19/2032^(a)		595,000		609,697
5.63%, 06/19/2047^(a)		200,000		211,040
				1,697,350

Senegal–0.45%
Senegal Government International Bond, Unsec. Notes, 6.25%, 05/23/2033^(a)		250,000		259,162

Singapore–0.62%
Puma International Financing S.A., Sr. Unsec. Gtd. Notes, 5.13%, 10/06/2024^(a)		350,000		358,400

South Africa–0.58%
Petra Diamonds US Treasury PLC, Sec. Gtd. Second Lien Notes, 7.25%, 05/01/2022^(a)		340,000		338,470

Turkey–2.05%
Turkey Government International Bond Sr. Unsec. Global Bonds, 4.88%, 04/16/2043		550,000		475,697
Sr. Unsec. Global Notes, 6.88%, 03/17/2036		225,000		248,295

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

12 Invesco Emerging Markets Flexible Bond Fund


	Principal Amount		Value
Turkey–(continued)
Turkiye Garanti Bankasi A.S., Unsec. Sub. Notes, 6.13%, 05/24/2027^(a)	$	235,000	$	232,768
Yapi ve Kredi Bankasi A.S., Sr. Unsec. Notes, 5.85%, 06/21/2024^(a)		235,000		232,290
				1,189,050

Ukraine–1.58%
Kernel Holding S.A., Sr. Unsec. Gtd. Notes, 8.75%, 01/31/2022^(a)		343,000		379,066
MHP S.E., Sr. Unsec. Gtd. Notes, 7.75%, 05/10/2024^(a)		200,000		216,350
Ukraine Government International Bond, REGS, Sr. Unsec. Euro Notes, 7.75%, 09/01/2021^(a)		300,000		320,818
				916,234

United Arab Emirates–0.58%
Abu Dhabi Crude Oil Pipeline LLC, Sr. Sec. Notes, 3.65%, 11/02/2029^(a)		332,000		333,660

United States–2.48%
NGPL PipeCo. LLC Sr. Unsec. Bonds, 4.88%, 08/15/2027^(a)		112,000		116,200
Sr. Unsec. Notes, 4.38%, 08/15/2022^(a)		111,000		114,469
Plains All American Pipeline, L.P., Series B, Jr. Unsec. Sub. Notes, 6.13%^(b)		558,000		570,164
SunCoke Energy Partners, L.P./ SunCoke Energy Partners Finance Corp., Sr. Unsec. Gtd. Notes, 7.50%, 06/15/2025^(a)		600,000		633,000
				1,433,833

Zambia–3.39%
First Quantum Minerals Ltd. Sr. Unsec. Gtd. Notes,
7.25%, 04/01/2023^(a)		325,000		345,312
7.50%, 04/01/2025^(a)		500,000		531,250
Zambia Government International Bond REGS, Sr. Unsec. Euro Notes, 8.50%, 04/14/2024^(a)		200,000		214,500
Sr. Unsec. Notes, 8.97%, 07/30/2027^(a)		800,000		874,160
				1,965,222
U.S. Dollar Denominated Bonds & Notes (Cost $30,825,092)				32,001,560


	Principal Amount		Value
Non U.S. Dollar Denominated Bonds & Notes–23.32%^(e)
Brazil–3.27%
Brazil Notas do Tesouro Nacional, Series F, Unsec. Notes, 10.00%, 01/01/2027	BRL	6,000,000	$	1,894,395

India–1.28%
Province of British Columbia, Sr. Unsec. Bonds, 6.60%, 01/09/2020^(a)	INR	47,000,000		738,818

Indonesia–7.25%
Indonesia Treasury Bond Series FR54, Sr. Unsec. Bonds, 9.50%, 07/15/2031	IDR	32,000,000,000		2,810,378
Series FR72, Sr. Unsec. Bonds, 8.25%, 05/15/2036	IDR	7,000,000,000		558,689
Sr. Unsec. Bonds, 7.50%, 05/15/2038	IDR	11,000,000,000		828,062
				4,197,129

Mexico–7.94%
Mexican Bonos, Sr. Unsec. Bonds, 6.50%, 06/09/2022	MXN	90,000,000		4,596,753

Netherlands–0.53%
IPD 3 B.V., Sr. Sec. Gtd. Notes, 4.50%, 07/15/2022^(a)	EUR	250,000		307,388

Peru–1.13%
Peru Government Bond, REGS, Sr. Unsec. Bonds, 6.15%, 08/12/2032^(a)	PEN	2,026,000		654,771

Russia–1.92%
Russian Federal Bond — OFZ, Series 6218, Unsec. Bonds, 8.50%, 09/17/2031	RUB	60,000,000		1,112,783
Total Non U.S. Dollar Denominated Bonds & Notes (Cost $13,290,262)				13,502,037

Credit-Linked Securities–5.65%^(e)
Standard Chartered Bank 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		963,639
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		645,789
Sr. Unsec. Notes (Credit-Linked to India Government Bonds, 8.40%, 07/28/2024), 8.40%, 07/30/2024^(a)	INR	100,000,000		1,662,288
Total Credit-Linked Securities (Cost $3,238,045)				3,271,716

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

13 Invesco Emerging Markets Flexible Bond Fund


	Shares		Value
Common Stocks–0.55%
Petróleo Brasileiro S.A.–ADR (Cost $301,866)		30,000	$	319,500

Money Market Funds–9.82%
Invesco Government & Agency Portfolio–Institutional Class, 0.95%^(f)		3,412,001		3,412,001
Invesco Treasury Portfolio–Institutional Class, 0.94%^(f)		2,274,668		2,274,668
Total Money Market Funds (Cost $5,686,669)				5,686,669


	Value
Options Purchased–0.15%^(g)
(Cost $95,711)	$	85,601
TOTAL INVESTMENTS IN SECURITIES–94.78% (Cost $53,437,645)		54,867,083
OTHER ASSETS LESS LIABILITIES–5.22%		3,018,787
NET ASSETS–100.00%	$	57,885,870

Investment Abbreviations:


ADR		– American Depositary Receipt
BRL		– Brazilian Real
Ctfs.		– Certificates
EUR		– Euro


Gtd.		– Guaranteed
IDR		– Indonesian Rupiah
INR		– Indian Rupee
Jr.		– Junior


MXN		– Mexican Peso
PEN		– Peruvian Sol
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, 2017 was $32,227,324, which represented 55.67% of the Fund’s Net Assets.

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

^(c)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)	Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue.

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

^(f)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2017.

^(g)	The table below details options purchased. See Notes 1M and 1N.

Open Over-The-Counter Foreign Currency Options Purchased

Description

Type of
Contract

Counterparty

Expiration
Date

Exercise
Price

Notional
Value

Value

AUD versus JPY

Put

Goldman Sachs International

11/06/2017

JPY

86.000

AUD

1,800,000

1,110

USD versus MXN

Put

Citigroup Global Markets Inc.

07/17/2018

MXN

18.500

USD

1,700,000

25,811

Subtotal Foreign Currency Options Purchased — Currency Risk

26,921

Open Over-The-Counter Interest Rate Swaptions Purchased — Interest Rate Risk

Description

Type of
Contract

Counterparty

Exercise
Rate

Pay/
Receive
Exercise
Rate

Floating
Rate Index

Payment
Frequency

Expiration
Date

Notional
Value

Value

10 Year Interest Rate Swap

Put

Morgan Stanley & Co. LLC

2.245

Pay

3Month USD LIBOR

Quarterly

03/26/2018

2,600,000

58,680

Total Options Purchased (Cost $95,711)

85,601

Open Over-The-Counter Foreign Currency Options Written-Currency Risk

Description

Type of
Contract

Counterparty

Expiration
Date

Exercise
Price

Premiums
Received

Notional

Value

Unrealized
Appreciation

MXN versus USD

Call

Citigroup Global Markets Inc.

07/17/2018

MXN 22.000

(38,411

)

USD 1,700,000

(37,453

)

958


Open Futures Contracts^(h)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Copper		8		December-2017	$	(620,200	)	$	(528	)	$	(528	)
Subtotal — Commodity Risk									(528	)		(528	)
U.S. Treasury 10 Year Bonds		73		December-2017		(9,120,438	)		(42,377	)		(42,377	)
Subtotal — Interest Rate Risk									(42,377	)		(42,377	)
Total Futures Contracts								$	(42,905	)	$	(42,905	)

^(h)	Futures contracts collateralized by $103,588 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.

14 Invesco Emerging Markets Flexible Bond Fund


Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Unrealized Appreciation
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation
11/03/2017	Morgan Stanley & Co. LLC		BRL	6,200,000		USD	1,960,726	$	66,211
11/30/2017	Barclays Bank PLC		AUD	700,000		USD	556,898		21,333
11/30/2017	Barclays Bank PLC		CLP	615,000,000		USD	989,144		21,455
11/30/2017	Barclays Bank PLC		CNY	4,000,000		USD	608,440		6,656
11/30/2017	Barclays Bank PLC		HUF	675,000,000		USD	2,582,734		53,744
11/30/2017	Barclays Bank PLC		IDR	25,000,000,000		USD	1,853,225		16,900
11/30/2017	Barclays Bank PLC		JPY	127,000,000		USD	1,135,064		16,574
11/30/2017	Barclays Bank PLC		MXN	15,000,000		USD	827,489		49,356
11/30/2017	Barclays Bank PLC		RUB	60,000,000		USD	1,031,460		10,584
11/30/2017	Barclays Bank PLC		SEK	9,000,000		USD	1,104,052		27,011
11/30/2017	Barclays Bank PLC		TRY	9,300,000		USD	2,543,422		113,664
11/30/2017	Barclays Bank PLC		ZAR	20,700,000		USD	1,530,532		74,375
11/30/2017	Citigroup Global Markets Inc.		HUF	301,000,000		USD	1,174,222		46,480
11/30/2017	Citigroup Global Markets Inc.		PLN	8,400,000		USD	2,311,630		3,741
11/30/2017	Citigroup Global Markets Inc.		RUB	100,000,000		USD	1,726,519		25,061
11/30/2017	Citigroup Global Markets Inc.		USD	1,143,990		INR	75,000,000		11,767
11/30/2017	Citigroup Global Markets Inc.		USD	1,166,387		KRW	1,320,000,000		14,626
11/30/2017	Citigroup Global Markets Inc.		ZAR	53,400,000		USD	3,979,887		223,424
11/30/2017	Deutsche Bank Securities Inc.		AUD	1,000,000		USD	788,775		23,683
11/30/2017	Deutsche Bank Securities Inc.		EUR	350,000		USD	413,673		5,300
11/30/2017	Deutsche Bank Securities Inc.		HUF	220,000,000		USD	849,368		25,105
11/30/2017	Goldman Sachs International		AUD	520,000		USD	405,364		7,517
11/30/2017	Goldman Sachs International		CAD	2,160,000		USD	1,721,362		46,593
11/30/2017	Goldman Sachs International		CHF	1,710,000		USD	1,737,157		19,576
11/30/2017	Goldman Sachs International		CLP	730,000,000		USD	1,150,512		1,874
11/30/2017	Goldman Sachs International		CNY	5,500,000		USD	841,960		14,506
11/30/2017	Goldman Sachs International		COP	4,200,000,000		USD	1,396,982		20,197
11/30/2017	Goldman Sachs International		HUF	370,000,000		USD	1,430,803		44,542
11/30/2017	Goldman Sachs International		JPY	130,000,000		USD	1,173,027		28,116
11/30/2017	Goldman Sachs International		MXN	202,858,189		USD	11,090,412		567,029
11/30/2017	Goldman Sachs International		PLN	2,100,000		USD	577,129		157
11/30/2017	Goldman Sachs International		TRY	18,900,000		USD	5,044,412		106,516
11/30/2017	Goldman Sachs International		USD	1,068,828		CLP	680,000,000		1,137
11/30/2017	Goldman Sachs International		USD	666,419		RUB	40,000,000		14,164
11/30/2017	Goldman Sachs International		USD	737,353		ZAR	10,500,000		1,277
11/30/2017	Goldman Sachs International		ZAR	21,000,000		USD	1,531,594		54,333
11/30/2017	Merrill Lynch International		CLP	545,000,000		USD	868,941		11,396
11/30/2017	Merrill Lynch International		CNY	5,600,000		USD	846,104		3,606
11/30/2017	Merrill Lynch International		HUF	300,000,000		USD	1,137,313		13,317
11/30/2017	Merrill Lynch International		INR	110,000,000		USD	1,698,055		2,944
11/30/2017	Merrill Lynch International		USD	741,198		CLP	480,000,000		14,071
11/30/2017	Merrill Lynch International		USD	911,300		INR	60,000,000		13,306
11/30/2017	Morgan Stanley & Co. LLC		COP	2,700,000,000		USD	891,825		6,749
11/30/2017	Morgan Stanley & Co. LLC		IDR	44,000,000,000		USD	3,236,152		4,221
11/30/2017	Morgan Stanley & Co. LLC		MXN	17,000,000		USD	935,608		53,724
11/30/2017	Morgan Stanley & Co. LLC		PLN	4,100,000		USD	1,137,499		11,029
12/01/2017	Merrill Lynch International		PHP	150,000,000		USD	2,922,953		30,036
12/04/2017	Merrill Lynch International		BRL	4,000,000		USD	1,251,564		34,246
12/04/2017	Morgan Stanley & Co. LLC		BRL	7,000,000		USD	2,147,866		17,558
12/22/2017	Goldman Sachs International		USD	2,065,131		TWD	65,000,000		97,559
Subtotal									2,098,346

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

15 Invesco Emerging Markets Flexible Bond Fund


Open Forward Foreign Currency Contracts—(continued)
Settlement Date	Counterparty	Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)
11/03/2017	Morgan Stanley & Co. LLC		USD	1,914,104		BRL	6,200,000	$	(19,590	)
11/30/2017	Barclays Bank PLC		TWD	78,000,000		USD	2,586,207		(5,543	)
11/30/2017	Barclays Bank PLC		USD	2,918,002		CLP	1,840,000,000		(22,803	)
11/30/2017	Barclays Bank PLC		USD	1,147,834		HUF	300,000,000		(23,839	)
11/30/2017	Barclays Bank PLC		USD	1,889,645		IDR	25,000,000,000		(53,320	)
11/30/2017	Barclays Bank PLC		USD	1,142,122		JPY	125,000,000		(41,247	)
11/30/2017	Barclays Bank PLC		USD	1,225,614		MXN	22,000,000		(84,352	)
11/30/2017	Barclays Bank PLC		USD	2,149,681		RUB	126,000,000		(5,843	)
11/30/2017	Barclays Bank PLC		USD	1,137,012		SEK	9,000,000		(59,970	)
11/30/2017	Barclays Bank PLC		USD	3,969,962		TRY	14,206,658		(258,269	)
11/30/2017	Barclays Bank PLC		USD	2,624,937		TWD	78,000,000		(33,187	)
11/30/2017	Barclays Bank PLC		USD	1,976,225		ZAR	26,899,553		(83,956	)
11/30/2017	Citigroup Global Markets Inc.		INR	290,000,000		USD	4,459,732		(9,197	)
11/30/2017	Citigroup Global Markets Inc.		KRW	1,320,000,000		USD	1,167,780		(13,233	)
11/30/2017	Citigroup Global Markets Inc.		USD	1,746,089		CAD	2,160,000		(71,320	)
11/30/2017	Citigroup Global Markets Inc.		USD	1,183,232		COP	3,500,000,000		(35,911	)
11/30/2017	Citigroup Global Markets Inc.		USD	2,903,321		CZK	63,000,000		(39,060	)
11/30/2017	Citigroup Global Markets Inc.		USD	1,175,345		HUF	301,000,000		(47,603	)
11/30/2017	Citigroup Global Markets Inc.		USD	2,903,238		PLN	10,500,000		(18,377	)
11/30/2017	Citigroup Global Markets Inc.		USD	1,968,888		RUB	115,000,000		(12,210	)
11/30/2017	Citigroup Global Markets Inc.		USD	2,738,121		ZAR	36,900,000		(142,363	)
11/30/2017	Deutsche Bank Securities Inc.		USD	1,139,774		HUF	300,000,000		(15,779	)
11/30/2017	Goldman Sachs International		CZK	25,000,000		USD	1,134,920		(1,691	)
11/30/2017	Goldman Sachs International		USD	2,288,850		CNY	15,100,000		(17,114	)
11/30/2017	Goldman Sachs International		USD	918,071		COP	2,700,000,000		(32,995	)
11/30/2017	Goldman Sachs International		USD	1,197,269		JPY	132,000,000		(34,745	)
11/30/2017	Goldman Sachs International		USD	4,733,020		MXN	87,000,000		(219,846	)
11/30/2017	Goldman Sachs International		USD	2,021,833		TRY	7,400,000		(88,476	)
11/30/2017	Morgan Stanley & Co. LLC		USD	853,242		COP	2,500,000,000		(33,727	)
11/30/2017	Morgan Stanley & Co. LLC		USD	1,115,866		MXN	20,000,000		(78,355	)
11/30/2017	Morgan Stanley & Co. LLC		USD	1,149,548		PLN	4,100,000		(23,078	)
11/30/2017	Morgan Stanley & Co. LLC		USD	604,595		RUB	35,000,000		(9,084	)
12/04/2017	Morgan Stanley & Co. LLC		USD	609,477		BRL	2,000,000		(818	)
12/22/2017	Goldman Sachs International		TWD	65,000,000		USD	2,018,634		(144,056	)
02/27/2018	Barclays Bank PLC		USD	666,667		EGP	12,000,000		(11,569	)
Subtotal									(1,792,526	)
Total Foreign Currency Contracts — Currency Risk								$	305,820


Open Over-The-Counter Credit Default Swap Agreements
Counterparty	Reference Entity	Buy/Sell Protection		(Pay)/Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread⁽ⁱ⁾			Notional Value				Upfront Payments Paid (Received)		Value		Unrealized Appreciation
Barclays Bank PLC	Republic of Turkey		Buy		1.00	%		Quarterly		12/20/2022		1.84	%		USD	(3,700,000	)	$	141,867	$	146,585	$	4,718
Goldman Sachs International	Republic of South Africa		Buy		1.00			Quarterly		12/20/2022		1.83			USD	(4,000,000	)		138,135		157,322		19,187
Total Over-The-Counter Credit Default Swap Agreements — Credit Risk																		$	280,002	$	303,907	$	23,905

⁽ⁱ⁾

Implied credit spreads represent the current level, as of October 31, 2017, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

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

16 Invesco Emerging Markets Flexible Bond Fund


	Open Centrally Cleared Interest Rate Swap Agreements^(j)
Pay/Receive Floating Rate	Floating Rate Index		Payment Frequency		(Pay)/Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value				Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)^(k)
Pay		3 Month LIBOR		Quarterly		2.49	%		Semi-Annually		03/28/2028		USD	247,000		$	—	$	1,989		$	1,989
Pay		Overnight Brazil DI Rate		At Maturity		8.51			At Maturity		01/02/2018		BRL	48,000,000			—		29,461			29,461
Subtotal																	—		31,450			31,450
Pay		3 Month LIBOR		Quarterly		2.37			Semi-Annually		03/28/2028		USD	259,000			—		(629	)		(629	)
Pay		28 Day MXN TIIE		28 Day		6.72			28 Day		06/23/2022		MXN	31,039,365			—		(33,295	)		(33,295	)
Pay		3 Month LIBOR		Quarterly		2.25			Semi-Annually		03/28/2028		USD	1,300,000			—		(17,980	)		(17,980	)
Receive		Overnight Brazil DI Rate		At Maturity		8.38			At Maturity		01/02/2019		BRL	(14,000,000	)		—		(49,547	)		(49,547	)
Receive		6 Month BUBOR		Half Yearly		2.42			Annually		08/21/2027		HUF	(490,000,000	)		—		(65,412	)		(65,412	)
Subtotal																	—		(166,863	)		(166,863	)
Total Centrally Cleared Interest Rate Swap Agreements — Interest Rate Risk																$	—	$	(135,413	)	$	(135,413	)

^(j)	Centrally cleared swap agreements collateralized by $265,000 cash held with Credit Suisse Securities (USA) LLC.

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

Investment Abbreviations:


	AUD			– Australian Dollar
	BRL			– Brazilian Real
	BUBOR			– Budapest Interbank Offered Rate
	CAD			– Canadian Dollar
	CHF			– Swiss Franc
	CLP			– Chilean Peso
	CNY			– Chinese Yuan
	COP			– Colombian Peso
	CZK			– Czech Koruna
	DI			– Interbank Deposit
	EGP			– Egyptian Pound
	EUR			– Euro
	HUF			– Hungarian Forint
	IDR			– Indonesian Rupiah
	INR			– Indian Rupee
	JPY			– Japanese Yen
	KRW			– South Korean Won
	LIBOR			– London Interbank Offered Rate
	MXN			– Mexican Peso
	PHP			– Philippine Peso
	PLN			– Poland Zloty
	RUB			– Russian Ruble
	SEK			– Swedish Krona
	TIIE			– Interbank Equilibrium Interest Rate
	TRY			– Turkish Lira
	TWD			– New Taiwan Dollar
	USD			– U.S. Dollar
	ZAR			– South African Rand

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

17 Invesco Emerging Markets Flexible Bond Fund

Consolidated Statement of Assets and Liabilities

October 31, 2017


Assets:
Investments in securities, at value (Cost $47,750,976)	$	49,180,414
Investments in affiliated money market funds, at value and cost		5,686,669
Other investments:
Variation margin receivable — futures		5,704
Variation margin receivable — centrally cleared swap agreements		415
Swaps receivable — Centrally Cleared		142
Swaps receivable — OTC		8,361
Premiums paid on swap agreements — OTC		280,002
Unrealized appreciation on forward foreign currency contracts outstanding		2,098,346
Unrealized appreciation on swap agreements — OTC (premiums paid (received) $280,002)		23,905
Cash		652,830
Deposits with brokers:
Cash collateral — exchange-traded futures		103,588
Cash collateral — centrally cleared swap agreements		265,000
Foreign currencies, at value (Cost $249,766)		248,112
Receivable for:
Investments sold		917,955
Fund shares sold		4,164
Dividends and interest		819,185
Fund expenses absorbed		13,030
Investment for trustee deferred compensation and retirement plans		27,341
Other assets		41,054
Total assets		60,376,217

Liabilities:
Other investments:
Options written, at value (premiums received $38,411)		37,453
Swaps payable — Centrally Cleared		136
Swaps payable — OTC		17,831
Unrealized depreciation on forward foreign currency contracts outstanding		1,792,526
Payable for:
Investments purchased		530,252
Fund shares reacquired		2,351
Accrued fees to affiliates		6,915
Accrued trustees’ and officers’ fees and benefits		2,328
Accrued other operating expenses		72,087
Trustee deferred compensation and retirement plans		28,468
Total liabilities		2,490,347
Net assets applicable to shares outstanding	$	57,885,870

Net assets consist of:
Shares of beneficial interest	$	57,637,480
Undistributed net investment income		38,436
Undistributed net realized gain (loss)		(1,358,867	)
Net unrealized appreciation		1,568,821
	$	57,885,870


Net Assets:
Class A	$	4,832,431
Class B	$	68,195
Class C	$	1,221,226
Class R	$	282,532
Class Y	$	1,976,967
Class R5	$	6,860
Class R6	$	49,497,659

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		720,212
Class B		10,168
Class C		181,925
Class R		42,158
Class Y		294,756
Class R5		1,023
Class R6		7,385,023
Class A:
Net asset value per share	$	6.71
Maximum offering price per share
(Net asset value of $6.71 ¸ 95.75%)	$	7.01
Class B:
Net asset value and offering price per share	$	6.71
Class C:
Net asset value and offering price per share	$	6.71
Class R:
Net asset value and offering price per share	$	6.70
Class Y:
Net asset value and offering price per share	$	6.71
Class R5:
Net asset value and offering price per share	$	6.71
Class R6:
Net asset value and offering price per share	$	6.70

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

18 Invesco Emerging Markets Flexible Bond Fund

Consolidated Statement of Operations

For the year ended October 31, 2017


Investment income:
Interest (net of foreign withholding taxes of $67,475)	$	3,986,456
Dividends		6,485
Dividends from affiliated money market funds		23,123
Total investment income		4,016,064

Expenses:
Advisory fees		464,862
Administrative services fees		50,000
Custodian fees		59,955
Distribution fees:
Class A		11,343
Class B		772
Class C		11,780
Class R		1,335
Transfer agent fees — A, B, C, R & Y		24,856
Transfer agent fees — R6		181
Trustees’ and officers’ fees and benefits		21,191
Registration and filing fees		89,636
Reports to shareholders		24,710
Professional services fees		72,218
Other		30,846
Total expenses		863,685
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(230,880	)
Net expenses		632,805
Net investment income		3,383,259

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		2,415,420
Foreign currencies		(124,993	)
Forward foreign currency contracts		(1,758,113	)
Futures contracts		132,345
Option contracts written		22,349
Swap agreements		(1,061,823	)
		(374,815	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		394,700
Foreign currencies		(12,468	)
Forward foreign currency contracts		540,091
Futures contracts		(170,233	)
Option contracts written		958
Swap agreements		325,536
		1,078,584
Net realized and unrealized gain		703,769
Net increase in net assets resulting from operations	$	4,087,028

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

19 Invesco Emerging Markets Flexible Bond Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2017 and 2016


	2017			2016
Operations:
Net investment income	$	3,383,259		$	2,669,690
Net realized gain (loss)		(374,815	)		(12,112,677	)
Change in net unrealized appreciation		1,078,584			10,940,289
Net increase in net assets resulting from operations		4,087,028			1,497,302

Distributions to shareholders from net investment income:
Class A		(163,006	)		—
Class B		(2,408	)		—
Class C		(34,538	)		—
Class R		(9,158	)		—
Class Y		(46,029	)		—
Class R5		(266	)		—
Class R6		(2,155,646	)		—
Total distributions from net investment income		(2,411,051	)		—

Return of capital:
Class A		—			(225,952	)
Class B		—			(6,797	)
Class C		—			(37,979	)
Class R		—			(10,957	)
Class Y		—			(12,799	)
Class R5		—			(284	)
Class R6		—			(2,118,421	)
Total return of capital		—			(2,413,189	)

Share transactions–net:
Class A		(467,124	)		(865,850	)
Class B		(54,285	)		(161,303	)
Class C		(4,002	)		(141,744	)
Class R		11,179			(82,056	)
Class Y		1,593,643			59,060
Class R6		(12,694,404	)		23,922,971
Net increase (decrease) in net assets resulting from share transactions		(11,614,993	)		22,731,078
Net increase (decrease) in net assets		(9,939,016	)		21,815,191

Net assets:
Beginning of year		67,824,886			46,009,695
End of year (includes undistributed net investment income of $38,436 and $9,583, respectively)	$	57,885,870		$	67,824,886

Notes to Consolidated Financial Statements

October 31, 2017

NOTE 1—Significant Accounting Policies

Invesco Emerging Markets Flexible Bond 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 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 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.

20 Invesco Emerging Markets Flexible Bond Fund

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

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

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

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.

21 Invesco Emerging Markets Flexible Bond Fund

Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind income received in the form of securities in-lieu of cash is recorded as interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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.

22 Invesco Emerging Markets Flexible Bond Fund

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.

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.

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.

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

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.

23 Invesco Emerging Markets Flexible Bond Fund

closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

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

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.

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.

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 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

24 Invesco Emerging Markets Flexible Bond Fund

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.

Notional amounts of each individual credit default swap agreement outstanding as of October 31, 2017 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.

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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate
First $500 million		0	.75%
Next $500 million		0	.70%
Next $500 million		0	.67%
Over $1.5 billion		0	.65%

For the year ended October 31, 2017, the effective advisory fees incurred by the Fund was 0.75%.

25 Invesco Emerging Markets Flexible Bond Fund

The Adviser has contractually agreed, through at least February 28, 2019, 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. 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, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2017, the Adviser waived advisory fees of $205,843 and reimbursed class level expenses of $15,521, $264, $4,030, $914, $3,727 and $181 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, 2017, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services 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, 2017, IDI advised the Fund that IDI retained $982 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

Level 1 —

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

Level 2 —

Level 3 —

26 Invesco Emerging Markets Flexible Bond Fund

The following is a summary of the tiered valuation input levels, as of October 31, 2017. 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	$	—		$	32,001,560		$	—	$	32,001,560
Non-U.S. Dollar Denominated Bonds & Notes		—			13,502,037			—		13,502,037
Credit-Linked Securities		—			3,271,716			—		3,271,716
Common Stocks		319,500			—			—		319,500
Money Market Funds		5,686,669			—			—		5,686,669
Options Purchased		—			85,601			—		85,601
		6,006,169			48,860,914			—		54,867,083
Forward Foreign Currency Contracts*		—			305,820			—		305,820
Futures Contracts*		(42,905	)		—			—		(42,905	)
Options Written*		—			(37,453	)		—		(37,453	)
Swap Agreements*		—			(111,508	)		—		(111,508	)
Total Investments	$	5,963,264		$	49,017,773		$	—	$	54,981,037

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

NOTE 4—Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the 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, 2017:


	Value
Derivative Assets	Commodity Risk		Credit Risk		Currency Risk		Interest Rate Risk			Total
Unrealized appreciation on swap agreements — Centrally Cleared^(a)	$	—	$	—	$	—	$	31,450		$	31,450
Unrealized appreciation on swap agreements — OTC		—		23,905		—		—			23,905
Options purchased, at value — OTC^(b)		—		—		26,921		58,680			85,601
Unrealized appreciation on forward foreign currency contracts outstanding		—		—		2,098,346		—			2,098,346
Total Derivative Assets		—		23,905		2,125,267		90,130			2,239,302
Derivatives not subject to master netting agreements		—		—		—		(31,450	)		(31,450	)
Total Derivative Assets subject to master netting agreements	$	—	$	23,905	$	2,125,267	$	58,680		$	2,207,852


	Value
Derivative Liabilities	Commodity Risk			Credit Risk		Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded^(a)	$	(528	)	$	—	$	—		$	(42,377	)	$	(42,905	)
Unrealized depreciation on swap agreements — Centrally Cleared^(a)		—			—		—			(166,863	)		(166,863	)
Options written, at value — OTC		—			—		(37,453	)		—			(37,453	)
Unrealized depreciation on forward foreign currency contracts outstanding		—			—		(1,792,526	)		—			(1,792,526	)
Total Derivative Liabilities		(528	)		—		(1,829,979	)		(209,240	)		(2,039,747	)
Derivatives not subject to master netting agreements		528			—		—			209,240			209,768
Total Derivative Liabilities subject to master netting agreements	$	—		$	—	$	(1,829,979	)	$	—		$	(1,829,979	)

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

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

27 Invesco Emerging Markets Flexible Bond 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, 2017.


	Financial Derivative Assets								Financial Derivative Liabilities															Collateral (Received)/ Pledged
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Parent
Barclays Bank PLC	$	411,652	$	—	$	154,946	$	566,598	$	(683,898	)	$	—		$	(17,831	)	$	(701,729	)	$	(135,131	)	$	—	$	—	$	(135,131	)
Citigroup Global Markets Inc.		325,099		25,811		—		350,910		(389,274	)		(37,453	)		—			(426,727	)		(75,817	)		—		—		(75,817	)
Deutsche Bank Securities Inc.		54,088		—		—		54,088		(15,779	)		—			—			(15,779	)		38,309			—		—		38,309
Goldman Sachs International		1,025,093		1,110		157,322		1,183,525		(538,923	)		—			—			(538,923	)		644,602			—		—		644,602
Merrill Lynch International		122,922		—		—		122,922		—			—			—			—			122,922			—		—		122,922
Morgan Stanley & Co. LLC		159,492		58,680		—		218,172		(164,652	)		—			—			(164,652	)		53,520			—		—		53,520
Total	$	2,098,346	$	85,601	$	312,268	$	2,496,215	$	(1,792,526	)	$	(37,453	)	$	(17,831	)	$	(1,847,810	)	$	648,405		$	—	$	—	$	648,405

Effect of Derivative Investments for the year ended October 31, 2017

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	$	—		$	—		$	(1,758,113	)	$	—		$	—		$	(1,758,113	)
Futures contracts		116,872			—			—			(32,203	)		47,676			132,345
Options purchased^(a)		—			(38,067	)		(82,962	)		—			(7,017	)		(128,046	)
Options written		—			1,695			20,654			—			—			22,349
Swap agreements		—			(606,774	)		—			(112,636	)		(342,413	)		(1,061,823	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		—			—			540,091			—			—			540,091
Futures contracts		(40,353	)		—			—			(28,629	)		(101,251	)		(170,233	)
Options purchased^(a)		—			—			(27,450	)		—			17,340			(10,110	)
Options written		—			—			958			—			—			958
Swap agreements		—			426,605			—			34,344			(135,413	)		325,536
Total	$	76,519		$	(216,541	)	$	(1,306,822	)	$	(139,124	)	$	(521,078	)	$	(2,107,046	)

^(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 five-month average notional value of options written, the ten-month average notional value of futures contracts and the twelve-month average notional value of forward foreign currency contracts, options purchased and swap agreements.


	Forward Foreign Currency Contracts		Futures Contracts		Options Purchased		Options Written		Swap Agreements
Average notional value	$	102,931,807	$	3,837,409	$	119,319,421	$	2,100,326	$	21,907,181

NOTE 5—Expense Offset Arrangement(s)

28 Invesco Emerging Markets Flexible Bond Fund

NOTE 6—Trustees’ and Officers’ Fees and Benefits

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with 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, 2017 and 2016:


	2017		2016
Ordinary income	$	2,411,051	$	—
Return of capital		—		2,413,189
Total distributions	$	2,411,051	$	2,413,189

Tax Components of Net Assets at Period-End:


	2017
Undistributed ordinary income	$	886,199
Net unrealized appreciation — investments		1,114,567
Net unrealized appreciation (depreciation) — foreign currencies		(12,984	)
Temporary book/tax differences		(25,597	)
Capital loss carryforward		(1,713,795	)
Shares of beneficial interest		57,637,480
Total net assets	$	57,885,870

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, 2017, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	—	$	1,713,795	$	1,713,795

29 Invesco Emerging Markets Flexible Bond Fund

NOTE 9—Investment Transactions

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, 2017 was $136,680,986 and $144,690,495, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $0 and $1,778,594, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	3,405,739
Aggregate unrealized (depreciation) of investments		(2,291,172	)
Net unrealized appreciation of investments	$	1,114,567

Cost of investments for tax purposes is $54,146,472.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of swap income and foreign currency transactions, on October 31, 2017, undistributed net investment income was decreased by $943,355, undistributed net realized gain (loss) was increased by $1,009,738 and shares of beneficial interest was decreased by $66,383. This reclassification had no effect on the net assets of the Fund.

NOTE 11—Share Information


	Summary of Share Activity
	Years ended October 31,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		231,935		$	1,537,198			143,177		$	928,190
Class B		4,146			27,896			—			—
Class C		57,250			378,197			35,582			232,573
Class R		5,432			35,646			2,927			18,832
Class Y		319,698			2,114,044			58,493			379,745
Class R6^(b)		2,029			13,232			4,090,830			25,979,109

Issued as reinvestment of dividends:
Class A		19,843			130,341			28,963			185,353
Class B		320			2,095			1,048			6,690
Class C		4,072			26,779			4,497			28,821
Class R		1,353			8,886			1,675			10,710
Class Y		4,509			29,792			1,801			11,513
Class R6		329,038			2,155,646			331,014			2,118,421

Automatic conversion of Class B shares to Class A shares:
Class A		8,303			54,831			20,241			130,337
Class B		(8,306	)		(54,831	)		(20,247	)		(130,337	)

Reacquired:
Class A		(332,849	)		(2,189,494	)		(326,629	)		(2,109,730	)
Class B		(4,555	)		(29,445	)		(5,922	)		(37,656	)
Class C		(62,177	)		(408,978	)		(61,797	)		(403,138	)
Class R		(5,144	)		(33,353	)		(17,762	)		(111,598	)
Class Y		(83,659	)		(550,193	)		(50,921	)		(332,198	)
Class R6^(c)		(2,245,209	)		(14,863,282	)		(645,466	)		(4,174,559	)
Net increase (decrease) in share activity		(1,753,971	)	$	(11,614,993	)		3,591,504		$	22,731,078

^(a)	85% 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.

^(c)	On May 1, 2017, 1,545,008 Class R6 shares valued at $10,243,403 were redeemed by affiliated mutual funds.

30 Invesco Emerging Markets Flexible Bond 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			Return of capital			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Class A
Year ended 10/31/17	$	6.53	$	0.35	$	0.07		$	0.42		$	(0.24	)	$	—		$	(0.24	)	$	6.71		6.62	%	$	4,832		1.23	%^(d)		1.91	%^(d)		5.25	%^(d)		245	%
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			1.91			4.16			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
Class B
Year ended 10/31/17		6.53		0.30		0.07			0.37			(0.19	)		—			(0.19	)		6.71		5.82			68		1.98	^(d)		2.66	^(d)		4.50	^(d)		245
Year ended 10/31/16		6.77		0.22		(0.25	)		(0.03	)		—			(0.21	)		(0.21	)		6.53		(0.37	)		121		1.98			2.66			3.41			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
Class C
Year ended 10/31/17		6.54		0.30		0.06			0.36			(0.19	)		—			(0.19	)		6.71		5.66			1,221		1.98	^(d)		2.66	^(d)		4.50	^(d)		245
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			2.66			3.41			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
Class R
Year ended 10/31/17		6.53		0.33		0.07			0.40			(0.23	)		—			(0.23	)		6.70		6.20			283		1.48	^(d)		2.16	^(d)		5.00	^(d)		245
Year ended 10/31/16		6.76		0.25		(0.24	)		0.01			—			(0.24	)		(0.24	)		6.53		0.33			264		1.48			2.16			3.91			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
Class Y
Year ended 10/31/17		6.53		0.36		0.08			0.44			(0.26	)		—			(0.26	)		6.71		6.89			1,977		0.98	^(d)		1.66	^(d)		5.50	^(d)		245
Year ended 10/31/16		6.77		0.29		(0.25	)		0.04			—			(0.28	)		(0.28	)		6.53		0.72			354		0.98			1.66			4.41			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
Class R5
Year ended 10/31/17		6.53		0.36		0.08			0.44			(0.26	)		—			(0.26	)		6.71		6.89			7		0.98	^(d)		1.31	^(d)		5.50	^(d)		245
Year ended 10/31/16		6.77		0.29		(0.25	)		0.04			—			(0.28	)		(0.28	)		6.53		0.72			7		0.98			1.28			4.41			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
Class R6
Year ended 10/31/17		6.53		0.36		0.07			0.43			(0.26	)		—			(0.26	)		6.70		6.73			49,498		0.98	^(d)		1.31	^(d)		5.50	^(d)		245
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			1.28			4.41			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

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $4,537, $77, $1,178, $267, $1,089, $7 and $54,826 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

Note 13—Subsequent Event

31 Invesco Emerging Markets Flexible Bond Fund

Report of Independent Registered Public Accounting Firm

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

and Shareholders of Invesco Emerging Markets 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 Invesco Emerging Markets Flexible Bond Fund and its subsidiary (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, 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, 2017 by correspondence with the custodian, transfer agent and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

32 Invesco Emerging Markets Flexible Bond Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (05/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,029.40	$	6.29	$	1,019.00	$	6.26		1.23	%
B		1,000.00		1,027.10		10.12		1,015.22		10.06		1.98
C		1,000.00		1,025.60		10.11		1,015.22		10.06		1.98
R		1,000.00		1,028.20		7.57		1,017.74		7.53		1.48
Y		1,000.00		1,032.30		5.02		1,020.27		4.99		0.98
R5		1,000.00		1,032.30		5.04		1,020.25		5.01		0.98
R6		1,000.00		1,030.80		5.03		1,020.25		5.01		0.98

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

33 Invesco 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) investment advisory agreements. During contract renewal meetings held on June 12-13, 2017, 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. and separate Sub-Advisory Contracts with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.

The Board’s Fund Evaluation Process

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

B.	Fund Investment Performance

The Board noted that the Fund had changed its name, investment strategy and index on February 26, 2016. As a result, and since there was less than a calendar year of current performance, 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 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

34 Invesco Emerging Markets Flexible Bond Fund

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.

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 that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board 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 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 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 eservices 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 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.

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 Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

35 Invesco Emerging Markets Flexible Bond Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2017:


Federal and State Income Tax
Qualified Dividend Income*	0.36	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.01	%

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

36 Invesco Emerging Markets Flexible Bond Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested 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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco Emerging Markets Flexible Bond Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		EMFB-AR-1		12212017		1230

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

Central Bank and central banks in China and Japan, among other countries, to maintain extraordinarily accommodative monetary policies. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US Federal Reserve raised interest rates three times during the reporting period: first in December 2016, and then again in March and June 2017. Health care and tax reform proved to be more difficult than expected to enact, with little progress achieved by the end of the reporting period.

Visit our website for more information on your investments

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 and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, 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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Emerging Markets Equity Fund

LOGO

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.

∎ 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.

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

Sincerely,

LOGO

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, 2017, Class A shares of Invesco Emerging Markets Equity Fund (the Fund), at net asset value (NAV), outperformed the Fund’s style-specific benchmark, the MSCI Emerging Markets Index.

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

Fund vs. Indexes


Class A Shares	30.57	%
Class C Shares	29.56
Class R Shares	30.27
Class Y Shares	30.94
Class R5 Shares	30.94
Class R6 Shares	30.80
MSCI EAFE Index^▼ (Broad Market Index)	23.44
MSCI Emerging Markets Index^▼ (Style-Specific Index)	26.45
Lipper Emerging Market Funds Index^∎ (Peer Group Index)	24.58
Source(s): ^▼FactSet Research Systems Inc.; ^∎Lipper Inc.

Market conditions and your Fund


Portfolio Composition
By sector				% of total net assets



Financials	28.3	%
Information Technology	28.1
Consumer Discretionary	22.7
Consumer Staples	8.6
Industrials	6.8
Energy	1.2
Telecommunication Services	1.1
Materials	0.8
Money Market Funds Plus Other Assets Less Liabilities	2.4

an improving global economic outlook, other positive tailwinds for international markets included continued weakness in the US dollar and reduced expectations for a major shift in US trade policy.

The Fund stayed true to its process by emphasizing its quality orientation in stock selection. Our stock selection in the consumer discretionary, financials, health care and consumer staples sectors made the largest contributions to the Fund’s results versus its style-specific


Top 10 Equity Holdings*
				% of total net assets



1. Tencent Holdings Ltd.	5.4	%
2. Samsung Electronics Co., Ltd.	5.2
3. Taiwan Semiconductor Manufacturing Co. Ltd.	4.7
4. Naspers Ltd.-Class N	3.1
5. Baidu, Inc.-ADR	3.0
6. Sberbank of Russia PJSC-ADR	2.7
7. Bank of China Ltd.-Class H	2.4
8. Beauty Community PCL-NVDR	2.4
9. AIA Group Ltd.	2.3
10. HDFC Bank Ltd.	2.3

benchmark. Holdings in the information technology (IT) and materials sectors detracted from relative performance for the reporting period. In addition, the Fund’s lack of holdings in the real estate sector hampered relative performance, as did the Fund’s cash position.

From a geographic perspective, stock selection in China, Hong Kong, India, Indonesia, Malaysia, Russia and Thailand contributed to the Fund’s performance relative to its style-specific benchmark. Conversely, stock selection in Brazil and Mexico detracted from relative performance.

The largest contributor to Fund performance was Samsung Electronics. During the fiscal year, the company reported record operating profits in spite of tumult at the management level. Also advancing within the Asia Pacific region was Tencent Holdings, which benefited from strong earnings and profits from its mobile game segment. In addition, Taiwan Semiconductor Manufacturing contributed to Fund performance due to major mobile product launches and healthy demand for its products during the reporting period.

Conversely, Gerdau, a Brazilian steel company, was the largest individual detractor from Fund performance for the reporting period. Gerdau’s stock was hurt by poor earnings and currency fluctuations. Also detracting from Fund performance was Brazilian power company Companhia Energetica de Minas Gerais (CEMIG). The stock performed poorly after a Brazilian court effectively blocked the company from continuing to operate a hydroelectric dam, one of several assets the company was seeking to sell to raise cash. We sold our positions in Gerdau and CEMIG during the reporting period.

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,


Total Net Assets	$	42.4 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, 2017.

4 Invesco Emerging Markets Equity Fund

and underweight positions in the energy, health care, materials, telecommunication services and utilities sectors.

Geographically, the Fund maintained overweight positions in Brazil, India, Indonesia, Peru, Russia and Thailand throughout the reporting period. Conversely, the Fund maintained underweight positions in Taiwan, South Korea and Malaysia.

As always, we continue to focus on high quality companies with attractive valuations and strong future growth prospects.

Thank you for your investment in Invesco Emerging Markets Equity Fund.

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

LOGO

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 Emerging Markets Equity Fund


Average Annual Total Returns
As of 10/31/17, including maximum applicable sales charges

Class A Shares
Inception (5/31/11)	-1.42	%
5 Years	3.43
1 Year	23.47

Class C Shares
Inception (5/31/11)	-1.30	%
5 Years	3.81
1 Year	28.56

Class R Shares
Inception (5/31/11)	-0.82	%
5 Years	4.34
1 Year	30.27

Class Y Shares
Inception (5/31/11)	-0.32	%
5 Years	4.87
1 Year	30.94

Class R5 Shares
Inception (5/31/11)	-0.32	%
5 Years	4.87
1 Year	30.94

Class R6 Shares
Inception	-0.39	%
5 Years	4.82
1 Year	30.80

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.


Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (5/31/11)	-2.11	%
5 Years	2.15
1 Year	16.28

Class C Shares
Inception (5/31/11)	-1.95	%
5 Years	2.54
1 Year	21.29

Class R Shares
Inception (5/31/11)	-1.49	%
5 Years	3.03
1 Year	22.81

Class Y Shares
Inception (5/31/11)	-0.99	%
5 Years	3.58
1 Year	23.40

Class R5 Shares
Inception (5/31/11)	-0.99	%
5 Years	3.55
1 Year	23.40

Class R6 Shares
Inception	-1.06	%
5 Years	3.53
1 Year	23.09

2.60%, 3.35%, 2.85%, 2.35%, 2.00% and 2.00%, 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 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.

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, 2019. 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, 2017, 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.

∎

Principal risks of investing in the Fund

∎

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.

∎

ability of the Fund to achieve its investment objective.

∎

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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Emerging Markets Equity Fund

∎

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 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 Lipper Emerging Market Funds Index is an unmanaged index considered representative of emerging market funds tracked by Lipper.

∎

Other information

∎

9 Invesco Emerging Markets Equity Fund

Schedule of Investments

October 31, 2017


	Shares			Value
Common Stocks & Other Equity Interests–97.64%
Argentina–4.23%
Banco Macro S.A.–ADR		5,423		$	682,864
Grupo Financiero Galicia S.A.–ADR		11,940			655,506
MercadoLibre Inc.		1,893			454,907
			��		1,793,277

Brazil–7.20%
Banco do Brasil S.A.		59,900			633,186
Grendene S.A.		86,400			723,676
Multiplus S.A.		43,100			501,448
Petróleo Brasileiro S.A.–Preference Shares^(a)		99,800			512,530
Raia Drogasil S.A.		28,200			678,600
					3,049,440

China–27.22%
Agricultural Bank of China Ltd.–Class H		1,362,000			640,723
Baidu, Inc.–ADR^(a)		5,133			1,252,144
Bank of China Ltd.–Class H		2,076,000			1,035,153
Hangzhou Robam Appliances Co. Ltd.–Class A		128,830			903,534
Nexteer Automotive Group Ltd.		348,000			680,709
PICC Property and Casualty Co. Ltd.– Class H		352,000			697,557
Ping An Insurance (Group) Co. of China Ltd.–Class H		99,000			869,267
Shenzhou International Group Holdings Ltd.		98,000			836,619
TAL Education Group–ADR		22,844			628,210
Tencent Holdings Ltd.		50,700			2,283,633
Wuliangye Yibin Co., Ltd.–Class A		65,000			652,645
Zhengzhou Yutong Bus Co., Ltd.–Class A		152,700			585,484
Zhuzhou CRRC Times Electric Co., Ltd.–Class H		79,700			466,366
					11,532,044

Hong Kong–4.10%
AIA Group Ltd.		129,200			972,138
Techtronic Industries Co. Ltd.		130,500			765,295
					1,737,433

India–10.18%
Asian Paints Ltd.		18,779			342,487
Britannia Industries Ltd.		5,433			389,303
Eicher Motors Ltd.		814			405,236
HDFC Bank Ltd.		34,507			964,988
Housing Development Finance Corp. Ltd.		28,938			763,099
InterGlobe Aviation Ltd.–REGS^(b)		20,596			396,938
Maruti Suzuki India Ltd.		3,552			450,463
Tata Consultancy Services Ltd.		14,763			598,879
					4,311,393

Indonesia–3.00%
PT Bank Rakyat Indonesia (Persero) Tbk		689,600			794,674
PT Link Net Tbk		1,295,900			476,778
					1,271,452

Malaysia–1.34%
My E.G. Services Bhd		1,096,700			568,261


	Shares		Value
Mexico–2.48%
Banregio Grupo Financiero, S.A.B. de C.V.		99,500	$	530,732
Fomento Economico Mexicano, S.A.B. de C.V.–ADR		5,906		518,252
				1,048,984

Peru–1.77%
Credicorp Ltd.		3,584		750,633

Russia–4.09%
Sberbank of Russia PJSC–ADR		78,777		1,130,450
Yandex N.V.–Class A^(a)		17,803		602,275
				1,732,725

South Africa–3.90%
Clicks Group Ltd.		31,945		359,650
Naspers Ltd.–Class N		5,239		1,294,570
				1,654,220

South Korea–11.67%
Hanssem Co., Ltd.		4,517		689,286
KEPCO Plant Service & Engineering Co., Ltd.		7,961		293,473
Koh Young Technology Inc.		9,375		642,662
LOEN Entertainment, Inc.	��	6,848		650,974
Ottogi Corp.		715		484,393
Samsung Electronics Co., Ltd.		886		2,181,062
				4,941,850

Taiwan–8.96%
Eclat Textile Co., Ltd.		41,800		499,582
King Slide Works Co., Ltd.		55,000		735,752
President Chain Store Corp.		61,000		549,946
Taiwan Semiconductor Manufacturing Co. Ltd.		249,000		2,010,984
				3,796,264

Thailand–5.97%
Beauty Community PCL–NVDR		1,869,600		1,007,158
Delta Electronics (Thailand) PCL		250,900		649,374
Kasikornbank PCL		126,700		871,101
				2,527,633

United States–1.53%
EPAM Systems, Inc.^(a)		7,116		648,622
Total Common Stocks & Other Equity Interests (Cost $32,424,591)				41,364,231

Money Market Funds–2.11%
Invesco Government & Agency Portfolio– Institutional Class, 0.95%^(c)		536,134		536,134
Invesco Treasury Portfolio–Institutional Class, 0.94%^(c)		357,423		357,423
Total Money Market Funds (Cost $893,557)				893,557
TOTAL INVESTMENTS IN SECURITIES–99.75% (Cost $33,318,148)				42,257,788
OTHER ASSETS LESS LIABILITIES–0.25%				105,021
NET ASSETS–100.00%			$	42,362,809

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

10 Invesco Emerging Markets Equity Fund

Investment Abbreviations:


ADR		– American Depositary Receipt
NVDR		– Non-Voting 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, 2017 represented less than 1% 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, 2017.

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

11 Invesco Emerging Markets Equity Fund

Statement of Assets and Liabilities

October 31, 2017


Assets:
Investments in securities, at value (Cost $32,424,591)	$	41,364,231
Investments in affiliated money market funds, at value and cost		893,557
Foreign currencies, at value (Cost $52,742)		52,152
Receivable for:
Fund shares sold		211,894
Dividends		6,247
Investment for trustee deferred compensation and retirement plans		20,169
Other assets		37,828
Total assets		42,586,078

Liabilities:
Payable for:
Fund shares reacquired		9,192
Accrued foreign taxes		99,045
Accrued fees to affiliates		34,017
Accrued trustees’ and officers’ fees and benefits		1,887
Accrued other operating expenses		58,146
Trustee deferred compensation and retirement plans		20,982
Total liabilities		223,269
Net assets applicable to shares outstanding	$	42,362,809

Net assets consist of:
Shares of beneficial interest	$	37,496,315
Undistributed net investment income		25,456
Undistributed net realized gain (loss)		(4,097,948	)
Net unrealized appreciation		8,938,986
	$	42,362,809


Net Assets:
Class A	$	24,297,254
Class C	$	6,792,605
Class R	$	2,189,640
Class Y	$	7,111,290
Class R5	$	1,960,001
Class R6	$	12,019

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,613,077
Class C		751,806
Class R		237,815
Class Y		762,262
Class R5		210,073
Class R6		1,290
Class A:
Net asset value per share	$	9.30
Maximum offering price per share
(Net asset value of $9.30 ¸ 94.50%)	$	9.84
Class C:
Net asset value and offering price per share	$	9.04
Class R:
Net asset value and offering price per share	$	9.21
Class Y:
Net asset value and offering price per share	$	9.33
Class R5:
Net asset value and offering price per share	$	9.33
Class R6:
Net asset value and offering price per share	$	9.32

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

12 Invesco Emerging Markets Equity Fund

Statement of Operations

For the year ended October 31, 2017


Investment income:
Dividends (net of foreign withholding taxes of $57,520)	$	517,771
Dividends from affiliated money market funds		5,183
Total investment income		522,954

Expenses:
Advisory fees		294,823
Administrative services fees		50,000
Custodian fees		55,853
Distribution fees:
Class A		38,140
Class C		42,888
Class R		8,338
Transfer agent fees — A, C, R and Y		77,516
Transfer agent fees — R5		30
Transfer agent fees — R6		59
Trustees’ and officers’ fees and benefits		20,536
Registration and filing fees		74,991
Reports to shareholders		29,123
Professional services fees		64,633
Other		12,736
Total expenses		769,666
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(331,101	)
Net expenses		438,565
Net investment income		84,389

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $30,752)		1,772,349
Foreign currencies		(4,456	)
		1,767,893
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $47,137)		6,895,874
Foreign currencies		(447	)
		6,895,427
Net realized and unrealized gain		8,663,320
Net increase in net assets resulting from operations	$	8,747,709

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

13 Invesco Emerging Markets Equity Fund

Statement of Changes in Net Assets

For the years ended October 31, 2017 and 2016


	2017			2016
Operations:
Net investment income	$	84,389		$	94,910
Net realized gain (loss)		1,767,893			(225,176	)
Change in net unrealized appreciation		6,895,427			2,616,702
Net increase in net assets resulting from operations		8,747,709			2,486,436

Distributions to shareholders from net investment income:
Class A		(11,076	)		—
Class Y		(17,401	)		—
Class R5		(4,962	)		—
Class R6		(22,501	)		—
Total distributions from net investment income		(55,940	)		—

Share transactions–net:
Class A		8,005,020			308,968
Class C		2,423,355			325,234
Class R		449,330			(42,617	)
Class Y		758,252			886,210
Class R5		4,962			477,784
Class R6		(7,195,831	)		(1,154,945	)
Net increase in net assets resulting from share transactions		4,445,088			800,634
Net increase in net assets		13,136,857			3,287,070

Net assets:
Beginning of year		29,225,952			25,938,882
End of year (includes undistributed net investment income of $25,456 and $32,215, respectively)	$	42,362,809		$	29,225,952

Notes to Financial Statements

October 31, 2017

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 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 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 Emerging Markets Equity Fund

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

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

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 Emerging Markets Equity 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.

16 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate
First $250 million		0	.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, 2017, the effective advisory fees incurred by the Fund was 0.935%.

Effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2019, 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 1.33%, 2.08%, 1.58%, 1.08%, 1.08% and 1.08%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to January 1, 2017, 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 1.54%, 2.29%, 1.79%, 1.29%, 1.29% and 1.29%, 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 February 28, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

For the year ended October 31, 2017, the Adviser waived advisory fees of $253,496 and reimbursed class level expenses of $43,584, $12,252, $4,764, $15,622, $30 and $59 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2017, IDI advised the Fund that IDI retained $14,584 in front-end sales commissions from the sale of Class A shares and $2,518 and $227 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.

17 Invesco Emerging Markets Equity Fund

NOTE 3—Additional Valuation Information

Level 1 —

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

Level 2 —

Level 3 —

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended October 31, 2017, there were transfers from Level 1 to Level 2 of $5,779,017 and from Level 2 to Level 1 of $4,162,259, due to foreign fair value adjustments.


	Level 1		Level 2		Level 3		Total
Argentina	$	1,793,277	$	—	$	—	$	1,793,277
Brazil		3,049,440		—		—		3,049,440
China		8,344,877		3,187,167		—		11,532,044
Hong Kong		1,737,433		—		—		1,737,433
India		2,747,526		1,563,867		—		4,311,393
Indonesia		476,778		794,674		—		1,271,452
Malaysia		—		568,261		—		568,261
Mexico		1,048,984		—		—		1,048,984
Peru		750,633		—		—		750,633
Russia		1,732,725		—		—		1,732,725
South Africa		—		1,654,220		—		1,654,220
South Korea		2,071,502		2,870,348		—		4,941,850
Taiwan		1,235,334		2,560,930		—		3,796,264
Thailand		1,656,532		871,101		—		2,527,633
United States		648,622		—		—		648,622
Money Market Funds		893,557		—		—		893,557
Total Investments	$	28,187,220	$	14,070,568	$	—	$	42,257,788

NOTE 4—Expense Offset Arrangement(s)

NOTE 5—Trustees’ and Officers’ Fees and Benefits

18 Invesco Emerging Markets Equity Fund

NOTE 6—Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2017 and 2016:


	2017		2016
Ordinary income	$	55,940	$	—

Tax Components of Net Assets at Period-End:


	2017
Undistributed ordinary income	$	44,186
Net unrealized appreciation — investments		8,872,074
Net unrealized appreciation (depreciation) — foreign currencies		(654	)
Temporary book/tax differences		(18,731	)
Capital loss carryforward		(4,030,381	)
Shares of beneficial interest		37,496,315
Total net assets	$	42,362,809

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.

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, 2017, which expires as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	4,030,381	$	—	$	4,030,381

NOTE 8—Investment Transactions

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, 2017 was $21,228,108 and $17,414,416, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	9,711,413
Aggregate unrealized (depreciation) of investments		(839,339	)
Net unrealized appreciation of investments	$	8,872,074

Cost of investments for tax purposes is $33,385,714.

19 Invesco Emerging Markets Equity Fund

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign capital gain taxes, on October 31, 2017, undistributed net investment income was decreased by $35,208 and undistributed net realized gain was increased by $35,208. This reclassification had no effect on the net assets of the Fund.

NOTE 10—Share Information


	Summary of Share Activity
	Years ended October 31,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		1,833,147		$	14,913,268			568,397		$	3,728,060
Class C		439,256			3,483,436			213,062			1,353,474
Class R		110,874			878,616			52,852			338,812
Class Y		709,532			5,538,744			176,392			1,205,752
Class R5		—			—			76,169			491,379
Class R6		51,683			344,289			98,907			603,936

Issued as reinvestment of dividends:
Class A		1,567			10,624			—			—
Class Y		2,442			16,585			—			—
Class R5		723			4,962			—			—
Class R6		3,309			22,501			—			—

Reacquired:
Class A		(885,522	)		(6,918,872	)		(516,029	)		(3,419,092	)
Class C		(139,344	)		(1,060,081	)		(161,069	)		(1,028,240	)
Class R		(51,809	)		(429,286	)		(56,971	)		(381,429	)
Class Y		(629,373	)		(4,797,077	)		(49,137	)		(319,542	)
Class R5		—			—			(2,300	)		(13,595	)
Class R6^(b)		(976,786	)		(7,562,621	)		(272,981	)		(1,758,881	)
Net increase in share activity		469,699		$	4,445,088			127,292		$	800,634

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 30% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 7% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	On May 1, 2017, 850,367 Class R6 shares valued at $6,658,374 were redeemed by affiliated mutual funds.

20 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			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 10/31/17	$	7.13	$	0.03		$	2.15		$	2.18		$	(0.01	)	$	9.30		30.57	%	$	24,297		1.36	%^(d)		2.45	%^(d)		0.30	%^(d)		57	%
Year ended 10/31/16		6.53		0.02			0.58			0.60			—			7.13		9.19			11,855		1.66			2.59			0.33			47
Year ended 10/31/15		7.58		0.02			(1.04	)		(1.02	)		(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	)		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	)		7.61		1.06			15,284		1.85			2.75			0.68			41
Class C
Year ended 10/31/17		6.97		(0.03	)		2.10			2.07			—			9.04		29.70			6,793		2.11	^(d)		3.20	^(d)		(0.45	)^(d)		57
Year ended 10/31/16		6.43		(0.03	)		0.57			0.54			—			6.97		8.40			3,149		2.41			3.34			(0.42	)		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		(0.00	)		(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	)		7.55		0.40			2,191		2.60			3.50			(0.07	)		41
Class R
Year ended 10/31/17		7.07		0.00			2.14			2.14			—			9.21		30.27			2,190		1.61	^(d)		2.70	^(d)		0.05	^(d)		57
Year ended 10/31/16		6.50		0.01			0.56			0.57			—			7.07		8.77			1,263		1.91			2.84			0.08			47
Year ended 10/31/15		7.55		(0.00	)		(1.03	)		(1.03	)		(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	)		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	)		7.59		0.97			739		2.10			3.00			0.43			41
Class Y
Year ended 10/31/17		7.15		0.04			2.16			2.20			(0.02	)		9.33		30.94			7,111		1.11	^(d)		2.20	^(d)		0.55	^(d)		57
Year ended 10/31/16		6.53		0.04			0.58			0.62			—			7.15		9.49			4,858		1.41			2.34			0.58			47
Year ended 10/31/15		7.59		0.03			(1.04	)		(1.01	)		(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	)		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	)		7.62		1.42			442		1.60			2.50			0.93			41
Class R5
Year ended 10/31/17		7.15		0.04			2.16			2.20			(0.02	)		9.33		30.94			1,960		1.10	^(d)		1.91	^(d)		0.56	^(d)		57
Year ended 10/31/16		6.53		0.04			0.58			0.62			—			7.15		9.49			1,497		1.41			1.99			0.58			47
Year ended 10/31/15		7.60		0.03			(1.05	)		(1.02	)		(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	)		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	)		7.62		1.42			366		1.60			2.26			0.93			41
Class R6
Year ended 10/31/17		7.15		0.04			2.15			2.19			(0.02	)		9.32		30.80			12		1.10	^(d)		1.91	^(d)		0.56	^(d)		57
Year ended 10/31/16		6.54		0.04			0.57			0.61			—			7.15		9.33			6,604		1.41			1.99			0.58			47
Year ended 10/31/15		7.60		0.03			(1.04	)		(1.01	)		(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	)		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	)		7.62		1.28			8,619		1.60			2.21			0.93			41

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $15,256, $4,289, $1,668, $5,468, $1,645 and $3,206 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

21 Invesco Emerging Markets Equity Fund

Report of Independent Registered Public Accounting Firm

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

and Shareholders of Invesco Emerging Markets Equity Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Emerging Markets Equity Fund (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, 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, 2017 by correspondence with the custodian and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

22 Invesco Emerging Markets Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (05/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,190.80	$	7.34	$	1,018.50	$	6.77		1.33	%
C		1,000.00		1,185.00		11.46		1,014.72		10.56		2.08
R		1,000.00		1,189.90		8.72		1,017.24		8.03		1.58
Y		1,000.00		1,191.60		5.97		1,019.76		5.50		1.08
R5		1,000.00		1,191.60		5.97		1,019.76		5.50		1.08
R6		1,000.00		1,190.30		5.96		1,019.76		5.50		1.08

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

23 Invesco 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 12-13, 2017, 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. and separate Sub-Advisory Contracts with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.

The Board’s Fund Evaluation Process

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2016 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 fourth quintile of its performance universe for the one year period, the third quintile for the three year period and the fifth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The 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

24 Invesco Emerging Markets Equity 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 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, 2016. The Board noted that the Fund’s rate was above the rate of one mutual fund and the same as 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.

D.	Economies of Scale and Breakpoints

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 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 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 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 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.

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 Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

25 Invesco Emerging Markets Equity Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2017:


Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	25.53	%
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 Emerging Markets Equity Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested 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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco Emerging Markets Equity Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.				EME-AR-1 12192017 1444

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

European Central Bank and central banks in China and Japan, among other countries, to maintain extraordinarily accommodative monetary policies. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US Federal Reserve raised interest rates three times during the reporting period: first in December 2016, and then again in March and June 2017. Health care and tax reform proved to be more difficult than expected to enact, with little progress achieved by the end of the reporting period.

Visit our website for more information on your investments

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 and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, 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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Endeavor Fund

LOGO

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.

∎ 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.

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

Sincerely,

LOGO

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, 2017, Class A shares of Invesco Endeavor Fund (the Fund), at net asset value (NAV), outperformed the Fund’s style-specific benchmark, the Russell Midcap Index.

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

Fund vs. Indexes


Class A Shares	27.44	%
Class B Shares	26.54
Class C Shares	26.52
Class R Shares	27.16
Class Y Shares	27.77
Class R5 Shares	27.92
Class R6 Shares	28.04
S&P 500 Index^▼(Broad Market Index)	23.63
Russell Midcap Index^▼(Style-Specific Index)	21.09
Lipper Mid-Cap Core Funds Index^∎(Peer Group Index)	20.93
Source(s): ^▼FactSet Research Systems Inc.; ^∎Lipper Inc.

Market conditions and your Fund

Despite highly destructive hurricanes that threatened to derail a years-long recovery, the US economy continued to expand throughout the fiscal year ended October 31, 2017. Gross domestic product (GDP) – the value of all goods and services produced in the US – grew by 1.8% in the fourth quarter of 2016, by 1.2% in the first quarter and by 3.1% in the second quarter of 2017.¹ Inflation remained subdued even as the labor market continued to strengthen. Unemployment continued its multiyear decline, hitting just 4.2% in September – a 16-year low.²

reporting period, Fed policy remained accommodative, and the fed funds target rate stood at a range of 1.00% to 1.25% – up 75 basis points for the reporting period.³ (A basis point is 0.01%.)

Despite the Fed’s actions, major US stock market indexes repeatedly hit all-time highs throughout the reporting period. The stock market rally began immediately following the outcome of the US presidential election in November 2016, based on investors’ hopes for reduced regulation, lowered corporate and personal tax rates and increased infrastructure spending. The stock market rally continued throughout the reporting period, fueled by generally positive economic data, strong corporate earnings and improved consumer confidence – even as the prospect for health care and tax reform faded somewhat.

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 an estimate of its future free cash flows.

Our investment approach focuses on individual businesses rather than market sectors. Therefore, the Fund shares little in common with sector weightings of various market indexes. However, if we were to broadly categorize businesses with which we had the most success during the fiscal year, select holdings in the financials and industrials sectors were among the largest absolute contributors to the Fund’s performance. Conversely, select holdings in the energy sector were among the largest absolute detractors from the Fund’s performance.

Relative to the Fund’s style-specific benchmark, security selection in and overweight exposure to the financials and industrials sectors contributed to the Fund’s relative performance. Additionally, security selection in and underweight exposure to the consumer discretionary sector, as well as not owning any consumer staples stocks, helped the Fund’s relative performance. Conversely, the Fund’s cash holdings detracted from its relative performance. Additionally, security selection in and underweight exposure to the information technology sector, as well as security selection in the energy sector, hurt the Fund’s relative performance.

Encore Capital Group, a financial company that buys consumer receivables from major banks and credit unions and works to collect as much of the outstanding debt as possible, was the top

Portfolio Composition

By sector

% of total net assets


Industrials	23.2	%
Financials	17.3
Information Technology	10.9
Health Care	10.6
Consumer Discretionary	8.7
Real Estate	5.4
Energy	4.7
Money Market Funds Plus Other Assets Less Liabilities	19.2

Top 10 Equity Holdings*

% of total net assets


1. Brookfield Property Partners L.P.	5.5	%
2. Echo Global Logistics, Inc.	4.3
3. Encore Capital Group, Inc.	4.1
4. Cognizant Technology Solutions Corp.-Class A	4.0
5. UnitedHealth Group Inc.	3.8
6. Oaktree Capital Group LLC	3.6
7. McKesson Corp.	3.5
8. Zimmer Biomet Holdings, Inc.	3.4
9. Spirit Airlines Inc.	3.2
10. Affiliated Managers Group, Inc.	3.1


Total Net Assets	$	240.5 million

Total Number of Holdings*		30

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, 2017.

4 Invesco Endeavor Fund

contributor to the Fund’s performance, given solid earnings and improved outlook for the market environment.

Also among the Fund’s top contributors was Ryanair Holdings, a European airline. The company benefited from continued execution of its low-cost strategy and improving conditions in the European passenger airline market.

Given volatility in commodity prices and negative sentiment about the asset class, the energy sector was the largest absolute detractor from the Fund’s performance during the reporting period. Sector holdings Cenovus Energy and Newalta detracted from the Fund’s performance.

In addition, Plantronics, a designer and manufacturer of communication headsets, was among the top detractors after reporting poor revenue and earnings during the reporting period.

During the fiscal year, we made new investments in Spirit Airlines, an ultra-low-cost US airline operator, and Autozone, a leading retailer and distributor of auto replacement parts and accessories. We sold CDW, a global multi-brand technology solutions provider, primarily based on valuation.

The Fund’s cash position was 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 investment opportunities as they present themselves.

In a market often driven by short-term factors, we continued to focus on finding quality businesses we believed were trading at attractive values relative to their long-term prospects. 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 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 Sources: Bureau of Labor Statistics,

Bloomberg

3 Source: US Federal Reserve

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


		Mark Uptigrove Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco
Endeavor Fund. He joined Invesco in 2005. Mr. Uptigrove earned a BA 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 10/31/07

LOGO

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

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.

∎

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

∎

6 Invesco Endeavor Fund


Average Annual Total Returns
As of 10/31/17, including maximum applicable sales charges


Class A Shares
Inception (11/4/03)	9.43	%
10 Years	7.17
5 Years	10.63
1 Year	20.43

Class B Shares
Inception (11/4/03)	9.41	%
10 Years	7.13
5 Years	10.80
1 Year	21.54

Class C Shares
Inception (11/4/03)	9.07	%
10 Years	6.98
5 Years	11.06
1 Year	25.52

Class R Shares
Inception (4/30/04)	9.29	%
10 Years	7.52
5 Years	11.61
1 Year	27.16

Class Y Shares
10 Years	8.03	%
5 Years	12.17
1 Year	27.77

Class R5 Shares
Inception (4/30/04)	10.06	%
10 Years	8.28
5 Years	12.30
1 Year	27.92

Class R6 Shares
10 Years	8.03	%
5 Years	12.41
1 Year	28.04

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.


Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (11/4/03)	9.26	%
10 Years	6.87
5 Years	10.05
1 Year	16.08

Class B Shares
Inception (11/4/03)	9.25	%
10 Years	6.83
5 Years	10.23
1 Year	16.96

Class C Shares
Inception (11/4/03)	8.91	%
10 Years	6.68
5 Years	10.50
1 Year	20.95

Class R Shares
Inception (4/30/04)	9.13	%
10 Years	7.22
5 Years	11.04
1 Year	22.59

Class Y Shares
10 Years	7.72	%
5 Years	11.60
1 Year	23.16

Class R5 Shares
Inception (4/30/04)	9.90	%
10 Years	7.98
5 Years	11.74
1 Year	23.37

Class R6 Shares
10 Years	7.73	%
5 Years	11.84
1 Year	23.45

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 1.36%, 2.11%, 2.11%, 1.61%, 1.11%, 0.96% and 0.87%, 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 1.38%, 2.13%, 2.13%, 1.63%, 1.13%, 0.98% and 0.89%, 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.

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

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, 2019. 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, 2017, 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 available for use by retirement plans that meet certain standards and for institutional investors. Class R6 shares are also available through intermediaries that have established an agreement with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts. 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.

∎

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.

∎

continued on page 6

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Endeavor Fund

Schedule of Investments^(a)

October 31, 2017


	Shares		Value
Common Stocks & Other Equity Interests–80.80%
Agricultural & Farm Machinery–2.48%
Deere & Co.		44,890	$	5,964,983

Air Freight & Logistics–4.32%
Echo Global Logistics, Inc.^(b)		431,609		10,380,196

Airlines–6.00%
Ryanair Holdings PLC–ADR (Ireland)^(b)		60,058		6,733,103
Spirit Airlines Inc.^(b)		207,235		7,686,346
				14,419,449

Apparel Retail–2.82%
Ross Stores, Inc.		106,988		6,792,668

Asset Management & Custody Banks–6.75%
Affiliated Managers Group, Inc.		40,220		7,501,030
Oaktree Capital Group LLC		190,733		8,735,571
				16,236,601

Automotive Retail–4.43%
AutoZone, Inc.^(b)		9,082		5,353,839
CarMax, Inc.^(b)		70,428		5,289,143
				10,642,982

Communications Equipment–2.10%
Plantronics, Inc.		111,550		5,059,908

Construction & Engineering–2.15%
Orion Group Holdings, Inc.^(b)		719,419		5,179,817

Consumer Finance–4.13%
Encore Capital Group, Inc.^(b)		214,068		9,943,459

Data Processing & Outsourced Services–2.26%
Alliance Data Systems Corp.		24,247		5,424,781

Diversified Banks–2.53%
Bank of America Corp.		222,226		6,086,770

Education Services–1.44%
Capella Education Co.		42,377		3,451,607

Environmental & Facilities Services–1.90%
Stericycle, Inc.^(b)		64,525		4,571,596

Health Care Distributors–3.47%
McKesson Corp.		60,513		8,343,532

Health Care Equipment–3.38%
Zimmer Biomet Holdings, Inc.		66,803		8,124,581


	Shares		Value
Integrated Oil & Gas–1.75%
Cenovus Energy Inc. (Canada)		433,667	$	4,208,597

IT Consulting & Other Services–4.01%
Cognizant Technology Solutions Corp.– Class A		127,596		9,655,189

Life & Health Insurance–2.07%
Unum Group		95,729		4,981,737

Managed Health Care–3.75%
UnitedHealth Group Inc.		42,947		9,028,318

Multi-Line Insurance–1.78%
Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria)		146,205		4,285,957

Oil & Gas Equipment & Services–0.32%
Newalta Corp. (Canada)^(b)		1,135,958		766,052

Oil & Gas Exploration & Production–2.59%
Devon Energy Corp.		169,120		6,240,528

Real Estate Operating Companies–5.46%
Brookfield Property Partners L.P.		563,009		13,123,740

Research & Consulting Services–2.42%
FTI Consulting, Inc.^(b)		136,018		5,814,770

Systems Software–2.53%
Check Point Software Technologies Ltd. (Israel)^(b)		51,600		6,073,836

Trading Companies & Distributors–3.96%
Grafton Group PLC (United Kingdom)^(c)		304,859		3,330,917
Titan Machinery, Inc.^(b)		416,227		6,197,620
				9,528,537
Total Common Stocks & Other Equity Interests (Cost $147,715,050)				194,330,191

Money Market Funds–19.05%
Invesco Government & Agency Portfolio–Institutional Class, 0.95%^(d)		27,496,514		27,496,514
Invesco Treasury Portfolio–Institutional Class, 0.94%^(d)		18,331,010		18,331,010
Total Money Market Funds (Cost $45,827,524)				45,827,524
TOTAL INVESTMENTS IN SECURITIES–99.85% (Cost $193,542,574)				240,157,715
OTHER ASSETS LESS LIABILITIES–0.15%				369,217
NET ASSETS–100.00%			$	240,526,932

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)	Each unit represents one ordinary share, seventeen Class A shares and one Class C share.

^(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, 2017.

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, 2017


Assets:
Investments in securities, at value (Cost $147,715,050)	$	194,330,191
Investments in affiliated money market funds, at value and cost		45,827,524
Foreign currencies, at value (Cost $192)		193
Receivable for:
Fund shares sold		858,044
Dividends		122,418
Investment for trustee deferred compensation and retirement plans		70,848
Other assets		55,944
Total assets		241,265,162

Liabilities:
Payable for:
Fund shares reacquired		440,546
Accrued fees to affiliates		163,502
Accrued trustees’ and officers’ fees and benefits		2,651
Accrued other operating expenses		51,760
Trustee deferred compensation and retirement plans		79,771
Total liabilities		738,230
Net assets applicable to shares outstanding	$	240,526,932

Net assets consist of:
Shares of beneficial interest	$	188,757,672
Undistributed net investment income (loss)		(146,239	)
Undistributed net realized gain		5,298,852
Net unrealized appreciation		46,616,647
	$	240,526,932


Net Assets:
Class A	$	132,670,358
Class B	$	628,752
Class C	$	31,548,316
Class R	$	14,449,164
Class Y	$	37,034,117
Class R5	$	22,158,127
Class R6	$	2,038,098

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		6,697,299
Class B		36,537
Class C		1,831,733
Class R		758,886
Class Y		1,815,560
Class R5		1,054,961
Class R6		96,552
Class A:
Net asset value per share	$	19.81
Maximum offering price per share
(Net asset value of $19.81 ¸ 94.50%)	$	20.96
Class B:
Net asset value and offering price per share	$	17.21
Class C:
Net asset value and offering price per share	$	17.22
Class R:
Net asset value and offering price per share	$	19.04
Class Y:
Net asset value and offering price per share	$	20.40
Class R5:
Net asset value and offering price per share	$	21.00
Class R6:
Net asset value and offering price per share	$	21.11

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, 2017


Investment income:
Dividends (net of foreign withholding taxes of $42,440)	$	2,846,334
Dividends from affiliated money market funds		292,667
Total investment income		3,139,001

Expenses:
Advisory fees		1,930,259
Administrative services fees		89,635
Custodian fees		14,686
Distribution fees:
Class A		318,221
Class B		9,372
Class C		342,718
Class R		83,926
Transfer agent fees — A, B, C, R and Y		469,545
Transfer agent fees — R5		20,712
Transfer agent fees — R6		2,846
Trustees’ and officers’ fees and benefits		24,771
Registration and filing fees		97,330
Reports to shareholders		82,413
Professional services fees		55,994
Other		13,844
Total expenses		3,556,272
Less: Fees waived and expense offset arrangement(s)		(55,564	)
Net expenses		3,500,708
Net investment income (loss)		(361,707	)

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		26,052,972
Foreign currencies		(12,708	)
		26,040,264
Change in net unrealized appreciation of:
Investment securities		37,826,744
Foreign currencies		18,933
		37,845,677
Net realized and unrealized gain		63,885,941
Net increase in net assets resulting from operations	$	63,524,234

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, 2017 and 2016


	2017			2016
Operations:
Net investment income (loss)	$	(361,707	)	$	(222,686	)
Net realized gain		26,040,264			7,951,256
Change in net unrealized appreciation (depreciation)		37,845,677			(9,947,929	)
Net increase (decrease) in net assets resulting from operations		63,524,234			(2,219,359	)

Distributions to shareholders from net realized gains:
Class A		(12,424,004	)		(16,953,146	)
Class B		(112,920	)		(267,843	)
Class C		(3,915,415	)		(5,458,567	)
Class R		(1,786,325	)		(3,009,806	)
Class Y		(2,904,478	)		(4,208,147	)
Class R5		(2,170,163	)		(3,853,359	)
Class R6		(4,593,195	)		(10,628,285	)
Total distributions from net realized gains		(27,906,500	)		(44,379,153	)

Share transactions–net:
Class A		(1,049,715	)		(16,330,124	)
Class B		(628,934	)		(752,329	)
Class C		(3,264,441	)		(6,649,697	)
Class R		(5,371,596	)		(4,522,551	)
Class Y		13,558,855			(15,501,361	)
Class R5		(2,388,568	)		(9,049,506	)
Class R6		(52,762,339	)		(26,818,592	)
Net increase (decrease) in net assets resulting from share transactions		(51,906,738	)		(79,624,160	)
Net increase (decrease) in net assets		(16,289,004	)		(126,222,672	)

Net assets:
Beginning of year		256,815,936			383,038,608
End of year (includes undistributed net investment income (loss) of $(146,239) and $(173,954), respectively)	$	240,526,932		$	256,815,936

Notes to Financial Statements

October 31, 2017

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 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 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.

12 Invesco Endeavor Fund

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

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

13 Invesco Endeavor 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.

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.

14 Invesco Endeavor 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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate
First $250 million		0	.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, 2017, 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, 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 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, 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2017, the Adviser waived advisory fees of $50,717.

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, 2017, IDI advised the Fund that IDI retained $30,929 in front-end sales commissions from the sale of Class A shares and $875 and $2,357 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

15 Invesco Endeavor Fund

For the year ended October 31, 2017, the Fund incurred $104 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information

Level 1 —

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

Level 2 —

Level 3 —

As of October 31, 2017, 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

Value

10/31/16

Purchases
at Cost

Proceeds
from Sales

Change in
Unrealized
Appreciation
(Depreciation)

Realized
Gain

Value

10/31/17

Dividend
Income

Orion Group Holdings, Inc.^(a)

13,290,170

—

(8,920,928

)

(1,056,775

)

1,867,350

5,179,817

—

^(a)	As of October 31, 2017, this security is no longer considered as an affiliate of the Fund.

NOTE 5—Expense Offset Arrangement(s)

NOTE 6—Trustees’ and Officers’ Fees and Benefits

NOTE 7—Cash Balances

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, 2017 and 2016:


	2017		2016
Ordinary income	$	2,901,936	$	8,302,567
Long-term capital gain		25,004,564		36,076,586
Total distributions	$	27,906,500	$	44,379,153

Tax Components of Net Assets at Period-End:


	2017
Undistributed ordinary income	$	1,137,222
Undistributed long-term gain		5,558,435
Net unrealized appreciation — investments		45,145,349
Net unrealized appreciation — foreign currencies		1,506
Temporary book/tax differences		(73,252	)
Shares of beneficial interest		188,757,672
Total net assets	$	240,526,932

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, 2017.

NOTE 9—Investment Transactions

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, 2017 was $39,682,936 and $128,528,160, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	63,206,811
Aggregate unrealized (depreciation) of investments		(18,061,462	)
Net unrealized appreciation of investments	$	45,145,349

Cost of investments for tax purposes is $195,012,366.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on October 31, 2017, undistributed net investment income (loss) was increased by $389,422 and undistributed net realized gain was decreased by $389,422. 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,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		1,807,365		$	34,503,121			860,186		$	14,340,623
Class B		6,048			102,352			2,418			36,076
Class C		530,870			8,932,756			178,482			2,641,468
Class R		245,467			4,520,273			207,312			3,306,725
Class Y		1,335,758			26,384,134			343,957			5,943,184
Class R5		182,739			3,694,560			202,044			3,521,471
Class R6		92,237			1,821,200			336,427			6,002,904

Issued as reinvestment of dividends:
Class A		646,548			12,001,370			1,016,193			16,015,191
Class B		6,665			108,737			18,509			260,602
Class C		230,746			3,755,445			365,900			5,155,537
Class R		99,570			1,782,309			196,832			3,007,596
Class Y		142,134			2,700,939			197,663			3,184,354
Class R5		110,165			2,160,340			229,868			3,792,828
Class R6		233,120			4,593,195			642,192			10,628,285

Automatic conversion of Class B shares to Class A shares:
Class A		28,063			538,538			41,420			690,224
Class B		(32,635	)		(538,538	)		(46,444	)		(690,224	)

Reacquired:
Class A		(2,510,541	)		(48,092,744	)		(2,835,913	)		(47,376,162	)
Class B		(17,410	)		(301,485	)		(23,972	)		(358,783	)
Class C		(951,649	)		(15,952,642	)		(973,922	)		(14,446,702	)
Class R		(637,158	)		(11,674,178	)		(676,277	)		(10,836,872	)
Class Y		(794,777	)		(15,526,218	)		(1,464,934	)		(24,628,899	)
Class R5		(411,566	)		(8,243,468	)		(944,280	)		(16,363,805	)
Class R6^(b)		(3,022,821	)		(59,176,734	)		(2,719,196	)		(43,449,781	)
Net increase (decrease) in share activity		(2,681,062	)	$	(51,906,738	)		(4,845,535	)	$	(79,624,160	)

^(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.

^(b)	On May 5, 2017, 2,459,627 Class R6 shares valued at $47,864,341 and 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 10/31/17	$	17.19	$	(0.03	)	$	4.57		$	4.54		$	—		$	(1.92	)	$	(1.92	)	$	19.81		27.44	%	$	132,670		1.34	%^(d)		1.36	%^(d)		(0.13	)%^(d)		19	%
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			1.36			(0.12	)		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
Class B
Year ended 10/31/17		15.25		(0.15	)		4.03			3.88			—			(1.92	)		(1.92	)		17.21		26.54			629		2.09	^(d)		2.11	^(d)		(0.88	)^(d)		19
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			2.11			(0.87	)		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
Class C
Year ended 10/31/17		15.26		(0.15	)		4.03			3.88			—			(1.92	)		(1.92	)		17.22		26.52			31,548		2.09	^(d)		2.11	^(d)		(0.88	)^(d)		19
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			2.11			(0.87	)		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
Class R
Year ended 10/31/17		16.62		(0.07	)		4.41			4.34			—			(1.92	)		(1.92	)		19.04		27.16			14,449		1.59	^(d)		1.61	^(d)		(0.38	)^(d)		19
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			1.61			(0.37	)		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
Class Y
Year ended 10/31/17		17.61		0.02			4.69			4.71			—			(1.92	)		(1.92	)		20.40		27.77			37,034		1.09	^(d)		1.11	^(d)		0.12	^(d)		19
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			1.11			0.13			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
Class R5
Year ended 10/31/17		18.06		0.05			4.81			4.86			—			(1.92	)		(1.92	)		21.00		27.92			22,158		0.96	^(d)		0.98	^(d)		0.25	^(d)		19
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			0.96			0.28			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
Class R6
Year ended 10/31/17		18.13		0.07			4.83			4.90			—			(1.92	)		(1.92	)		21.11		28.04			2,038		0.88	^(d)		0.90	^(d)		0.33	^(d)		19
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			0.87			0.37			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

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $127,288, $937, $34,272, $16,785, $30,743, $23,160 and $26,097 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

NOTE 13—Subsequent Event

19 Invesco Endeavor Fund

Report of Independent Registered Public Accounting Firm

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

and Shareholders of Invesco Endeavor Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Endeavor Fund (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, 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, 2017 by correspondence with the custodian and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

20 Invesco Endeavor Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (05/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,083.00	$	7.09	$	1,018.40	$	6.87		1.35	%
B		1,000.00		1,078.90		11.00		1,014.62		10.66		2.10
C		1,000.00		1,078.80		11.00		1,014.62		10.66		2.10
R		1,000.00		1,081.70		8.40		1,017.14		8.13		1.60
Y		1,000.00		1,084.40		5.78		1,019.66		5.60		1.10
R5		1,000.00		1,085.10		5.10		1,020.32		4.94		0.97
R6		1,000.00		1,085.80		4.68		1,020.72		4.53		0.89

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

21 Invesco Endeavor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Endeavor Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 12-13, 2017, 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. and separate Sub-Advisory Contracts with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.

The Board’s Fund Evaluation Process

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

B.	Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2016 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 first quintile of its performance universe for the one year period, fourth quintile for the three year period and fifth 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 year period and below the performance of the Index for the 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 Broadridge expense group at a common asset

22 Invesco Endeavor Fund

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 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

E.	Profitability and Financial Resources

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 the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives 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.

money market funds is fair and reasonable.

23 Invesco Endeavor Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2017:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	25,004,564
Qualified Dividend Income*		64.02	%
Corporate Dividends Received Deduction*		55.35	%
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	$	2,901,936

24 Invesco Endeavor Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested 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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco Endeavor Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		END-AR-1		12112017		1201

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

Visit our website for more information on your investments

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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Global Health Care Fund

LOGO

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.

^∎ 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.

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

Sincerely,

LOGO

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, 2017, Class A shares of Invesco Global Health Care Fund (the Fund), 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


Class A Shares	17.73	%
Class B Shares	16.87
Class C Shares	16.84
Class Y Shares	18.01
Investor Class Shares	17.72
Class R6 Shares*	17.94
MSCI World Index^▼ (Broad Market Index)	22.77
MSCI World Health Care Index^▼ (Style-Specific Index)	19.18
Lipper Global Health/Biotechnology Funds Index^∎ (Peer Group Index)	17.49
Source(s): ^▼FactSet Research Systems Inc.; ^∎Lipper Inc. *Class R6 shares incepted on April 4, 2017. See page 7 for more information.

Market conditions and your Fund

Most emerging markets performed well during the reporting period. In addition to an improving global economic outlook, other positive tailwinds for international markets included continued weakness in the US dollar and reduced expectations for a major shift in US trade policy.

In this environment, the MSCI World Index, the Fund’s broad market index,

gained 22.77% and health care stocks, as represented by the MSCI World Health Care Index, the Fund’s style-specific index, returned 19.18% for the reporting period.

Underweight exposure to and stock selection in the pharmaceuticals industry was the largest contributor to the Fund’s relative return as the industry lagged the MSCI World Health Care Index, the style-specific benchmark for the reporting period. However, the industry included a number of the Fund’s largest individual detractors, including Endo International, and Teva Pharmaceuticals. Pricing pressures and increased competition within the generic drug market negatively affected shares of both companies during the reporting period.

The Fund’s overweight exposure to the managed health care industry also contributed to relative returns. Two of the Fund’s largest individual contributors for the reporting period were managed health care companies Aetna and UnitedHealth Group. Aetna’s shares rose sharply late in the reporting period following an announcement that CVS Health (not a Fund holding) was in talks to buy the insurer for more than $66 billion. No deal had been reached by the end of the reporting period.

The Fund’s underweight exposure to the health care services and health care distributors industries, and its overweight exposure to the life science tools and services industry, aided performance. The Fund’s outperformance in the life science tools and services industry was primarily due to Thermo Fisher Scientific, a company that markets scientific instruments and lab equipment. During the reporting period, the company reported strong earnings and gave a favorable outlook for underlying business trends.

Security selection in the biotechnology industry was the primary driver of the Fund’s underperformance during the



Portfolio Composition
By sector			% of total net assets



Health Care	96.4	%
Consumer Staples	0.6
Money Market Funds Plus Other Assets Less Liabilities	3.0



Top 10 Equity Holdings*
			% of total net assets



1. Celgene Corp.	4.7	%
2. Thermo Fisher Scientific, Inc.	4.3
3. Novartis AG-ADR	4.0
4. Aetna Inc.	3.8
5. Bristol-Myers Squibb Co.	3.4
6. UnitedHealth Group Inc.	3.1
7. Alexion Pharmaceuticals, Inc.	3.1
8. Eli Lilly and Co.	3.0
9. Biogen Inc.	2.9
10. BioMarin Pharmaceutical Inc.	2.7



Total Net Assets	$	1.4 billion

Total Number of Holdings*		66

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, 2017.

4 Invesco Global Health Care Fund

reporting period; however, the industry also held a number of the Fund’s largest individual contributors and detractors. The Fund’s top contributor for the reporting period was Vertex Pharmaceuticals, a company focused on developing and commercializing therapies for the treatment of cystic fibrosis. Shares of the company increased sharply in March due to positive results from a late-stage clinical trial for the company’s combination drug therapy for cystic fibrosis.

Shire, a UK-based biotechnology firm, was a significant detractor from Fund performance for the reporting period. Shares of Shire suffered due to investor concerns about increased competition within the company’s hematology franchise.

The Fund’s underweight exposure to the health care equipment industry and its overweight exposure to the health care facilities industry also detracted from relative returns. The Fund’s cash position, while less than 3% on average, also detracted in a strong equity market environment.

During the reporting period, we trimmed our exposure to a number of pharmaceutical holdings, and increased our exposure to managed care, health care equipment and health care supplies. The Fund’s largest industry exposure and relative overweight exposure was in biotechnology where – in our opinion – valuations are attractive, growth is robust and pipelines are strong. Many of the Fund’s biotechnology holdings have the potential - in our opinion - to be acquired, but the market seems to underappreciate this possibility. We believe that US tax reform legislation, depending on the final provisions, could set the stage for additional mergers or acquisitions within the biotechnology industry.

Similarly, we believe any clarification of the Trump administration’s policies about drug pricing would lift a major sector overhang and enable biotechnology stocks to trade more on their intrinsic value. We believe this development may also trigger a rotation out of health care devices and areas of health care services where the Fund is underweight.

As always, thank you for your continued investment in Invesco Global Health Care Fund.

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.

Henry Wu

Portfolio Manager, is manager of Invesco Global Health Care Fund. He joined Invesco in 2014. Mr. Wu earned

a BS degree, with honors, in biological sciences and an MS degree in engineering-economic systems and operations research from Stanford University. He also earned an MBA from Harvard University.

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 10/31/07

LOGO

Past performance cannot guarantee comparable future results.

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 10/31/17, including maximum applicable sales charges

Class A Shares
Inception (8/7/89)	10.47	%
10 Years	7.30
5 Years	11.63
1 Year	11.24

Class B Shares
Inception (4/1/93)	10.63	%
10 Years	7.26
5 Years	11.81
1 Year	11.87

Class C Shares
Inception (3/1/99)	7.93	%
10 Years	7.10
5 Years	12.06
1 Year	15.84

Class Y Shares
10 Years	8.15	%
5 Years	13.18
1 Year	18.01

Investor Class Shares
Inception (7/15/05)	8.34	%
10 Years	7.91
5 Years	12.90
1 Year	17.72

Class R6 Shares
10 Years	7.93	%
5 Years	12.95
1 Year	17.94

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 April 4, 2017. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.


Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (8/7/89)	10.66	%
10 Years	8.04
5 Years	12.08
1 Year	6.26

Class B Shares
Inception (4/1/93)	10.84	%
10 Years	8.00
5 Years	12.26
1 Year	6.62

Class C Shares
Inception (3/1/99)	8.20	%
10 Years	7.84
5 Years	12.51
1 Year	10.64

Class Y Shares
10 Years	8.90	%
5 Years	13.63
1 Year	12.74

Investor Class Shares
Inception (7/15/05)	8.75	%
10 Years	8.65
5 Years	13.36
1 Year	12.45

Class R6 Shares
10 Years	8.67	%
5 Years	13.39
1 Year	12.64

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, Investor Class and Class R6 shares was 1.09%, 1.84%, 1.84%, 0.84%, 1.09% and 0.72%, 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.

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.

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, 2017, 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.

∎

Class R6 shares are available for use by retirement plans that meet certain standards and for institutional investors. Class R6 shares are also available through intermediaries that have established an agreement with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts. 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. Convertible securities may be rated below investment grade.

∎

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, 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.

∎

��

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Global Health Care Fund

∎

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.

∎

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.

∎

Other information

∎

9 Invesco Global Health Care Fund

Schedule of Investments^(a)

October 31, 2017


	Shares		Value
Common Stocks & Other Equity Interests–97.01%
Biotechnology–34.56%
ACADIA Pharmaceuticals Inc.^(b)		181,196	$	6,311,057
Alexion Pharmaceuticals, Inc.^(b)		368,186		44,057,137
Array BioPharma Inc.^(b)		1,273,524		13,308,326
BioCryst Pharmaceuticals, Inc.^(b)		639,339		2,877,025
Biogen Inc.^(b)		131,962		41,127,277
BioMarin Pharmaceutical Inc.^(b)		466,514		38,296,134
bluebird bio, Inc.^(b)		89,453		12,442,912
Celgene Corp.^(b)		659,778		66,617,785
Clovis Oncology Inc.^(b)		234,518		17,675,622
DBV Technologies S.A.–ADR (France)^(b)		353,836		8,286,839
Exact Sciences Corp.^(b)		464,547		25,545,439
Gilead Sciences, Inc.		454,043		34,035,063
Heron Therapeutics, Inc.^(b)		387,434		5,947,112
Incyte Corp.^(b)		197,263		22,340,035
Loxo Oncology, Inc.^(b)		80,588		6,943,462
Neurocrine Biosciences, Inc.^(b)		177,885		11,048,437
Prothena Corp. PLC (Ireland)^(b)		168,684		9,792,106
REGENXBIO Inc.^(b)		199,588		5,977,661
Sarepta Therapeutics, Inc.^(b)		219,373		10,817,283
Seattle Genetics, Inc.^(b)		213,206		13,071,660
Shire PLC–ADR		242,526		35,804,113
Spark Therapeutics, Inc.^(b)		82,758		6,695,122
TESARO, Inc.^(b)		113,910		13,187,361
Ultragenyx Pharmaceutical Inc.^(b)		171,354		7,897,706
Vertex Pharmaceuticals Inc.^(b)		193,468		28,290,826
				488,393,500

Drug Retail–0.56%
Raia Drogasil S.A. (Brazil)		331,578		7,979,036

Health Care Equipment–9.44%
Boston Scientific Corp.^(b)		726,564		20,445,511
Edwards Lifesciences Corp.^(b)		150,439		15,379,379
Koninklijke Philips N.V. (Netherlands)		406,717		16,561,142
Olympus Corp. (Japan)		421,700		15,712,249
ResMed Inc.		95,192		8,013,263
Wright Medical Group N.V.^(b)		799,968		20,967,161
Zimmer Biomet Holdings, Inc.		299,150		36,382,623
				133,461,328

Health Care Facilities–1.44%
HCA Healthcare, Inc.^(b)		164,633		12,454,486
Tenet Healthcare Corp.^(b)		553,317		7,901,367
				20,355,853

Health Care Services–0.79%
Envision Healthcare Corp.^(b)		262,819		11,196,089

Health Care Supplies–3.98%
Align Technology, Inc.^(b)		101,047		24,148,212
DENTSPLY SIRONA Inc.		525,126		32,069,445
				56,217,657


	Shares		Value
Life Sciences Tools & Services–6.07%
Agilent Technologies, Inc.		110,427	$	7,512,349
Illumina, Inc.^(b)		86,681		17,786,074
Thermo Fisher Scientific, Inc.		311,763		60,429,022
				85,727,445

Managed Health Care–14.80%
Aetna Inc.		315,657		53,671,160
Anthem, Inc.		110,623		23,143,438
Centene Corp.^(b)		203,348		19,047,607
Cigna Corp.		75,306		14,851,849
HealthEquity, Inc.^(b)		164,469		8,259,633
Humana Inc.		124,402		31,766,051
Molina Healthcare, Inc.^(b)		103,908		7,048,080
Qualicorp S.A. (Brazil)		667,900		7,141,852
UnitedHealth Group Inc.		210,381		44,226,294
				209,155,964

Pharmaceuticals–25.37%
Aclaris Therapeutics, Inc.^(b)		391,396		9,867,093
Aerie Pharmaceuticals, Inc.^(b)		215,058		13,279,832
Allergan PLC		138,376		24,524,378
AstraZeneca PLC–ADR (United Kingdom)		492,172		16,979,934
Bayer AG (Germany)		284,484		37,158,346
Bristol-Myers Squibb Co.		772,686		47,643,819
Dermira, Inc.^(b)		355,028		9,504,100
Eli Lilly and Co.		512,367		41,983,352
Jazz Pharmaceuticals PLC^(b)		95,110		13,460,918
Merck & Co., Inc.		561,618		30,939,536
Nippon Shinyaku Co., Ltd. (Japan)		223,500		15,858,795
Novartis AG–ADR (Switzerland)		688,804		56,881,434
Roche Holding AG (Switzerland)		86,253		19,929,146
Supernus Pharmaceuticals Inc.^(b)		237,033		9,860,573
Zogenix, Inc.^(b)		283,235		10,621,313
				358,492,569
Total Common Stocks & Other Equity Interests (Cost $964,090,205)				1,370,979,441

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)(e)		2,439,026		0

Money Market Funds–3.56%
Invesco Government & Agency Portfolio–Institutional Class, 0.95%^(f)		30,183,530		30,183,530
Invesco Treasury Portfolio–Institutional Class, 0.94%^(f)		20,122,353		20,122,353
Total Money Market Funds (Cost $50,305,883)				50,305,883
TOTAL INVESTMENTS IN SECURITIES–100.57% (Cost $1,016,396,088)				1,421,285,324
OTHER ASSETS LESS LIABILITIES–(0.57)%				(8,084,835	)
NET ASSETS–100.00%			$	1,413,200,489

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

10 Invesco Global Health Care Fund

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, 2017 represented less than 1% of the Fund’s Net Assets.

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

^(f)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2017.

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, 2017


Assets:
Investments in securities, at value (Cost $966,090,205)	$	1,370,979,441
Investments in affiliated money market funds, at value and cost		50,305,883
Foreign currencies, at value (Cost $1,202,016)		1,154,626
Receivable for:
Fund shares sold		184,953
Dividends		1,223,098
Investment for trustee deferred compensation and retirement plans		289,954
Other assets		142,449
Total assets		1,424,280,404

Liabilities:
Payable for:
Investments purchased		8,616,560
Fund shares reacquired		1,230,533
Accrued fees to affiliates		822,372
Accrued trustees’ and officers’ fees and benefits		3,408
Accrued other operating expenses		31,790
Trustee deferred compensation and retirement plans		375,252
Total liabilities		11,079,915
Net assets applicable to shares outstanding	$	1,413,200,489

Net assets consist of:
Shares of beneficial interest	$	919,747,733
Undistributed net investment income (loss)		(2,346,168	)
Undistributed net realized gain		90,954,159
Net unrealized appreciation		404,844,765
	$	1,413,200,489


Net Assets:
Class A	$	722,642,919
Class B	$	2,077,184
Class C	$	56,741,449
Class Y	$	35,924,279
Investor Class	$	595,800,918
Class R6	$	13,740

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		19,099,235
Class B		76,772
Class C		2,093,829
Class Y		933,755
Investor Class		15,741,896
Class R6		357
Class A:
Net asset value per share	$	37.84
Maximum offering price per share
(Net asset value of $37.84 ¸ 94.50%)	$	40.04
Class B:
Net asset value and offering price per share	$	27.06
Class C:
Net asset value and offering price per share	$	27.10
Class Y:
Net asset value and offering price per share	$	38.47
Investor Class:
Net asset value and offering price per share	$	37.85
Class R6:
Net asset value and offering price per share	$	38.49

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, 2017


Investment income:
Dividends (net of foreign withholding taxes of $942,823)	$	13,950,344
Dividends from affiliated money market funds		260,474
Total investment income		14,210,818

Expenses:
Advisory fees		8,912,415
Administrative services fees		351,682
Custodian fees		61,110
Distribution fees:
Class A		1,848,775
Class B		34,133
Class C		616,255
Investor Class		1,487,405
Transfer agent fees — A, B,C, Y and Investor		2,458,551
Transfer agent fees — R6		6
Trustees’ and officers’ fees and benefits		42,829
Registration and filing fees		105,005
Reports to shareholders		355,697
Professional services fees		83,378
Other		27,254
Total expenses		16,384,495
Less: Fees waived and expense offset arrangement(s)		(71,134	)
Net expenses		16,313,361
Net investment income (loss)		(2,102,543	)

Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities (includes net gains from securities sold to affiliates of $3,617,275)		91,341,001
Foreign currencies		14,822
		91,355,823
Change in net unrealized appreciation (depreciation) of:
Investment securities		141,459,846
Foreign currencies		(22,365	)
		141,437,481
Net realized and unrealized gain		232,793,304
Net increase in net assets resulting from operations	$	230,690,761

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, 2017 and 2016


	2017			2016
Operations:
Net investment income (loss)	$	(2,102,543	)	$	3,016,869
Net realized gain		91,355,823			31,491,611
Change in net unrealized appreciation (depreciation)		141,437,481			(258,791,207	)
Net increase (decrease) in net assets resulting from operations		230,690,761			(224,282,727	)

Distributions to shareholders from net investment income:
Class A		(1,607,275	)		—
Class Y		(118,323	)		—
Investor Class		(1,255,558	)		—
Total distributions from net investment income		(2,981,156	)		—

Distributions to shareholders from net realized gains:
Class A		(15,823,825	)		(127,967,635	)
Class B		(135,902	)		(1,855,636	)
Class C		(1,930,498	)		(18,225,035	)
Class Y		(507,868	)		(5,234,942	)
Investor Class		(12,361,129	)		(93,924,558	)
Total distributions from net realized gains		(30,759,222	)		(247,207,806	)

Share transactions–net:
Class A		(105,311,767	)		(11,048,725	)
Class B		(3,051,588	)		(3,591,164	)
Class C		(17,796,792	)		(9,986,290	)
Class Y		9,660,440			(7,490,433	)
Investor Class		(49,623,544	)		30,971,871
Class R6		13,272			—
Net increase (decrease) in net assets resulting from share transactions		(166,109,979	)		(1,144,741	)
Net increase (decrease) in net assets		30,840,404			(472,635,274	)

Net assets:
Beginning of year		1,382,360,085			1,854,995,359
End of year (includes undistributed net investment income (loss) of $(2,346,168) and $2,597,623, respectively)	$	1,413,200,489		$	1,382,360,085

Notes to Financial Statements

October 31, 2017

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 separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

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

The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class Y, Investor Class and Class R6. On April 4, 2017, the Fund began offering Class R6 shares. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Investor Class 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.

14 Invesco Global Health Care Fund

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

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

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

15 Invesco Global Health Care Fund

investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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.

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

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.

16 Invesco Global Health Care Fund

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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate
First $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, 2017, 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, 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 Y, Investor Class and Class R6 shares to 2.00%, 2.75%, 2.75%, 1.75%, 2.00% and 1.75% 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, 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2017, the Adviser waived advisory fees of $40,059.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2017, 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, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s 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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2017, expenses incurred under the Plan are shown in the Statement of Operations as Distribution fees.

17 Invesco Global Health Care 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, 2017, IDI advised the Fund that IDI retained $66,772 in front-end sales commissions from the sale of Class A shares and $4,667, $389 and $5,212 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the year ended October 31, 2017, the Fund incurred $10,184 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information

Level 1 —

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

Level 2 —

Level 3 —

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended October 31, 2017, there were transfers from Level 1 to Level 2 of $68,729,390 and from Level 2 to Level 1 of $19,929,146 due to foreign fair value adjustments.


	Level 1		Level 2		Level 3		Total
Common Stocks & Equity Interests	$	1,302,250,051	$	68,729,390	$	—	$	1,370,979,441
Preferred Stocks		—		—		0		0
Money Market Funds		50,305,883		—		—		50,305,883
Total Investments	$	1,352,555,934	$	68,729,390	$	0	$	1,421,285,324

NOTE 4—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 Trust 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, 2017, the Fund engaged in securities sales of $12,976,407, which resulted in net realized gains of $3,617,275.

NOTE 5—Expense Offset Arrangement(s)

NOTE 6—Trustees’ and Officers’ Fees and Benefits

18 Invesco Global Health Care Fund

NOTE 7—Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2017 and 2016:


	2017		2016
Ordinary income	$	2,952,595	$	15,102,427
Long-term capital gain		30,787,783		232,105,379
Total distributions	$	33,740,378	$	247,207,806

Tax Components of Net Assets at Period-End:


	2017
Undistributed long-term gain	$	91,419,812
Net unrealized appreciation — investments		404,423,583
Net unrealized appreciation (depreciation) — foreign currencies		(44,471	)
Temporary book/tax differences		(350,025	)
Late-Year ordinary loss deferral		(1,996,143	)
Shares of beneficial interest		919,747,733
Total net assets	$	1,413,200,489

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, 2017.

NOTE 9—Investment Transactions

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, 2017 was $499,295,386 and $718,466,069, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	445,896,869
Aggregate unrealized (depreciation) of investments		(41,473,286	)
Net unrealized appreciation of investments	$	404,423,583

Cost of investments for tax purposes is $1,016,861,741.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating loss and foreign currency transactions, on October 31, 2017, undistributed net investment income (loss) was increased by $139,908, undistributed net realized gain was decreased by $43,382 and shares of beneficial interest was decreased by $96,526. This reclassification had no effect on the net assets of the Fund.

19 Invesco Global Health Care Fund

NOTE 11—Share Information


	Summary of Share Activity
	Years ended October 31,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		1,046,320		$	37,489,570			1,843,602		$	67,167,477
Class B		6,634			167,650			11,075			289,683
Class C		310,753			8,133,539			404,498			10,787,866
Class Y		640,928			23,573,301			341,967			12,813,669
Investor Class		183,690			6,634,297			389,082			14,740,822
Class R6^(b)		357			13,272			—			—

Issued as reinvestment of dividends:
Class A		512,170			16,973,305			3,396,181			125,115,293
Class B		5,664			135,083			68,337			1,836,894
Class C		79,740			1,904,968			668,972			18,015,422
Class Y		16,752			563,212			131,892			4,930,137
Investor Class		396,403			13,140,754			2,469,246			90,991,726

Automatic conversion of Class B shares to Class A shares:
Class A		66,739			2,401,525			94,832			3,351,350
Class B		(92,917	)		(2,401,525	)		(129,996	)		(3,351,350	)

Reacquired:
Class A		(4,546,739	)		(162,176,167	)		(5,783,954	)		(206,682,845	)
Class B		(37,363	)		(952,796	)		(90,684	)		(2,366,391	)
Class C		(1,086,586	)		(27,835,299	)		(1,500,972	)		(38,789,578	)
Class Y		(397,427	)		(14,476,073	)		(691,953	)		(25,234,239	)
Investor Class		(1,944,467	)		(69,398,595	)		(2,094,161	)		(74,760,677	)
Net increase (decrease) in share activity		(4,839,349	)	$	(166,109,979	)		(472,036	)	$	(1,144,741	)

^(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.

^(b)	Commencement date of April 4, 2017.

20 Invesco Global Health Care 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 10/31/17	$	32.93	$	(0.05	)	$	5.77		$	5.72		$	(0.07	)	$	(0.74	)	$	(0.81	)	$	37.84		17.73	%	$	722,643		1.12	%^(d)		1.12	%^(d)		(0.12	)%^(d)		36	%
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			1.09			0.23			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
Class B
Year ended 10/31/17		23.87		(0.22	)		4.15			3.93			—			(0.74	)		(0.74	)		27.06		16.87			2,077		1.87	^(d)		1.87	^(d)		(0.87	)^(d)		36
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			1.84			(0.52	)		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
Class C
Year ended 10/31/17		23.91		(0.22	)		4.15			3.93			—			(0.74	)		(0.74	)		27.10		16.84			56,741		1.87	^(d)		1.87	^(d)		(0.87	)^(d)		36
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			1.84			(0.52	)		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
Class Y
Year ended 10/31/17		33.48		0.05			5.85			5.90			(0.17	)		(0.74	)		(0.91	)		38.47		18.01			35,924		0.87	^(d)		0.87	^(d)		0.13	^(d)		36
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			0.84			0.48			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
Investor Class
Year ended 10/31/17		32.94		(0.04	)		5.76			5.72			(0.07	)		(0.74	)		(0.81	)		37.85		17.72			595,801		1.12	^(d)		1.12	^(d)		(0.12	)^(d)		36
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			1.09			0.23			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
Class R6
Year ended 10/31/17^(e)		36.35		0.05			2.09			2.14			—			—			—			38.49		5.89			14		0.78	^(d)(f)		0.78	^(d)(f)		0.22	^(d)(f)		36

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $739,510, $3,413, $61,626, $30,013, $594,962 and $10 for Class A, Class B, Class C, Class Y, Investor Class and Class R6 shares, respectively.

^(e)	Commencement date of April 4, 2017 for Class R6 shares.

^(f)	Annualized.

NOTE 13—Subsequent Event

21 Invesco Global Health Care Fund

Report of Independent Registered Public Accounting Firm

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

Shareholders of Invesco Global Health Care Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Global Health Care Fund (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, 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 periods indicated therein, 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, 2017 by correspondence with the custodian, transfer agent and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

22 Invesco Global Health Care Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (05/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,036.10	$	5.65	$	1,019.66	$	5.60		1.10	%
B		1,000.00		1,032.00		9.48		1,015.88		9.40		1.85
C		1,000.00		1,032.00		9.48		1,015.88		9.40		1.85
Y		1,000.00		1,037.20		4.36		1,020.92		4.33		0.85
Investor		1,000.00		1,035.80		5.64		1,019.66		5.60		1.10
R6		1,000.00		1,037.50		4.06		1,021.22		4.02		0.79

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

23 Invesco Global Health Care Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Global Health Care Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 12-13, 2017, 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, 2017.

The Board’s Fund Evaluation Process

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.

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

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an

existing relationship as contrasted with 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.

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2016 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 third quintile of its performance universe for the one year period, fifth quintile for the three year period and fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees

24 Invesco Global Health Care Fund

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, 2016. 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.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

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 the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives 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.

25 Invesco Global Health Care Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2017:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	30,787,783
Qualified Dividend Income*		100	%
Corporate Dividends Received Deduction*		100	%
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 Global Health Care Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested 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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco Global Health Care Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		GHC-AR-1 12112017 1423

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

Visit our website for more information on your investments

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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Global Infrastructure Fund

LOGO

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.

^∎ 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.

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

Sincerely,

LOGO

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, 2017, Class A shares of Invesco Global Infrastructure Fund (the Fund), at net asset value (NAV), outperformed 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


Class A Shares	13.74	%
Class C Shares	12.92
Class R Shares	13.47
Class Y Shares	14.02
Class R5 Shares	14.02
Class R6 Shares	14.02
MSCI World Index^▼ (Broad Market Index)	22.77
Dow Jones Brookfield Global Infrastructure Index^▼ (Style-Specific Index)	12.66
Lipper Global Infrastructure Funds Classification Average^∎ (Peer Group)	14.07
Source(s): ^▼FactSet Research Systems Inc.; ^∎Lipper, Inc.

Market conditions and your Fund

Interestingly, while 2017 marked the eighth year of the global bull market, we saw a shift in leadership as international stocks outperformed US stocks in the first three quarters of 2017. International stocks had trailed US stocks for four consecutive years and in six of the last seven years. As the reporting period came to a close, we believed both developed and emerging equity markets appeared somewhat fully valued despite material discounts to the US market. In addition, recent earnings growth and earnings revision trends improved for many non-US developed markets.

In general, global infrastructure stocks – which are heavily concentrated in the energy and utilities sectors – produced positive returns but underperformed broad market equities during the

reporting period. The Fund also produced positive returns and, at NAV, outperformed its style-specific benchmark, due to a combination of security selection and market allocation.

Relative to the Fund’s style-specific benchmark, security selection contributed to the Fund’s performance in the following infrastructure sectors: electric utilities, midstream services, telecom, airports, ports, gas distribution and diversified. Additionally, underweight allocations in the electric utilities, airports and ports infrastructure sectors, as well as overweight allocations in the telecom and diversified infrastructure sectors, added to the Fund’s relative performance. Conversely, security selection in the satellites, tolls, water and rail infrastructure sectors detracted from the Fund’s relative performance. Additionally, overweight allocation in the satellites infrastructure sector and exposure to ancillary cash were also detractors from the Fund’s relative performance.

Top individual contributors to the Fund’s absolute performance included American Tower, SBA Communications and Vinci. Both American Tower and SBA Communications are owners/operators of wireless infrastructure, and both are structured as real estate investment trusts. Both companies reported favorable earnings during the reporting period and raised their guidance for the full 2017 calendar year. We believed telecom companies were favorably positioned from a fundamental standpoint, with positive cash flow growth and strong demand due to the continued adoption of smartphones. Vinci is a global company involved in every step of infrastructure from finance and design to buildout and daily operations. During the fiscal year, Vinci completed a number of acquisitions and was awarded a number of new projects, including concession agreements at

Portfolio Composition

By infrastructure sector

% of total net assets


Midstream Services	24.2	%
Gas Utilities	18.3
Telecom	18.3
Diversified	7.7
Water	7.1
Tolls	6.5
Electric Utilities	6.4
Airports	4.9
Rail	3.2
Ports & Satellites	2.7
Money Market Funds Plus Other Assets Less Liabilities	0.8

Top 10 Equity Holdings*

% of total net assets


1. American Tower Corp.-Class A	7.6	%
2. Enbridge Inc.	7.3
3. Sempra Energy	5.6
4. Crown Castle International Corp.	5.2
5. Vinci S.A.	4.8
6. Pembina Pipeline Corp.	4.1
7. Williams Cos., Inc. (The)	3.8
8. PG&E Corp.	3.0
9. Severn Trent PLC	3.0
10. Cheniere Energy, Inc.	2.9


Total Net Assets	$	22.1 million

Total Number of Holdings*		62

The Fund’s holdings are subject to change, and

there is no assurance that the Fund will continue to hold any particular security.

*Excluding money market fund holdings.

Data presented here are as of October 31, 2017.

4 Invesco Global Infrastructure Fund

airports in France and Japan, pipeline construction in Australia, plumbing installations in a Belgium hospital and an office skyline building in Warsaw.

Although our position in the midstream services infrastructure sector added to the Fund’s relative performance, select holdings, including Enbridge and Kinder Morgan, were the largest detractors from the Fund’s absolute performance. The companies detracted due to volatility in the energy sector. In general, we believed the lifting of the US crude oil export ban would be beneficial in the long term for continued US midstream infrastructure buildout. During the reporting period, we also found the growth characteristics for the midstream services infrastructure sector to be relatively attractive and anticipated an increase in US energy production in 2017 and 2018. This increase in volume would be beneficial for midstream services companies, which tend to be influenced more by the volume of energy, rather than by the price.

SES, a Luxembourg-domiciled provider of satellite communications and broadcasting services, was also among the top detractors from the Fund’s absolute performance. During the third quarter of 2017, SES reported a decrease in its revenue and profit margin. We continued to hold the stock as we believed in its long term value and cash flow generating capabilities. The SES Video division, which represents a significant portion of the company, renewed a multi-year contract with Sky Deutschland (not a Fund holding) in Germany during the reporting period. Additionally, SES has had a history of progressive dividend increases over each of the last 10 years.

At the close of the reporting period, the Fund held underweight allocations relative to its style-specific benchmark in the more regulated infrastructure sectors, mainly gas distribution and electric utilities. The Fund held overweight allocations in the more competitive and user-pay infrastructure sectors, such as telecom, rail, tolls and ports – where we believed the growth characteristics to be relatively attractive. The Fund remained focused on companies that we believed had above-average earnings growth characteristics, sound balance sheets and strategic infrastructure assets, providing a relatively stable underlying earnings stream.

As always, we thank you for your investment in Invesco Global Infrastructure Fund.

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.

LOGO

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.

LOGO

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.

LOGO

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

LOGO

Past performance cannot guarantee comparable future results.

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

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 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.

∎

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.

∎

6 Invesco Global Infrastructure Fund


Average Annual Total Returns
As of 10/31/17, including maximum applicable sales charges

Class A Shares
Inception (5/2/2014)	2.26	%
1 Year	7.48

Class C Shares
Inception (5/2/2014)	3.14	%
1 Year	11.92

Class R Shares
Inception (5/2/2014)	3.65	%
1 Year	13.47

Class Y Shares
Inception (5/2/2014)	4.16	%
1 Year	14.02

Class R5 Shares
Inception (5/2/2014)	4.16	%
1 Year	14.02

Class R6 Shares
Inception (5/2/2014)	4.16	%
1 Year	14.02

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 1.28%, 2.03%, 1.53%, 1.03%, 1.03% and 1.03%, 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 4.29%, 5.04%, 4.54%, 4.04%, 4.02% and 4.02%, 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 C share performance reflects the applicable contingent deferred sales


Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (5/2/2014)	2.32	%
1 Year	3.61

Class C Shares
Inception (5/2/2014)	3.25	%
1 Year	7.83

Class R Shares
Inception (5/2/2014)	3.77	%
1 Year	9.37

Class Y Shares
Inception (5/2/2014)	4.27	%
1 Year	9.91

Class R5 Shares
Inception (5/2/2014)	4.27	%
1 Year	9.91

Class R6 Shares
Inception (5/2/2014)	4.27	%
1 Year	9.91

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.

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.

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, 2017, 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.

∎

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.

∎

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, 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.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Global Infrastructure Fund

exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎

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.

∎

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 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

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 Code.

∎

MLP tax risk. MLPs taxed as partnerships do not pay U.S. 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 U.S. 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 result in 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.

∎

continued on page 6

9 Invesco Global Infrastructure Fund

Schedule of Investments

October 31, 2017


	Shares		Value
Common Stocks & Other Equity Interests–99.25%
Australia–5.55%
APA Group		17,809	$	116,760
Macquarie Atlas Roads Group		49,886		227,569
Spark Infrastructure Group		162,972		318,210
Sydney Airport		11,076		60,276
Transurban Group		54,044		503,422
				1,226,237

Canada–15.51%
Canadian Pacific Railway Ltd.		629		109,057
Enbridge Inc.		42,230		1,622,947
Keyera Corp.		2,340		68,889
Pembina Pipeline Corp.		27,466		908,011
TransCanada Corp.		11,612		551,302
Westshore Terminals Investment Corp.		8,811		168,079
				3,428,285

China–3.20%
Beijing Enterprises Water Group Ltd.		260,000		218,294
China Merchants Port Holdings Co. Ltd.		80,000		250,212
China Resources Gas Group Ltd.		31,335		114,674
ENN Energy Holdings Ltd.		17,000		124,644
				707,824

France–9.87%
Aéroports de Paris		546		91,971
Eiffage S.A.		4,267		445,816
Eutelsat Communications S.A.		4,010		100,479
Groupe Eurotunnel S.E.		38,904		488,995
Vinci S.A.		10,759		1,053,412
				2,180,673

Germany–0.33%
Fraport AG Frankfurt Airport Services Worldwide		763		72,591

Hong Kong–0.69%
China Gas Holdings Ltd.		50,000		151,896

Italy–4.19%
Atlantia S.p.A.		10,540		343,513
Infrastrutture Wireless Italiane S.p.A.-REGS^(a)		11,509		78,631
Terna — Rete Elettrica Nazionale S.p.A.		83,400		503,251
				925,395

Japan–1.62%
Japan Airport Terminal Co., Ltd.		4,300		151,914
Kyushu Railway Co.		2,100		67,370
Toho Gas Co., Ltd.		1,100		30,823
Tokyo Gas Co., Ltd.		2,600		64,802
West Japan Railway Co.		600		42,315
				357,224


	Shares		Value
Luxembourg–0.31%
SES S.A.		4,228	$	68,756

Mexico–0.53%
Grupo Aeroportuario del Pacifico S.A.B. de C.V.–ADR		1,247		118,365

New Zealand–1.24%
Auckland International Airport Ltd.		63,849		273,157

Spain–4.77%
Abertis Infraestructuras S.A.		16,843		364,351
Aena SME, S.A.–REGS^(a)		1,018		186,774
Cellnex Telecom S.A.–REGS^(a)		4,549		112,951
Ferrovial, S.A.		4,122		89,552
Red Eléctrica Corp. S.A.		13,565		300,394
				1,054,022

Switzerland–0.57%
Flughafen Zürich AG		581		126,380

United Kingdom–6.92%
John Laing Group PLC^(a)		28,997		110,012
National Grid PLC		43,542		524,041
Pennon Group PLC		14,260		150,407
Severn Trent PLC		23,441		657,345
United Utilities Group PLC		7,892		87,329
				1,529,134

United States–43.95%
American Tower Corp.–Class A		11,673		1,677,060
American Water Works Co., Inc.		5,110		448,454
Atmos Energy Corp.		2,836		247,413
Cheniere Energy, Inc.^(b)		13,503		631,130
CMS Energy Corp.		4,798		232,079
Crown Castle International Corp.		10,775		1,153,787
Dominion Energy, Inc.		2,524		204,797
Edison International		5,014		400,869
Kinder Morgan, Inc.		11,568		209,496
NiSource Inc.		12,178		321,134
ONEOK, Inc.		4,890		265,380
PG&E Corp.		11,474		662,853
Public Service Enterprise Group Inc.		4,551		223,909
SBA Communications Corp.–Class A^(b)		3,213		505,019
Sempra Energy		10,614		1,247,145
Targa Resources Corp.		6,202		257,383
WEC Energy Group, Inc.		2,689		181,212
Williams Cos., Inc. (The)		29,638		844,683
				9,713,803
Total Common Stocks & Other Equity Interests (Cost $20,087,967)				21,933,742

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

10 Invesco Global Infrastructure Fund


	Shares		Value
Money Market Funds–0.77%
Invesco Government & Agency Portfolio–Institutional Class, 0.95%^(c)		102,283	$	102,283
Invesco Treasury Portfolio–Institutional Class, 0.94%^(c)		68,189		68,189
Total Money Market Funds (Cost $170,472)				170,472
TOTAL INVESTMENTS IN SECURITIES–100.02% (Cost $20,258,439)				22,104,214
OTHER ASSETS LESS LIABILITIES–(0.02)%				(3,606	)
NET ASSETS–100.00%			$	22,100,608

Investment Abbreviations:


ADR		– American Depositary Receipt
REGS		– Regulation S

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, 2017 was $488,368, which represented 2.21% 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, 2017.

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, 2017


Assets:
Investments in securities, at value (Cost $20,087,967)	$	21,933,742
Investments in affiliated money market funds, at value and cost		170,472
Foreign currencies, at value (Cost $56,425)		55,714
Receivable for:
Investments sold		94,537
Fund shares sold		15,115
Dividends		35,981
Investment for trustee deferred compensation and retirement plans		6,194
Other assets		32,759
Total assets		22,344,514

Liabilities:
Payable for:
Investments purchased		144,540
Fund shares reacquired		135
Accrued fees to affiliates		31,835
Accrued trustees’ and officers’ fees and benefits		2,157
Accrued other operating expenses		59,045
Trustee deferred compensation and retirement plans		6,194
Total liabilities		243,906
Net assets applicable to shares outstanding	$	22,100,608

Net assets consist of:
Shares of beneficial interest	$	20,426,941
Undistributed net investment income		108,797
Undistributed net realized gain (loss)		(280,136	)
Net unrealized appreciation		1,845,006
	$	22,100,608


Net Assets:
Class A	$	8,898,986
Class C	$	2,015,646
Class R	$	295,750
Class Y	$	10,685,371
Class R5	$	10,753
Class R6	$	194,102

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		828,802
Class C		188,104
Class R		27,562
Class Y		994,848
Class R5		1,001
Class R6		18,071
Class A:
Net asset value per share	$	10.74
Maximum offering price per share
(Net asset value of $10.74 ¸ 94.50%)	$	11.37
Class C:
Net asset value and offering price per share	$	10.72
Class R:
Net asset value and offering price per share	$	10.73
Class Y:
Net asset value and offering price per share	$	10.74
Class R5:
Net asset value and offering price per share	$	10.74
Class R6:
Net asset value and offering price per share	$	10.74

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, 2017


Investment income:
Dividends (net of foreign withholding taxes of $34,408)	$	642,518
Dividends from affiliated money market funds		1,789
Total investment income		644,307

Expenses:
Advisory fees		146,513
Administrative services fees		50,000
Custodian fees		44,540
Distribution fees:
Class A		17,625
Class C		14,544
Class R		1,040
Transfer agent fees — A, C, R and Y		30,195
Transfer agent fees — R5		10
Transfer agent fees — R6		157
Trustees’ and officers’ fees and benefits		20,406
Registration and filing fees		71,830
Reports to shareholders		18,000
Professional services fees		63,032
Other		12,129
Total expenses		490,021
Less: Fees waived and expenses reimbursed		(275,285	)
Net expenses		214,736
Net investment income		429,571

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		713,062
Foreign currencies		(1,407	)
		711,655
Change in net unrealized appreciation (depreciation) of:
Investment securities		1,300,654
Foreign currencies		(458	)
		1,300,196
Net realized and unrealized gain		2,011,851
Net increase in net assets resulting from operations	$	2,441,422

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, 2017 and 2016


	2017			2016
Operations:
Net investment income	$	429,571		$	154,889
Net realized gain (loss)		711,655			(444,964	)
Change in net unrealized appreciation		1,300,196			550,489
Net increase in net assets resulting from operations		2,441,422			260,414

Distributions to shareholders from net investment income:
Class A		(133,550	)		(58,780	)
Class C		(16,079	)		(3,050	)
Class R		(3,225	)		(583	)
Class Y		(179,756	)		(83,322	)
Class R5		(215	)		(179	)
Class R6		(3,330	)		(1,566	)
Total distributions from net investment income		(336,155	)		(147,480	)

Share transactions-net:
Class A		3,866,129			896,696
Class C		1,400,904			142,834
Class R		202,316			40,880
Class Y		4,473,703			885,878
Class R6		60,864			43,676
Net increase in net assets resulting from share transactions		10,003,916			2,009,964
Net increase in net assets		12,109,183			2,122,898

Net assets:
Beginning of year		9,991,425			7,868,527
End of year (includes undistributed net investment income of $108,797 and $13,008, respectively)	$	22,100,608		$	9,991,425

Notes to Financial Statements

October 31, 2017

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 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 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

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.

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.

15 Invesco Global Infrastructure Fund

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.

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.

16 Invesco Global Infrastructure Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate
First $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, 2017, the effective advisory fees incurred by the Fund was 0.84%.

Effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2019, 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 1.28%, 2.03%, 1.53%, 1.03%, 1.03% and 1.03%, respectively, of average daily net assets (the “expense limits”). Prior to January 1, 2017, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.40%, 2.15%, 1.65%, 1.15%, 1.15% and 1.15%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2017, the Adviser waived advisory fees and reimbursed fund level expenses of $244,923 and reimbursed class level expenses of $12,325, $2,542, $364, $14,964, $10 and $157 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2017, 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, 2017, IDI advised the Fund that IDI retained $7,101 in front-end sales commissions from the sale of Class A shares and $4 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.

17 Invesco Global Infrastructure Fund

NOTE 3—Additional Valuation Information

Level 1 —

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

Level 2 —

Level 3 —

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period.

During the year ended October 31, 2017, there were transfers from Level 1 to Level 2 of $425,071 and from Level 2 to Level 1 of $3,787,279, due to foreign fair value adjustments.


	Level 1		Level 2		Level 3		Total
Australia	$	287,845	$	938,392	$	—	$	1,226,237
Canada		3,428,285		—		—		3,428,285
China		707,824		—		—		707,824
France		2,180,673		—		—		2,180,673
Germany		—		72,591		—		72,591
Hong Kong		151,896		—		—		151,896
Italy		581,882		343,513		—		925,395
Japan		—		357,224		—		357,224
Luxembourg		68,756		—		—		68,756
Mexico		118,365		—		—		118,365
New Zealand		—		273,157		—		273,157
Spain		1,054,022		—		—		1,054,022
Switzerland		126,380		—		—		126,380
United Kingdom		1,529,134		—		—		1,529,134
United States		9,713,803		—		—		9,713,803
Money Market Funds		170,472		—		—		170,472
Total Investments	$	20,119,337	$	1,984,877	$	—	$	22,104,214

NOTE 4—Trustees’ and Officers’ Fees and Benefits

NOTE 5—Cash Balances

18 Invesco Global Infrastructure Fund

NOTE 6—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2017 and 2016:


	2017		2016
Ordinary income	$	336,155	$	147,480

Tax Components of Net Assets at Period-End:


	2017
Undistributed ordinary income	$	259,630
Undistributed long-term gain		334,781
Net unrealized appreciation — investments		1,321,964
Net unrealized appreciation (depreciation) — foreign currencies		(769	)
Temporary book/tax differences		(5,503	)
Capital loss carryforward		(236,436	)
Shares of beneficial interest		20,426,941
Total net assets	$	22,100,608

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 (depreciation) difference is attributable primarily to wash sales.

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, 2017, which expires as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	236,436	$	—	$	236,436

NOTE 7—Investment Transactions

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, 2017 was $27,038,805 and $16,987,951, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	1,640,411
Aggregate unrealized (depreciation) of investments		(318,447	)
Net unrealized appreciation of investments	$	1,321,964

Cost of investments for tax purposes is $20,782,250.

NOTE 8—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships and prior year real estate investment trust reclassification, on October 31, 2017, undistributed net investment income was increased by $2,373, undistributed net realized gain (loss) was decreased by $2,003 and shares of beneficial interest was decreased by $370. 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,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		540,397		$	5,370,212			150,770		$	1,439,352
Class C		167,142			1,644,192			27,743			259,588
Class R		27,781			281,761			5,110			47,978
Class Y		604,953			5,980,042			199,905			1,858,567
Class R6		9,889			97,616			9,451			87,462

Issued as reinvestment of dividends:
Class A		10,009			103,226			3,637			33,164
Class C		1,522			15,805			309			2,803
Class R		292			3,060			48			450
Class Y		13,517			139,417			5,820			53,018
Class R6		304			3,114			151			1,386

Reacquired:
Class A		(157,736	)		(1,607,309	)		(61,640	)		(575,820	)
Class C		(25,138	)		(259,093	)		(12,940	)		(119,557	)
Class R		(7,704	)		(82,505	)		(812	)		(7,548	)
Class Y		(161,852	)		(1,645,756	)		(111,869	)		(1,025,707	)
Class R6		(4,001	)		(39,866	)		(4,938	)		(45,172	)
Net increase in share activity		1,019,375		$	10,003,916			210,745		$	2,009,964

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 44% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 16% 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 10/31/17	$	9.62	$	0.25	^(d)	$	1.06		$	1.31		$	(0.19	)	$	—		$	(0.19	)	$	10.74		13.74	%	$	8,899		1.29	%^(e)		2.87	%^(e)		2.40	%^(d)(e)		99	%
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			4.29			1.76			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^(f)		10.00		0.08			0.63			0.71			(0.05	)		—			(0.05	)		10.66		7.12			2,497		1.39	^(g)		8.60	^(g)		1.51	^(g)		19
Class C
Year ended 10/31/17		9.60		0.17	^(d)		1.06			1.23			(0.11	)		—			(0.11	)		10.72		12.92			2,016		2.04	^(e)		3.62	^(e)		1.65	^(d)(e)		99
Year ended 10/31/16		9.48		0.10			0.11			0.21			(0.09	)		—			(0.09	)		9.60		2.24			428		2.15			5.04			1.01			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^(f)		10.00		0.04			0.63			0.67			(0.03	)		—			(0.03	)		10.64		6.71			181		2.14	^(g)		9.35	^(g)		0.76	^(g)		19
Class R
Year ended 10/31/17		9.61		0.22	^(d)		1.06			1.28			(0.16	)		—			(0.16	)		10.73		13.47			296		1.54	^(e)		3.12	^(e)		2.15	^(d)(e)		99
Year ended 10/31/16		9.49		0.14			0.11			0.25			(0.13	)		—			(0.13	)		9.61		2.76			69		1.65			4.54			1.51			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^(f)		10.00		0.07			0.64			0.71			(0.05	)		—			(0.05	)		10.66		7.05			13		1.64	^(g)		8.85	^(g)		1.26	^(g)		19
Class Y
Year ended 10/31/17		9.62		0.27	^(d)		1.06			1.33			(0.21	)		—			(0.21	)		10.74		14.02			10,685		1.04	^(e)		2.62	^(e)		2.65	^(d)(e)		99
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			4.04			2.01			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^(f)		10.00		0.09			0.64			0.73			(0.06	)		—			(0.06	)		10.67		7.29			2,287		1.14	^(g)		8.35	^(g)		1.76	^(g)		19
Class R5
Year ended 10/31/17		9.62		0.27	^(d)		1.06			1.33			(0.21	)		—			(0.21	)		10.74		14.02			11		1.04	^(e)		2.54	^(e)		2.65	^(d)(e)		99
Year ended 10/31/16		9.50		0.19			0.11			0.30			(0.18	)		—			(0.18	)		9.62		3.27			10		1.15			4.02			2.01			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^(f)		10.00		0.09			0.64			0.73			(0.06	)		—			(0.06	)		10.67		7.29			11		1.14	^(g)		8.34	^(g)		1.76	^(g)		19
Class R6
Year ended 10/31/17		9.62		0.27	^(d)		1.06			1.33			(0.21	)		—			(0.21	)		10.74		14.02			194		1.04	^(e)		2.54	^(e)		2.65	^(d)(e)		99
Year ended 10/31/16		9.50		0.19			0.11			0.30			(0.18	)		—			(0.18	)		9.62		3.27			114		1.15			4.02			2.01			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^(f)		10.00		0.09			0.64			0.73			(0.06	)		—			(0.06	)		10.67		7.29			38		1.14	^(g)		8.34	^(g)		1.76	^(g)		19

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)

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 $0.20 and 1.88%, $0.12 and 1.13%, $0.17 and 1.63%, $0.22 and 2.13%, $0.22 and 2.13% and $0.22 and 2.13% 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 $7,050, $1,454, $208, $8,560, $10 and $160 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)	Commencement date of May 2, 2014.

^(g)	Annualized.

21 Invesco Global Infrastructure Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Global Infrastructure Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Global Infrastructure Fund (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended and for the period May 2, 2014 (commencement of investment 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, 2017 by correspondence with the custodian, transfer agent and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

22 Invesco Global Infrastructure Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (05/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,066.80	$	6.67	$	1,018.75	$	6.51		1.28	%
C		1,000.00		1,062.90		10.56		1,014.97		10.31		2.03
R		1,000.00		1,065.50		7.97		1,017.49		7.78		1.53
Y		1,000.00		1,067.10		5.37		1,020.01		5.24		1.03
R5		1,000.00		1,067.10		5.37		1,020.01		5.24		1.03
R6		1,000.00		1,067.10		5.37		1,020.01		5.24		1.03

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

23 Invesco Global Infrastructure Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Global Infrastructure Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 12-13, 2017, 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. and separate Sub-Advisory Contracts with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.

The Board’s Fund Evaluation Process

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

B.	Fund Investment Performance

The Board noted that the Fund had only two years of performance history and compared the Fund’s investment performance during the past one and two calendar years 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 second 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 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

24 Invesco Global Infrastructure 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 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 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.

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.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

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

Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

25 Invesco Global Infrastructure Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2017:


Federal and State Income Tax
Qualified Dividend Income*	86.25	%
Corporate Dividends Received Deduction*	32.22	%
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 Global Infrastructure Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested 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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco Global Infrastructure Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		GBLI-AR-1		12132017 1112

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

recovering most of its losses. Overseas, economic data were mixed, prompting the European Central Bank and central banks in China and Japan, among other countries, to maintain extraordinarily accommodative monetary policies. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US Federal Reserve raised interest rates three times during the reporting period: first in December 2016, and then again in March and June 2017. Health care and tax reform proved to be more difficult than expected to enact, with little progress achieved by the end of the reporting period.

Visit our website for more information on your investments

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 and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, 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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Global Market Neutral Fund


Bruce Crockett	Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
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.

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,

LOGO

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, 2017, Class A shares of Invesco Global Market Neutral Fund (the Fund), at net asset value (NAV), outperformed the Citi US Three-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



Class A Shares	1.51	%
Class C Shares	0.72
Class R Shares	1.22
Class Y Shares	1.81
Class R5 Shares	1.81
Class R6 Shares	1.71
Citi US Three-Month Treasury Bill Index^q(Broad Market/Style-Specific Index)	0.71
Lipper Alternative Equity Market Neutral Funds Index^∎(Peer Group Index)	4.34


Source(s): ^qFactSet Research Systems Inc., ^∎Lipper Inc.

Market conditions and your Fund

Outside the US, Brexit (the UK’s plan to leave the European Union) remained a source of political and economic uncertainty, while improved economic data and confidence surveys raised the prospect of less accommodative monetary policy in continental Europe. In Asia, increased exports helped Japan’s economy, while China’s economy continued to stabilize. Most international markets, including emerging markets, performed well during the reporting period. In addition to an improving global economic outlook, other positive tailwinds for international markets included continued weakness in the US dollar and reduced expectations for a major shift in US trade policy.

Interestingly, while 2017 marked the eighth year of the global bull market, we saw a shift in leadership as international stocks outperformed US stocks in the first three quarters of 2017, primarily due to a weaker US dollar. Previously, international stocks had trailed US stocks for four consecutive years and in six of the last seven years. As the reporting period came to a close, both developed and emerging equity markets appeared somewhat fully valued despite material discounts to the US market. In addition, recent earnings growth and earnings revision trends improved for many non-US developed markets.

The Fund follows a market neutral strategy, which is intended to produce a portfolio that experiences minimal influence from the return patterns of the general global stock market. The Fund seeks neutral positioning in terms of beta (market exposure) by seeking to maintain neutral country, sector and industry exposures. The Fund uses a systematic model that evaluates fundamental and behavioral factors to forecast individual security returns and risks and ranks these securities based on their attractiveness relative to industry peers. Implementation occurs by establishing a portfolio with long positions in highly ranked stocks and shorting those that are poorly ranked. As such, the goal is to provide absolute risk adjusted returns over a full market cycle, regardless of the direction of the equity markets.


Portfolio Composition
By sector, based on total net assets
	Equity Securities		Gross	Net
	Long¹	Short²	Exposure³	Exposure⁴
Industrials	19.9%	17.8%	37.7%	2.1%
Information Technology	17.2	15.9	33.1	1.3
Consumer Discretionary	14.7	14.5	29.2	0.2
Health Care	10.5	10.3	20.8	0.2
Materials	10.2	8.9	19.1	1.3
Energy	7.5	6.6	14.1	0.9
Financials	4.9	4.9	9.8	0.0
Consumer Staples	3.9	3.8	7.7	0.1
Utilities	2.6	2.7	5.3	-0.1
Real Estate	1.9	5.4	7.3	-3.5
Telecommunication Services	0.8	2.0	2.8	-1.2
Money Market Funds Plus Other Assets Less Liabilities	5.9	0.0	5.9	5.9
Total	100.0	92.8	192.8	7.2

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 swaps.

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		$17.0 million
Data presented here are as of October 31, 2017.

4 Invesco Global Market Neutral Fund

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 Citi US Three-Month Treasury Bill Index. The largest contributors to Fund performance for the fiscal year were holdings in the health care, consumer discretionary and information technology (IT) sectors. Holdings in the industrials and telecommunication services sectors were key detractors from Fund performance during the reporting period.

In the health care sector, both the long and short positions in the health care equipment/services industry performed as expected and aided absolute Fund performance. In the consumer discretionary sector, stock selection on both the long and short side of the Fund contributed to Fund performance – primarily due to long holdings in the automobile industry. Finally, long holdings in the IT sector, specifically in the internet software/services and IT services industries, also contributed to Fund performance during the reporting period.

Holdings in the industrials sector were key detractors from Fund performance for the reporting period. These included holdings in the commercial and professional services and transportation (non-airline) industries. Within telecommunication services, both long and short holdings failed to perform as expected.

Please note that the Fund may utilize derivative instruments that include equity-related total return swaps and futures contracts. During the reporting period, the Fund utilized equity-related total return swaps to efficiently implement its strategy and gain long and/or short exposure to the various sectors/ industries described above, but did not use futures contracts. The implementation impact of using equity-related 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.

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.

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

LOGO

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.

6 Invesco Global Market Neutral Fund


Average Annual Total Returns
As of 10/31/17, including maximum applicable sales charges


Class A Shares
Inception (12/19/13)		–0.75%*
1 Year		–4.10

Class C Shares
Inception (12/19/13)		0.01%*
1 Year		–0.28

Class R Shares
Inception (12/19/13)		0.49%*
1 Year		1.22

Class Y Shares
Inception (12/19/13)		0.97%*
1 Year		1.81

Class R5 Shares
Inception (12/19/13)		0.97%*
1 Year		1.81

Class R6 Shares
Inception (12/19/13)		0.97%*
1 Year		1.71
* 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 -0.66%, -1.39%, -0.90%, -0.39%, -0.39% and -0.39% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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.^1,2 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 2.60%, 3.35%, 2.85%, 2.35%, 2.27% and 2.27%, respectively. The expense ratios presented above may vary from the expense ratios presented in other


Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (12/19/13)		–1.00%**
1 Year		–3.95

Class C Shares
Inception (12/19/13)		–0.21%**
1 Year		–0.17

Class R Shares
Inception (12/19/13)		0.26%**
1 Year		1.33

Class Y Shares
Inception (12/19/13)		0.73%**
1 Year		1.83

Class R5 Shares
Inception (12/19/13)		0.76%**
1 Year		1.93

Class R6 Shares
Inception (12/19/13)		0.76%**
1 Year		1.82
** 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 -0.92%, -1.65%, -1.17%, -0.68%, -0.65% and -0.65% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

sections of this report that are based on expenses incurred during the period covered by this report.

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

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, 2019. 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, 2019. 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 the stock market investing.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2017, 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.

∎

Principal risks of investing in the Fund

∎

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.

∎

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.

∎

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. 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. 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, such as the United Kingdom (UK) which has announced its intention to exit, would place its currency and banking system in jeopardy. The exit by the UK or other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund’s investments.

∎

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Global Market Neutral Fund

cause the Fund to underperform the broader US equity market during market rallies. Such underperformance could be significant during sudden or significant market rallies.

∎

more than the actual cost of the investment, and will increase the volatility of the Fund’s returns.

∎

About indexes used in this report

∎	The Citi US Three-Month Treasury Bill Index is an unmanaged index representative of three-month US 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

∎

∎	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 Market Neutral Fund

Schedule of Investments

October 31, 2017


	Shares		Value
Common Stocks & Other Equity Interests–94.06%
Australia–1.78%
BlueScope Steel Ltd.		10,533	$	103,891
Cochlear Ltd.		862		116,384
Metcash Ltd.		40,564		83,518
				303,793

Austria–1.25%
OMV AG		3,552		213,424

Canada–5.11%
ARC Resources Ltd.		7,526		91,763
Barrick Gold Corp.		7,933		114,620
Canadian National Railway Co.		933		75,075
Capital Power Corp.		5,332		100,970
Enerplus Corp.		16,411		150,486
Kinross Gold Corp.^(a)		20,800		82,226
Russel Metals Inc.		4,133		92,393
West Fraser Timber Co., Ltd.		2,674		162,645
				870,178

China–1.29%
Yangzijiang Shipbuilding Holdings Ltd.		190,600		220,230

Denmark–1.77%
Dfds A/S		709		41,124
Vestas Wind Systems A/S		2,957		260,860
				301,984

Finland–1.23%
Outokumpu Oyj		5,419		51,258
UPM-Kymmene Oyj		5,261		158,117
				209,375

France–3.08%
Faurecia		1,325		96,329
Nexity S.A.		2,200		135,187
Peugeot S.A.		12,324		292,365
				523,881

Germany–4.83%
Covestro AG–REGS^(b)		2,625		252,559
Hochtief AG		1,070		189,283
RWE AG^(a)		4,530		113,244
Siltronic AG^(a)		316		46,823
Software AG		3,775		192,215
Suedzucker AG		1,367		27,156
				821,280

Ireland–0.40%
Smurfit Kappa Group PLC		2,282		68,025

Japan–22.24%
AEON Mall Co., Ltd.		1,900		33,921
Asahi Glass Co., Ltd.		1,000		39,299


	Shares		Value
Japan–(continued)
Benesse Holdings, Inc.		1,000	$	33,985
Brother Industries, Ltd.		13,000		313,723
Dai Nippon Printing Co., Ltd.		10,000		240,372
Daiichikosho Co., Ltd.		2,400		113,221
Daiwa House Industry Co., Ltd.		2,500		91,702
Denka Co., Ltd.		2,200		73,590
Fujitsu Ltd.		37,000		285,872
Haseko Corp.		6,300		91,499
Ibiden Co., Ltd.		17,300		290,230
JTEKT Corp.		4,800		79,310
K’s Holdings Corp.		6,200		142,230
Konica Minolta Inc.		4,000		35,078
Marubeni Corp.		17,400		116,571
Mazda Motor Corp.		6,100		88,042
Miraca Holdings Inc.		2,000		92,708
Mitsubishi Corp.		3,200		74,989
Mitsui & Co., Ltd.		11,700		174,995
mixi, Inc.		4,800		234,913
Nichirei Corp.		1,300		33,298
Nippon Express Co., Ltd.		500		31,793
Nippon Telegraph & Telephone Corp.		900		43,613
Nishimatsu Construction Co., Ltd.		3,600		109,180
Penta-Ocean Construction Co., Ltd.		43,000		285,042
TDK Corp.		600		46,318
Tokyo Gas Co., Ltd.		8,000		199,391
Toppan Printing Co., Ltd.		19,000		192,224
West Japan Railway Co.		2,800		197,471
				3,784,580

Netherlands–0.87%
BE Semiconductor Industries N.V.		626		49,187
PostNL N.V.		10,140		43,244
Randstad Holding N.V.		895		55,069
				147,500

Norway–0.50%
SalMar ASA		2,873		85,715

Panama–0.30%
Copa Holdings, S.A.–Class A		408		50,261

Singapore–0.50%
Genting Singapore PLC		58,400		52,269
SATS Ltd.		9,300		32,067
				84,336

Spain–1.97%
Distribuidora Internacional de Alimentacion S.A.^(a)		39,314		192,347
Endesa, S.A.		1,144		26,186
Mediaset Espana Comunicacion S.A.		10,715		116,481
				335,014

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

10 Invesco Global Market Neutral Fund


	Shares		Value
Sweden–1.39%
Intrum Justitia AB		4,910	$	171,734
JM AB		2,433		64,201
				235,935

Switzerland–2.36%
Adecco Group AG		413		32,807
Georg Fischer AG		31		38,238
Lonza Group AG		899		238,808
Oriflame Holding AG		1,337		48,090
STMicroelectronics N.V.		1,848		43,485
				401,428

United Kingdom–9.32%
Electrocomponents PLC		15,299		141,040
Fiat Chrysler Automobiles N.V.^(a)		16,858		291,426
GlaxoSmithKline PLC		7,162		128,695
Indivior PLC^(a)		11,018		54,389
Moneysupermarket.com Group PLC		35,999		155,371
PageGroup PLC		10,980		68,130
Persimmon PLC		5,061		188,379
QinetiQ Group PLC		33,661		109,150
Rio Tinto PLC		1,171		55,199
Royal Dutch Shell PLC–Class B		1,828		58,846
Subsea 7 S.A.		9,666		162,475
Synthomer PLC		8,800		57,257
WH Smith PLC		4,232		115,078
				1,585,435

United States–33.87%
Aaron’s, Inc.		3,713		136,638
AGNC Investment Corp.		1,494		30,074
Amgen Inc.		506		88,661
Assured Guaranty Ltd.		1,540		57,134
AT&T Inc.		2,603		87,591
Baxter International Inc.		1,018		65,630
Best Buy Co., Inc.		3,195		178,856
Biogen Inc.^(a)		717		223,460
Boeing Co. (The)		1,223		315,510
Cabot Corp.		1,843		112,349
Chemours Co. (The)		3,058		173,113
Cisco Systems, Inc.		6,385		218,048
Citigroup Inc.		4,090		300,615
Darden Restaurants, Inc.		1,562		128,506
Devon Energy Corp.		3,743		138,117
E*TRADE Financial Corp.^(a)		942		41,062
Gilead Sciences, Inc.		3,045		228,253


	Shares		Value
United States–(continued)
Greif, Inc.–Class A		726	$	40,315
HP Inc.		15,013		323,530
HRG Group, Inc.^(a)		5,688		92,259
Humana Inc.		263		67,157
InterDigital, Inc.		1,220		89,487
Juniper Networks, Inc.		1,671		41,491
Lear Corp.		806		141,526
Lincoln National Corp.		678		51,379
LyondellBasell Industries N.V.–Class A		800		82,824
Navient Corp.		8,176		101,873
NCR Corp.^(a)		784		25,159
Newmont Mining Corp.		3,910		141,386
Office Depot, Inc.		38,457		119,217
Pitney Bowes Inc.		3,700		50,838
Potlatch Corp.		1,165		60,347
Royal Caribbean Cruises Ltd.		264		32,675
Sanderson Farms, Inc.		323		48,311
Teradyne, Inc.		3,812		163,497
Transocean Ltd.^(a)		13,091		137,455
Tupperware Brands Corp.		1,471		86,421
United Therapeutics Corp.^(a)		404		47,910
Valero Energy Corp.		2,887		227,755
VeriSign, Inc.^(a)		1,349		145,044
Vertex Pharmaceuticals Inc.^(a)		642		93,880
VMware, Inc.–Class A^(a)		769		92,042
Voya Financial, Inc.		6,177		248,068
Wal-Mart Stores, Inc.		634		55,355
WellCare Health Plans Inc.^(a)		1,689		333,983
Whiting Petroleum Corp.^(a)		5,717		34,359
Williams Cos., Inc. (The)		2,247		64,040
				5,763,200
Total Common Stocks & Other Equity Interests (Cost $12,585,369)				16,005,574

Money Market Funds–5.81%
Invesco Government & Agency Portfolio–Institutional Class, 0.95%^(c)		593,079		593,079
Invesco Treasury Portfolio–Institutional Class, 0.94%^(c)		395,386		395,386
Total Money Market Funds (Cost $988,465)				988,465
TOTAL INVESTMENTS IN SECURITIES–99.87% (Cost $13,573,834)				16,994,039
OTHER ASSETS LESS LIABILITIES–0.13%				22,949
NET ASSETS–100.00%			$	17,016,988

Investment Abbreviations:


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, 2017 was $252,559, which represented 1.48% 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, 2017.

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

11 Invesco Global Market Neutral Fund


Open Over–The–Counter Total Return Swap Agreements
Reference Entity	Counterparty		Maturity Date		Floating Rate Index⁽¹⁾		Payment Frequency		Notional Value			Upfront Payments (Received)		Value⁽²⁾⁽³⁾			Unrealized Appreciation (Depreciation)⁽²⁾⁽³⁾			Net Value of Reference Entities
Euro Area Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly	$	(2,126,515	)	$	—	$	73,892		$	73,892		$	(2,052,890	)
Canada Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(798,927	)		—		14,647			14,647			(784,424	)
Denmark Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(179,294	)		—		5,842			5,842			(173,478	)
Sweden Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(271,622	)		—		4,871			4,871			(266,791	)
Australia Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(190,705	)		—		3,013			3,013			(187,720	)
Hong Kong Equity Securities-Short		Morgan Stanley & Co. LLC		10/17/2019		Federal Funds floating rate		Monthly		(30,010	)		—		259			259			(29,745	)
Norway Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(160,312	)		—		145			145			(160,191	)
Subtotal — Appreciation													—		102,669			102,669			(3,655,239	)
Japan Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(3,857,840	)		—		(63,805	)		(63,805	)		(3,922,082	)
Switzerland Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(411,319	)		—		(60,018	)		(60,018	)		(471,390	)
United States Equity Securities-Short		Morgan Stanley & Co. LLC		12/22/2017		Federal Funds floating rate		Monthly		(5,919,261	)		—		(36,368	)		(36,368	)		(5,939,809	)
United Kingdom Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(1,192,079	)		—		(20,623	)		(20,623	)		(1,212,846	)
Spain Equity Securities-Short		Morgan Stanley & Co. LLC		02/25/2019		Federal Funds floating rate		Monthly		(318,812	)		—		(9,597	)		(9,597	)		(328,456	)
Singapore Equity Securities-Short		Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(254,425	)		—		(4,580	)		(4,580	)		(259,042	)
Subtotal — Depreciation													—		(194,991	)		(194,991	)		(12,133,625	)
Total Return Swap Agreements — Equity Risk												$	—	$	(92,322	)	$	(92,322	)	$	(15,788,864	)

⁽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 $(14,579) of dividends payable and financing fees related to the reference entities.

⁽³⁾	Swaps are collateralized by $83,397 cash held with Morgan Stanley & Co. LLC, the Counterparty.

The following table represents the individual short positions and related values of equity securities underlying the total return swaps with Morgan Stanley & Co. LLC, as of October 31, 2017.


	Shares			Value			Percentage of Reference Entities
Equity Securities — Short–100.00%
Australia–1.21%
Bank of Queensland Ltd.		(12,361	)	$	(126,400	)		0.83
Brambles Ltd.		(4,096	)		(29,658	)		0.19
Crown Resorts Ltd.		(3,563	)		(31,662	)		0.19
					(187,720	)		1.21

Canada–5.09%
Enbridge Inc.		(927	)		(35,626	)		0.23
Gildan Activewear Inc.		(4,462	)		(136,547	)		0.89
Hydro One Ltd.		(5,009	)		(88,563	)		0.57
Osisko Gold Royalties Ltd.		(2,380	)		(29,960	)		0.19
Ritchie Bros. Auctioneers Inc.		(6,252	)		(175,333	)		1.14
Stella–Jones Inc.		(4,910	)		(191,818	)		1.25
Wheaton Precious Metals Corp.		(6,100	)		(126,577	)		0.82
					(784,424	)		5.09

Denmark–1.14%
Genmab A/S		(859	)		(173,478	)		1.14

Euro Area–13.53%
Amer Sports Oyj		(1,359	)		(33,831	)		0.22
Anheuser–Busch InBev S.A./N.V.		(1,322	)		(161,777	)		1.06
Banco BPM S.p.A.		(25,730	)		(89,739	)		0.60
Banco Comercial Portugues, S.A.		(233,456	)		(69,756	)		0.44
Bayerische Motoren Werke AG		(1,367	)		(139,337	)		0.88
Bollore S.A.		(25,568	)		(123,604	)		0.77


	Shares			Value			Percentage of Reference Entities
Euro Area–(continued)
Daimler AG		(3,584	)	$	(297,636	)		1.84
DBV Technologies S.A.		(3,079	)		(139,039	)		1.03
GEA Group AG		(1,792	)		(86,412	)		0.54
Groupe Eurotunnel SE		(5,916	)		(74,360	)		0.47
IMMOFINANZ AG		(16,814	)		(42,523	)		0.28
MorphoSys AG		(3,893	)		(338,126	)		2.15
Nokia Oyj		(50,911	)		(250,035	)		1.97
SBM Offshore N.V.		(9,393	)		(167,630	)		1.03
Unipol Gruppo S.p.A.		(8,661	)		(39,085	)		0.25
					(2,052,890	)		13.53

Hong Kong–0.19%
MGM China Holdings Ltd.		(13,200	)		(29,745	)		0.19

Japan–24.55%
Asahi Intecc Co., Ltd.		(1,400	)		(80,781	)		0.49
Daifuku Co., Ltd.		(3,500	)		(169,628	)		1.05
Fast Retailing Co., Ltd.		(100	)		(33,081	)		0.21
Hamamatsu Photonics K.K.		(8,400	)		(270,050	)		1.69
JGC Corp.		(15,200	)		(252,553	)		1.61
Kansai Paint Co., Ltd.		(8,500	)		(217,341	)		1.33
Keihan Holdings Co., Ltd.		(4,400	)		(133,908	)		0.85
Keyence Corp.		(500	)		(276,322	)		1.70
Kintetsu Group Holdings Co., Ltd.		(800	)		(30,610	)		0.20
Koito Manufacturing Co., Ltd.		(2,000	)		(132,641	)		0.85
Kyushu Electric Power Co., Inc.		(6,100	)		(69,215	)		0.43

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

12 Invesco Global Market Neutral Fund


	Shares			Value			Percentage of Reference Entities
Japan–(continued)
Maruichi Steel Tube Ltd.		(1,400	)	$	(42,484	)		0.26
MISUMI Group Inc.		(11,800	)		(321,752	)		1.96
Nidec Corp.		(1,600	)		(211,030	)		1.33
Nihon M&A Center Inc.		(3,500	)		(166,549	)		1.04
Nintendo Co., Ltd.		(300	)		(115,578	)		0.73
Nippon Paint Holdings Co., Ltd.		(7,600	)		(266,057	)		1.68
Nitori Holdings Co., Ltd.		(500	)		(72,368	)		0.47
Ryohin Keikaku Co., Ltd.		(300	)		(88,134	)		0.55
Shimadzu Corp.		(5,000	)		(103,263	)		0.65
Shimano Inc.		(600	)		(81,643	)		0.52
SoftBank Group Corp.		(1,300	)		(113,740	)		0.73
Start Today Co., Ltd.		(1,000	)		(27,179	)		0.20
Topcon Corp.		(9,200	)		(192,837	)		1.17
Tsuruha Holdings Inc.		(1,100	)		(135,746	)		0.86
Welcia Holdings Co., Ltd.		(4,400	)		(166,418	)		1.05
Yamaha Motor Co., Ltd.		(5,100	)		(151,174	)		0.94
					(3,922,082	)		24.55

Norway–1.02%
Schibsted ASA–Class A		(3,999	)		(103,104	)		0.66
Schibsted ASA–Class B		(2,435	)		(57,087	)		0.36
					(160,191	)		1.02

Singapore–1.62%
Sembcorp Industries Ltd.		(107,000	)		(259,042	)		1.62

Spain–2.03%
Acerinox S.A.		(3,936	)		(56,557	)		0.37
Cellnex Telecom S.A.		(4,843	)		(120,251	)		0.75
Inmobiliaria Colonial Socimi S.A.		(15,936	)		(151,648	)		0.91
					(328,456	)		2.03

Sweden–1.73%
Fastighets AB Balder–Class B		(8,015	)		(208,719	)		1.38
Lundin Petroleum AB		(2,469	)		(58,072	)		0.35
					(266,791	)		1.73

Switzerland–2.62%
ams AG		(2,115	)		(192,822	)		0.89
Panalpina Welttransport Holding AG		(770	)		(105,975	)		0.65
Vifor Pharma AG		(1,342	)		(172,593	)		1.08
					(471,390	)		2.62

United Kingdom–7.59%
BBA Aviation PLC		(58,194	)		(245,984	)		1.50
Cobham PLC		(20,730	)		(38,277	)		0.24
Dixons Carphone PLC		(11,903	)		(27,418	)		0.18
Essentra PLC		(21,356	)		(150,925	)		0.92
Fresnillo PLC		(6,116	)		(105,781	)		0.71
GVC Holdings PLC		(3,157	)		(39,317	)		0.24
Hikma Pharmaceuticals PLC		(4,038	)		(62,438	)		0.40
Just Eat PLC		(15,709	)		(162,769	)		0.95
Mediclinic International PLC		(13,055	)		(100,932	)		0.68


	Shares			Value			Percentage of Reference Entities
United Kingdom–(continued)
Paddy Power Betfair PLC		(2,265	)	$	(231,830	)		1.47
Serco Group PLC		(30,457	)		(47,175	)		0.30
					(1,212,846	)		7.59

United States–37.68%
Acadia Healthcare Co., Inc.		(1,159	)		(36,346	)		0.33
ACADIA Pharmaceuticals Inc.		(2,185	)		(76,103	)		0.50
Advance Auto Parts, Inc.		(427	)		(34,903	)		0.23
Alnylam Pharmaceuticals, Inc.		(408	)		(49,711	)		0.30
Alphabet Inc.–Class A		(32	)		(33,057	)		0.20
Alphabet Inc.–Class C		(189	)		(192,145	)		1.16
Avnet, Inc.		(1,462	)		(58,187	)		0.37
Ball Corp.		(4,734	)		(203,230	)		1.29
Bank of the Ozarks		(864	)		(40,280	)		0.25
Callon Petroleum Co.		(6,190	)		(68,647	)		0.41
Cavium Inc.		(3,003	)		(207,177	)		1.31
Charter Communications, Inc.–Class A		(146	)		(48,789	)		0.32
Cheniere Energy, Inc.		(3,164	)		(147,885	)		0.92
Chipotle Mexican Grill, Inc.		(256	)		(69,606	)		0.52
Compass Minerals International, Inc.		(1,348	)		(88,429	)		0.57
Coty Inc.–Class A		(10,215	)		(157,311	)		1.00
Cousins Properties, Inc.		(3,835	)		(34,592	)		0.23
Dentsply Sirona Inc.		(1,433	)		(87,513	)		0.56
DexCom Inc.		(2,411	)		(108,423	)		0.69
Diamondback Energy Inc.		(1,567	)		(167,920	)		1.00
Diebold Nixdorf, Inc.		(3,500	)		(67,550	)		0.47
Dominion Energy, Inc.		(2,127	)		(172,585	)		1.09
Education Realty Trust, Inc.		(1,480	)		(51,652	)		0.34
Ellie Mae, Inc.		(582	)		(52,351	)		0.33
Envision Healthcare Corp.		(4,911	)		(209,209	)		1.38
Equinix, Inc.		(115	)		(53,303	)		0.34
Fastenal Co.		(2,401	)		(112,775	)		0.75
FireEye, Inc.		(3,073	)		(51,995	)		0.33
Gulfport Energy Corp.		(12,210	)		(167,277	)		1.05
Hexcel Corp.		(2,100	)		(127,449	)		0.84
Howard Hughes Corp. (The)		(1,625	)		(207,399	)		1.30
Johnson Controls International PLC		(5,548	)		(229,632	)		1.47
Kennedy–Wilson Holdings Inc.		(8,592	)		(167,114	)		1.06
Kroger Co. (The)		(1,301	)		(26,931	)		0.18
LCI Industries		(283	)		(35,035	)		0.22
MACOM Technology Solutions Holdings, Inc.		(1,035	)		(42,311	)		0.26
Markel Corp.		(210	)		(227,703	)		1.44
Mattel, Inc.		(8,358	)		(118,015	)		0.82
Monro, Inc.		(2,191	)		(108,126	)		0.70
Murphy USA Inc.		(980	)		(72,873	)		0.46
National Instruments Corp.		(751	)		(33,795	)		0.21
Neurocrine Biosciences, Inc.		(1,780	)		(110,556	)		0.66
O’Reilly Automotive, Inc.		(222	)		(46,831	)		0.29

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

13 Invesco Global Market Neutral Fund


	Shares			Value			Percentage of Reference Entities
United States–(continued)
Parsley Energy, Inc.–Class A		(7,579	)	$	(201,601	)		1.17
Schlumberger Ltd.		(800	)		(51,200	)		0.32
SM Energy Co.		(2,991	)		(63,798	)		0.34
Tesla Inc.		(136	)		(45,088	)		0.29
Tractor Supply Co.		(3,034	)		(182,829	)		1.13
Ultimate Software Group, Inc. (The)		(400	)		(81,036	)		0.49
United Bankshares, Inc.		(4,117	)		(148,006	)		0.96
ViaSat, Inc.		(3,193	)		(207,864	)		1.31
Visa Inc.–Class A		(961	)		(105,691	)		0.66
Vulcan Materials Co.		(260	)		(31,655	)		0.20
Wabtec Corp.		(1,185	)		(90,653	)		0.58
WEC Energy Group, Inc.		(1,989	)		(134,039	)		0.85
Western Alliance Bancorp		(1,700	)		(94,860	)		0.60
Zayo Group Holdings, Inc.		(2,739	)		(98,768	)		0.63
					(5,939,809	)		37.68
Total Equity Securities — Short				$	(15,788,864	)		100.00

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

14 Invesco Global Market Neutral Fund

Statement of Assets and Liabilities

October 31, 2017


Assets:
Investments in securities, at value (Cost $12,585,369)	$	16,005,574
Investments in affiliated money market funds, at value and cost		988,465
Other investments:
Unrealized appreciation on swap agreements — OTC		102,669
Deposits with brokers:
Cash Collateral — OTC derivatives		83,397
Foreign currencies, at value (Cost $18,186)		18,189
Receivable for:
Fund shares sold		11,485
Dividends		43,061
Investment for trustee deferred compensation and retirement plans		7,291
Other assets		56,752
Total assets		17,316,883

Liabilities:
Other investments:
Unrealized depreciation on swap agreements — OTC		194,991
Payable for:
Accrued fees to affiliates		9,217
Accrued trustees’ and officers’ fees and benefits		1,871
Accrued other operating expenses		86,525
Trustee deferred compensation and retirement plans		7,291
Total liabilities		299,895
Net assets applicable to shares outstanding	$	17,016,988

Net assets consist of:
Shares of beneficial interest	$	12,653,838
Undistributed net investment income		(57,750	)
Undistributed net realized gain		1,093,127
Net unrealized appreciation		3,327,773
	$	17,016,988


Net Assets:
Class A	$	7,654,356
Class C	$	381,347
Class R	$	32,240
Class Y	$	7,476,400
Class R5	$	507,016
Class R6	$	965,629

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		760,732
Class C		38,875
Class R		3,231
Class Y		737,486
Class R5		50,001
Class R6		95,209
Class A:
Net asset value per share	$	10.06
Maximum offering price per share
(Net asset value of $10.06 ¸ 94.50%)	$	10.65
Class C:
Net asset value and offering price per share	$	9.81
Class R:
Net asset value and offering price per share	$	9.98
Class Y:
Net asset value and offering price per share	$	10.14
Class R5:
Net asset value and offering price per share	$	10.14
Class R6:
Net asset value and offering price per share	$	10.14

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

15 Invesco Global Market Neutral Fund

Statement of Operations

For the year ended October 31, 2017


Investment income:
Dividends (net of foreign withholding taxes of $20,898)	$	366,538
Dividends from affiliated money market funds		7,994
Total investment income		374,532

Expenses:
Advisory fees		186,554
Administrative services fees		50,000
Custodian fees		10,000
Distribution fees:
Class A		18,913
Class C		4,221
Class R		139
Transfer agent fees — A, C, R and Y		14,795
Transfer agent fees — R5		55
Transfer agent fees — R6		97
Trustees’ and officers’ fees and benefits		20,361
Registration and filing fees		80,222
Reports to shareholders		25,687
Professional services fees		92,457
Other		13,555
Total expenses		517,056
Less: Fees waived and expenses reimbursed		(259,916	)
Net expenses		257,140
Net investment income		117,392

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		1,512,587
Foreign currencies		5,291
Swap agreements		(2,933,067	)
		(1,415,189	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		1,894,379
Foreign currencies		2,483
Swap agreements		(270,324	)
		1,626,538
Net realized and unrealized gain		211,349
Net increase in net assets resulting from operations	$	328,741

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

16 Invesco Global Market Neutral Fund

Statement of Changes in Net Assets

For the years ended October 31, 2017 and 2016


	2017			2016
Operations:
Net investment income	$	117,392		$	245,562
Net realized gain (loss)		(1,415,189	)		(2,575,111	)
Change in net unrealized appreciation		1,626,538			1,445,322
Net increase (decrease) in net assets resulting from operations		328,741			(884,227	)

Distributions to shareholders from net realized gains:
Class A		—			(14,354	)
Class C		—			(1,226	)
Class R		—			(43	)
Class Y		—			(31,654	)
Class R5		—			(1,295	)
Class R6		—			(1,692	)
Total distributions from net realized gains		—			(50,264	)

Share transactions–net:
Class A		(190,910	)		2,295,064
Class C		(256,799	)		115,558
Class R		8,513			8,382
Class Y		(4,966,606	)		480,103
Class R6		162,755			144,850
Net increase (decrease) in net assets resulting from share transactions		(5,243,047	)		3,043,957
Net increase (decrease) in net assets		(4,914,306	)		2,109,466

Net assets:
Beginning of year		21,931,294			19,821,828
End of year (includes undistributed net investment income of $(57,750) and $(183,040), respectively)	$	17,016,988		$	21,931,294

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

17 Invesco Global Market Neutral Fund

Notes to Financial Statements

October 31, 2017

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 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 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.

18 Invesco Global Market Neutral Fund

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

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

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.

19 Invesco Global Market Neutral Fund

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.

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.

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

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

20 Invesco Global Market Neutral Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates


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%

Prior to January 1, 2017, the Fund paid 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, 2017, the effective advisory fees incurred by the Fund was 1.01%.

Effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2019, 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 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25% of average daily net assets (the “expense limits”), respectively. Prior to January 1, 2017, 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 1.62%, 2.37%, 1.87%, 1.37%, 1.37% and 1.37% of average daily net assets, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2017, the Adviser waived advisory fees of $244,969 and reimbursed class level expenses of $6,545, $365, $24, $7,861, $55 and $97 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

21 Invesco Global Market Neutral 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, 2017, IDI advised the Fund that IDI retained $116 in front-end sales commissions from the sale of Class A shares and $5 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

Level 1 —

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

Level 2 —

Level 3 —

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended October 31, 2017, there were transfers from Level 1 to Level 2 of $1,727,914 and from Level 2 to Level 1 of $1,331,139, due to foreign fair value adjustments.


	Level 1		Level 2			Level 3		Total
Australia	$	83,518	$	220,275		$	—	$	303,793
Austria		213,424		—			—		213,424
Canada		870,178		—			—		870,178
China		220,230		—			—		220,230
Denmark		301,984		—			—		301,984
Finland		209,375		—			—		209,375
France		523,881		—			—		523,881
Germany		352,282		468,998			—		821,280
Ireland		68,025		—			—		68,025
Japan		411,878		3,372,702			—		3,784,580
Netherlands		147,500		—			—		147,500
Norway		85,715		—			—		85,715
Panama		50,261		—			—		50,261
Singapore		84,336		—			—		84,336
Spain		335,014		—			—		335,014
Sweden		64,201		171,734			—		235,935
Switzerland		282,294		119,134			—		401,428
United Kingdom		1,188,724		396,711			—		1,585,435
United States		5,763,200		—			—		5,763,200
Money Market Funds		988,465		—			—		988,465
		12,244,485		4,749,554			—		16,994,039
Swap Agreements*		—		(92,322	)		—		(92,322	)
Total Investments	$	12,244,485	$	4,657,232		$	—	$	16,901,717

*	Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

22 Invesco Global Market Neutral Fund

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, 2017:


	Value
Derivative Assets	Equity Risk
Unrealized appreciation on swap agreements — OTC	$	102,669
Derivatives not subject to master netting agreements		—
Total Derivative Assets subject to master netting agreements	$	102,669


	Value
Derivative Liabilities	Equity Risk
Unrealized depreciation on swap agreements — OTC	$	(194,991	)
Derivatives not subject to master netting agreements		—
Total Derivative Liabilities subject to master netting agreements	$	(194,991	)

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, 2017.


	Financial Derivative Assets		Financial Derivative Liabilities			Net Value of Derivatives			Collateral (Received)/Pledged				Net Amount
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Morgan Stanley & Co. LLC	$	102,669	$	(194,991	)	$	(92,322	)	$	—	$	83,397	$	(8,925	)

Effect of Derivative Investments for the year ended October 31, 2017

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	$	(2,933,067	)
Change in Net Unrealized Appreciation (Depreciation):
Swap agreements	$	(270,324	)
Total	$	(3,203,391	)

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


	Swap Agreements
Average notional value	$	17,218,041

NOTE 5—Trustees’ and Officers’ Fees and Benefits

NOTE 6—Cash Balances

23 Invesco Global Market Neutral 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, 2017 and 2016:


	2017		2016
Long-term capital gain	$	—	$	50,264

Tax Components of Net Assets at Period-End:


	2017
Undistributed long-term gain	$	1,153,027
Net unrealized appreciation — investments		3,215,807
Net unrealized appreciation — other investments		793
Temporary book/tax differences		(6,477	)
Shares of beneficial interest		12,653,838
Total net assets	$	17,016,988

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, 2017.

NOTE 8—Investment Transactions

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, 2017 was $6,097,949 and $13,707,144, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	3,890,967
Aggregate unrealized (depreciation) of investments		(675,160	)
Net unrealized appreciation of investments	$	3,215,807

Cost of investments for tax purposes is $13,685,910.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of swap agreements and net operating loss, on October 31, 2017, undistributed net investment income was increased by $7,898, undistributed net realized gain was increased by $2,900,770 and shares of beneficial interest was decreased by $2,908,668. This reclassification had no effect on the net assets of the Fund.

24 Invesco Global Market Neutral Fund

NOTE 10—Share Information


	Summary of Share Activity
	Years ended October 31,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		50,956		$	506,412			323,878		$	3,282,254
Class C		8,688			84,771			197,014			1,998,263
Class R		863			8,513			2,586			26,252
Class Y		87,656			880,836			442,472			4,518,995
Class R6		32,982			330,711			22,473			224,372

Issued as reinvestment of dividends:
Class A		—			—			264			2,697
Class C		—			—			119			1,200
Class R		—			—			2			16
Class Y		—			—			1,953			20,025
Class R6		—			—			39			397

Reacquired:
Class A		(69,912	)		(697,322	)		(98,828	)		(989,887	)
Class C		(34,891	)		(341,570	)		(191,138	)		(1,883,905	)
Class R		—			—			(1,854	)		(17,886	)
Class Y		(581,028	)		(5,847,442	)		(404,130	)		(4,058,917	)
Class R6		(16,681	)		(167,956	)		(7,869	)		(79,919	)
Net increase (decrease) in share activity		(521,367	)	$	(5,243,047	)		286,981		$	3,043,957

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% 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, 62% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

25 Invesco Global Market Neutral Fund

NOTE 11—Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Class A
Year ended 10/31/17	$	9.91	$	0.05		$	0.10		$	0.15		$	—		$	—		$	—		$	10.06		1.51	%	$	7,654		1.52	%^(d)		2.93	%^(d)		0.51	%^(d)		35	%
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			2.89			1.00			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 10/31/17		9.74		(0.02	)		0.09			0.07			—			—			—			9.81		0.72			381		2.27	^(d)		3.68	^(d)		(0.24	)^(d)		35
Year ended 10/31/16		10.20		0.03			(0.46	)		(0.43	)		—			(0.03	)		(0.03	)		9.74		(4.27	)		634		2.36			3.64			0.25			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 10/31/17		9.86		0.03			0.09			0.12			—			—			—			9.98		1.22			32		1.77	^(d)		3.18	^(d)		0.26	^(d)		35
Year ended 10/31/16		10.27		0.08			(0.46	)		(0.38	)		—			(0.03	)		(0.03	)		9.86		(3.75	)		23		1.86			3.14			0.75			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 10/31/17		9.96		0.08			0.10			0.18			—			—			—			10.14		1.81			7,476		1.27	^(d)		2.68	^(d)		0.76	^(d)		35
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			2.64			1.25			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 10/31/17		9.96		0.08			0.10			0.18			—			—			—			10.14		1.81			507		1.26	^(d)		2.60	^(d)		0.77	^(d)		35
Year ended 10/31/16		10.34		0.13			(0.48	)		(0.35	)		—			(0.03	)		(0.03	)		9.96		(3.43	)		498		1.36			2.56			1.25			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 10/31/17		9.97		0.08			0.09			0.17			—			—			—			10.14		1.71			966		1.26	^(d)		2.60	^(d)		0.77	^(d)		35
Year ended 10/31/16		10.34		0.13			(0.47	)		(0.34	)		—			(0.03	)		(0.03	)		9.97		(3.33	)		786		1.36			2.56			1.25			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)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $7,565, $422, $28, $9,086, $500 and $878 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 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.

26 Invesco Global Market Neutral Fund

Report of Independent Registered Public Accounting Firm

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

and Shareholders of Invesco Global Market Neutral Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Global Market Neutral Fund (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended and for the period December 19, 2013 (commencement of investment 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, 2017 by correspondence with the custodian, transfer agent and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

27 Invesco Global Market Neutral Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (05/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,003.00	$	7.52	$	1,017.69	$	7.58		1.49	%
C		1,000.00		999.00		11.29		1,013.91		11.37		2.24
R		1,000.00		1,002.00		8.78		1,016.43		8.84		1.74
Y		1,000.00		1,004.00		6.26		1,018.95		6.31		1.24
R5		1,000.00		1,004.00		6.26		1,018.95		6.31		1.24
R6		1,000.00		1,004.00		6.26		1,108.95		6.31		1.24

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

28 Invesco Global 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 12-13, 2017, 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. and separate Sub-Advisory Contracts with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.

The Board’s Fund Evaluation Process

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

B.	Fund Investment Performance

The Board noted that the Fund had only three years of performance history and compared the Fund’s investment performance during the past one and three 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 fifth quintile of its performance universe for the one year period and the third quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of 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

29 Invesco Global Market Neutral 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 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.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

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

of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

30 Invesco Global Market Neutral Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested 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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco Global Market Neutral Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎	Fund reports and prospectuses

∎	Quarterly statements

∎	Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

The SEC file numbers for the Fund are shown below.

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		Invesco Distributors, Inc.		GMN-AR-1 12202017 1347

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

Visit our website for more information on your investments

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 and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, 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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Global Targeted Returns Fund

LOGO

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.

∎ 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.

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

Sincerely,

LOGO

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, 2017, Class A shares of Invesco Global Targeted Returns Fund (the Fund), at net asset value (NAV), outperformed the Citi US Three-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


Class A Shares	1.32	%
Class C Shares	0.52
Class R Shares	0.99
Class Y Shares	1.48
Class R5 Shares	1.58
Class R6 Shares	1.59
Citi US Three-Month Treasury Bill Index^▼ (Broad Market/Style Specific Index)*	0.71
U.S. 3-Month Treasury Bill Index^∎ (Former Broad Market/Style-Specific Index)*	0.80
Source(s): ^▼FactSet Research Systems Inc.; ^∎Lipper Inc. *The Fund has elected to use the Citi US Three-Month Treasury Bill Index rather than the U.S. 3-Month Treasury Bill Index as its broad market/style-specific index because the Citi US Three-Month Treasury Bill Index more closely reflects the performance of the types of securities in which the Fund invests.

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 into a single portfolio. There is no guarantee that the Fund will achieve either 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


Portfolio Composition
By asset type
	Risk Allocation¹	Notional Value as % of Total Net Assets²	Value as % of Total Net Assets³
Commodity	5.10%	23.65%	-0.01%
Credit	7.03	27.33	16.12
Currency	25.73	295.87	2.00
Equity	30.90	285.21	44.02
Inflation	9.31	196.87	0.03
Interest Rate	17.94	198.23	11.41
Volatility⁴	3.99	1.22	-0.63
Money Market Funds Plus Other Assets Less Liabilities	–	–	27.06

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 in a wide range of asset types including derivative instruments and physical securities, including underlying investment companies.

Outside the US, Brexit (the UK’s plan to leave the European Union) remained a source of political and economic uncertainty, while improved economic data and confidence surveys raised the prospect of less accommodative monetary policy in continental Europe. In Asia, increased exports helped Japan’s economy, while China’s economy continued to stabilize. Most emerging markets performed well during the reporting period. In addition to an improving global economic outlook, other positive tailwinds for international markets included continued weakness in the US dollar and reduced expectations for a major shift in US trade policy.

One of the significant contributors to Fund performance during the reporting period was the Equity – Selective Asia


Total Net Assets		$148.4 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, 2017.

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.

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 US 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, 2017.

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, 2017.

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

Exposure idea. We implemented the idea by reflecting two Asian equity strategies managed by our Invesco colleagues and tailored this idea by using index futures. The idea benefited from the strong performance of the underlying strategies as well as its overweight exposure to the Taiwanese equity market, which performed well on an improved outlook for global growth. In the Interest Rates – Swap Spreads idea, we sought to capitalize on long-dated UK gilts and US Treasuries, which appeared to be trading at historically cheap levels versus other similar interest rate swaps. Midway through the reporting period, this idea benefited as spreads between long-dated government bonds and interest rate swaps narrowed in both the US and the UK. Our Equity – Japan idea was a solid performer during the reporting period, particularly during the latter half. This idea was rewarded by strong gains in Japanese equity markets during the run-up to Prime Minister Abe’s landslide re-election win.

Among the most significant detractors from Fund performance for the reporting period was the Currency – Japanese Yen vs Korean Won idea, which favored the Japanese yen against the relatively more expensive Korean won. The yen depreciated early in the reporting period as Japanese authorities maintained their quantitative easing efforts despite increasing pressure on bond yields globally. Later in the reporting period, the yen and won remained relatively range bound as tensions between the US and North Korea put some pressure on the South Korean won. The Currency – US Dollar vs Euro idea, which seeks to benefit from the US dollar strengthening versus the euro due to relatively favorable long-term economic growth dynamics in the US, was a detractor in the latter half of the reporting period. Several European events proved accretive for the euro, including broadly positive European economic data, markets speculating the European Central Bank would begin unwinding its accommodative monetary policy and the election of a pro-European French president. The US dollar was also under pressure because of concerns over a slowdown in tax reform and other pro-growth policies of the Trump administration. Our Equity – US Staples vs Discretionary idea detracted from the Fund’s performance early in the reporting period. While the idea provided diversification with negative correlation to equity markets and low correlation with other ideas in the strategy, it was already under review and ultimately removed from the Fund in November 2016 following the

Trump presidential election victory and his administration’s pro-growth agenda.

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 could be identified more broadly. We lowered the number of total investment ideas in the portfolio over the reporting period and increased risk-on positioning while maintaining diversification across seven asset classes and continuing to have broad geographic representation. After adding our first commodity idea to the portfolio last year, it was supplemented with another commodity idea which seeks to take advantage of the shape of the commodity curve and potentially benefit from rising energy prices.

On March 28, 2017, the Fund transitioned the manner in which it obtains equity and fixed income market exposure from a fund-of-funds structure to a sleeved structure. Pursuant to a sleeve structure, the Fund invests directly in individual securities rather than investing in underlying funds.

We believe economic growth is being boosted by cyclical factors such as consumption and trade, but structural issues such as high debt and declining global liquidity could hinder it. We believe low inflation may persist due to a lack of pricing power and debt overhang. Policy conflicts are influencing decision making, which could drive uncertainty both for the US dollar and for core bond markets. A weakened US dollar is a boon to emerging markets, but its popularity as a borrowed currency typically indicates that it still has support. Credit markets look expensive and vulnerable to policy changes, and equity returns are dominated by income. For these reasons, diversified alpha through actively-managed equity and credit strategies is a useful source of potential value. Volatility remains stubbornly low, but macroeconomic uncertainties suggest this may be unsustainable and may rise.

As indicated throughout this report, the 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

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

LOGO

Past performance cannot guarantee comparable future results.

During the reporting period, the Fund elected to use the Citi US Three-Month Treasury Bill Index rather than the U.S. 3-Month Treasury Bill Index as its broad market/style-specific index because the Citi US Three-Month Treasury Bill Index more closely reflects the performance of the types of securities in which the Fund

invests. Because this is the first reporting period since we have adopted the new index, SEC guidelines require that we compare performance to both the old and new indexes.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Index results include reinvested dividends, but they do not

reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees; performance of a market index does not. Performance shown in the chart and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 10

∎

Other information

∎

6 Invesco Global Targeted Returns Fund


Average Annual Total Returns
As of 10/31/17, including maximum applicable sales charges

Class A Shares
Inception (12/19/13)	0.61	%
1 Year	-4.25

Class C Shares
Inception (12/19/13)	1.31	%
1 Year	-0.45

Class R Shares
Inception (12/19/13)	1.83	%
1 Year	0.99

Class Y Shares
Inception (12/19/13)	2.33	%
1 Year	1.48

Class R5 Shares
Inception (12/19/13)	2.36	%
1 Year	1.58

Class R6 Shares
Inception (12/19/13)	2.33	%
1 Year	1.59

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively.^1,2,3 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 2.37%, 3.12%, 2.62%, 2.12%, 2.11% and 2.02%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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


Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (12/19/13)	0.41	%
1 Year	-5.28

Class C Shares
Inception (12/19/13)	1.15	%
1 Year	-1.55

Class R Shares
Inception (12/19/13)	1.68	%
1 Year	0.08

Class Y Shares
Inception (12/19/13)	2.17	%
1 Year	0.48

Class R5 Shares
Inception (12/19/13)	2.20	%
1 Year	0.48

Class R6 Shares
Inception (12/19/13)	2.17	%
1 Year	0.48

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

1	The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.42% for Invesco Global Targeted Returns Fund.

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, 2019. See current prospectus for more information.

3	Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2019. See current prospectus for more information.

7 Invesco Global Targeted Returns Fund

Invesco Global Targeted Returns Fund’s investment objective is to seek a positive total return over the long term in all market environments.

∎

Unless otherwise stated, information presented in this report is as of October 31, 2017, 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.

∎

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.

∎

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.

∎

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.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Global Targeted Returns Fund

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.

∎

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.

∎

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.

∎

9 Invesco Global Targeted Returns Fund

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.

∎

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.

∎

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.

∎

About indexes used in this report

∎

The Citi US Three-Month Treasury Bill Index is an unmanaged index representative of three-month US Treasury bills.

∎

The U.S. 3-Month Treasury Bill Index is tracked by Lipper to provide performance for the three-month US Treasury bill.

∎

continued on page 6

10 Invesco Global Targeted Returns Fund

Consolidated Schedule of Investments

October 31, 2017


	Shares		Value
Common Stocks & Other Equity Interests–40.60%
Australia–0.22%
Alumina Ltd.		14,874	$	26,707
Amcor Ltd.		7,370		89,353
Fairfax Media Ltd.		26,574		22,404
Metcash Ltd.		20,095		41,374
Mineral Resources Ltd.		1,240		16,604
Newcrest Mining Ltd.		2,180		37,193
Origin Energy Ltd.^(a)		6,118		37,289
Woodside Petroleum Ltd.		2,516		59,358
				330,282

Austria–0.07%
OMV AG		1,815		109,055

Belgium–0.06%
Proximus S.A.		2,812		93,390

Brazil–0.15%
BRF S.A.^(a)		4,300		58,257
EZ Tec Empreendimentos e Participacoes S.A.		10,500		69,266
Kroton Educacional S.A.		6,800		37,707
Telefonica Brasil S.A.–Preference Shares		3,300		50,923
				216,153

Canada–0.30%
Canadian Natural Resources Ltd.		6,572		229,340
Goldcorp, Inc.		5,683		74,220
Methanex Corp.		1,453		70,834
PrairieSky Royalty Ltd.		2,657		70,724
				445,118

China–2.18%
51job, Inc.–ADR ^(a)		2,402		148,684
Alibaba Group Holding Ltd.–ADR^(a)		1,044		193,025
Autohome Inc.–ADR^(a)		1,059		60,903
Baidu, Inc.–ADR^(a)		1,600		390,304
Changyou.com Ltd.–ADR^(a)		465		18,014
China Biologic Products Holdings, Inc.^(a)		510		39,632
China Communications Services Corp. Ltd.–Class H		8,000		4,851
China Conch Venture Holdings Ltd.		44,000		89,676
China Literature Ltd.^(a)(b)		8		57
China Mobile Ltd.		34,000		341,464
China Resources Power Holdings Co. Ltd.		46,000		88,446
CNOOC Ltd.		144,000		196,972
ENN Energy Holdings Ltd.		16,000		117,312
FIH Mobile Ltd.		38,000		11,963
Fuyao Glass Industry Group Co., Ltd.–REGS–Class H^(b)		9,600		36,658


	Shares		Value
China–(continued)
Industrial & Commercial Bank of China Ltd.–Class H		234,000	$	185,667
JD.com, Inc.–ADR^(a)		4,031		151,243
Minth Group Ltd.		32,000		172,687
NetEase, Inc.–ADR		1,537		433,311
Qingdao Port International Co., Ltd.–REGS–Class H ^(b)		83,000		58,904
Sohu.com Inc.^(a)		471		26,955
Tencent Holdings Ltd.		9,400		423,396
Zhejiang Expressway Co., Ltd.–Class H		34,000		42,183
				3,232,307

Denmark–0.45%
Carlsberg A/S–Class B		604		68,980
Danske Bank A/S		4,300		164,054
GN Store Nord A/S		1,331		44,029
H. Lundbeck A/S		1,698		100,908
ISS A/S		1,990		84,241
Novo Nordisk A/S–Class B		3,548		176,523
Rockwool International A/S–Class B		76		20,643
Sydbank A/S		391		15,254
				674,632

Finland–0.74%
Nokia Oyj		47,793		234,722
Orion Oyj–Class B		462		18,944
Stora Enso Oyj–Class R		27,029		422,858
UPM-Kymmene Oyj		14,230		427,674
				1,104,198

France–2.98%
Airbus SE		5,331		544,935
Atos SE		1,121		174,201
AXA S.A.		3,752		113,332
BNP Paribas S.A.		2,454		191,843
Capgemini SE		2,644		321,398
Cie Generale des Etablissements Michelin		2,735		395,701
Faurecia		2,526		183,644
Ipsen S.A.		455		55,017
Legrand S.A.		706		52,446
Neopost S.A.		516		19,018
Nexity S.A.		260		15,977
Orange S.A.		26,293		431,405
Peugeot S.A.		7,352		174,413
Safran S.A.		1,305		137,471
Sanofi		1,897		179,636
Société Générale S.A.		2,939		163,650
SPIE S.A.		926		24,357
Teleperformance		125		18,224
TOTAL S.A.		21,871		1,219,609
				4,416,277

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

11 Invesco Global Targeted Returns Fund


	Shares		Value
Germany–2.07%
Allianz S.E.		524	$	121,685
BASF S.E.		3,217		350,839
Bayer AG		3,135		409,483
Beiersdorf AG		354		39,712
Covestro AG–REGS^(b)		2,013		193,677
Deutsche Boerse AG		1,927		199,066
Deutsche Post AG		15,466		708,403
Deutsche Telekom AG		8,543		155,645
E.ON S.E.		13,451		158,728
Fraport AG Frankfurt Airport Services Worldwide		1,071		101,894
HOCHTIEF AG		458		81,020
Rheinmetall AG		349		41,163
RWE AG^(a)		6,884		172,091
SAP S.E.		886		100,795
Siltronic AG^(a)		407		60,307
Software AG		775		39,461
TUI AG		2,639		47,677
Volkswagen AG–Preference Shares		502		91,167
				3,072,813

Hong Kong–0.71%
AIA Group Ltd.		48,000		361,166
CK Asset Holdings Ltd.		19,000		156,235
CK Hutchison Holdings Ltd.		23,000		292,018
Jardine Strategic Holdings Ltd.		1,400		58,716
Pacific Basin Shipping Ltd.^(a)		65,000		14,831
Standard Chartered PLC^(a)		11,250		112,235
Yue Yuen Industrial (Holdings) Ltd.		14,500		55,741
				1,050,942

India–0.73%
Adani Ports & Special Economic Zone Ltd.		11,324		75,266
Godrej Consumer Products Ltd.		5,850		84,379
HDFC Bank Ltd.–ADR		3,540		326,742
Housing Development Finance Corp. Ltd.		1,894		49,945
ICICI Bank Ltd.–ADR		12,773		116,875
Infosys Ltd.–ADR		9,263		137,555
Tata Consultancy Services Ltd.		605		24,542
UPL Ltd.		14,646		180,803
Zee Entertainment Enterprises Ltd.		9,890		82,774
				1,078,881

Indonesia–0.12%
PT Bank Negara Indonesia (Persero) Tbk		201,400		112,854
PT Bank Rakyat Indonesia (Persero) Tbk		27,200		31,344
PT Telekomunikasi Indonesia Persero Tbk		92,700		27,685
				171,883


	Shares		Value
Ireland–0.15%
Kingspan Group PLC		4,481	$	187,395
UDG Healthcare PLC		2,467		30,297
				217,692

Italy–0.77%
A2A S.p.A.		10,600		18,213
Banco BPM S.p.A.^(a)		52,111		181,402
Eni S.p.A.		12,608		206,065
Intesa Sanpaolo S.p.A.		133,710		449,520
Mediaset S.p.A.^(a)		6,765		24,855
Recordati S.p.A.		2,246		104,349
Telecom Italia S.p.A.^(a)		183,420		159,022
				1,143,426

Japan–0.37%
INPEX Corp.		3,400		36,182
Mitsubishi Estate Co., Ltd.		3,100		56,228
NEXON Co., Ltd.^(a)		7,400		197,871
Sumitomo Mitsui Financial Group, Inc.		2,100		84,512
Toyota Motor Corp.		2,700		167,678
				542,471

Malaysia–0.01%
British American Tobacco Malaysia Bhd.		1,900		17,620

Mali–0.08%
Randgold Resources Ltd.		1,208		118,668

Mexico–0.08%
Fibra Uno Administracion S.A. de C.V.		73,100		114,694

Netherlands–0.93%
ASM International N.V.		801		53,671
ASR Nederland N.V.		1,000		41,005
BE Semiconductor Industries N.V.		384		30,172
Heineken Holding N.V.		188		17,454
ING Groep N.V.		25,775		476,201
Koninklijke Ahold Delhaize N.V.		21,680		407,995
Philips Lighting N.V.–REGS^(b)		705		26,671
SBM Offshore N.V.		8,716		155,548
Wolters Kluwer N.V.		3,348		164,116
				1,372,833

Norway–0.62%
Norsk Hydro ASA		15,068		116,492
Orkla ASA		7,543		73,830
Statoil ASA		24,833		503,813
Telenor ASA		3,427		72,792
TGS NOPEC Geophysical Co. ASA		2,212		50,776
Yara International ASA		2,014		95,617
				913,320

Philippines–0.03%
Robinsons Retail Holdings, Inc.		27,160		51,106

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

12 Invesco Global Targeted Returns Fund


	Shares			Value
Russia–0.04%
MMC Norilsk Nickel PJSC–ADR		3,214		$	59,138

Singapore–0.21%
DBS Group Holdings Ltd.		5,200			86,902
Parkway Life REIT		5,900			12,336
Singapore Telecommunications Ltd.		20,200			55,667
United Overseas Bank Ltd.		9,000			162,556
					317,461

South Africa–0.10%
Mondi PLC		6,391			154,599

South Korea–1.57%
E-MART Inc.		174			34,789
Hyundai Motor Co.		1,310			188,255
Hyundai Motor Co.–Preference Shares		1,690			170,457
Kangwon Land, Inc.		1,442			44,148
KB Financial Group Inc.		3,216			167,920
Korea Electric Power Corp.		5,860			205,038
Korea Investment Holdings Co., Ltd.		1,254			70,852
LG Corp.		1,718			131,878
LG Uplus Corp.		1,543			17,698
POSCO		472			137,448
Samsung Electronics Co., Ltd.		292			718,815
Samsung Electronics Co., Ltd.–Preference Shares		159			317,903
Shinhan Financial Group Co., Ltd.		2,776			124,964
					2,330,165

Spain–0.74%
Amadeus IT Group S.A.		2,855			193,727
Atresmedia Corp. de Medios de Comunicación, S.A.		7,830			80,449
Banco Bilbao Vizcaya Argentaria, S.A.		17,630			154,296
Bankia S.A.		27,481			131,217
CaixaBank S.A.		65,154			304,958
Ebro Foods, S.A.		580			13,955
Endesa, S.A.		2,937			67,229
Mediaset Espana Comunicacion S.A.		4,781			51,973
Merlin Properties Socimi, S.A.		4,788	��		63,194
Obrascon Huarte Lain, S.A.^(a)		7,770			43,645
					1,104,643

Sweden–0.45%
Electrolux AB–Series B		4,511			159,502
Intrum Justitia AB		1,033			36,131
Loomis AB–Class B		482			19,340
Lundin Petroleum AB^(a)		2,731			64,235
Nordea Bank AB		7,413			89,614
Saab AB–Class B		739			37,765
Sandvik AB		1,128			20,550
SSAB AB–Class A^(a)		8,911			43,670
SSAB AB–Class B^(a)		16,134			64,931
Swedish Match AB		3,414			128,541
					664,279


	Shares		Value
Switzerland–2.68%
Adecco Group AG		3,661	$	290,815
Barry Callebaut AG		27		42,140
Bucher Industries AG		59		23,135
Coca-Cola HBC AG		2,856		96,555
Flughafen Zürich AG		229		49,813
Georg Fischer AG		46		56,740
Glencore PLC		92,545		445,666
LafargeHolcim Ltd.		804		45,414
Logitech International S.A.		4,062		145,118
Lonza Group AG		705		187,274
Nestle S.A.		869		73,085
Novartis AG		7,470		616,181
Roche Holding AG		2,995		692,008
SGS S.A.		75		185,245
Sika AG		22		163,023
STMicroelectronics N.V.		5,315		125,067
Straumann Holding AG		102		71,214
Temenos Group AG		1,076		124,253
UBS Group AG		14,611		248,908
VAT Group AG–REGS^(b)		166		21,615
Zurich Insurance Group AG		877		267,937
				3,971,206

Taiwan–1.00%
Asustek Computer Inc.		6,000		51,988
China Life Insurance Co., Ltd.		15,170		14,369
Delta Electronics Inc.		3,000		14,466
Gigabyte Technology Co., Ltd.		15,000		23,348
Hon Hai Precision Industry Co., Ltd.		67,000		249,911
MediaTek Inc.		14,000		158,970
Quanta Computer Inc.		13,000		30,679
Taiwan Semiconductor Manufacturing Co. Ltd.–ADR		15,851		670,973
Taiwan Semiconductor Manufacturing Co. Ltd.		30,000		242,287
Yageo Corp.		3,193		25,560
				1,482,551

Thailand–0.12%
Bangkok Bank PCL–NVDR		4,500		26,169
Bangkok Bank PCL		22,300		135,306
CPN Retail Growth Leasehold Property Fund		27,600		18,108
				179,583

United Kingdom–16.00%
Ashtead Group PLC		2,631		67,803
AstraZeneca PLC		6,844		463,866
Aviva PLC		130,505		876,024
Babcock International Group PLC		24,404		263,236
BAE Systems PLC		148,403		1,170,017
Balfour Beatty PLC		43,314		157,655
Barclays PLC		326,088		805,489

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

13 Invesco Global Targeted Returns Fund


	Shares		Value
United Kingdom–(continued)
Barratt Developments PLC		20,332	$	176,774
Beazley PLC		36,242		243,367
Bellway PLC		2,073		100,513
Booker Group PLC		49,407		132,052
BP PLC		305,390		2,069,780
British American Tobacco PLC		14,904		962,581
BT Group PLC		203,746		704,518
BTG PLC ^(a)		36,361		364,197
Bunzl PLC		7,592		236,628
Capita PLC		22,255		154,913
Centrica PLC		75,360		169,984
Compass Group PLC		8,910		195,657
Dairy Crest Group PLC		19,009		153,403
Derwent London PLC		6,001		213,323
easyJet PLC		34,521		614,035
Electrocomponents PLC		5,943		54,788
Essentra PLC		7,849		55,470
esure Group PLC		41,222		147,029
Experian PLC		1,618		34,089
Fevertree Drinks PLC		1,038		29,246
Fiat Chrysler Automobiles N.V.^(a)		1,174		20,295
G4S PLC		127,839		477,198
GlaxoSmithKline PLC		8,722		156,727
Hays PLC		18,810		46,576
Hiscox Ltd.		22,843		433,321
HSBC Holdings PLC		12,000		117,303
Imperial Brands PLC		9,199		375,214
Inchcape PLC		3,164		32,847
Indivior PLC ^(a)		10,821		53,416
InterContinental Hotels Group PLC		1,729		95,966
International Consolidated Airlines Group, S.A.		21,294		179,839
International Consolidated Airlines Group, S.A.		39,663		335,098
Intertek Group PLC		1,861		133,996
J D Wetherspoon PLC		16,348		270,373
J Sainsbury PLC		121,852		392,530
Lancashire Holdings Ltd.		16,386		163,580
Legal & General Group PLC		319,259		1,132,357
Lloyds Banking Group PLC		307,593		279,037
London Stock Exchange Group PLC		4,114		205,540
Marks & Spencer Group PLC		97,192		444,267
Moneysupermarket.com Group PLC		8,014		34,588
N Brown Group PLC		31,737		126,984
NEX Group PLC		2,392		20,161
Next PLC		3,861		252,396
PageGroup PLC		5,499		34,121
Persimmon PLC		4,745		176,617
Provident Financial PLC		10,852		134,283
RELX N.V.		5,694		128,613
RELX PLC		23,345		537,076
Rentokil Initial PLC		83,901		374,263


	Shares		Value
United Kingdom–(continued)
Rightmove PLC		1,201	$	66,273
Rolls-Royce Holdings PLC–Preference Shares^(a)		1,448,402		1,924
Rolls-Royce Holdings PLC		31,487		406,980
Royal Bank of Scotland Group PLC (The)^(a)		70,548		264,748
Royal Dutch Shell PLC–Class A		40,856		1,283,081
Royal Dutch Shell PLC–Class A		13,100		412,251
Royal Dutch Shell PLC–Class B		10,509		338,298
RSA Insurance Group PLC		37,172		310,596
Saga PLC		20,417		51,830
Shaftesbury PLC		12,600		165,705
Spirax-Sarco Engineering PLC		352		26,419
SSP Group PLC		4,072		31,644
Stagecoach Group PLC		43,880		97,228
Standard Chartered PLC^(a)		6,777		67,555
Subsea 7 S.A.		8,287		139,295
TalkTalk Telecom Group PLC		121,090		343,427
TechnipFMC PLC^(a)		1,094		29,745
Tesco PLC		40,623		97,890
Thomas Cook Group PLC		312,268		496,951
TP ICAP PLC		28,102		203,266
Unilever N.V.		2,931		170,392
Vectura Group PLC^(a)		58,706		77,985
Vodafone Group PLC		240,851		689,222
WH Smith PLC		1,900		51,665
Wm Morrison Supermarkets PLC		43,683		130,100
				23,735,489

United States–3.76%
Allergan PLC		371		65,752
Altria Group, Inc.		5,544		356,036
American Express Co.		1,416		135,256
Amgen Inc.		935		163,831
Aon PLC		772		110,728
Apache Corp.		2,083		86,174
Berkshire Hathaway Inc.–Class B^(a)		584		109,173
Carnival PLC		2,445		161,130
Chevron Corp.		2,688		311,512
Citigroup Inc.		6,032		443,352
eBay Inc.^(a)		4,018		151,237
First Republic Bank		1,751		170,547
Gilead Sciences, Inc.		2,790		209,138
JPMorgan Chase & Co.		4,721		474,980
Las Vegas Sands Corp.		3,451		218,724
Markel Corp.^(a)		38		41,203
Mastercard Inc.–Class A		1,078		160,374
Microsoft Corp.		3,376		280,816
Monsanto Co.		111		13,442
Nasdaq, Inc.		2,452		178,138
National Oilwell Varco Inc.		2,218		75,833
Newmont Mining Corp.		980		35,437

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

14 Invesco Global Targeted Returns Fund


	Shares		Value
United States–(continued)
Nielsen Holdings PLC		4,859	$	180,123
PayPal Holdings, Inc.^(a)		1,421		103,108
Pfizer Inc.		7,060		247,524
Priceline Group Inc. (The)^(a)		59		112,806
Samsonite International S.A.		19,200		80,675
TE Connectivity Ltd.		1,478		134,454
Union Pacific Corp.		1,102		127,601
United Rentals, Inc.^(a)		421		59,563
United Technologies Corp.		2,076		248,622
Wells Fargo & Co.		4,397		246,848
Williams-Sonoma, Inc.		1,574		81,218
				5,575,355

Zambia–0.11%
First Quantum Minerals Ltd.		14,547		162,711
Total Common Stocks & Other Equity Interests (Cost $53,940,535)				60,224,941

	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes–16.97%^(c)
Australia–0.08%
Origin Energy Finance Ltd., REGS, Unsec. Sub. Gtd. Euro Bonds, 4.00%, 09/16/2074^(b)	EUR	100,000		122,282

Belgium–0.10%
Solvay Finance S.A., REGS, Jr. Unsec. Sub. Gtd. Euro Bonds, 5.87%^(b)(d)	EUR	100,000		140,953

Bermuda–0.05%
Fidelity International Ltd., REGS, Sr. Unsec. Medium-Term Euro Notes, 6.75%, 10/19/2020^(b)	GBP	50,000		75,688

Brazil–0.02%
Notas do Tesouro Nacional, Series F, Unsec. Notes, 10.00%, 01/01/2018	BRL	75,000		23,831

Canada–0.02%
Parkland Fuel Corp., Sr. Unsec. Gtd. Notes, 5.63%, 05/09/2025	CAD	40,000		31,160

France–0.44%
Burger King France S.A.S., Sr. Sec. Gtd. Floating Rate Bonds, 5.25% (3 mo. EURIBOR + 5.25%), 05/01/2023^(b)(e)	EUR	100,000		120,128
Électricité de France S.A., REGS, Jr. Unsec. Sub. Medium-Term Euro Notes, 5.88%^(b)(d)	GBP	100,000		140,060
La Financière ATALIAN S.A.S., Sr. Unsec. Gtd. Bonds, 4.00%, 05/15/2024^(b)	EUR	100,000		122,664
Orange S.A., REGS, Jr. Unsec. Sub. Euro Notes, 5.88%^(b)(d)	GBP	100,000		148,588


	Principal Amount		Value
France–(continued)
TOTAL S.A., REGS, Jr. Unsec. Sub. Medium-Term Euro Notes, 2.25%^(b)(d)	EUR	100,000	$	122,320
				653,760

Germany–0.33%
CBR Fashion Finance B.V., Sr. Sec. Gtd. Bonds, 5.13%, 10/01/2022^(b)	EUR	100,000		117,284
PrestigeBidCo GmbH, Sr. Sec. Gtd. Bonds, 6.25%, 12/15/2023^(b)	EUR	100,000		126,951
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, REGS, Sr. Sec. Gtd. First Lien Euro Bonds, 4.63%, 02/15/2026^(b)	EUR	100,000		127,993
WEPA Hygieneprodukte GmbH, REGS, Sr. Sec. Gtd. First Lien Euro Notes, 3.75%, 05/15/2024^(b)	EUR	100,000		122,047
				494,275

Hungary–0.75%
Hungary Government Bond, Series 2027A, Unsec. Bonds, 3.00%, 10/27/2027	HUF	283,870,000		1,115,689

Italy–0.31%
Enel S.p.A., REGS, Jr. Unsec. Sub. Euro Bonds, 6.63%, 09/15/2076^(b)	GBP	100,000		150,970
Italy Buoni Poliennali del Tesoro, Sr. Unsec. Euro Bonds, 1.25%, 12/01/2026	EUR	55,000		61,906
Mercury Bondco PLC, Sr. Sec. Gtd. PIK Bonds, 7.88% PIK Rate, 7.13% Cash Rate, 05/30/2021^(b)(f)	EUR	100,000		121,813
Wind Tre S.p.A., Sr. Sec. Gtd. Floating Rate Notes, 2.47% (3 mo. EURIBOR + 2.75%), 01/20/2024^(b)(e)	EUR	100,000		117,189
				451,878

Mexico–1.70%
Mexican Bonos, Series M, Sr. Unsec. Bonds, 5.75%, 03/05/2026	MXN	2,113,000		100,198
10.00%, 12/05/2024	MXN	38,706,700		2,343,583
Petróleos Mexicanos, REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 8.25%, 06/02/2022^(b)	GBP	50,000		83,086
				2,526,867

Netherlands–0.16%
HEMA Bondco I B.V., Sr. Sec. Gtd. Floating Rate Bonds, 6.25% (3 mo. EURIBOR + 6.25%), 07/15/2022^(b)(e)	EUR	100,000		121,150

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

15 Invesco Global Targeted Returns Fund


	Principal Amount		Value
Netherlands–(continued)
UPC Holding B.V., REGS, Sr. Sec. First Lien Euro Bonds, 3.88%, 06/15/2029^(b)	EUR	100,000	$	112,896
				234,046

Poland–3.08%
Republic of Poland Government Bond, Series 0726, Unsec. Bonds, 2.50%, 07/25/2026	PLN	17,343,000		4,460,956
Series 0727, Unsec. Bonds, 2.50%, 07/25/2027	PLN	440,000		111,684
				4,572,640

Portugal–0.05%
Portugal Obrigações do Tesouro, REGS, Sr. Unsec. Euro Bonds, 2.88%, 10/15/2025^(b)	EUR	60,000		75,999

Spain–0.40%
Iberdrola International B.V., REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 1.13%, 04/21/2026^(b)	EUR	100,000		118,189
Naviera Armas, S.A., Sr. Sec. Gtd. Floating Rate Bonds, 6.50% (3 mo. EURIBOR + 6.50%), 07/31/2023^(b)(e)	EUR	100,000		125,567
Spain Government Bond, REGS, Sr. Unsec. Euro Bonds, 1.95%, 04/30/2026^(b)	EUR	55,000		68,088
2.75%, 10/31/2024^(b)	EUR	55,000		72,486
Spain Government Inflation Linked Bond, REGS, Sr. Unsec. Euro Bonds, 0.55%, 11/30/2019^(b)	EUR	50,000		60,773
Telefónica Europe B.V., REGS, Jr. Unsec. Sub. Gtd. Euro Bonds, 6.75%^(b)(d)	GBP	100,000		147,476
				592,579

Supranational–0.07%
European Investment Bank (The), REGS, Sr. Unsec. Medium-Term Euro Notes, 1.50%, 02/01/2019^(b)	GBP	80,000		107,499

Switzerland–0.19%
ELM B.V. for Swiss Reinsurance Co. Ltd., REGS, Jr. Unsec. Sub. Medium-Term Euro Notes, 6.30%^(b)(d)	GBP	100,000		142,099
LafargeHolcim Sterling Finance (Netherlands) B.V., REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 3.00%, 05/12/2032^(b)	GBP	100,000		130,281
				272,380

United Kingdom–8.67%
AA Bond Co. Ltd., REGS, Sr. Sec. First Lien Medium-Term Euro Notes, 4.25%, 07/31/2043^(b)	GBP	100,000		140,502


	Principal Amount		Value
United Kingdom–(continued)
Anglian Water (Osprey) Financing PLC, REGS, Sr. Sec. Gtd. Medium-Term Euro Notes, 7.00%, 01/31/2018^(b)	GBP	100,000	$	134,834
B.A.T. International Finance PLC, REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 2.25%, 09/09/2052^(b)	GBP	100,000		107,302
Barclays Bank PLC, Series RCI, REGS, Jr. Unsec. Sub. Euro Bonds, 14.00%^(b)(d)	GBP	150,000		234,870
Boparan Finance PLC, REGS, Sr. Sec. Gtd. First Lien Euro Notes, 5.50%, 07/15/2021^(b)	GBP	100,000		126,367
BP Capital Markets PLC, REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 1.18%, 08/12/2023^(b)	GBP	100,000		128,997
Centrica PLC, REGS, Jr. Unsec. Sub. Euro Bonds, 5.25%, 04/10/2075^(b)	GBP	100,000		141,961
CYBG PLC, REGS, Unsec. Sub. Euro Bonds, 5.00%, 02/09/2026^(b)	GBP	100,000		139,795
Ei Group PLC, Sr. Sec. First Mortgage Euro Bonds, 6.50%, 12/06/2018	GBP	50,000		69,904
HBOS Capital Funding L.P., REGS, Jr. Unsec. Sub. Gtd. Euro Notes, 6.46%^(b)(d)	GBP	100,000		139,434
Heathrow Finance PLC, REGS, Sr. Sec. First Lien Euro Notes, 5.75%, 03/03/2025^(b)	GBP	100,000		150,763
InterContinental Hotels Group PLC, REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 2.13%, 08/24/2026^(b)	GBP	100,000		127,064
Jaguar Land Rover Automotive PLC, REGS, Sr. Unsec. Gtd. Euro Notes, 3.88%, 03/01/2023^(b)	GBP	100,000		139,581
John Lewis PLC, REGS, Sr. Unsec. Euro Bonds, 4.25%, 12/18/2034^(b)	GBP	100,000		140,009
Lloyds Banking Group PLC, REGS, Jr. Unsec. Sub. Euro Bonds, 7.88%^(b)(d)	GBP	200,000		321,694
Marks & Spencers PLC, REGS, Sr. Unsec. Medium-Term Euro Notes, 4.75%, 06/12/2025^(b)	GBP	100,000		149,142
Nationwide Building Society, REGS, Jr. Unsec. Sub. Bonds, 10.25%^(b)(d)	GBP	68,000		142,046
Jr. Unsec. Sub. Medium-Term Euro Notes, 6.88%^(b)(d)	GBP	100,000		140,648
New Look Secured Issuer PLC, REGS, Sr. Sec. Gtd. First Lien Euro Bonds, 6.50%, 07/01/2022^(b)	GBP	100,000		80,838
Next PLC, REGS, Sr. Unsec. Euro Bonds, 3.63%, 05/18/2028^(b)	GBP	100,000		137,219
Ocado Group PLC, Sr. Sec. Gtd. Notes, 4.00%, 06/15/2024^(b)	GBP	100,000		130,515

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

16 Invesco Global Targeted Returns Fund


	Principal Amount		Value
United Kingdom–(continued)
Phoenix Group Holdings, REGS, Sr. Unsec. Euro Bonds, 5.75%, 07/07/2021^(b)	GBP	100,000	$	149,104
RAC Bond Co. PLC, REGS, Sr. Sec. Gtd. First Lien Medium-Term Euro Notes, 4.87%, 05/06/2026^(b)	GBP	100,000		146,112
RL Finance Bonds No. 3 PLC, REGS, Unsec. Gtd. Sub. Euro Bonds, 6.13%, 11/13/2028^(b)	GBP	100,000		155,354
Rothesay Life PLC, REGS, Unsec. Sub. Euro Bonds, 8.00%, 10/30/2025^(b)	GBP	100,000		155,820
Royal Bank of Scotland Group PLC (The), REGS, Jr. Unsec. Sub. Variable Rate Euro Notes, 2.00% (3 mo. EURIBOR + 2.33%)^(b)(d)(e)	EUR	100,000		113,545
Royal Bank of Scotland PLC (The), Series 352, Jr. Unsec. Sub. Medium-Term Euro Notes, 6.20%^(d)	GBP	13,000		18,919
Sky PLC, REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 2.88%, 11/24/2020^(b)	GBP	100,000		139,094
SSE PLC, REGS, Jr. Unsec. Sub. Euro Bonds, 3.88%^(b)(d)	GBP	100,000		138,055
Tesco Property Finance 2 PLC, REGS, Sr. Sec. First Lien Mortgage-Backed Euro Bonds, 6.05%, 10/13/2039^(b)	GBP	44,037		70,717
Thames Water Utilities Cayman Finance Ltd., REGS, Sr. Sec. Gtd. First Lien Medium-Term Euro Notes, 1.88%, 01/24/2024^(b)	GBP	100,000		130,607
Travis Perkins PLC, REGS, Sr. Unsec. Gtd. Euro Bonds, 4.50%, 09/07/2023^(b)	GBP	100,000		139,733
United Kingdom Gilt, REGS, Unsec. Bonds, 1.50%, 07/22/2047^(b)	GBP	2,667,080		3,223,382
3.50%, 01/22/2045^(b)	GBP	2,454,934		4,334,954
United Kingdom Gilt Inflation-Linked, REGS, Unsec. Bonds, 0.13%, 03/22/2026^(b)	GBP	60,000		93,302
Virgin Media Finance PLC, REGS, Sr. Unsec. Gtd. Euro Notes, 7.00%, 04/15/2023^(b)	GBP	100,000		141,300
Virgin Media Secured Finance PLC, REGS, Sr. Sec. Gtd. First Lien Euro Notes, 6.25%, 03/28/2029^(b)	GBP	100,000		145,299
Vodafone Group PLC, REGS, Sr. Unsec. Medium-Term Euro Notes, 3.38%, 08/08/2049^(b)	GBP	100,000		122,490
Whitbread Group PLC, REGS, Sr. Unsec. Gtd. Euro Bonds, 3.38%, 10/16/2025^(b)	GBP	100,000		139,546
William Hill PLC, REGS, Sr. Unsec. Gtd. Euro Bonds, 4.88%, 09/07/2023^(b)	GBP	100,000		139,017
Yorkshire Building Society (The), REGS, Sr. Unsec. Medium-Term Euro Notes, 3.50%, 04/21/2026^(b)	GBP	100,000		143,262
				12,863,097


	Principal Amount		Value
United States–0.55%
Adient Global Holdings Ltd., Sr. Unsec. Gtd. Notes, 3.50%, 08/15/2024^(b)	EUR	100,000	$	123,348
Belden Inc., Sr. Unsec. Sub. Gtd. Notes, 4.13%, 10/15/2026^(b)	EUR	100,000		125,897
International Business Machines Corp., Sr. Unsec. Euro Notes, 2.63%, 08/05/2022	GBP	100,000		140,882
Johnson & Johnson, Sr. Unsec. Global Notes, 5.50%, 11/06/2024	GBP	50,000		84,165
Netflix, Inc., Sr. Unsec. Notes, 3.63%, 05/15/2027^(b)	EUR	100,000		119,827
Spectrum Brands, Inc., Sr. Unsec. Gtd. Bonds, 4.00%, 10/01/2026^(b)	EUR	100,000		123,912
Valeant Pharmaceuticals International, Inc., REGS, Sr. Unsec. Gtd. Euro Notes, 4.50%, 05/15/2023^(b)	EUR	100,000		99,287
				817,318
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $24,374,720)				25,171,941

U.S. Dollar Denominated Bonds & Notes–10.28%
Belgium–0.07%
Anheuser-Busch InBev Finance, Inc., Sr. Unsec. Gtd. Global Notes, 3.70%, 02/01/2024	$	100,000		104,839

Brazil–0.20%
CBC Ammo LLC/CBC FinCo Inc., Sr. Unsec. Notes, 7.25%, 11/15/2021^(b)		14,000		14,245
JBS USA Lux S.A./JBS USA Finance, Inc., REGS, Sr. Unsec. Gtd. Euro Notes, 5.75%, 06/15/2025^(b)		45,000		43,875
MARB BondCo PLC, Sr. Unsec. Gtd. Notes, 7.00%, 03/15/2024^(b)		200,000		202,000
Petrobras Global Finance B.V., Sr. Unsec. Gtd. Global Notes, 8.75%, 05/23/2026		25,000		30,344
				290,464

Canada–0.27%
1011778 BC ULC/ New Red Finance, Inc., Sec. Gtd. Second Lien Notes, 5.00%, 10/15/2025^(b)		59,000		60,180
5.00%, 10/15/2025^(b)		24,000		24,480
Air Canada, Sr. Unsec. Gtd. Notes, 7.75%, 04/15/2021^(b)		25,000		28,688
Bombardier Inc., Sr. Unsec. Notes, 6.00%, 10/15/2022^(b)		65,000		64,350
Cott Holdings Inc., Sr. Unsec. Gtd. Notes, 5.50%, 04/01/2025^(b)		50,000		51,687
HudBay Minerals, Inc., Sr. Unsec. Gtd. Notes, 7.63%, 01/15/2025^(b)		31,000		34,333

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

17 Invesco Global Targeted Returns Fund


	Principal Amount		Value
Canada–(continued)
Precision Drilling Corp., Sr. Unsec. Gtd. Global Notes, 5.25%, 11/15/2024	$	65,000	$	61,100
6.50%, 12/15/2021		15,000		15,225
Teck Resources Ltd., Sr. Unsec. Gtd. Global Notes, 4.75%, 01/15/2022		25,000		26,500
Sr. Unsec. Notes, 6.13%, 10/01/2035		33,000		37,537
				404,080

France–0.36%
AXA S.A., Series A, Jr. Unsec. Sub. Notes, 6.46%^(b)(d)		100,000		102,938
BNP Paribas S.A., REGS, Jr. Unsec. Sub. Euro Notes, 7.38%^(b)(d)		200,000		231,250
Societe Generale S.A., Unsec. Sub. Notes, 4.25%, 04/14/2025^(b)		200,000		205,690
				539,878

Germany–0.13%
Allianz S.E., REGS, Series DIP, Jr. Unsec. Sub. Medium-Term Euro Notes, 3.88%^(b)(d)		200,000		187,722

Italy–0.32%
Intesa Sanpaolo S.p.A., Jr. Unsec. Gtd. Sub. Notes, 7.70%^(b)(d)		200,000		219,500
Telecom Italia Capital S.A., Sr. Unsec. Gtd. Global Notes, 6.38%, 11/15/2033		16,000		18,640
7.20%, 07/18/2036		16,000		19,904
Telecom Italia S.p.A., Sr. Unsec. Notes, 5.30%, 05/30/2024^(b)		200,000		216,250
				474,294

Luxembourg–0.24%
Altice Financing S.A., Sr. Sec. Gtd. First Lien Bonds, 7.50%, 05/15/2026^(b)		200,000		220,250
ArcelorMittal, Sr. Unsec. Global Notes, 7.50%, 10/15/2039		16,000		20,060
Intelsat Jackson Holdings S.A., Sr. Unsec. Gtd. Global Bonds, 5.50%, 08/01/2023		22,000		18,838
Sr. Unsec. Gtd. Global Notes, 7.25%, 10/15/2020		76,000		73,507
7.50%, 04/01/2021		29,000		27,622
				360,277

Mexico–0.10%
Fomento Economico Mexicano S.A.B. de C.V., Sr. Unsec. Global Notes, 2.88%, 05/10/2023		150,000		149,125

New Zealand–0.06%
Reynolds Group Issuer Inc./LLC, Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024^(b)		80,000		85,550


	Principal Amount		Value
Spain–0.24%
Codere Finance 2 (Luxembourg) S.A., Sr. Sec. Gtd. First Lien Notes, 7.63%, 11/01/2021^(b)	$	200,000	$	202,890
Telefónica Emisiones, S.A.U., Sr. Unsec. Gtd. Global Notes, 4.10%, 03/08/2027		150,000		154,825
				357,715

Switzerland–0.15%
Cloverie PLC for Zurich Insurance Co. Ltd., REGS, Unsec. Sub. Medium-Term Euro Notes, 5.63%, 06/24/2046^(b)		200,000		222,529

United Kingdom–0.58%
Barclays Bank PLC, Unsec. Sub. Global Notes, 7.75%, 04/10/2023		200,000		204,750
HSBC Holdings PLC, Jr. Unsec. Sub. Global Bonds, 6.00%^(d)		200,000		213,000
Noble Holding International Ltd., Sr. Unsec. Gtd. Global Notes, 7.75%, 01/15/2024		28,000		25,200
Royal Bank of Scotland Group PLC (The), Jr. Unsec. Sub. Bonds, 7.50%^(d)		200,000		214,800
Unsec. Sub. Global Bonds, 5.13%, 05/28/2024		100,000		107,146
Series U, Jr. Unsec. Sub. Variable Rate Global Notes, 3.66% (3 mo. USD LIBOR + 2.32%)^(d)(e)		100,000		97,510
				862,406

United States–7.52%
AES Corp. (The), Sr. Unsec. Global Notes, 8.00%, 06/01/2020		3,000		3,435
Sr. Unsec. Notes, 5.50%, 04/15/2025		85,000		90,312
Aircastle Ltd., Sr. Unsec. Global Notes, 7.63%, 04/15/2020		10,000	��	11,113
Sr. Unsec. Notes, 5.00%, 04/01/2023		78,000		82,680
Albertsons Cos. LLC/ Safeway Inc./New Albertson’s, Inc./Albertson’s LLC, Sr. Unsec. Gtd. Global Notes, 6.63%, 06/15/2024		47,000		44,415
Ally Financial Inc., Sr. Unsec. Global Notes, 4.63%, 05/19/2022		125,000		132,500
Sr. Unsec. Gtd. Global Notes, 8.00%, 03/15/2020		30,000		33,788
AMC Entertainment Holdings, Inc., Sr. Unsec. Gtd. Sub. Global Notes, 5.75%, 06/15/2025		70,000		68,425
5.88%, 11/15/2026		30,000		29,363
AMC Networks Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 04/01/2024		60,000		61,237

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

18 Invesco Global Targeted Returns Fund


	Principal Amount		Value
United States–(continued)
AmeriGas Partners, L.P./AmeriGas Finance Corp., Sr. Unsec. Global Notes, 5.88%, 08/20/2026	$	75,000	$	78,375
Andeavor Logistics L.P./Tesoro Logistics Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 05/01/2024		60,000		66,000
Antero Midstream Partners LP/Antero Midstream Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 09/15/2024		65,000		68,087
Antero Resources Corp., Sr. Unsec. Gtd. Global Notes, 5.63%, 06/01/2023		48,000		50,520
Apple Inc., Sr. Unsec. Global Notes, 3.45%, 02/09/2045		50,000		47,641
Aramark Services, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 04/01/2025^(b)		30,000		32,138
Archrock Partners, L.P./Archrock Partners Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 10/01/2022		15,000		14,981
Ashland LLC, Sr. Unsec. Gtd. Global Notes, 4.75%, 08/15/2022		60,000		63,462
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec. Notes, 6.75%, 08/01/2025^(b)		24,000		23,880
6.88%, 02/15/2021^(b)		36,000		37,125
AT&T Inc., Sr. Unsec. Global Notes, 4.50%, 05/15/2035		50,000		48,855
Avis Budget Car Rental LLC/Avis Budget Finance Inc., Sr. Unsec. Gtd. Notes, 5.25%, 03/15/2025^(b)		18,000		17,663
B&G Foods, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 04/01/2025		16,000		16,380
Ball Corp. Sr. Unsec. Gtd. Global Bonds, 4.00%, 11/15/2023		50,000		51,562
Sr. Unsec. Gtd. Global Notes, 5.25%, 07/01/2025		60,000		66,150
Bank of America Corp., Series M, Jr. Unsec. Sub. Bonds, 8.13%^(d)		100,000		103,285
Beazer Homes USA, Inc., Sr. Unsec. Gtd. Global Notes, 6.75%, 03/15/2025		40,000		42,512
8.75%, 03/15/2022		25,000		27,843
Sr. Unsec. Notes, 5.88%, 10/15/2027^(b)		6,000		6,015
BMC East, LLC, Sr. Sec. Gtd. First Lien Notes, 5.50%, 10/01/2024^(b)		45,000		47,250
Boyd Gaming Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 04/01/2026		80,000		88,000
Brink’s Co. (The), Sr. Unsec. Gtd. Notes, 4.63%, 10/15/2027^(b)		40,000		39,900
Builders FirstSource, Inc., Sr. Unsec. Gtd. Notes, 10.75%, 08/15/2023^(b)		47,000		53,580


	Principal Amount		Value
United States–(continued)
CalAtlantic Group, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 06/01/2026	$	23,000	$	24,581
Callon Petroleum Co., Sr. Unsec. Gtd. Global Notes, 6.13%, 10/01/2024		60,000		62,700
Calpine Corp., Sr. Unsec. Global Notes, 5.38%, 01/15/2023		25,000		24,406
Carrols Restaurant Group, Inc., Sec. Gtd. Second Lien Notes, 8.00%, 05/01/2022^(b)		13,000		13,796
Catalent Pharma Solutions, Inc., Sr. Unsec. Gtd. Notes, 4.88%, 01/15/2026^(b)		7,000		7,123
CB Escrow Corp., Sr. Unsec. Notes, 8.00%, 10/15/2025^(b)		6,000		6,225
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec. Global Notes, 5.75%, 09/01/2023		20,000		20,775
5.75%, 01/15/2024		25,000		26,031
Sr. Unsec. Notes, 5.13%, 05/01/2027^(b)		100,000		101,125
5.75%, 02/15/2026^(b)		95,000		99,546
CDW LLC/CDW Finance Corp., Sr. Unsec. Gtd. Notes, 5.00%, 09/01/2025		65,000		68,331
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 06/01/2024		60,000		63,450
CenturyLink, Inc., Series S, Sr. Unsec. Notes, 6.45%, 06/15/2021		38,000		40,284
Series Y, Sr. Unsec. Global Notes, 7.50%, 04/01/2024		30,000		31,950
Chemours Co. (The), Sr. Unsec. Gtd. Global Notes, 7.00%, 05/15/2025		90,000		100,800
Cincinnati Bell Inc., Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024^(b)		40,000		40,000
CIT Group Inc., Sr. Unsec. Global Notes, 5.00%, 08/01/2023		76,000		82,399
Clear Channel Worldwide Holdings, Inc., Series B, Sr. Unsec. Gtd. Global Notes, 6.50%, 11/15/2022		50,000		52,000
Sr. Unsec. Gtd. Sub. Global Notes, 7.63%, 03/15/2020		60,000		60,150
Clearwater Paper Corp., Sr. Unsec. Gtd. Global Notes, 4.50%, 02/01/2023		65,000		65,162
CommScope Technologies LLC, Sr. Unsec. Gtd. Notes, 6.00%, 06/15/2025^(b)		85,000		90,100
Community Health Systems, Inc., Sr. Sec. Gtd. First Lien Global Notes, 5.13%, 08/01/2021		40,000		38,900
Sr. Sec. Gtd. First Lien Notes, 6.25%, 03/31/2023		63,000		60,716
Sr. Unsec. Gtd. Global Notes, 8.00%, 11/15/2019		30,000		28,688

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

19 Invesco Global Targeted Returns Fund


	Principal Amount		Value
United States–(continued)
Continental Resources Inc., Sr. Unsec. Gtd. Global Notes, 3.80%, 06/01/2024	$	70,000	$	68,337
Core & Main LP, Sr. Unsec. Notes, 6.13%, 08/15/2025^(b)		40,000		40,600
Crown Americas LLC/Crown Americas Capital Corp. V, Sr. Unsec. Gtd. Global Notes, 4.25%, 09/30/2026		20,000		20,150
CyrusOne L.P./CyrusOne Finance Corp., Sr. Unsec. Gtd. Notes, 5.38%, 03/15/2027^(b)		50,000		53,562
Dana Inc., Sr. Unsec. Notes, 5.50%, 12/15/2024		60,000		63,600
DaVita Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/01/2025		31,000		30,613
Dell International LLC/ EMC Corp., Sr. Unsec. Gtd. Notes, 7.13%, 06/15/2024^(b)		85,000		93,853
Delphi Jersey Holdings PLC, Sr. Unsec. Notes, 5.00%, 10/01/2025^(b)		12,000		12,120
Diebold Nixdorf, Inc., Sr. Unsec. Gtd. Global Notes, 8.50%, 04/15/2024		35,000		36,969
Discover Financial Services, Inc., Series C, Jr. Unsec. Sub. Global Notes, 5.50%^(d)		21,000		21,446
DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.88%, 11/15/2024		120,000		120,600
Dynegy Inc., Sr. Unsec. Gtd. Global Notes, 7.38%, 11/01/2022		20,000		21,475
Eagle Holding Co. II, LLC, Sr. Unsec. PIK Notes, 8.38% PIK Rate, 7.63% Cash Rate, 05/15/2022^(b)(f)		33,000		34,155
Energy Transfer Equity, L.P., Sr. Sec. First Lien Notes, 5.88%, 01/15/2024		104,000		113,360
EnerSys, Sr. Unsec. Gtd. Notes, 5.00%, 04/30/2023^(b)		60,000		63,150
Ensco PLC, Sr. Unsec. Global Notes, 4.50%, 10/01/2024		60,000		49,500
EP Energy LLC/Everest Acquisition Finance Inc., Sr. Sec. Gtd. First Lien Notes, 8.00%, 11/29/2024^(b)		60,000		61,500
Equinix Inc., Sr. Unsec. Notes, 5.88%, 01/15/2026		85,000		92,331
Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Global Notes, 6.50%, 05/01/2021		25,000		23,813
First Data Corp., Sr. Unsec. Gtd. Notes, 7.00%, 12/01/2023^(b)		150,000		160,878
Freeport-McMoRan Inc., Sr. Unsec. Gtd. Global Notes, 5.40%, 11/14/2034		40,000		39,200


	Principal Amount		Value
United States–(continued)
Frontier Communications Corp., Sr. Unsec. Global Notes, 10.50%, 09/15/2022	$	60,000	$	52,782
11.00%, 09/15/2025		60,000		51,075
Genesis Energy L.P./Genesis Energy Finance Corp., Sr. Unsec. Gtd. Notes, 6.50%, 10/01/2025		16,000		16,280
Graphic Packaging International Inc., Sr. Unsec. Gtd. Notes, 4.13%, 08/15/2024		50,000		52,000
4.88%, 11/15/2022		60,000		64,200
Gulfport Energy Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 10/15/2024		65,000		65,325
H&E Equipment Services, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 09/01/2025^(b)		51,000		53,996
HCA, Inc., Sr. Sec. Gtd. First Lien Notes, 5.25%, 04/15/2025		141,000		150,517
Sr. Unsec. Gtd. Notes, 5.88%, 02/15/2026		75,000		79,031
HealthSouth Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 09/15/2025		65,000		67,356
Herc Rentals Inc., Sec. Gtd. Second Lien Notes, 7.75%, 06/01/2024^(b)		41,000		45,202
Hertz Corp. (The), Sec. Gtd. Second Lien Notes, 7.63%, 06/01/2022^(b)		112,000		117,062
Sr. Unsec. Gtd. Global Notes, 6.75%, 04/15/2019		30,000		30,094
7.38%, 01/15/2021		3,000		3,023
Hewlett Packard Enterprise Co., Sr. Unsec. Global Notes, 4.90%, 10/15/2025		50,000		53,245
Hill-Rom Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 02/15/2025^(b)		39,000		40,072
Hillman Group Inc. (The), Sr. Unsec. Gtd. Notes, 6.38%, 07/15/2022^(b)		53,000		52,867
Holly Energy Partners L.P./Holly Energy Finance Corp., Sr. Unsec. Gtd. Notes, 6.00%, 08/01/2024^(b)		30,000		31,575
Hot Topic, Inc., Sr. Sec. Gtd. First Lien Notes, 9.25%, 06/15/2021^(b)		60,000		50,025
Hughes Satellite Systems Corp., Sr. Sec. Gtd. First Lien Global Notes, 5.25%, 08/01/2026		35,000		35,922
Sr. Unsec. Gtd. Global Notes, 7.63%, 06/15/2021		50,000		56,306
Ingles Markets, Inc., Sr. Unsec. Global Notes, 5.75%, 06/15/2023		64,000		63,200

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

20 Invesco Global Targeted Returns Fund


	Principal Amount		Value
United States–(continued)
Iron Mountain Inc., Sr. Unsec. Gtd. Notes, 6.00%, 08/15/2023	$	127,000	$	134,302
Iron Mountain US Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.38%, 06/01/2026^(b)		35,000		36,750
J.C. Penney Corp., Inc., Sr. Unsec. Gtd. Deb., 7.40%, 04/01/2037		50,000		30,750
Sr. Unsec. Gtd. Notes, 6.38%, 10/15/2036		50,000		29,625
Jaguar Holding Co., II/Pharmaceutical Product Development, LLC, Sr. Unsec. Gtd. Notes, 6.38%, 08/01/2023^(b)		15,000		15,694
KB Home, Sr. Unsec. Gtd. Notes, 7.50%, 09/15/2022		23,000		26,738
Kenan Advantage Group Inc., (The), Sr. Unsec. Notes, 7.88%, 07/31/2023^(b)		60,000		62,550
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, Sr. Unsec. Gtd. Notes, 4.75%, 06/01/2027^(b)		16,000		16,460
Koppers Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2025^(b)		35,000		37,625
Kraton Polymers LLC/Kraton Polymers Capital Corp., Sr. Unsec. Gtd. Notes, 10.50%, 04/15/2023^(b)		40,000		45,600
L Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 02/15/2022		70,000		75,215
6.88%, 11/01/2035		30,000		29,925
Lamar Media Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 02/01/2026		90,000		97,425
Lamb Weston Holdings, Inc., Sr. Unsec. Gtd. Notes, 4.63%, 11/01/2024^(b)		60,000		63,000
Lennar Corp., Sr. Unsec. Gtd. Global Notes, 4.75%, 11/15/2022		50,000		53,000
Level 3 Financing, Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 03/15/2026		100,000		103,595
Levi Strauss & Co., Sr. Unsec. Global Notes, 5.00%, 05/01/2025		50,000		52,810
LifePoint Health, Inc., Sr. Unsec. Gtd. Global Notes, 5.38%, 05/01/2024		60,000		60,450
Lithia Motors, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 08/01/2025^(b)		17,000		17,871
LPL Holdings Inc., Sr. Unsec. Gtd. Notes, 5.75%, 09/15/2025^(b)		32,000		33,360
McDonald’s Corp., Sr. Unsec. Medium-Term Notes, 3.25%, 06/10/2024		75,000		77,289
MEDNAX, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2023^(b)		55,000		57,337


	Principal Amount		Value
United States–(continued)
Meritage Homes Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 06/01/2025	$	51,000	$	55,080
Meritor Inc., Sr. Unsec. Gtd. Notes, 6.25%, 02/15/2024		60,000		64,425
MGM Resorts International, Sr. Unsec. Gtd. Notes, 4.63%, 09/01/2026		110,000		110,550
Microsoft Corp., Sr. Unsec. Global Bonds, 2.40%, 08/08/2026		80,000		77,365
Molina Healthcare, Inc., Sr. Unsec. Gtd. Notes, 4.88%, 06/15/2025^(b)		24,000		23,880
MPH Acquisition Holdings LLC, Sr. Unsec. Gtd. Notes, 7.13%, 06/01/2024^(b)		60,000		64,725
MSCI Inc., Sr. Unsec. Gtd. Notes, 5.75%, 08/15/2025^(b)		50,000		54,250
Mueller Industries, Inc., Unsec. Sub. Deb., 6.00%, 03/01/2027		25,000		25,813
Murphy Oil USA, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 05/01/2027		42,000		44,677
Navient Corp., Sr. Unsec. Medium-Term Notes, 7.25%, 01/25/2022		25,000		27,219
8.00%, 03/25/2020		45,000		49,725
Netflix, Inc., Sr. Unsec. Global Notes, 5.75%, 03/01/2024		45,000		48,319
Newfield Exploration Co., Sr. Unsec. Global Notes, 5.63%, 07/01/2024		48,000		52,140
NGL Energy Partners L.P./NGL Energy Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.13%, 03/01/2025		10,000		9,525
NGPL PipeCo. LLC, Sr. Unsec. Bonds, 4.88%, 08/15/2027^(b)		7,000		7,263
Novelis Corp., Sr. Unsec. Gtd. Notes, 6.25%, 08/15/2024^(b)		50,000		52,875
NRG Energy, Inc., Sr. Unsec. Gtd. Global Notes, 6.63%, 03/15/2023		23,000		23,863
6.63%, 01/15/2027		32,000		34,240
Oasis Petroleum Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 01/15/2023		60,000		61,650
Oshkosh Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 03/01/2025		30,000		31,950
Parsley Energy LLC/Parsley Finance Corp., Sr. Unsec. Gtd. Notes, 6.25%, 06/01/2024^(b)		65,000		69,225
Penske Automotive Group Inc., Sr. Unsec. Sub. Gtd. Notes, 5.50%, 05/15/2026		27,000		27,844
Pinnacle Entertainment, Inc., Sr. Unsec. Global Notes, 5.63%, 05/01/2024		60,000		62,250

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

21 Invesco Global Targeted Returns Fund


	Principal Amount		Value
United States–(continued)
Plastipak Holdings Inc., Sr. Unsec. Notes, 6.25%, 10/15/2025^(b)	$	34,000	$	34,808
PolyOne Corp., Sr. Unsec. Global Notes, 5.25%, 03/15/2023		65,000		70,200
Priceline Group Inc. (The), Sr. Unsec. Global Notes, 3.60%, 06/01/2026		100,000		102,387
Prime Security Services Borrower, LLC/Prime Finance, Inc., Sec. Gtd. Second Lien Notes, 9.25%, 05/15/2023^(b)		80,000		88,856
QEP Resources, Inc., Sr. Unsec. Notes, 6.88%, 03/01/2021		60,000		64,050
Range Resources Corp., Sr. Unsec. Gtd. Global Notes, 4.88%, 05/15/2025		34,000		32,980
5.88%, 07/01/2022		29,000		29,870
RSP Permian, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 01/15/2025^(b)		65,000		66,462
SBA Communications Corp., Sr. Unsec. Global Notes, 4.88%, 09/01/2024		65,000		66,950
Scientific Games International Inc., Sr. Unsec. Gtd. Global Notes, 10.00%, 12/01/2022		50,000		55,437
SemGroup Corp./ Rose Rock Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.63%, 11/15/2023		30,000		29,475
Sensata Technologies B.V., Sr. Unsec. Gtd. Notes, 5.00%, 10/01/2025^(b)		65,000		69,550
ServiceMaster Co., LLC (The), Sr. Unsec. Gtd. Notes, 5.13%, 11/15/2024^(b)		90,000		92,925
SESI, L.L.C., Sr. Unsec. Gtd. Global Notes, 7.13%, 12/15/2021		61,000		62,677
Sirius XM Radio Inc., Sr. Unsec. Gtd. Notes, 5.38%, 07/15/2026^(b)		55,000		58,094
6.00%, 07/15/2024^(b)		34,000		36,380
Six Flags Entertainment Corp., Sr. Unsec. Gtd. Notes, 4.88%, 07/31/2024^(b)		35,000		36,094
SM Energy Co., Sr. Unsec. Global Notes, 6.13%, 11/15/2022		36,000		36,360
Southwestern Energy Co., Sr. Unsec. Global Notes, 4.10%, 03/15/2022		80,000		79,000
Spectrum Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 07/15/2025		60,000		64,031
Sprint Communications Inc., Sr. Unsec. Global Notes, 11.50%, 11/15/2021		40,000		50,300
Sprint Corp., Sr. Unsec. Gtd. Global Notes, 7.25%, 09/15/2021		35,000		38,238
7.88%, 09/15/2023		150,000		168,000


	Principal Amount		Value
United States–(continued)
Standard Industries Inc., Sr. Unsec. Notes, 6.00%, 10/15/2025^(b)	$	30,000	$	32,588
Steel Dynamics, Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 12/15/2026		35,000		37,100
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., Sr. Unsec. Global Notes, 5.50%, 06/01/2024		79,000		79,000
SunCoke Energy Partners, L.P./SunCoke Energy Partners Finance Corp., Sr. Unsec. Gtd. Notes, 7.50%, 06/15/2025^(b)		30,000		31,650
Surgery Center Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.75%, 07/01/2025^(b)		6,000		5,490
8.88%, 04/15/2021^(b)		7,000		7,175
T-Mobile USA, Inc., Sr. Unsec. Gtd. Global Bonds, 6.50%, 01/15/2026		150,000		166,330
Sr. Unsec. Gtd. Notes, 6.00%, 04/15/2024		50,000		53,625
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., Sr. Unsec. Gtd. Global Bonds, 5.13%, 02/01/2025		74,000		76,497
Taylor Morrison Communities Inc./ Taylor Morrison Holdings II, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 04/15/2023^(b)		30,000		32,269
Teleflex Inc., Sr. Unsec. Gtd. Global Notes, 4.88%, 06/01/2026		8,000		8,440
5.25%, 06/15/2024		3,000		3,188
Tenet Healthcare Corp., Sr. Unsec. Global Notes, 6.75%, 06/15/2023		100,000		94,250
8.13%, 04/01/2022		30,000		30,150
Terex Corp., Sr. Unsec. Gtd. Notes, 5.63%, 02/01/2025^(b)		65,000		69,306
Time Warner Cable LLC, Sr. Sec. Gtd. First Lien Global Bonds, 5.88%, 11/15/2040		50,000		54,371
Titan International Inc., Sr. Sec. Gtd. First Lien Global Notes, 6.88%, 10/01/2020		80,000		82,550
TransDigm Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.50%, 05/15/2025		87,000		89,936
Transocean Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 04/15/2031		40,000		35,900
TreeHouse Foods, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2024^(b)		60,000		64,500
Tribune Media Co., Sr. Unsec. Gtd. Global Notes, 5.88%, 07/15/2022		60,000		62,550

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

22 Invesco Global Targeted Returns Fund


	Principal Amount		Value
United States–(continued)
TriMas Corp., Sr. Unsec. Gtd. Notes, 4.88%, 10/15/2025^(b)	$	14,000	$	14,184
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., Sr. Unsec. Gtd. Notes, 5.38%, 09/01/2025^(b)		18,000		18,990
United Rentals North America, Inc., Sr. Unsec. Gtd. Global Notes, 5.50%, 07/15/2025		75,000		80,437
Sr. Unsec. Gtd. Notes, 5.88%, 09/15/2026		12,000		13,133
United States Steel Corp., Sr. Unsec. Global Notes, 6.88%, 08/15/2025		58,000		59,124
US Foods, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 06/15/2024^(b)		60,000		63,675
Valeant Pharmaceuticals International, Inc., Sr. Sec. Gtd. First Lien Notes, 5.50%, 11/01/2025^(b)		8,000		8,190
Sr. Unsec. Gtd. Notes, 5.63%, 12/01/2021^(b)		60,000		54,975
6.13%, 04/15/2025^(b)		65,000		54,844
Valvoline Inc., Sr. Unsec. Gtd. Notes, 5.50%, 07/15/2024^(b)		60,000		63,750
Venator Finance S.a.r.l./Venator Materials Corp., Sr. Unsec. Gtd. Notes, 5.75%, 07/15/2025^(b)		14,000		14,840
Verizon Communications Inc., Sr. Unsec. Global Notes, 4.40%, 11/01/2034		50,000		50,449
VFH Parent LLC/Orchestra Co-Issuer Inc., Sec. Gtd. Second Lien Notes, 6.75%, 06/15/2022^(b)		12,000		12,510
Wal-Mart Stores, Inc., Sr. Unsec. Notes, 2.65%, 12/15/2024		100,000		99,917
Walt Disney Co. (The), Sr. Unsec. Global Notes, 3.00%, 02/13/2026		50,000		50,550
Weatherford International Ltd., Sr. Unsec. Gtd. Notes, 6.50%, 08/01/2036		45,000		37,688
WellCare Health Plans Inc., Sr. Unsec. Notes, 5.25%, 04/01/2025		60,000		63,300
Western Digital Corp., Sr. Unsec. Gtd. Global Notes, 10.50%, 04/01/2024		55,000		64,680
Whiting Petroleum Corp., Sr. Unsec. Gtd. Global Notes, 6.25%, 04/01/2023		75,000		75,187
Williams Cos., Inc. (The), Sr. Unsec. Global Notes, 4.55%, 06/24/2024		40,000		42,000
Sr. Unsec. Notes, 7.88%, 09/01/2021		22,000		25,960
WPX Energy Inc., Sr. Unsec. Notes, 5.25%, 09/15/2024		65,000		65,569


	Principal Amount			Value
United States–(continued)
Wrangler Buyer Corp., Sr. Unsec. Notes, 6.00%, 10/01/2025^(b)	$	4,000		$	4,110
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Sr. Unsec. Gtd. Notes, 5.25%, 05/15/2027^(b)		17,000			17,383
					11,151,735

Zambia–0.04%
First Quantum Minerals Ltd., Sr. Unsec. Gtd. Notes, 7.00%, 02/15/2021^(b)		60,000			62,475
Total U.S. Dollar Denominated Bonds & Notes (Cost $14,920,760)					15,253,089

U.S. Treasury Securities–0.77%
U.S. Treasury Notes–0.71%
1.25%, 12/31/2018		957,900			955,169
1.63%, 05/15/2026		100,000			94,529
					1,049,698

U.S. Treasury Inflation–Indexed Notes–0.06%
0.13%, 04/15/2021		97,159	^(g)		97,344
Total U.S. Treasury Securities (Cost $1,148,772)					1,147,042

	Shares
Preferred Stocks–0.01%
United States–0.01%
CIT Group Inc., Series A, 5.80% Pfd. (Cost $10,000)		10,000			10,384

Money Market Funds–19.27%
Invesco Government & Agency Portfolio–Institutional Class, 0.95%^(h)		15,019,647			15,019,647
Invesco Treasury Portfolio– Institutional Class, 0.94%^(h)		10,013,098			10,013,098
STIC (Global Series) PLC–U.S. Dollar Liquidity Portfolio (Ireland)–Institutional Class, 1.25%^(h)		3,552,118			3,552,118
Total Money Market Funds (Cost $28,584,863)					28,584,863

Options Purchased–5.63%
(Cost $15,721,188)					8,355,949
TOTAL INVESTMENTS IN SECURITIES–93.53% (Cost $138,700,838)					138,748,209
OTHER ASSETS LESS LIABILITIES–6.47%					9,604,646
NET ASSETS–100.00%				$	148,352,855

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

23 Invesco Global Targeted Returns Fund

Investment Abbreviations:


ADR		– American Depositary Receipt
BRL		– Brazilian Real
CAD		– Canadian Dollar
Deb.		– Debentures
DIP		– Debtor-in-Possession
EUR		– Euro
EURIBOR		– Euro Interbank Offered Rate
GBP		– British Pound Sterling
Gtd.		– Guaranteed
HUF		– Hungarian Forint
Jr.		– Junior
LIBOR		– London Interbank Offered Rate
MXN		– Mexican Peso
NVDR		– Non-Voting Depositary Receipt
Pfd.		– Preferred
PIK		– Pay-in-Kind
PLN		– Polish Zloty
REGS		– Regulation S
REIT		– Real Estate Investment Trust
Sec.		– Secured
Sr.		– Senior
Sub.		– Subordinated
Unsec.		– Unsecured
USD		– U.S. Dollar

Notes to Consolidated 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, 2017 was $22,665,674, which represented 15.28% of the Fund’s Net Assets.

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

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

^(e)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2017.

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

^(g)	Principal amount of security and interest payments are adjusted for inflation. See Note 1I.

^(h)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2017.

Investments in Affiliated Issuers–0.00%^(i)(j)


	% of Net Assets 10/31/17			Value 10/31/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 10/31/17		Value 10/31/17
Domestic Equity Funds–0.00%
Invesco Diversified Dividend Fund-Class R6		0.00	%	$	13,366,203	$	476,778	$	(14,403,531	)	$	(588,272	)	$	1,484,858		$	140,742		—	$	—

Fixed-Income Funds–0.00%
Invesco High Yield Fund-Class R6		0.00	%		26,657,031		440,042		(27,218,858	)		420,945			(299,160	)		531,905		—		—

Foreign Equity Funds–0.00%
Invesco Asia Pacific Growth Fund-Class Y		0.00	%		17,011,618		372,011		(17,573,784	)		(811,960	)		1,175,184			198,943		—		—
Invesco European Growth Fund-Class Y		0.00	%		21,099,716		1,265,954		(23,699,220	)		1,739,215			(405,665	)		388,692		—		—
Invesco International Growth Fund-Class R6		0.00	%		21,348,075		998,806		(23,374,700	)		790,723			237,096			340,861		—		—
Total Foreign Equity Funds					59,459,409		2,636,771		(64,647,704	)		1,717,978			1,006,615			928,496		—		—
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $—)		0.00	%	$	99,482,643	$	3,553,591	$	(106,270,093	)	$	1,550,651		$	2,192,313	^(k)	$	1,601,143		—	$	—

Notes to Consolidated Schedule of Investments:

⁽ⁱ⁾	The Fund has transitioned its investments in certain affiliated underlying funds to direct investments in the underlying securities of those funds or other investment securities that align with the Fund’s investment objective. The investment objective of the Fund did not change.

^(j)	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.

^(k)	Includes $336,036 and $173,069 of capital gains distributions from Invesco Diversified Dividend Fund and Invesco Asia Pacific Growth Fund, respectively.

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 Index Options Purchased

Description

Type of
Contract

Broker/Counterparty

Expiration
Date

Number of
Contracts

Exercise
Price

Notional
Value^(l)

Value

HSCEI Index

Call

J.P. Morgan Chase Bank, N.A.

12/28/2018

HKD

11,200

HKD

11,760,000

137,765

HSCEI Index

Call

Societe Generale S.A.

12/28/2018

HKD

11,200

HKD

40,880,000

478,899

HSCEI Index

Call

UBS

12/28/2018

HKD

11,200

HKD

31,360,000

367,374

RTY Index

Call

Goldman Sachs International

12/15/2017

USD

1,580

USD

158,000

317

SPX Index

Call

Citigroup Global Markets Inc.

12/15/2017

USD

2,645

USD

4,761,000

6,549

SPX Index

Call

Goldman Sachs International

12/15/2017

USD

2,660

USD

9,576,000

8,423

SPX Index

Call

Goldman Sachs International

09/21/2018

USD

2,625

USD

6,825,000

235,035

SPX Index

Call

J.P. Morgan Chase Bank, N.A.

09/21/2018

USD

2,625

USD

13,387,500

461,031

VIX Index

Call

Bank of America Merrill Lynch

03/21/2018

337

USD

539,200

70,724

VIX Index

Call

Morgan Stanley Capital Services LLC

12/20/2017

396

USD

633,600

31,719

VIX Index

Call

Morgan Stanley Capital Services LLC

02/14/2018

399

USD

638,400

64,977

VIX Index

Call

Morgan Stanley Capital Services LLC

04/18/2018

365

USD

547,500

99,805

Subtotal — Over-The-Counter Index Call Options Purchased

1,779

1,962,618

HSCEI Index

Put

BNP Paribas S.A.

12/28/2017

HKD

9,800

HKD

5,390,000

1,778

HSCEI Index

Put

BNP Paribas S.A.

12/28/2017

HKD

10,200

HKD

9,180,000

4,909

HSCEI Index

Put

BNP Paribas S.A.

12/28/2017

HKD

10,600

HKD

3,710,000

3,403

HSCEI Index

Put

Citigroup Global Markets Inc.

12/28/2017

HKD

9,800

HKD

17,150,000

5,658

HSCEI Index

Put

Citigroup Global Markets Inc.

12/28/2017

HKD

10,200

HKD

14,790,000

7,908

HSCEI Index

Put

Citigroup Global Markets Inc.

12/28/2017

HKD

10,600

HKD

47,700,000

43,748

HSCEI Index

Put

Deutsche Bank Securities Inc.

12/28/2017

HKD

9,800

HKD

21,070,000

6,952

HSCEI Index

Put

Deutsche Bank Securities Inc.

12/28/2018

HKD

10,000

HKD

8,000,000

49,174

HSCEI Index

Put

Deutsche Bank Securities Inc.

12/28/2018

HKD

10,400

HKD

7,280,000

54,086

HSCEI Index

Put

Goldman Sachs International

12/28/2017

HKD

9,800

HKD

5,390,000

1,778

HSCEI Index

Put

Goldman Sachs International

12/28/2017

HKD

10,200

HKD

5,100,000

2,727

HSCEI Index

Put

Goldman Sachs International

12/28/2017

HKD

10,600

HKD

5,300,000

4,861

HSCEI Index

Put

J.P. Morgan Chase Bank, N.A.

12/28/2017

HKD

9,400

HKD

44,180,000

9,346

HSCEI Index

Put

J.P. Morgan Chase Bank, N.A.

12/28/2017

HKD

9,800

HKD

47,040,000

15,520

HSCEI Index

Put

J.P. Morgan Chase Bank, N.A.

12/28/2017

HKD

10,200

HKD

11,730,000

6,271

HSCEI Index

Put

J.P. Morgan Chase Bank, N.A.

12/28/2017

HKD

10,600

HKD

10,070,000

9,235

HSCEI Index

Put

J.P. Morgan Chase Bank, N.A.

12/28/2018

HKD

10,800

HKD

11,340,000

101,321

HSCEI Index

Put

Societe Generale S.A.

12/28/2017

HKD

9,400

HKD

2,820,000

597

HSCEI Index

Put

Societe Generale S.A.

12/28/2018

HKD

10,800

HKD

39,420,000

352,211

HSCEI Index

Put

UBS

12/28/2017

HKD

9,800

HKD

10,290,000

3,395

HSCEI Index

Put

UBS

12/28/2017

HKD

10,200

HKD

10,200,000

5,454

HSCEI Index

Put

UBS

12/28/2017

HKD

10,600

HKD

4,770,000

4,375

HSCEI Index

Put

UBS

12/28/2018

HKD

10,800

HKD

30,240,000

270,190

NKY Index

Put

Bank of America Merrill Lynch

12/08/2017

124

JPY

20,000

JPY

2,480,000,000

44,494

NKY Index

Put

J.P. Morgan Chase Bank, N.A.

06/08/2018

JPY

21,000

JPY

63,000,000

19,019

NKY Index

Put

UBS

12/08/2017

JPY

20,250

JPY

101,250,000

2,239

NKY Index

Put

UBS

12/08/2017

JPY

20,875

JPY

313,125,000

12,442

RTY Index

Put

Citigroup Global Markets Inc.

11/17/2017

USD

1,435

USD

143,500

350

SMI Index

Put

Citigroup Global Markets Inc.

12/15/2017

CHF

8,400

CHF

3,780,000

5,305

SMI Index

Put

Citigroup Global Markets Inc.

06/15/2018

CHF

8,000

CHF

720,000

10,995

SMI Index

Put

Citigroup Global Markets Inc.

06/15/2018

CHF

8,200

CHF

738,000

13,810

SMI Index

Put

Citigroup Global Markets Inc.

06/15/2018

CHF

8,600

CHF

602,000

16,921

SMI Index

Put

Goldman Sachs International

12/15/2017

CHF

8,400

CHF

4,536,000

6,366

SMI Index

Put

Goldman Sachs International

12/15/2017

CHF

8,600

CHF

860,000

1,831

SMI Index

Put

Goldman Sachs International

06/15/2018

CHF

8,000

CHF

2,480,000

37,872

SMI Index

Put

Goldman Sachs International

06/15/2018

CHF

8,200

CHF

2,460,000

46,033

SMI Index

Put

Goldman Sachs International

06/15/2018

CHF

8,600

CHF

4,644,000

130,536

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 Index Options Purchased—(continued)

Description

Type of
Contract

Broker/Counterparty

Expiration
Date

Number of
Contracts

Exercise
Price

Notional
Value^(l)

Value

SMI Index

Put

J.P. Morgan Chase Bank, N.A.

12/15/2017

CHF

8,200

CHF

820,000

801

SMI Index

Put

J.P. Morgan Chase Bank, N.A.

12/15/2017

CHF

8,400

CHF

924,000

1,297

SMI Index

Put

J.P. Morgan Chase Bank, N.A.

06/15/2018

CHF

7,700

CHF

616,000

7,004

SMI Index

Put

J.P. Morgan Chase Bank, N.A.

06/15/2018

CHF

8,000

CHF

560,000

8,552

SMI Index

Put

J.P. Morgan Chase Bank, N.A.

06/15/2018

CHF

8,200

CHF

492,000

9,207

SMI Index

Put

J.P. Morgan Chase Bank, N.A.

06/15/2018

CHF

8,600

CHF

5,246,000

147,458

SMI Index

Put

UBS

12/15/2017

CHF

8,600

CHF

4,214,000

8,971

SMI Index

Put

UBS

06/15/2018

CHF

7,700

CHF

924,000

10,505

SMI Index

Put

UBS

06/15/2018

CHF

8,000

CHF

1,920,000

29,320

SMI Index

Put

UBS

06/15/2018

CHF

8,200

CHF

1,722,000

32,223

SMI Index

Put

UBS

06/15/2018

CHF

8,600

CHF

946,000

26,590

SPX Index

Put

Goldman Sachs International

09/21/2018

USD

2,375

USD

6,412,500

182,039

SPX Index

Put

J.P. Morgan Chase Bank, N.A.

09/21/2018

USD

2,375

USD

13,537,500

384,304

SX7E Index

Put

Citigroup Global Markets Inc.

12/15/2017

EUR

110

EUR

247,500

136

SX7E Index

Put

Citigroup Global Markets Inc.

12/15/2017

258

EUR

115

EUR

1,483,500

1,789

SX7E Index

Put

Citigroup Global Markets Inc.

12/15/2017

253

EUR

120

EUR

1,518,000

4,055

SX7E Index

Put

Goldman Sachs International

12/15/2017

206

EUR

115

EUR

1,184,500

1,428

SX7E Index

Put

Goldman Sachs International

12/15/2017

397

EUR

120

EUR

2,382,000

6,363

SX7E Index

Put

Goldman Sachs International

12/15/2017

EUR

130

EUR

630,500

8,131

SX7E Index

Put

Goldman Sachs International

12/21/2018

EUR

110

EUR

484,000

26,772

SX7E Index

Put

Goldman Sachs International

12/21/2018

EUR

120

EUR

432,000

34,727

SX7E Index

Put

Goldman Sachs International

12/21/2018

152

EUR

130

EUR

988,000

110,804

SX7E Index

Put

J.P. Morgan Chase Bank, N.A.

12/15/2017

EUR

110

EUR

38,500

SX7E Index

Put

J.P. Morgan Chase Bank, N.A.

12/15/2017

255

EUR

115

EUR

1,466,250

1,769

SX7E Index

Put

J.P. Morgan Chase Bank, N.A.

12/15/2017

EUR

120

EUR

42,000

112

SX7E Index

Put

J.P. Morgan Chase Bank, N.A.

12/21/2018

155

EUR

110

EUR

852,500

47,154

SX7E Index

Put

J.P. Morgan Chase Bank, N.A.

12/21/2018

170

EUR

120

EUR

1,020,000

81,995

SX7E Index

Put

J.P. Morgan Chase Bank, N.A.

12/21/2018

161

EUR

130

EUR

1,046,500

117,364

SX7E Index

Put

Bank of America Merrill Lynch

12/21/2018

EUR

110

EUR

187,000

10,344

SX7E Index

Put

Bank of America Merrill Lynch

12/21/2018

EUR

120

EUR

168,000

13,505

SX7E Index

Put

Bank of America Merrill Lynch

12/21/2018

EUR

130

EUR

175,500

19,682

UKX Index

Put

Barclays Bank PLC

06/15/2018

GBP

7,150

GBP

572,000

22,630

UKX Index

Put

Citigroup Global Markets Inc.

06/15/2018

GBP

7,150

GBP

643,500

25,459

UKX Index

Put

Deutsche Bank Securities Inc.

12/15/2017

188

GBP

7,125

GBP

13,395,000

45,926

UKX Index

Put

Deutsche Bank Securities Inc.

06/15/2018

GBP

7,150

GBP

1,573,000

62,232

UKX Index

Put

Goldman Sachs International

12/15/2017

GBP

7,125

GBP

855,000

2,931

UKX Index

Put

HSBC New York

06/15/2018

GBP

7,150

GBP

786,500

31,116

UKX Index

Put

J.P. Morgan Chase Bank, N.A.

06/15/2018

GBP

7,150

GBP

1,787,500

70,719

VIX Index

Put

Bank of America Merrill Lynch

12/20/2017

337

USD

471,800

96,134

VIX Index

Put

Morgan Stanley Capital Services LLC

11/15/2017

399

USD

558,600

124,120

VIX Index

Put

Morgan Stanley Capital Services LLC

01/17/2018

365

USD

474,500

61,137

Subtotal – Over-The-Counter Index Put Options Purchased

5,221

3,189,936

Total Over-The-Counter Index Options Purchased

7,000

5,152,554

Open Exchange-Traded Index Options Purchased

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise
Price

Notional
Value^(l)

Value

SMI Index

Put

12/15/2017

CHF

7,200

CHF

1,800,000

476

SMI Index

Put

12/15/2017

CHF

7,400

CHF

1,776,000

649

SMI Index

Put

12/15/2017

123

CHF

7,700

CHF

9,471,000

5,302

SMI Index

Put

12/15/2017

CHF

8,200

CHF

6,478,000

7,602

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

26 Invesco Global Targeted Returns Fund


Open Exchange-Traded Index Options Purchased—(continued)
Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price			Notional Value^(l)			Value
SMI Index		Put		12/15/2017		73		CHF	8,400		CHF	6,132,000	$	10,025
SX7E Index		Put		12/15/2017		92		EUR	110		EUR	506,000		268
SX7E Index		Put		12/15/2017		88		EUR	115		EUR	506,000		769
SX7E Index		Put		12/15/2017		87		EUR	120		EUR	522,000		1,774
Total Exchange-Traded Index Options Purchased						591								26,865
Total Index Options Purchased — Equity Risk						7,591							$	5,179,419

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

Open Over-The-Counter Foreign Currency Options Purchased

Description

Type of
Contract

Counterparty

Expiration
Date

Exercise
Price

Notional
Value

Value

EUR versus USD

Call

Barclays Bank PLC

06/17/2021

USD

1.175

EUR

562,501

72,907

EUR versus USD

Call

Citigroup Global Markets Inc.

06/17/2021

USD

1.175

EUR

567,334

73,533

EUR versus USD

Call

Citigroup Global Markets Inc.

06/17/2021

USD

1.189

EUR

632,455

76,181

EUR versus USD

Call

Citigroup Global Markets Inc.

06/17/2021

USD

1.284

EUR

112,906

7,979

EUR versus USD

Call

Goldman Sachs International

11/15/2019

USD

1.227

EUR

2,792,791

141,563

EUR versus USD

Call

Goldman Sachs International

02/14/2020

USD

1.234

EUR

1,659,309

91,672

EUR versus USD

Call

Goldman Sachs International

05/15/2020

USD

1.240

EUR

2,609,579

155,115

EUR versus USD

Call

Goldman Sachs International

08/25/2020

USD

1.200

EUR

1,348,907

120,412

EUR versus USD

Call

Goldman Sachs International

06/17/2021

USD

1.177

EUR

530,238

68,210

EUR versus USD

Call

Goldman Sachs International

06/17/2021

USD

1.228

EUR

1,684,483

164,900

EUR versus USD

Call

J.P. Morgan Securities LLC

05/28/2020

USD

1.259

EUR

795,507

41,591

EUR versus USD

Call

J.P. Morgan Securities LLC

06/17/2021

USD

1.281

EUR

379,616

27,317

EUR versus USD

Call

Morgan Stanley Capital Services LLC

05/28/2020

USD

1.251

EUR

1,759,196

98,034

EUR versus USD

Call

Morgan Stanley Capital Services LLC

05/28/2020

USD

1.257

EUR

879,599

46,905

EUR versus USD

Call

Morgan Stanley Capital Services LLC

05/28/2020

USD

1.259

EUR

879,599

45,987

USD versus BRL

Call

Goldman Sachs International

03/20/2018

BRL

3.750

USD

586,600

3,596

USD versus BRL

Call

Morgan Stanley Capital Services LLC

03/20/2018

BRL

3.750

USD

2,712,400

16,626

USD versus CAD

Call

Goldman Sachs International

11/13/2017

CAD

1.335

USD

13,011,300

1,061

Subtotal — Over-The-Counter Foreign Currency Call Options Purchased

1,253,589

EUR versus USD

Put

Bank of America Merrill Lynch

08/25/2020

USD

1.217

EUR

798,120

39,741

EUR versus USD

Put

Barclays Bank PLC

01/13/2020

USD

1.270

EUR

338,440

26,066

EUR versus USD

Put

Barclays Bank PLC

01/27/2020

USD

1.222

EUR

640,440

32,555

EUR versus USD

Put

Barclays Bank PLC

03/12/2020

USD

1.170

EUR

132,118

4,125

EUR versus USD

Put

Barclays Bank PLC

04/22/2020

USD

1.172

EUR

783,356

25,245

EUR versus USD

Put

Barclays Bank PLC

05/12/2020

USD

1.225

EUR

119,640

6,298

EUR versus USD

Put

Barclays Bank PLC

06/03/2020

USD

1.218

EUR

509,824

25,323

EUR versus USD

Put

Barclays Bank PLC

06/26/2020

USD

1.220

EUR

578,405

29,261

EUR versus USD

Put

Barclays Bank PLC

07/10/2020

USD

1.213

EUR

477,259

22,791

EUR versus USD

Put

Barclays Bank PLC

07/16/2020

USD

1.188

EUR

437,856

16,839

EUR versus USD

Put

Barclays Bank PLC

08/25/2020

USD

1.177

EUR

754,643

26,692

EUR versus USD

Put

Citigroup Global Markets Inc.

08/25/2020

USD

1.194

EUR

363,370

14,841

EUR versus USD

Put

Citigroup Global Markets Inc.

08/25/2020

USD

1.228

EUR

353,889

19,276

EUR versus USD

Put

Citigroup Global Markets Inc.

06/17/2021

USD

1.184

EUR

1,126,229

46,442

EUR versus USD

Put

Deutsche Bank Securities Inc.

07/01/2020

USD

1.210

EUR

358,640

16,691

EUR versus USD

Put

Deutsche Bank Securities Inc.

08/25/2020

USD

1.205

EUR

320,544

14,440

EUR versus USD

Put

Goldman Sachs International

12/12/2019

USD

1.350

EUR

2,792,791

378,815

EUR versus USD

Put

Goldman Sachs International

01/21/2020

USD

1.253

EUR

310,284

20,748

EUR versus USD

Put

Goldman Sachs International

02/06/2020

USD

1.234

EUR

238,027

13,473

EUR versus USD

Put

Goldman Sachs International

04/15/2020

USD

1.159

EUR

618,354

17,612

EUR versus USD

Put

Goldman Sachs International

07/29/2020

USD

1.204

EUR

200,000

8,884

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 Foreign Currency Options Purchased—(continued)

Description

Type of
Contract

Counterparty

Expiration
Date

Exercise
Price

Notional
Value

Value

EUR versus USD

Put

Goldman Sachs International

08/25/2020

USD

1.171

EUR

565,767

18,974

EUR versus USD

Put

Goldman Sachs International

08/25/2020

USD

1.181

EUR

840,208

30,648

EUR versus USD

Put

Goldman Sachs International

08/25/2020

USD

1.182

EUR

940,625

34,613

EUR versus USD

Put

Goldman Sachs International

08/25/2020

USD

1.192

EUR

1,446,909

58,086

EUR versus USD

Put

Goldman Sachs International

08/25/2020

USD

1.199

EUR

949,393

40,474

EUR versus USD

Put

Goldman Sachs International

08/25/2020

USD

1.203

EUR

1,678,227

74,335

EUR versus USD

Put

Goldman Sachs International

08/25/2020

USD

1.210

EUR

422,926

19,787

EUR versus USD

Put

Goldman Sachs International

06/17/2021

USD

1.176

EUR

953,186

37,038

EUR versus USD

Put

Goldman Sachs International

06/17/2021

USD

1.195

EUR

798,801

35,711

EUR versus USD

Put

Goldman Sachs International

06/17/2021

USD

1.202

EUR

948,543

44,614

EUR versus USD

Put

Goldman Sachs International

06/17/2021

USD

1.205

EUR

599,775

28,827

EUR versus USD

Put

Goldman Sachs International

06/17/2021

USD

1.208

EUR

842,323

41,365

EUR versus USD

Put

J.P. Morgan Securities LLC

06/17/2021

USD

1.208

EUR

385,953

18,953

USD versus JPY

Put

Barclays Bank PLC

01/17/2018

JPY

113.500

USD

1,833,000

29,768

USD versus JPY

Put

Goldman Sachs International

01/17/2018

JPY

107.700

USD

11,251,000

31,779

USD versus JPY

Put

Goldman Sachs International

01/17/2018

JPY

113.500

USD

7,403,000

120,224

USD versus JPY

Put

Goldman Sachs International

01/17/2018

JPY

119.000

USD

5,576,000

293,194

USD versus JPY

Put

Goldman Sachs International

06/20/2018

JPY

111.000

USD

2,751,000

65,257

USD versus KRW

Put

Citigroup Global Markets Inc.

01/17/2018

KRW

1,190.000

USD

1,366,372

93,136

Subtotal — Over-The-Counter Foreign Currency Put Options Purchased

1,922,941

Total — Foreign Currency Options Purchased — Currency Risk

3,176,530

Total — Options Purchased (Cost $15,721,188)

8,355,949


Open Over-The-Counter Index Options Written
Description	Type of Contract		Counterparty	Expiration Date		Number of Contracts		Exercise Price			Premiums Received			Notional Value^(m)			Value			Unrealized Appreciation (Depreciation)
CBOE SPX Volatility Index		Call	Bank of America Merrill Lynch		December-2017		396		USD	16	$	(59,004	)		USD	633,600	$	(31,719	)	$	27,285
CBOE SPX Volatility Index		Call	Morgan Stanley Capital Services LLC		February-2018		17		USD	16		(2,873	)		USD	27,200		(2,768	)		105
CBOE SPX Volatility Index		Call	Morgan Stanley Capital Services LLC		March-2018		17		USD	16		(3,587	)		USD	27,200		(3,568	)		19
CBOE SPX Volatility Index		Call	Morgan Stanley Capital Services LLC		April-2018		17		USD	15		(4,692	)		USD	25,500		(4,648	)		44
Hang Seng China Enterprises Index		Call	J.P. Morgan Chase Bank, N.A.		December-2018		23		HKD	11,200		(151,684	)		HKD	12,880,000		(150,886	)		798
Russell 2000 Index Mini		Call	Goldman Sachs International		December-2017		20		USD	1,580		(9,788	)		USD	3,160,000		(6,349	)		3,439
S&P 500 Index		Call	Citigroup Global Markets Inc.		December-2017		1		USD	2,645		(455	)		USD	264,500		(364	)		91
S&P 500 Index		Call	Goldman Sachs International		December-2017		2		USD	2,660		(620	)		USD	532,000		(468	)		152
S&P 500 Index		Call	J.P. Morgan Chase Bank, N.A.		September-2018		3		USD	2,625		(28,335	)		USD	787,500		(27,119	)		1,216
Subtotal — Over-The-Counter Index Call Options Written												(261,038	)					(227,889	)		33,149
CBOE SPX Volatility Index		Put	Morgan Stanley Capital Services LLC		November-2017		17		USD	14		(5,372	)		USD	23,800		(5,288	)		84
CBOE SPX Volatility Index		Put	Morgan Stanley Capital Services LLC		December-2017		17		USD	14		(5,168	)		USD	23,800		(4,850	)		318
CBOE SPX Volatility Index		Put	Morgan Stanley Capital Services LLC		January-2018		17		USD	13		(3,009	)		USD	22,100		(2,847	)		162
FTSE 100 Index		Put	UBS		December-2017		39		GBP	7,125		(88,856	)		GBP	2,778,750		(9,528	)		79,328
FTSE 100 Index		Put	UBS		June-2018		7		GBP	7,150		(29,352	)		GBP	500,500		(19,801	)		9,551

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 Index Options Written—(continued)
Description	Type of Contract		Counterparty	Expiration Date		Number of Contracts		Exercise Price			Premiums Received			Notional Value^(m)			Value			Unrealized Appreciation (Depreciation)
FTSE 100 Index		Put	Deutsche Bank Securities Inc.		June-2018		5		GBP	7,150	$	(13,733	)		GBP	357,500	$	(14,144	)	$	(411	)
Hang Seng China Enterprises Index		Put	J.P. Morgan Chase Bank, N.A.		December-2018		24		HKD	10,800		(118,665	)		HKD	12,960,000		(115,795	)		2,870
Nikkei 225 Index		Put	Goldman Sachs International		December-2017		34		JPY	20,000		(246,679	)		JPY	680,000,000		(12,200	)		234,479
Nikkei 225 Index		Put	UBS		December-2017		19		JPY	20,000		(129,801	)		JPY	380,000,000		(6,817	)		122,984
Nikkei 225 Index		Put	Bank of America Merrill Lynch		December-2017		16		JPY	20,250		(118,206	)		JPY	324,000,000		(7,166	)		111,040
Nikkei 225 Index		Put	J.P. Morgan Chase Bank, N.A.		December-2017		3		JPY	20,000		(1,668	)		JPY	60,000,000		(1,076	)		592
Nikkei 225 Index		Put	Bank of America Merrill Lynch		June-2018		60		JPY	42,000		(618,823	)		JPY	1,260,000,000		(380,384	)		238,439
Nikkei 225 Index		Put	UBS		June-2018		15		JPY	22,000		(138,007	)		JPY	330,000,000		(149,824	)		(11,817	)
Russell 2000 Index Mini		Put	Citigroup Global Markets Inc.		November-2017		11		USD	1,435		(6,215	)		USD	1,578,500		(3,855	)		2,360
S&P 500 Index		Put	J.P. Morgan Chase Bank, N.A.		September-2018		3		USD	2,375		(20,490	)		USD	712,500		(20,226	)		264
SMI Index		Put	Goldman Sachs International		December-2017		112		CHF	7,700		(87,694	)		CHF	8,624,000		(4,012	)		83,682
SMI Index		Put	UBS		December-2017		23		CHF	8,400		(38,232	)		CHF	1,932,000		(2,711	)		35,521
SMI Index		Put	UBS		December-2017		21		CHF	8,600		(45,816	)		CHF	1,806,000		(3,845	)		41,971
SMI Index		Put	Goldman Sachs International		June-2018		2		CHF	8,000		(5,147	)		CHF	160,000		(2,443	)		2,704
SMI Index		Put	Goldman Sachs International		June-2018		2		CHF	8,200		(5,462	)		CHF	164,000		(3,069	)		2,393
SMI Index		Put	Goldman Sachs International		June-2018		2		CHF	8,600		(8,403	)		CHF	172,000		(4,835	)		3,568
SMI Index		Put	Deutsche Bank Securities Inc.		June-2018		10		CHF	8,000		(13,033	)		CHF	800,000		(12,217	)		816
SMI Index		Put	Deutsche Bank Securities Inc.		June-2018		8		CHF	8,200		(12,992	)		CHF	656,000		(12,275	)		717
SMI Index		Put	Deutsche Bank Securities Inc.		June-2018		6		CHF	8,600		(15,347	)		CHF	516,000		(14,504	)		843
SX7E Index		Put	UBS		December-2017		30		EUR	115		(7,850	)		EUR	172,500		(208	)		7,642
SX7E Index		Put	UBS		December-2017		26		EUR	120		(9,072	)		EUR	156,000		(417	)		8,655
SX7E Index		Put	UBS		December-2017		23		EUR	130		(13,461	)		EUR	149,500		(1,928	)		11,533
SX7E Index		Put	UBS		December-2018		20		EUR	110		(8,703	)		EUR	110,000		(6,084	)		2,619
SX7E Index		Put	UBS		December-2018		17		EUR	120		(10,947	)		EUR	102,000		(8,200	)		2,747
SX7E Index		Put	UBS		December-2018		16		EUR	130		(14,631	)		EUR	104,000		(11,664	)		2,967
Subtotal — Over-The-Counter Index Put Options Written												(1,840,834	)					(842,213	)		998,621
Total — Index Options Written—Equity Risk											$	(2,101,872	)				$	(1,070,102	)	$	1,031,770

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


Open Over-The-Counter Foreign Currency Options Written
Description	Type of Contract		Counterparty	Expiration Date		Exercise Price			Premiums Received			Notional Value			Value			Unrealized Appreciation (Depreciation)
EUR versus USD		Call	Barclays Bank PLC		January-2020		USD	1.270	$	(33,953	)		EUR	338,440	$	(12,883	)	$	21,070
EUR versus USD		Call	Barclays Bank PLC		January-2020		USD	1.222		(66,630	)		EUR	640,440		(37,968	)		28,662
EUR versus USD		Call	Barclays Bank PLC		March-2020		USD	1.170		(13,404	)		EUR	132,118		(12,339	)		1,065
EUR versus USD		Call	Barclays Bank PLC		April-2020		USD	1.172		(44,779	)		EUR	431,984		(40,926	)		3,853
EUR versus USD		Call	Barclays Bank PLC		April-2020		USD	1.172		(36,888	)		EUR	351,372		(33,289	)		3,599
EUR versus USD		Call	Barclays Bank PLC		May-2020		USD	1.225		(12,182	)		EUR	119,640		(7,966	)		4,216

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 Foreign Currency Options Written—(continued)
Description	Type of Contract		Counterparty	Expiration Date		Exercise Price			Premiums Received			Notional Value			Value			Unrealized Appreciation (Depreciation)
EUR versus USD		Call	Barclays Bank PLC		June-2020		USD	1.218	$	(52,930	)		EUR	509,824	$	(36,716	)	$	16,214
EUR versus USD		Call	Barclays Bank PLC		June-2020		USD	1.220		(57,422	)		EUR	578,405		(42,186	)		15,236
EUR versus USD		Call	Barclays Bank PLC		July-2020		USD	1.213		(48,840	)		EUR	477,259		(37,156	)		11,684
EUR versus USD		Call	Barclays Bank PLC		July-2020		USD	1.188		(42,457	)		EUR	437,856		(40,668	)		1,789
EUR versus USD		Call	Barclays Bank PLC		August-2020		USD	1.177		(79,273	)		EUR	754,643		(77,790	)		1,483
EUR versus USD		Call	Citigroup Global Markets Inc.		August-2020		USD	1.194		(36,552	)		EUR	363,370		(33,732	)		2,820
EUR versus USD		Call	Citigroup Global Markets Inc.		August-2020		USD	1.228		(36,638	)		EUR	353,889		(26,039	)		10,599
EUR versus USD		Call	Citigroup Global Markets Inc.		June-2021		USD	1.184		(113,043	)		EUR	1,126,229		(139,475	)		(26,432	)
EUR versus USD		Call	Deutsche Bank Securities Inc.		July-2020		USD	1.210		(36,515	)		EUR	358,640		(28,215	)		8,300
EUR versus USD		Call	Deutsche Bank Securities Inc.		August-2020		USD	1.205		(32,515	)		EUR	320,544		(27,592	)		4,923
EUR versus USD		Call	Goldman Sachs International		December-2019		USD	1.350		(283,731	)		EUR	2,792,791		(47,326	)		236,405
EUR versus USD		Call	Goldman Sachs International		January-2020		USD	1.253		(30,213	)		EUR	310,284		(13,952	)		16,261
EUR versus USD		Call	Goldman Sachs International		February-2020		USD	1.234		(22,003	)		EUR	238,027		(12,963	)		9,040
EUR versus USD		Call	Goldman Sachs International		April-2020		USD	1.159		(63,718	)		EUR	618,354		(64,092	)		(374	)
EUR versus USD		Call	Goldman Sachs International		July-2020		USD	1.204		(19,856	)		EUR	200,000		(16,878	)		2,978
EUR versus USD		Call	Goldman Sachs International		August-2020		USD	1.171		(58,508	)		EUR	565,767		(60,519	)		(2,011	)
EUR versus USD		Call	Goldman Sachs International		August-2020		USD	1.181		(88,316	)		EUR	840,208		(84,738	)		3,578
EUR versus USD		Call	Goldman Sachs International		August-2020		USD	1.182		(99,575	)		EUR	940,625		(94,271	)		5,304
EUR versus USD		Call	Goldman Sachs International		August-2020		USD	1.192		(150,346	)		EUR	1,446,909		(136,065	)		14,281
EUR versus USD		Call	Goldman Sachs International		August-2020		USD	1.199		(107,205	)		EUR	949,393		(85,307	)		21,898
EUR versus USD		Call	Goldman Sachs International		August-2020		USD	1.203		(172,877	)		EUR	1,678,227		(146,390	)		26,487
EUR versus USD		Call	Goldman Sachs International		August-2020		USD	1.210		(42,969	)		EUR	422,926		(35,325	)		7,644
EUR versus USD		Call	Goldman Sachs International		June-2021		USD	1.176		(78,167	)		EUR	953,186		(122,926	)		(44,759	)
EUR versus USD		Call	Goldman Sachs International		June-2021		USD	1.195		(59,194	)		EUR	798,801		(93,457	)		(34,263	)
EUR versus USD		Call	Goldman Sachs International		June-2021		USD	1.202		(111,513	)		EUR	948,543		(106,960	)		4,553
EUR versus USD		Call	Goldman Sachs International		June-2021		USD	1.205		(72,564	)		EUR	599,775		(66,561	)		6,003
EUR versus USD		Call	Goldman Sachs International		June-2021		USD	1.208		(97,442	)		EUR	842,323		(91,990	)		5,452
EUR versus USD		Call	J.P. Morgan Chase Bank, N.A.		June-2021		USD	1.208		(39,433	)		EUR	385,953		(42,150	)		(2,717	)
EUR versus USD		Call	Bank of America Merrill Lynch		August-2020		USD	1.217		(85,895	)		EUR	798,120		(63,360	)		22,535
USD versus BRL		Call	Barclays Bank PLC		March-2018		BRL	3.750		(1,459	)		USD	300,000		(1,839	)		(380	)
USD versus BRL		Call	Morgan Stanley Capital Services LLC		March-2018		BRL	3.750		(6,085	)		USD	263,000		(1,612	)		4,473
Subtotal — Over-The-Counter Foreign Currency Call Options Written										(2,435,090	)					(2,023,621	)		411,469
EUR versus USD		Put	Barclays Bank PLC		June-2021		USD	1.175		(51,880	)		EUR	562,501		(21,694	)		30,186
EUR versus USD		Put	Citigroup Global Markets Inc.		June-2021		USD	1.175		(59,017	)		EUR	567,334		(21,881	)		37,136
EUR versus USD		Put	Citigroup Global Markets Inc.		June-2021		USD	1.189		(67,932	)		EUR	632,455		(27,139	)		40,793
EUR versus USD		Put	Citigroup Global Markets Inc.		June-2021		USD	1.284		(9,707	)		EUR	112,906		(9,239	)		468
EUR versus USD		Put	Goldman Sachs International		November-2019		USD	1.227		(161,037	)		EUR	2,792,791		(147,771	)		13,266
EUR versus USD		Put	Goldman Sachs International		February-2020		USD	1.234		(102,489	)		EUR	1,659,309		(93,708	)		8,781
EUR versus USD		Put	Goldman Sachs International		May-2020		USD	1.240		(171,527	)		EUR	2,609,579		(156,210	)		15,317
EUR versus USD		Put	Goldman Sachs International		August-2020		USD	1.200		(151,201	)		EUR	1,348,907		(57,998	)		93,203
EUR versus USD		Put	Goldman Sachs International		June-2021		USD	1.177		(58,344	)		EUR	530,238		(20,680	)		37,664
EUR versus USD		Put	Goldman Sachs International		June-2021		USD	1.228		(134,703	)		EUR	1,684,483		(95,249	)		39,454
EUR versus USD		Put	J.P. Morgan Chase Bank, N.A.		May-2020		USD	1.259		(49,987	)		EUR	795,507		(55,281	)		(5,294	)
EUR versus USD		Put	J.P. Morgan Chase Bank, N.A.		June-2021		USD	1.281		(29,802	)		EUR	379,616		(30,486	)		(684	)
EUR versus USD		Put	Morgan Stanley Capital Services LLC		May-2020		USD	1.251		(112,376	)		EUR	1,759,196		(114,668	)		(2,292	)
EUR versus USD		Put	Morgan Stanley Capital Services LLC		May-2020		USD	1.257		(54,393	)		EUR	879,599		(59,938	)		(5,545	)

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 Foreign Currency Options Written—(continued)
Description	Type of Contract		Counterparty	Expiration Date		Exercise Price			Premiums Received			Notional Value			Value			Unrealized Appreciation (Depreciation)
EUR versus USD		Put	Morgan Stanley Capital Services LLC		May-2020		USD	1.259	$	(54,773	)		EUR	879,599	$	(61,125	)	$	(6,352	)
USD versus JPY		Put	Barclays Bank PLC		January-2018		JPY	113.500		(27,424	)		USD	709,000		(11,514	)		15,910
USD versus JPY		Put	Goldman Sachs International		January-2018		JPY	113.500		(152,738	)		USD	3,638,499		(59,089	)		93,649
USD versus JPY		Put	UBS		January-2018		JPY	113.500		(67,234	)		USD	1,838,000		(29,849	)		37,385
USD versus KRW		Put	Goldman Sachs International		January-2018		KRW	1,190.000		(53,603	)		USD	1,366,372		(93,136	)		(39,533	)
USD versus KRW		Put	Goldman Sachs International		January-2018		KRW	1,250.000		(409,404	)		USD	5,702,000		(682,540	)		(273,136	)
Subtotal — Over-The-Counter Foreign Currency Put Options Written										(1,979,571	)					(1,849,195	)		130,376
Total — Foreign Currency Options Written — Currency Risk									$	(4,414,661	)				$	(3,872,816	)	$	541,845
Total — Options Written									$	(6,516,533	)				$	(4,942,918	)	$	1,573,615


Open Futures Contracts⁽ⁿ⁾
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
CAA Index		388		December-2017	$	3,062,173		$	178,896		$	178,896
CAC 40 Index		184		November-2017		11,792,003			301,061			301,061
E-Mini S&P 500 Index		6		December-2017		771,810			91,509			91,509
Mini MSCI Emerging Markets Index		34		December-2017		1,911,140			48,522			48,522
MSCI Taiwan Index		101		November-2017		4,110,700			33,901			33,901
Swiss Market Index		108		December-2017		10,006,455			268,325			268,325
Subtotal — Equity Risk									922,214			922,214
Euro-Buxl 30 Year Bonds		2		December-2017		387,026			5,325			5,325
U.S. Treasury Long Bonds		2		December-2017		304,938			438			438
U.S. Treasury Ultra Bonds		82		December-2017		13,512,063			(275,006	)		(275,006	)
Subtotal — Interest Rate Risk									(269,243	)		(269,243	)
Subtotal — Long Futures Contracts									652,971			652,971


Short Futures Contracts
Bovespa Index		115		December-2017		(2,631,786	)		94,981			94,981
DAX Index		30		December-2017		(11,551,731	)		(838,756	)		(838,756	)
EURO STOXX 50 Index		236		December-2017		(10,111,425	)		(647,533	)		(647,533	)
E-Mini Russell 2000 Index		133		December-2017		(9,992,955	)		(784,336	)		(784,336	)
FTSE 100 Index		123		December-2017		(12,201,387	)		(148,655	)		(148,655	)
Hang Seng China Enterprises Index		42		November-2017		(3,098,828	)		33,186			33,186
Mexican Bolsa IPC Index		87		December-2017		(2,210,691	)		88,402			88,402
MSCI AC Asia ex Japan Index		37		December-2017		(1,804,294	)		(88,046	)		(88,046	)
Nikkei 225 Index		9		December-2017		(869,008	)		(115,082	)		(115,082	)
Russell UK Mid 150 Futures Index		57		December-2017		(2,910,865	)		(101,230	)		(101,230	)
Subtotal — Equity Risk									(2,507,069	)		(2,507,069	)
Long Gilt		8		December-2017		(1,321,280	)		14,913			14,913
U.S. Treasury 2 Year Notes		8		December-2017		(1,722,875	)		0			0
U.S. Treasury 10 Year Bonds		9		December-2017		(1,124,438	)		109			109
Subtotal — Interest Rate Risk									15,022			15,022
Subtotal — Short Futures Contracts									(2,492,047	)		(2,492,047	)
Total — Futures Contracts								$	(1,839,076	)	$	(1,839,076	)

⁽ⁿ⁾	Futures contracts collateralized by $4,456,843 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.

31 Invesco Global Targeted Returns Fund


Open Centrally Cleared Credit Default Swap Agreements^(o)
Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread^(p)				Notional Value		Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)^(q)
Markit CDX North America Investment Grade Index, Series 29, Version 1		Sell		1.00	%		Quarterly		12/20/2022		0.52	%	USD		735,000	$	16,915		$	17,000		$	85
Markit iTraxx Europe Index, Series 28, Version 1		Sell		1.00			Quarterly		12/20/2022		0.50		EUR		2,040,000		43,672			60,560			16,888
Markit iTraxx Europe Index, Series 27, Version 1		Sell		1.00			Quarterly		06/20/2022		0.42		EUR		35,000		807			1,102			295
Subtotal — Appreciation																	61,394			78,662			17,268
Markit CDX North America Investment Grade Index, Series 29, Version 1		Buy		(1.00	)		Quarterly		12/20/2022		0.52		USD		11,375,000		(221,428	)		(263,093	)		(41,665	)
Markit iTraxx Europe Crossover Index, Series 28, Version 1		Buy		(5.00	)		Quarterly		12/20/2022		2.25		EUR		675,000		(93,326	)		(102,246	)		(8,920	)
Markit iTraxx Europe Index, Series 28, Version 1		Buy		(1.00	)		Quarterly		12/20/2022		0.50		EUR		300,000		(7,928	)		(8,906	)		(978	)
Markit iTraxx Europe Index, Series 27, Version 1		Buy		(1.00	)		Quarterly		06/20/2022		0.42		EUR		21,358,000		(343,977	)		(672,529	)		(328,552	)
Subtotal — Depreciation																	(666,659	)		(1,046,774	)		(380,115	)
Total Credit Default Swap Agreements — Credit Risk																$	(605,265	)	$	(968,112	)	$	(362,847	)

^(p)

Implied credit spreads represent the current level as of October 31, 2017 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.

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


Open Centrally Cleared Interest Rate Swap Agreements^(o)
Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/Receive Fixed Rate			Payment Frequency	Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value		Unrealized Appreciation (Depreciation)^(r)
Pay	3 Month CDOR	Semi-Annually		2.140	%	Semi-Annually		09/18/2022		CAD	509,225	$	—	$	2,421	$	2,421
Pay	3 Month CDOR	Semi-Annually		2.145		Semi-Annually		09/15/2022		CAD	1,261,963		—		6,255		6,255
Pay	3 Month CDOR	Semi-Annually		2.150		Semi-Annually		09/15/2022		CAD	1,261,963		—		6,496		6,496
Pay	3 Month CDOR	Semi-Annually		2.153		Semi-Annually		09/15/2022		CAD	1,261,962		—		6,616		6,616
Pay	3 Month CDOR	Semi-Annually		2.155		Semi-Annually		09/18/2022		CAD	1,261,963		—		6,725		6,725
Pay	3 Month CDOR	Semi-Annually		2.160		Semi-Annually		09/18/2022		CAD	1,261,962		—		6,966		6,966
Pay	3 Month CDOR	Semi-Annually		2.163		Semi-Annually		09/18/2022		CAD	1,261,962		—		7,087		7,087
Pay	3 Month CDOR	Semi-Annually		2.169		Semi-Annually		12/20/2022		CAD	1,245,463		—		5,901		5,901
Pay	3 Month CDOR	Semi-Annually		2.170		Semi-Annually		12/20/2022		CAD	1,245,462		—		5,949		5,949
Pay	3 Month CDOR	Semi-Annually		2.174		Semi-Annually		12/20/2022		CAD	1,245,463		—		6,118		6,118
Pay	3 Month CDOR	Semi-Annually		2.175		Semi-Annually		12/20/2022		CAD	2,878,150		—		14,322		14,322
Pay	3 Month CDOR	Semi-Annually		2.190		Semi-Annually		12/20/2022		CAD	1,245,462		—		6,916		6,916
Pay	3 Month STIBOR	Quarterly		0.478		Annually		12/20/2022		SEK	12,413,000		—		4,235		4,235
Pay	3 Month STIBOR	Quarterly		2.305		Annually		07/21/2025		SEK	18,514,281		—		99,517		99,517
Pay	3 Month STIBOR	Quarterly		2.275		Annually		10/02/2025		SEK	10,606,000		—		51,429		51,429
Pay	3 Month STIBOR	Quarterly		2.373		Annually		11/24/2025		SEK	13,133,000		—		67,505		67,505
Pay	3 Month STIBOR	Quarterly		2.470		Annually		11/17/2025		SEK	14,717,000		—		84,127		84,127
Pay	3 Month STIBOR	Quarterly		2.534		Annually		12/17/2025		SEK	36,231,000		—		215,301		215,301
Pay	3 Month STIBOR	Quarterly		2.313		Annually		01/19/2026		SEK	21,817,000		—		98,842		98,842
Pay	3 Month STIBOR	Quarterly		2.655		Annually		01/04/2026		SEK	34,380,000		—		224,894		224,894
Pay	3 Month STIBOR	Quarterly		2.060		Annually		03/10/2026		SEK	11,083,000		—		31,640		31,640
Pay	3 Month STIBOR	Quarterly		2.033		Annually		06/16/2026		SEK	15,348,000		—		33,948		33,948
Pay	3 Month STIBOR	Quarterly		2.053		Annually		06/16/2026		SEK	15,954,000		—		37,124		37,124
Pay	3 Month STIBOR	Quarterly		1.927		Annually		06/15/2027		SEK	5,530,800		—		144		144

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

32 Invesco Global Targeted Returns Fund


Open Centrally Cleared Interest Rate Swap Agreements^(o)—(continued)
Pay/Receive Floating Rate	Floating Rate Index		Payment Frequency	(Pay)/Receive Fixed Rate			Payment Frequency	Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value		Unrealized Appreciation (Depreciation)^(r)
Pay		3 Month STIBOR	Quarterly		1.948	%	Annually		06/15/2027		SEK	3,687,200	$	—	$	506	$	506
Pay		3 Month STIBOR	Quarterly		1.968		Annually		06/15/2027		SEK	16,029,000		—		3,993		3,993
Pay		3 Month USD LIBOR	Quarterly		2.584		Semi-Annually		03/15/2027		USD	4,739,000		—		95,553		95,553
Pay		3 Month USD LIBOR	Quarterly		2.417		Semi-Annually		12/20/2027		USD	823,000		—		1,467		1,467
Pay		3 Month USD LIBOR	Quarterly		2.644		Semi-Annually		11/15/2043		USD	1,118,000		—		2,409		2,409
Pay		3 Month USD LIBOR	Quarterly		2.649		Semi-Annually		11/15/2043		USD	393,000		—		2,025		2,025
Pay		3 Month USD LIBOR	Quarterly		2.677		Semi-Annually		11/15/2043		USD	762,000		—		8,126		8,126
Pay		3 Month USD LIBOR	Quarterly		2.788		Semi-Annually		12/15/2047		USD	400,000		—		426		426
Pay		6 Month AUD BBSW	Semi-Annually		2.942		Semi-Annually		12/21/2026		AUD	3,891,534		—		36,244		36,244
Pay		6 Month AUD BBSW	Semi-Annually		2.943		Semi-Annually		12/21/2026		AUD	3,113,633		—		29,141		29,141
Pay		6 Month AUD BBSW	Semi-Annually		2.965		Semi-Annually		12/21/2026		AUD	3,113,633		—		33,381		33,381
Pay		6 Month AUD BBSW	Semi-Annually		2.970		Semi-Annually		12/21/2026		AUD	1,659,717		—		18,296		18,296
Pay		6 Month AUD BBSW	Semi-Annually		3.052		Semi-Annually		12/21/2026		AUD	3,080,074		—		49,185		49,185
Pay		6 Month AUD BBSW	Semi-Annually		3.091		Semi-Annually		12/21/2026		AUD	1,270,417		—		23,240		23,240
Pay		6 Month AUD BBSW	Semi-Annually		3.135		Semi-Annually		12/21/2026		AUD	3,266,992		—		68,423		68,423
Pay		6 Month AUD BBSW	Semi-Annually		2.889		Semi-Annually		03/15/2027		AUD	1,205,040		—		6,372		6,372
Pay		6 Month AUD BBSW	Semi-Annually		2.905		Semi-Annually		03/15/2027		AUD	2,190,995		—		13,854		13,854
Pay		6 Month AUD BBSW	Semi-Annually		2.913		Semi-Annually		03/15/2027		AUD	1,755,322		—		11,939		11,939
Pay		6 Month AUD BBSW	Semi-Annually		2.914		Semi-Annually		03/15/2027		AUD	1,755,322		—		12,078		12,078
Pay		6 Month AUD BBSW	Semi-Annually		2.918		Semi-Annually		03/15/2027		AUD	1,755,321		—		12,498		12,498
Pay		6 Month AUD BBSW	Semi-Annually		2.884		Semi-Annually		06/21/2027		AUD	664,000		—		2,644		2,644
Pay		6 Month AUD BBSW	Semi-Annually		2.926		Semi-Annually		12/20/2027		AUD	1,369,340		—		5,951		5,951
Pay		6 Month AUD BBSW	Semi-Annually		2.930		Semi-Annually		12/20/2027		AUD	2,738,320		—		12,588		12,588
Pay		6 Month AUD BBSW	Semi-Annually		2.932		Semi-Annually		12/20/2027		AUD	1,369,340		—		6,525		6,525
Pay		6 Month EUR LIBOR	Semi-Annually		1.442		Annually		06/15/2027		EUR	1,443,000		—		2,188		2,188
Pay		6 Month EUR LIBOR	Semi-Annually		1.498		Annually		09/21/2027		EUR	2,041,000		—		2,134		2,134
Pay		6 Month EUR LIBOR	Semi-Annually		1.585		Annually		12/21/2027		EUR	1,596,000		—		4,679		4,679
Pay		6 Month EUR LIBOR	Semi-Annually		1.642		Annually		12/21/2027		EUR	1,095,000		—		6,723		6,723
Pay		6 Month EUR LIBOR	Semi-Annually		1.937		Annually		12/15/2047		EUR	179,000		—		127		127
Pay		6 Month GBP LIBOR	Semi-Annually		1.634		Semi-Annually		09/20/2047		GBP	626,383		—		7,845		7,845
Pay		6 Month GBP LIBOR	Semi-Annually		1.635		Semi-Annually		09/20/2047		GBP	917,042		—		11,816		11,816
Pay		6 Month GBP LIBOR	Semi-Annually		1.669		Semi-Annually		09/20/2047		GBP	862,575		—		20,502		20,502
Pay		6 Month GBP LIBOR	Semi-Annually		1.670		Semi-Annually		09/15/2047		GBP	538,000		—		647		647
Pay		6 Month GBP LIBOR	Semi-Annually		1.622		Semi-Annually		12/20/2047		GBP	291,000		—		2,535		2,535
Pay		6 Month GBP LIBOR	Semi-Annually		1.661		Semi-Annually		12/15/2047		GBP	643,000		—		763		763
Pay		6 Month GBP LIBOR	Semi-Annually		1.676		Semi-Annually		12/20/2047		GBP	230,000		—		6,110		6,110
Receive		3 Month STIBOR	Quarterly		0.036		Annually		09/21/2021		SEK	10,167,000		—		7,709		7,709
Receive		3 Month STIBOR	Quarterly		0.020		Annually		09/21/2021		SEK	11,493,000		—		5,688		5,688
Receive		3 Month STIBOR	Quarterly		0.020		Annually		12/21/2021		SEK	16,053,000		—		12,406		12,406
Receive		3 Month USD LIBOR	Quarterly		2.333		Semi-Annually		12/21/2026		USD	4,390,500		—		1,687		1,687
Receive		3 Month USD LIBOR	Quarterly		2.271		Semi-Annually		03/15/2027		USD	776,000		—		5,103		5,103
Receive		3 Month USD LIBOR	Quarterly		2.299		Semi-Annually		03/15/2027		USD	1,130,000		—		4,759		4,759
Receive		3 Month USD LIBOR	Quarterly		2.311		Semi-Annually		03/15/2027		USD	1,408,000		—		4,488		4,488
Receive		3 Month USD LIBOR	Quarterly		2.315		Semi-Annually		03/15/2027		USD	1,130,000		—		3,216		3,216
Receive		3 Month USD LIBOR	Quarterly		2.317		Semi-Annually		03/15/2027		USD	1,130,000		—		3,023		3,023
Receive		3 Month USD LIBOR	Quarterly		2.310		Semi-Annually		06/21/2027		USD	204,000		—		901		901
Receive		3 Month USD LIBOR	Quarterly		2.309		Semi-Annually		10/19/2027		USD	700,456		—		4,155		4,155
Receive		3 Month USD LIBOR	Quarterly		2.332		Semi-Annually		12/20/2027		USD	700,456		—		4,085		4,085
Receive		3 Month USD LIBOR	Quarterly		2.334		Semi-Annually		12/20/2027		USD	350,316		—		2,002		2,002

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

33 Invesco Global Targeted Returns Fund


Open Centrally Cleared Interest Rate Swap Agreements^(o)—(continued)
Pay/Receive Floating Rate	Floating Rate Index		Payment Frequency		(Pay)/Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)^(r)
Receive		3 Month USD LIBOR		Quarterly		2.337	%		Semi-Annually		12/20/2027		USD	350,140	$	—	$	1,906		$	1,906
Receive		3 Month USD LIBOR		Quarterly		2.338			Semi-Annually		12/20/2027		USD	350,316		—		1,860			1,860
Receive		3 Month USD LIBOR		Quarterly		2.341			Semi-Annually		12/20/2027		USD	350,316		—		1,765			1,765
Receive		3 Month USD LIBOR		Quarterly		2.453			Semi-Annually		11/15/2043		USD	1,670,208		—		56,193			56,193
Receive		3 Month USD LIBOR		Quarterly		2.458			Semi-Annually		11/15/2043		USD	4,124,697		—		134,793			134,793
Receive		3 Month USD LIBOR		Quarterly		2.460			Semi-Annually		11/15/2043		USD	4,979,453		—		160,012			160,012
Receive		3 Month USD LIBOR		Quarterly		2.475			Semi-Annually		11/15/2043		USD	2,856,567		—		83,282			83,282
Receive		3 Month USD LIBOR		Quarterly		2.494			Semi-Annually		11/15/2043		USD	910,000		—		23,063			23,063
Receive		3 Month USD LIBOR		Quarterly		2.555			Semi-Annually		11/15/2043		USD	1,769,000		—		23,940			23,940
Receive		3 Month USD LIBOR		Quarterly		2.558			Semi-Annually		11/15/2043		USD	817,000		—		10,513			10,513
Receive		3 Month USD LIBOR		Quarterly		2.671			Semi-Annually		09/15/2047		USD	1,083,000		—		10,538			10,538
Receive		3 Month USD LIBOR		Quarterly		2.678			Semi-Annually		09/15/2047		USD	428,000		—		3,903			3,903
Receive		6 Month AUD BBSW		Semi-Annually		2.653			Semi-Annually		06/21/2027		AUD	1,353,000		—		14,732			14,732
Receive		6 Month AUD BBSW		Semi-Annually		2.818			Semi-Annually		09/20/2027		AUD	670,000		—		942			942
Receive		6 Month EUR LIBOR		Semi-Annually		1.370			Annually		06/15/2027		EUR	878,000		—		2,032			2,032
Receive		6 Month EUR LIBOR		Semi-Annually		1.414			Annually		06/15/2027		EUR	4,151,500		—		418			418
Receive		6 Month EUR LIBOR		Semi-Annually		1.407			Annually		09/21/2027		EUR	169,000		—		625			625
Receive		6 Month GBP LIBOR		Semi-Annually		1.144			Semi-Annually		09/21/2046		GBP	234,000		—		31,596			31,596
Receive		6 Month GBP LIBOR		Semi-Annually		1.615			Semi-Annually		09/17/2046		GBP	4,229,880		—		55,172			55,172
Receive		6 Month GBP LIBOR		Semi-Annually		1.693			Semi-Annually		09/17/2046		GBP	1,178,120		—		2,230			2,230
Receive		6 Month GBP LIBOR		Semi-Annually		1.004			Semi-Annually		12/21/2046		GBP	493,000		—		88,884			88,884
Receive		6 Month GBP LIBOR		Semi-Annually		1.210			Semi-Annually		12/21/2046		GBP	758,000		—		89,272			89,272
Receive		6 Month GBP LIBOR		Semi-Annually		1.294			Semi-Annually		12/21/2046		GBP	517,000		—		48,261			48,261
Receive		6 Month GBP LIBOR		Semi-Annually		1.395			Semi-Annually		12/21/2046		GBP	220,000		—		14,043			14,043
Receive		6 Month GBP LIBOR		Semi-Annually		1.533			Semi-Annually		03/15/2047		GBP	1,237,709		—		27,451			27,451
Receive		6 Month GBP LIBOR		Semi-Annually		1.569			Semi-Annually		03/15/2047		GBP	1,028,291		—		11,889			11,889
Receive		6 Month GBP LIBOR		Semi-Annually		1.440			Semi-Annually		06/21/2047		GBP	643,000		—		31,852			31,852
Receive		6 Month GBP LIBOR		Semi-Annually		1.415			Semi-Annually		09/20/2047		GBP	240,000		—		13,706			13,706
Receive		6 Month GBP LIBOR		Semi-Annually		1.494			Semi-Annually		09/15/2047		GBP	86,000		—		2,078			2,078
Receive		6 Month GBP LIBOR		Semi-Annually		1.523			Semi-Annually		09/15/2047		GBP	589,211		—		11,821			11,821
Receive		6 Month GBP LIBOR		Semi-Annually		1.544			Semi-Annually		09/15/2047		GBP	1,206,492		—		20,606			20,606
Receive		6 Month GBP LIBOR		Semi-Annually		1.545			Semi-Annually		09/15/2047		GBP	566,313		—		9,566			9,566
Receive		6 Month GBP LIBOR		Semi-Annually		1.549			Semi-Annually		09/15/2047		GBP	1,206,492		—		19,786			19,786
Receive		6 Month GBP LIBOR		Semi-Annually		1.558			Semi-Annually		09/15/2047		GBP	1,206,492		—		18,203			18,203
Receive		6 Month GBP LIBOR		Semi-Annually		1.598			Semi-Annually		12/15/2047		GBP	570,000		—		4,544			4,544
Receive		6 Month GBP LIBOR		Semi-Annually		1.608			Semi-Annually		12/15/2047		GBP	571,000		—		3,685			3,685
Receive		6 Month GBP LIBOR		Semi-Annually		1.648			Semi-Annually		12/15/2047		GBP	586,000		—		421			421
Subtotal — Appreciation																—		2,648,216			2,648,216
Pay		28 Day MXN TIIE		Monthly		6.925			Monthly		06/16/2021		MXN	1,500,000		—		(174	)		(174	)
Pay		3 Month CDOR		Semi-Annually		2.030			Semi-Annually		12/20/2022		CAD	351,536		—		(91	)		(91	)
Pay		3 Month CDOR		Semi-Annually		2.038			Semi-Annually		12/20/2022		CAD	1,282,813		—		(240	)		(240	)
Pay		3 Month CDOR		Semi-Annually		2.040			Semi-Annually		12/20/2022		CAD	1,282,814		—		(139	)		(139	)
Pay		3 Month STIBOR		Quarterly		1.327			Annually		06/16/2026		SEK	10,167,000		—		(18,174	)		(18,174	)
Pay		3 Month STIBOR		Quarterly		1.360			Annually		09/15/2026		SEK	15,350,000		—		(30,181	)		(30,181	)
Pay		3 Month STIBOR		Quarterly		1.560			Annually		09/15/2026		SEK	8,210,000		—		(7,015	)		(7,015	)
Pay		3 Month STIBOR		Quarterly		1.613			Annually		09/15/2026		SEK	16,053,000		—		(9,589	)		(9,589	)
Pay		3 Month USD LIBOR		Quarterly		2.347			Semi-Annually		03/15/2027		USD	616,000		—		(28	)		(28	)
Pay		3 Month USD LIBOR		Quarterly		2.147			Semi-Annually		06/21/2027		USD	770,000		—		(14,401	)		(14,401	)
Pay		3 Month USD LIBOR		Quarterly		2.248			Semi-Annually		06/21/2027		USD	1,102,000		—		(10,828	)		(10,828	)

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

34 Invesco Global Targeted Returns Fund


Open Centrally Cleared Interest Rate Swap Agreements^(o)—(continued)
Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/Receive Fixed Rate			Payment Frequency	Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)^(r)
Pay	3 Month USD LIBOR	Quarterly		2.179	%	Semi-Annually		09/20/2027		USD	363,000	$	—	$	(6,245	)	$	(6,245	)
Pay	3 Month USD LIBOR	Quarterly		2.449		Semi-Annually		11/15/2043		USD	796,000		—		(27,408	)		(27,408	)
Pay	3 Month USD LIBOR	Quarterly		2.469		Semi-Annually		11/15/2043		USD	313,000		—		(9,518	)		(9,518	)
Pay	3 Month USD LIBOR	Quarterly		2.475		Semi-Annually		11/15/2043		USD	2,341,000		—		(68,361	)		(68,361	)
Pay	3 Month USD LIBOR	Quarterly		2.453		Semi-Annually		03/24/2046		USD	4,233,688		—		(137,571	)		(137,571	)
Pay	3 Month USD LIBOR	Quarterly		2.625		Semi-Annually		04/28/2046		USD	574,000		—		(9,357	)		(9,357	)
Pay	3 Month USD LIBOR	Quarterly		2.510		Semi-Annually		06/18/2046		USD	491,000		—		(13,121	)		(13,121	)
Pay	3 Month USD LIBOR	Quarterly		2.155		Semi-Annually		09/17/2046		USD	751,000		—		(44,255	)		(44,255	)
Pay	3 Month USD LIBOR	Quarterly		2.163		Semi-Annually		09/17/2046		USD	1,123,000		—		(65,349	)		(65,349	)
Pay	3 Month USD LIBOR	Quarterly		2.623		Semi-Annually		06/16/2047		USD	376,000		—		(5,472	)		(5,472	)
Pay	3 Month USD LIBOR	Quarterly		2.713		Semi-Annually		06/16/2047		USD	959,000		—		(6,144	)		(6,144	)
Pay	3 Month USD LIBOR	Quarterly		2.591		Semi-Annually		09/15/2047		USD	131,000		—		(2,226	)		(2,226	)
Pay	3 Month USD LIBOR	Quarterly		2.691		Semi-Annually		12/15/2047		USD	515,531		—		(3,890	)		(3,890	)
Pay	3 Month USD LIBOR	Quarterly		2.697		Semi-Annually		12/15/2047		USD	515,735		—		(3,640	)		(3,640	)
Pay	3 Month USD LIBOR	Quarterly		2.703		Semi-Annually		12/15/2047		USD	515,734		—		(3,372	)		(3,372	)
Pay	6 Month EUR LIBOR	Semi-Annually		1.816		Annually		09/15/2047		EUR	652,000		—		(10,569	)		(10,569	)
Pay	6 Month EUR LIBOR	Semi-Annually		1.821		Annually		09/15/2047		EUR	1,304,000		—		(20,269	)		(20,269	)
Pay	6 Month EUR LIBOR	Semi-Annually		1.822		Annually		09/15/2047		EUR	654,000		—		(10,062	)		(10,062	)
Pay	6 Month EUR LIBOR	Semi-Annually		1.824		Annually		09/15/2047		EUR	653,000		—		(9,897	)		(9,897	)
Pay	6 Month EUR LIBOR	Semi-Annually		1.830		Annually		09/15/2047		EUR	652,000		—		(9,408	)		(9,408	)
Pay	6 Month EUR LIBOR	Semi-Annually		1.841		Annually		09/15/2047		EUR	1,305,000		—		(16,849	)		(16,849	)
Pay	6 Month EUR LIBOR	Semi-Annually		1.893		Annually		12/15/2047		EUR	353,048		—		(1,785	)		(1,785	)
Pay	6 Month EUR LIBOR	Semi-Annually		1.899		Annually		12/15/2047		EUR	685,952		—		(2,866	)		(2,866	)
Pay	6 Month GBP LIBOR	Semi-Annually		1.470		Semi-Annually		03/17/2047		GBP	229,000		—		(6,950	)		(6,950	)
Pay	6 Month GBP LIBOR	Semi-Annually		1.566		Semi-Annually		03/17/2047		GBP	187,000		—		(3,223	)		(3,223	)
Pay	6 Month GBP LIBOR	Semi-Annually		1.468		Semi-Annually		06/16/2047		GBP	260,000		—		(7,527	)		(7,527	)
Pay	6 Month GBP LIBOR	Semi-Annually		1.474		Semi-Annually		09/20/2047		GBP	285,000		—		(11,037	)		(11,037	)
Receive	3 Month CDOR	Semi-Annually		2.113		Semi-Annually		12/20/2022		CAD	792,000		—		(2,053	)		(2,053	)
Receive	3 Month STIBOR	Quarterly		0.390		Annually		04/29/2021		SEK	111,635,138		—		(167,791	)		(167,791	)
Receive	3 Month STIBOR	Quarterly		0.385		Annually		05/02/2021		SEK	170,366,862		—		(250,717	)		(250,717	)
Receive	3 Month STIBOR	Quarterly		0.348		Annually		06/21/2022		SEK	14,426,000		—		(3,720	)		(3,720	)
Receive	3 Month STIBOR	Quarterly		0.354		Annually		06/21/2022		SEK	5,530,800		—		(1,581	)		(1,581	)
Receive	3 Month STIBOR	Quarterly		0.365		Annually		06/21/2022		SEK	3,687,200		—		(1,278	)		(1,278	)
Receive	3 Month STIBOR	Quarterly		2.071		Annually		12/21/2027		SEK	12,413,000		—		(2,208	)		(2,208	)
Receive	3 Month USD LIBOR	Quarterly		2.371		Semi-Annually		12/21/2026		USD	4,390,500		—		(12,274	)		(12,274	)
Receive	3 Month USD LIBOR	Quarterly		2.381		Semi-Annually		12/21/2026		USD	2,958,000		—		(10,655	)		(10,655	)
Receive	3 Month USD LIBOR	Quarterly		2.384		Semi-Annually		12/21/2026		USD	482,000		—		(1,854	)		(1,854	)
Receive	3 Month USD LIBOR	Quarterly		2.389		Semi-Annually		12/21/2026		USD	963,000		—		(4,107	)		(4,107	)
Receive	3 Month USD LIBOR	Quarterly		2.391		Semi-Annually		12/21/2026		USD	1,101,000		—		(4,861	)		(4,861	)
Receive	3 Month USD LIBOR	Quarterly		2.791		Semi-Annually		12/15/2047		USD	439,000		—		(585	)		(585	)
Receive	6 Month AUD BBSW	Semi-Annually		2.960		Semi-Annually		03/15/2027		AUD	1,151,000		—		(11,289	)		(11,289	)
Receive	6 Month AUD BBSW	Semi-Annually		3.040		Semi-Annually		03/15/2027		AUD	762,000		—		(11,426	)		(11,426	)
Receive	6 Month AUD BBSW	Semi-Annually		2.903		Semi-Annually		09/20/2027		AUD	1,593,000		—		(7,284	)		(7,284	)
Receive	6 Month AUD BBSW	Semi-Annually		2.947		Semi-Annually		12/20/2027		AUD	1,629,000		—		(9,488	)		(9,488	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.423		Annually		06/15/2027		EUR	830,300		—		(305	)		(305	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.425		Annually		06/15/2027		EUR	3,321,200		—		(1,529	)		(1,529	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.429		Annually		06/15/2027		EUR	732,000		—		(10,256	)		(10,256	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.433		Annually		06/15/2027		EUR	2,490,900		—		(2,232	)		(2,232	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.438		Annually		06/15/2027		EUR	5,812,100		—		(6,784	)		(6,784	)

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

35 Invesco Global Targeted Returns Fund


Open Centrally Cleared Interest Rate Swap Agreements^(o)—(continued)
Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)^(r)
Receive	6 Month EUR LIBOR	Semi-Annually		1.611	%		Annually		09/21/2027		EUR	2,138,758	$	—	$	(16,108	)	$	(16,108	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.613			Annually		09/21/2027		EUR	703,153		—		(5,375	)		(5,375	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.622			Annually		09/21/2027		EUR	1,406,307		—		(11,475	)		(11,475	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.624			Annually		09/21/2027		EUR	703,153		—		(5,816	)		(5,816	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.626			Annually		09/21/2027		EUR	1,406,307		—		(11,789	)		(11,789	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.639			Annually		09/21/2027		EUR	916,736		—		(8,351	)		(8,351	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.653			Annually		09/21/2027		EUR	3,490,569		—		(34,572	)		(34,572	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.654			Annually		09/21/2027		EUR	1,347,710		—		(13,357	)		(13,357	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.658			Annually		09/21/2027		EUR	1,406,307		—		(14,288	)		(14,288	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.940			Annually		09/15/2047		EUR	199,000		—		(18	)		(18	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.952			Annually		12/15/2047		EUR	391,000		—		(1,003	)		(1,003	)
Receive	6 Month GBP LIBOR	Semi-Annually		1.972			Semi-Annually		12/02/2045		GBP	737,000		—		(100,855	)		(100,855	)
Receive	6 Month GBP LIBOR	Semi-Annually		2.045			Semi-Annually		12/03/2045		GBP	1,090,000		—		(175,202	)		(175,202	)
Receive	6 Month GBP LIBOR	Semi-Annually		2.050			Semi-Annually		01/06/2046		GBP	301,000		—		(47,801	)		(47,801	)
Receive	6 Month GBP LIBOR	Semi-Annually		1.636			Semi-Annually		03/08/2046		GBP	402,000		—		(7,966	)		(7,966	)
Receive	6 Month GBP LIBOR	Semi-Annually		1.643			Semi-Annually		03/18/2046		GBP	243,000		—		(5,302	)		(5,302	)
Receive	6 Month GBP LIBOR	Semi-Annually		1.850			Semi-Annually		04/26/2046		GBP	172,000		—		(15,969	)		(15,969	)
Receive	6 Month GBP LIBOR	Semi-Annually		1.443			Semi-Annually		06/16/2047		GBP	264,000		—		(2,830	)		(2,830	)
Subtotal — Depreciation														—		(1,609,585	)		(1,609,585	)
Total — Interest Rate Swap Agreements — Interest Rate Risk													$	—	$	1,038,631		$	1,038,631

^(o)

Centrally cleared swap agreements collateralized by $2,014,886 cash held with Credit Suisse Securities (USA) LLC.

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


Open Over-The-Counter Inflation Swap Agreements^(s)
Counterparty	Pay/Receive Floating Rate		Floating Rate Index	Payment Frequency		Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Barclays Bank PLC		Receive	United States CPI Urban Consumers NSA		At Maturity		1.955	%		At Maturity		10/18/2026		USD	1,314,000	$	—	$	20,667		$	20,667
Barclays Bank PLC		Receive	United States CPI Urban Consumers NSA		At Maturity		1.960			At Maturity		10/18/2026		USD	1,314,000		—		20,016			20,016
Barclays Bank PLC		Receive	United States CPI Urban Consumers NSA		At Maturity		1.995			At Maturity		10/19/2026		USD	1,314,000		—		15,480			15,480
Barclays Bank PLC		Receive	United States CPI Urban Consumers NSA		At Maturity		2.000			At Maturity		10/19/2026		USD	1,288,000		—		14,533			14,533
Barclays Bank PLC		Receive	United States CPI Urban Consumers NSA		At Maturity		2.010			At Maturity		10/20/2026		USD	1,314,000		—		13,556			13,556
Barclays Bank PLC		Receive	United States CPI Urban Consumers NSA		At Maturity		1.993			At Maturity		10/21/2026		USD	1,288,000		—		15,568			15,568
Barclays Bank PLC		Receive	United States CPI Urban Consumers NSA		At Maturity		2.010			At Maturity		10/21/2026		USD	1,314,000		—		13,594			13,594
Barclays Bank PLC		Receive	United States CPI Urban Consumers NSA		At Maturity		1.995			At Maturity		10/24/2026		USD	1,314,000		—		15,676			15,676
Barclays Bank PLC		Receive	United States CPI Urban Consumers NSA		At Maturity		2.233			At Maturity		12/19/2026		USD	2,578,000		—		33,308			33,308
Goldman Sachs International		Receive	United States CPI Urban Consumers NSA		At Maturity		2.040			At Maturity		11/01/2026		USD	1,320,000		—		10,136			10,136
Morgan Stanley Capital Services LLC		Receive	United States CPI Urban Consumers NSA		At Maturity		2.048			At Maturity		11/01/2026		USD	1,299,000		—		9,002			9,002
Subtotal — Appreciation																	—		181,536			181,536
Barclays Bank PLC		Pay	United Kingdom RPI		At Maturity		3.106			At Maturity		06/15/2026		GBP	1,294,000		—		(70,719	)		(70,719	)
Barclays Bank PLC		Receive	United Kingdom RPI		At Maturity		3.574			At Maturity		12/15/2026		GBP	3,132,000		—		(55,889	)		(55,889	)

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

36 Invesco Global Targeted Returns Fund


Open Over-The-Counter Inflation Swap Agreements^(s)—(continued)
Counterparty	Pay/Receive Floating Rate		Floating Rate Index	Payment Frequency		Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Barclays Bank PLC		Receive	United States CPI Urban Consumers NSA		At Maturity		2.225	%		At Maturity		11/16/2026		USD	1,825,000	$	—	$	(20,507	)	$	(20,507	)
Barclays Bank PLC		Receive	United States CPI Urban Consumers NSA		At Maturity		2.255			At Maturity		11/17/2026		USD	1,867,000		—		(26,699	)		(26,699	)
Citigroup Global Markets Inc.		Pay	United Kingdom RPI		At Maturity		2.949			At Maturity		09/15/2025		GBP	840,423		—		(41,525	)		(41,525	)
Citigroup Global Markets Inc.		Pay	United Kingdom RPI		At Maturity		2.801			At Maturity		05/15/2026		GBP	1,018,000		—		(94,646	)		(94,646	)
Goldman Sachs International		Pay	United Kingdom RPI		At Maturity		3.060			At Maturity		12/29/2025		GBP	3,450,000		—		(146,814	)		(146,814	)
Goldman Sachs International		Pay	United Kingdom RPI		At Maturity		2.964			At Maturity		03/15/2026		GBP	2,298,000		—		(150,447	)		(150,447	)
Goldman Sachs International		Receive	United States CPI Urban Consumers NSA		At Maturity		2.218			At Maturity		11/16/2026		USD	1,762,000		—		(18,460	)		(18,460	)
Morgan Stanley Capital Services LLC		Pay	United Kingdom RPI		At Maturity		2.923			At Maturity		02/27/2025		GBP	11,857,170		—		(369,182	)		(369,182	)
Morgan Stanley Capital Services LLC		Pay	United Kingdom RPI		At Maturity		3.250			At Maturity		07/10/2025		GBP	830,852		—		(322	)		(322	)
Morgan Stanley Capital Services LLC		Receive	United States CPI Urban Consumers NSA		At Maturity		2.249			At Maturity		11/16/2026		USD	1,493,000		—		(20,411	)		(20,411	)
Morgan Stanley Capital Services LLC		Receive	United States CPI Urban Consumers NSA		At Maturity		2.259			At Maturity		11/16/2026		USD	1,276,000		—		(18,741	)		(18,741	)
Morgan Stanley Capital Services LLC		Receive	United States CPI Urban Consumers NSA		At Maturity		2.284			At Maturity		11/16/2026		USD	2,776,000		—		(47,835	)		(47,835	)
Morgan Stanley Capital Services LLC		Receive	United States CPI Urban Consumers NSA		At Maturity		2.255			At Maturity		11/17/2026		USD	1,867,000		—		(26,604	)		(26,604	)
Subtotal — Depreciation																	—		(1,108,801	)		(1,108,801	)
Subtotal — Over-The-Counter Inflation Swap Agreements																$	—	$	(927,265	)	$	(927,265	)


Centrally Cleared Inflation Swap Agreements^(s)
Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency	Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value		Unrealized Appreciation (Depreciation)^(t)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.105	%		At Maturity		04/15/2022		EUR	8,303,000	$	—	$	60,962	$	60,962
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.114			At Maturity		03/15/2022		EUR	6,642,400		—		50,524		50,524
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.127			At Maturity		03/15/2022		EUR	1,660,600		—		11,469		11,469
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.128			At Maturity		06/15/2022		EUR	338,000		—		2,995		2,995
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.134			At Maturity		04/15/2022		EUR	1,755,000		—		10,065		10,065
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.140			At Maturity		03/15/2022		EUR	4,981,800		—		30,644		30,644
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.141			At Maturity		03/15/2022		EUR	11,624,200		—		74,519		74,519
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.176			At Maturity		07/15/2022		EUR	2,754,047		—		13,785		13,785

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

37 Invesco Global Targeted Returns Fund


Centrally Cleared Inflation Swap Agreements^(s)—(continued)
Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency	Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value		Unrealized Appreciation (Depreciation)^(t)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.180	%		At Maturity		07/15/2022		EUR	2,666,152	$	—	$	12,707	$	12,707
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.202			At Maturity		07/15/2022		EUR	3,984,578		—		13,822		13,822
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.208			At Maturity		07/15/2022		EUR	1,321,356		—		4,085		4,085
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.217			At Maturity		07/15/2022		EUR	2,666,151		—		6,721		6,721
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.222			At Maturity		07/15/2022		EUR	3,999,227		—		8,781		8,781
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.385			At Maturity		06/15/2027		EUR	2,887,000		—		24,738		24,738
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.421			At Maturity		08/15/2027		EUR	4,082,000		—		24,959		24,959
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.455			At Maturity		09/15/2027		EUR	2,191,000		—		5,759		5,759
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.475			At Maturity		10/15/2027		EUR	3,191,000		—		2,182		2,182
Receive	United States CPI Urban Consumers NSA	At Maturity		2.069			At Maturity		08/25/2027		USD	220,120		—		1,927		1,927
Receive	United States CPI Urban Consumers NSA	At Maturity		2.074			At Maturity		08/23/2027		USD	436,000		—		3,597		3,597
Receive	United States CPI Urban Consumers NSA	At Maturity		2.079			At Maturity		08/22/2027		USD	237,000		—		1,833		1,833
Receive	United States CPI Urban Consumers NSA	At Maturity		2.082			At Maturity		08/24/2027		USD	436,000		—		3,247		3,247
Receive	United States CPI Urban Consumers NSA	At Maturity		2.093			At Maturity		08/21/2027		USD	474,000		—		3,000		3,000
Receive	United States CPI Urban Consumers NSA	At Maturity		2.093			At Maturity		08/21/2027		USD	474,000		—		3,000		3,000
Receive	United States CPI Urban Consumers NSA	At Maturity		2.123			At Maturity		10/19/2027		USD	617,000		—		2,990		2,990
Receive	United States CPI Urban Consumers NSA	At Maturity		2.131			At Maturity		10/19/2027		USD	617,000		—		2,475		2,475
Receive	United States CPI Urban Consumers NSA	At Maturity		2.131			At Maturity		10/23/2027		USD	308,000		—		1,174		1,174
Receive	United States CPI Urban Consumers NSA	At Maturity		2.148			At Maturity		10/20/2027		USD	617,000		—		1,448		1,448
Receive	United States CPI Urban Consumers NSA	At Maturity		2.150			At Maturity		10/20/2027		USD	308,000		—		647		647
Receive	United Kingdom RPI	At Maturity		3.353			At Maturity		10/15/2027		GBP	1,269,000		—		4,263		4,263
Receive	United Kingdom RPI	At Maturity		3.390			At Maturity		09/15/2027		GBP	1,479,000		—		2,392		2,392
Receive	United Kingdom RPI	At Maturity		3.420			At Maturity		06/15/2047		GBP	23,000		—		1,335		1,335
Receive	United Kingdom RPI	At Maturity		3.423			At Maturity		06/15/2027		GBP	1,100,000		—		2,568		2,568
Receive	United Kingdom RPI	At Maturity		3.443			At Maturity		08/15/2047		GBP	34,066		—		1,388		1,388
Receive	United Kingdom RPI	At Maturity		3.453			At Maturity		08/15/2047		GBP	34,463		—		1,173		1,173
Receive	United Kingdom RPI	At Maturity		3.453			At Maturity		08/15/2047		GBP	34,463		—		1,173		1,173

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

38 Invesco Global Targeted Returns Fund


Centrally Cleared Inflation Swap Agreements^(s)—(continued)
Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)^(t)
Receive	United Kingdom RPI		At Maturity		3.454	%		At Maturity		08/15/2047		GBP	67,943	$	—	$	2,255		$	2,255
Receive	United Kingdom RPI		At Maturity		3.458			At Maturity		08/15/2047		GBP	34,463		—		1,055			1,055
Receive	United Kingdom RPI		At Maturity		3.478			At Maturity		08/15/2047		GBP	80,661		—		1,338			1,338
Receive	United Kingdom RPI		At Maturity		3.480			At Maturity		08/15/2047		GBP	80,661		—		1,235			1,235
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.302			At Maturity		10/15/2022		EUR	3,191,000		—		928			928
Pay	United States CPI Urban Consumers NSA		At Maturity		2.120			At Maturity		05/12/2027		USD	950,000		—		1,963			1,963
Pay	United States CPI Urban Consumers NSA		At Maturity		2.120			At Maturity		05/12/2027		USD	2,281,000		—		4,712			4,712
Pay	United States CPI Urban Consumers NSA		At Maturity		2.133			At Maturity		05/15/2027		USD	1,117,000		—		3,049			3,049
Pay	United States CPI Urban Consumers NSA		At Maturity		2.135			At Maturity		05/11/2027		USD	236,000		—		869			869
Pay	United States CPI Urban Consumers NSA		At Maturity		2.135			At Maturity		05/11/2027		USD	654,000		—		2,409			2,409
Pay	United States CPI Urban Consumers NSA		At Maturity		2.138			At Maturity		05/11/2027		USD	1,574,000		—		6,189			6,189
Pay	United States CPI Urban Consumers NSA		At Maturity		2.144			At Maturity		05/11/2027		USD	1,574,000		—		7,207			7,207
Pay	United States CPI Urban Consumers NSA		At Maturity		2.281			At Maturity		03/01/2027		USD	919,000		—		16,693			16,693
Pay	United Kingdom RPI		At Maturity		3.381			At Maturity		10/15/2027		GBP	1,700,380		—		1,929			1,929
Pay	United Kingdom RPI		At Maturity		3.388			At Maturity		10/15/2027		GBP	2,280,760		—		5,214			5,214
Pay	United Kingdom RPI		At Maturity		3.483			At Maturity		10/15/2047		GBP	111,000		—		137			137
Pay	United Kingdom RPI		At Maturity		3.505			At Maturity		09/15/2047		GBP	131,000		—		1,380			1,380
Pay	United Kingdom RPI		At Maturity		3.630			At Maturity		01/15/2027		GBP	644,421		—		17,435			17,435
Pay	United Kingdom RPI		At Maturity		3.633			At Maturity		01/15/2027		GBP	885,159		—		24,349			24,349
Pay	United Kingdom RPI		At Maturity		3.635			At Maturity		01/15/2027		GBP	644,420		—		17,922			17,922
Subtotal — Appreciation															—		516,615			516,615
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.190			At Maturity		05/15/2022		EUR	1,465,000		—		(3,412	)		(3,412	)
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.310	%		At Maturity		08/15/2022		EUR	6,650,145		—		(7,059	)		(7,059	)
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.315			At Maturity		08/15/2022		EUR	2,996,344		—		(4,158	)		(4,158	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.147			At Maturity		04/25/2027		USD	198,000		—		(1,234	)		(1,234	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.199			At Maturity		04/26/2027		USD	397,000		—		(4,543	)		(4,543	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.294			At Maturity		01/12/2027		USD	866,000		—		(16,559	)		(16,559	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.300			At Maturity		01/12/2027		USD	866,000		—		(17,087	)		(17,087	)
Pay	United Kingdom RPI		At Maturity		3.495			At Maturity		10/15/2047		GBP	85,540		—		(826	)		(826	)
Pay	United Kingdom RPI		At Maturity		3.505			At Maturity		02/15/2027		GBP	1,235,000		—		(14,717	)		(14,717	)
Pay	United Kingdom RPI		At Maturity		3.518			At Maturity		10/15/2047		GBP	143,957		—		(3,715	)		(3,715	)
Pay	United Kingdom RPI		At Maturity		3.524			At Maturity		05/15/2047		GBP	458,250		—		(7,895	)		(7,895	)
Pay	United Kingdom RPI		At Maturity		3.531			At Maturity		10/15/2047		GBP	200,503		—		(7,149	)		(7,149	)
Pay	United Kingdom RPI		At Maturity		3.549			At Maturity		05/15/2047		GBP	458,250		—		(15,982	)		(15,982	)

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

39 Invesco Global Targeted Returns Fund


Centrally Cleared Inflation Swap Agreements^(s)—(continued)
Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency	Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)^(t)
Pay	United Kingdom RPI	At Maturity		3.552	%		At Maturity		05/15/2047		GBP	458,250	$	—	$	(16,900	)	$	(16,900	)
Pay	United Kingdom RPI	At Maturity		3.564			At Maturity		05/15/2047		GBP	458,250		—		(20,906	)		(20,906	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.198			At Maturity		06/15/2022		EUR	2,887,000		—		(13,679	)		(13,679	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.253			At Maturity		08/15/2022		EUR	4,082,000		—		(10,216	)		(10,216	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.282			At Maturity		09/15/2022		EUR	2,191,000		—		(2,145	)		(2,145	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.333			At Maturity		04/15/2027		EUR	8,303,000		—		(90,111	)		(90,111	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.334			At Maturity		06/15/2027		EUR	338,000		—		(4,956	)		(4,956	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.339			At Maturity		03/15/2027		EUR	6,642,400		—		(69,638	)		(69,638	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.360			At Maturity		03/15/2027		EUR	1,660,600		—		(13,506	)		(13,506	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.364			At Maturity		04/15/2027		EUR	1,755,000		—		(12,701	)		(12,701	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.375			At Maturity		07/15/2027		EUR	2,754,047		—		(25,173	)		(25,173	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.377			At Maturity		03/15/2027		EUR	11,624,200		—		(69,334	)		(69,334	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.380			At Maturity		07/15/2027		EUR	2,666,152		—		(22,748	)		(22,748	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.381			At Maturity		03/15/2027		EUR	4,981,800		—		(28,710	)		(28,710	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.388			At Maturity		07/15/2027		EUR	3,984,578		—		(29,963	)		(29,963	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.391			At Maturity		07/15/2027		EUR	1,321,356		—		(9,470	)		(9,470	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.405			At Maturity		07/15/2027		EUR	2,666,151		—		(14,615	)		(14,615	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.406			At Maturity		07/15/2027		EUR	3,999,227		—		(21,497	)		(21,497	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.420			At Maturity		05/15/2027		EUR	1,465,000		—		(1,340	)		(1,340	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.462			At Maturity		08/15/2027		EUR	6,650,145		—		(5,579	)		(5,579	)

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

40 Invesco Global Targeted Returns Fund


Centrally Cleared Inflation Swap Agreements^(s)—(continued)
Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)^(t)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.465	%		At Maturity		08/15/2027		EUR	2,996,344	$	—	$	(1,524	)	$	(1,524	)
Receive	United States CPI Urban Consumers NSA		At Maturity		2.055			At Maturity		06/08/2027		USD	3,860,000		—		(27,485	)		(27,485	)
Receive	United States CPI Urban Consumers NSA		At Maturity		2.081			At Maturity		05/18/2027		USD	3,154,000		—		(7,484	)		(7,484	)
Receive	United States CPI Urban Consumers NSA		At Maturity		2.093			At Maturity		06/07/2027		USD	819,000		—		(2,750	)		(2,750	)
Receive	United States CPI Urban Consumers NSA		At Maturity		2.165			At Maturity		10/25/2027		USD	693,000		—		(286	)		(286	)
Receive	United States CPI Urban Consumers NSA		At Maturity		2.170			At Maturity		09/18/2027		USD	437,000		—		(32	)		(32	)
Receive	United Kingdom RPI		At Maturity		3.321			At Maturity		08/15/2027		GBP	334,383		—		(5,782	)		(5,782	)
Receive	United Kingdom RPI		At Maturity		3.335			At Maturity		08/15/2027		GBP	839,930		—		(12,721	)		(12,721	)
Receive	United Kingdom RPI		At Maturity		3.343			At Maturity		08/15/2027		GBP	426,036		—		(5,962	)		(5,962	)
Receive	United Kingdom RPI		At Maturity		3.343			At Maturity		08/15/2027		GBP	426,035		—		(5,961	)		(5,961	)
Receive	United Kingdom RPI		At Maturity		3.352			At Maturity		10/15/2027		GBP	1,109,860		—		(3,752	)		(3,752	)
Receive	United Kingdom RPI		At Maturity		3.353			At Maturity		08/15/2027		GBP	426,036		—		(5,305	)		(5,305	)
Receive	United Kingdom RPI		At Maturity		3.370			At Maturity		06/15/2027		GBP	255,000		—		(2,703	)		(2,703	)
Receive	United Kingdom RPI		At Maturity		3.374			At Maturity		08/15/2027		GBP	972,670		—		(8,915	)		(8,915	)
Receive	United Kingdom RPI		At Maturity		3.378			At Maturity		08/15/2027		GBP	972,670		—		(8,350	)		(8,350	)
Receive	United Kingdom RPI		At Maturity		3.411			At Maturity		05/15/2027		GBP	1,022,000		—		(447	)		(447	)
Receive	United Kingdom RPI		At Maturity		3.485			At Maturity		06/15/2047		GBP	102,000		—		(1,533	)		(1,533	)
Subtotal — Depreciation															—		(688,515	)		(688,515	)
Subtotal — Centrally Cleared Inflation Swap Agreements															—		(171,900	)		(171,900	)
Total — Interest Rate and Inflation Swap Agreements — Interest Rate Risk														$	—	$	(60,534	)	$	(60,534	)

^(s)	Inflation swap agreements collateralized by $1,673,548 cash held with Deutsche Bank Securities Inc., Goldman Sachs International and Morgan Stanley Capital Services, LLC.

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

Open Over-The-Counter Variance Swap Agreements

Counterparty

Reference Entity

Pay/Receive
Variance

Volatility
Strike Rate

Maturity
Date

Notional
Value

Unrealized
Appreciation
(Depreciation)

BNP Paribas S.A.

S&P 500 Index

Pay

17.25

December-2017

USD

7,143

49,023

BNP Paribas S.A.

S&P 500 Index

Pay

17.65

December-2018

USD

6,188

15,596

BNP Paribas S.A.

S&P 500 Index

Pay

17.75

December-2018

USD

2,071

5,232

BNP Paribas S.A.

S&P 500 Index

Pay

19.80

December-2017

USD

7,175

60,578

Citigroup Global Markets Inc.

KOSPI 200 Index

Pay

17.60

December-2017

KRW

4,414,436

21,789

Citigroup Global Markets Inc.

S&P 500 Index

Pay

13.50

December-2017

USD

3,601

15,420

Citigroup Global Markets Inc.

S&P 500 Index

Pay

14.05

December-2017

USD

3,112

14,626

Citigroup Global Markets Inc.

S&P 500 Index

Pay

15.40

June-2018

USD

2,788

6,002

Citigroup Global Markets Inc.

S&P 500 Index

Pay

16.26

June-2018

USD

2,334

7,065

Citigroup Global Markets Inc.

S&P 500 Index

Pay

16.65

December-2018

USD

3,485

4,870

Citigroup Global Markets Inc.

S&P 500 Index

Pay

17.41

December-2018

USD

3,890

8,549

Citigroup Global Markets Inc.

S&P 500 Index

Pay

17.55

December-2018

USD

3,886

10,887

Goldman Sachs International

S&P 500 Index

Pay

14.80

December-2017

USD

6,535

34,357

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

41 Invesco Global Targeted Returns Fund

Open Over-The-Counter Variance Swap Agreements—(continued)

Counterparty

Reference Entity

Pay/Receive
Variance

Volatility
Strike Rate

Maturity
Date

Notional
Value

Unrealized
Appreciation
(Depreciation)

Goldman Sachs International

S&P 500 Index

Pay

18.75

December-2017

USD

2,659

20,841

Goldman Sachs International

S&P 500 Index

Pay

20.50

December-2017

USD

9,024

78,760

Goldman Sachs International

S&P 500 Index

Pay

20.60

December-2017

USD

8,661

74,634

Goldman Sachs International

S&P 500 Index

Pay

21.15

December-2017

USD

5,408

48,530

J.P. Morgan Chase Bank, N.A.

Hang Seng China Enterprise Index

Pay

22.30

December-2017

HKD

109,308

48,552

J.P. Morgan Chase Bank, N.A.

Hang Seng China Enterprise Index

Pay

26.65

December-2017

HKD

316,698

361,228

J.P. Morgan Chase Bank, N.A.

Hang Seng China Enterprise Index

Pay

26.75

December-2017

HKD

105,566

121,443

J.P. Morgan Chase Bank, N.A.

KOSPI 200 Index

Pay

16.90

December-2017

KRW

26,414,363

110,965

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

13.93

December-2017

USD

3,713

16,975

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

13.98

December-2017

USD

4,951

22,800

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

14.80

December-2017

USD

3,297

17,530

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

14.90

December-2017

USD

3,732

19,517

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

14.96

December-2017

USD

2,994

15,873

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

15.11

December-2017

USD

9,149

49,796

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

16.00

December-2017

USD

1,536

9,268

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

16.32

December-2017

USD

3,242

20,150

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

16.45

December-2017

USD

7,659

49,099

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

16.56

December-2017

USD

17,560

113,539

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

16.70

December-2018

USD

5,204

1,311

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

16.90

December-2018

USD

6,548

5,106

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

17.10

December-2017

USD

3,333

22,574

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

17.31

December-2018

USD

2,784

3,533

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

17.45

December-2018

USD

4,851

7,605

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

17.70

December-2017

USD

10,317

74,178

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

17.95

December-2018

USD

23,318

74,150

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

18.80

December-2017

USD

6,094

47,751

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

19.55

December-2017

USD

7,945

66,153

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

19.90

December-2017

USD

8,054

68,384

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

20.09

December-2017

USD

4,958

41,407

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

20.20

December-2017

USD

15,837

136,325

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

20.36

December-2017

USD

19,225

166,538

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

20.60

December-2017

USD

11,548

99,512

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

20.65

December-2017

USD

9,155

80,825

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

20.73

December-2017

USD

8,762

75,916

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

20.79

December-2017

USD

11,417

100,382

J.P. Morgan Chase Bank, N.A.

S&P 500 Index

Pay

21.25

December-2017

USD

14,422

130,247

Morgan Stanley Capital Services LLC

S&P 500 Index

Pay

24.58

December-2017

USD

17,827

182,447

Societe Generale

Hang Seng China Enterprise Index

Pay

20.40

December-2017

HKD

54,619

11,385

Societe Generale

Hang Seng China Enterprise Index

Pay

21.65

December-2017

HKD

81,877

29,607

Societe Generale

Hang Seng China Enterprise Index

Pay

22.56

December-2017

HKD

54,690

25,823

Societe Generale

Hang Seng Index

Pay

22.01

December-2017

HKD

136,738

135,285

Societe Generale

KOSPI 200 Index

Pay

17.25

December-2017

KRW

17,608,798

77,909

Societe Generale

KOSPI 200 Index

Pay

17.50

December-2017

KRW

8,794,672

42,469

Societe Generale

KOSPI 200 Index

Pay

17.60

December-2017

KRW

8,824,892

43,558

Societe Generale

KOSPI 200 Index

Pay

20.00

December-2018

KRW

7,789,108

14,220

Societe Generale

S&P 500 Index

Pay

14.90

December-2017

USD

15,056

80,834

Societe Generale

S&P 500 Index

Pay

14.95

June-2018

USD

3,269

5,275

Societe Generale

S&P 500 Index

Pay

15.85

December-2017

USD

15,469

92,692

Societe Generale

S&P 500 Index

Pay

15.90

December-2017

USD

2,048

12,230

Societe Generale

S&P 500 Index

Pay

15.90

June-2018

USD

2,617

6,181

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

42 Invesco Global Targeted Returns Fund

Open Over-The-Counter Variance Swap Agreements—(continued)

Counterparty

Reference Entity

Pay/Receive
Variance

Volatility
Strike Rate

Maturity
Date

Notional
Value

Unrealized
Appreciation
(Depreciation)

Societe Generale

S&P 500 Index

Pay

15.95

December-2018

USD

5,448

3,468

Societe Generale

S&P 500 Index

Pay

16.85

December-2018

USD

4,362

6,081

Societe Generale

S&P 500 Index

Pay

17.36

December-2018

USD

9,742

12,993

Societe Generale

S&P 500 Index

Pay

17.70

December-2018

USD

23,318

69,233

Societe Generale

S&P 500 Index

Pay

17.80

December-2018

USD

7,772

23,365

Societe Generale

S&P 500 Index

Pay

18.15

December-2018

USD

2,666

8,072

Societe Generale

S&P 500 Index

Pay

18.40

December-2017

USD

5,224

39,670

Societe Generale

S&P 500 Index

Pay

18.50

December-2017

USD

4,654

35,800

Societe Generale

S&P 500 Index

Pay

19.00

December-2017

USD

2,285

18,170

Societe Generale

S&P 500 Index

Pay

19.25

December-2017

USD

14,636

119,079

Societe Generale

S&P 500 Index

Pay

19.30

December-2017

USD

18,815

153,567

Societe Generale

S&P 500 Index

Pay

19.85

December-2017

USD

4,602

38,942

Societe Generale

S&P 500 Index

Pay

20.00

December-2017

USD

4,100

35,084

Societe Generale

S&P 500 Index

Pay

20.15

December-2017

USD

10,986

93,843

Societe Generale

S&P 500 Index

Pay

20.20

December-2017

USD

11,548

96,825

Societe Generale

S&P 500 Index

Pay

20.30

December-2017

USD

16,022

138,241

Societe Generale

S&P 500 Index

Pay

20.45

December-2017

USD

15,792

137,377

Societe Generale

S&P 500 Index

Pay

20.65

December-2017

USD

6,524

56,835

Societe Generale

S&P 500 Index

Pay

20.75

December-2017

USD

3,410

30,351

Societe Generale

S&P 500 Index

Pay

20.90

December-2017

USD

5,007

43,850

Societe Generale

S&P 500 Index

Pay

21.20

December-2017

USD

12,125

111,090

UBS

Hang Seng China Enterprise Index

Pay

20.15

December-2017

HKD

40,283

7,204

UBS

Hang Seng China Enterprise Index

Pay

21.77

December-2017

HKD

81,877

30,698

UBS

KOSPI 200 Index

Pay

16.40

December-2017

KRW

10,458,789

43,793

UBS

KOSPI 200 Index

Pay

16.70

December-2017

KRW

17,588,568

76,164

UBS

KOSPI 200 Index

Pay

17.50

December-2017

KRW

4,414,527

21,519

UBS

KOSPI 200 Index

Pay

19.00

December-2018

KRW

7,721,467

7,188

UBS

KOSPI 200 Index

Pay

19.60

December-2018

KRW

7,712,584

13,089

UBS

KOSPI 200 Index

Pay

19.70

December-2018

KRW

4,834,372

8,585

UBS

KOSPI 200 Index

Pay

20.30

December-2018

KRW

13,155,600

40,414

UBS

S&P 500 Index

Pay

14.60

December-2017

USD

2,898

14,714

UBS

S&P 500 Index

Pay

14.71

December-2017

USD

1,873

9,851

UBS

S&P 500 Index

Pay

14.80

June-2018

USD

4,359

6,454

UBS

S&P 500 Index

Pay

14.85

December-2017

USD

2,245

11,743

UBS

S&P 500 Index

Pay

14.90

December-2017

USD

7,528

40,417

UBS

S&P 500 Index

Pay

15.25

June-2018

USD

2,091

4,233

UBS

S&P 500 Index

Pay

15.61

June-2018

USD

2,701

6,576

UBS

S&P 500 Index

Pay

15.90

June-2018

USD

3,490

8,243

UBS

S&P 500 Index

Pay

16.10

December-2017

USD

8,644

52,547

UBS

S&P 500 Index

Pay

16.20

December-2017

USD

2,560

15,765

UBS

S&P 500 Index

Pay

16.96

December-2018

USD

4,501

7,913

UBS

S&P 500 Index

Pay

17.20

December-2018

USD

9,701

13,027

UBS

S&P 500 Index

Pay

17.40

December-2018

USD

3,742

10,020

UBS

S&P 500 Index

Pay

17.60

December-2018

USD

3,887

11,050

UBS

S&P 500 Index

Pay

18.00

December-2018

USD

24,915

78,886

UBS

Hang Seng China Enterprise Index

Receive

25.00

December-2018

HKD

51,858

1,227

Subtotal — Appreciation

5,228,562

BNP Paribas S.A.

Hang Seng China Enterprise Index

Receive

29.09

December-2017

HKD

38,937

(52,837

)

BNP Paribas S.A.

Hang Seng China Enterprise Index

Receive

34.67

December-2017

HKD

27,121

(48,612

)

BNP Paribas S.A.

Hang Seng Index

Receive

20.29

December-2017

HKD

22,171

(18,306

)

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

43 Invesco Global Targeted Returns Fund


Open Over-The-Counter Variance Swap Agreements—(continued)
Counterparty	Reference Entity	Pay/Receive Variance		Volatility Strike Rate			Maturity Date			Notional Value		Unrealized Appreciation (Depreciation)
BNP Paribas S.A.	KOSPI 200 Index		Receive		17.19	%		December-2017	KRW		7,833,404	$	(35,979	)
BNP Paribas S.A.	KOSPI 200 Index		Receive		19.89			December-2018	KRW		3,322,882		(8,615	)
BNP Paribas S.A.	KOSPI 200 Index		Receive		20.05			December-2017	KRW		7,086,103		(46,150	)
BNP Paribas S.A.	KOSPI 200 Index		Receive		20.19			December-2018	KRW		3,470,917		(9,304	)
Citigroup Global Markets Inc.	Hang Seng China Enterprise Index		Receive		20.54			December-2017	HKD		21,612		(8,281	)
Citigroup Global Markets Inc.	Hang Seng China Enterprise Index		Receive		20.83			December-2017	HKD		20,528		(8,929	)
Citigroup Global Markets Inc.	Hang Seng China Enterprise Index		Receive		22.72			June-2018	HKD		20,501		(2,911	)
Citigroup Global Markets Inc.	Hang Seng Index		Receive		19.87			June-2018	HKD		19,853		(5,969	)
Citigroup Global Markets Inc.	KOSPI 200 Index		Receive		18.72			December-2018	KRW		1,008,074		(1,389	)
Citigroup Global Markets Inc.	KOSPI 200 Index		Receive		19.59			December-2018	KRW		2,276,485		(4,997	)
Citigroup Global Markets Inc.	KOSPI 200 Index		Receive		19.85			December-2018	KRW		4,414,436		(12,917	)
Citigroup Global Markets Inc.	S&P 500 Index		Receive		15.00			December-2017	USD		3,886		(20,703	)
Citigroup Global Markets Inc.	S&P 500 Index		Receive		17.62			December-2018	USD		14,398		(25,353	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		29.65			December-2017	HKD		33,595		(45,387	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		30.20			December-2017	HKD		38,165		(53,135	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		30.85			December-2017	HKD		24,602		(35,667	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		34.93			December-2017	HKD		15,094		(27,354	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		35.59			December-2017	HKD		100,975		(188,052	)
Goldman Sachs International	Hang Seng China Enterprise Index		Receive		35.90			December-2017	HKD		27,237		(51,364	)
Goldman Sachs International	KOSPI 200 Index		Receive		17.25			December-2017	KRW		7,697,003		(33,909	)
Goldman Sachs International	KOSPI 200 Index		Receive		20.30			December-2017	KRW		8,164,924		(52,971	)
Goldman Sachs International	KOSPI 200 Index		Receive		21.10			December-2017	KRW		6,109,726		(42,177	)
HSBC New York	Hang Seng China Enterprise Index		Receive		42.60			December-2017	HKD		54,382		(129,415	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		20.92			December-2017	HKD		34,859		(16,093	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		21.13			December-2017	HKD		24,681		(12,698	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		21.14			December-2017	HKD		42,525		(24,173	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		21.15			December-2017	HKD		7,957		(4,646	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		21.26			December-2017	HKD		39,552		(23,173	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		23.99			June-2018	HKD		15,696		(3,811	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		24.04			December-2017	HKD		20,690		(18,493	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		24.39			December-2017	HKD		20,265		(18,487	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		25.04			December-2017	HKD		25,867		(25,417	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		25.45			December-2017	HKD		12,935		(13,242	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		25.59			December-2018	HKD		13,305		(653	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		25.64			December-2017	HKD		13,930		(14,513	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		26.94			December-2017	HKD		51,698		(60,070	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		29.06			December-2017	HKD		19,469		(26,275	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		29.74			December-2017	HKD		26,799		(37,754	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		30.09			December-2017	HKD		111,934		(156,383	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		30.50			December-2017	HKD		42,751		(60,775	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		30.63			December-2017	HKD		27,067		(38,624	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		31.29			December-2017	HKD		25,465		(38,957	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		31.45			December-2017	HKD		62,123		(95,823	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		31.64			December-2017	HKD		39,789		(61,970	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		34.19			December-2017	HKD		11,861		(20,824	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		34.29			December-2017	HKD		33,920		(59,813	)
J.P. Morgan Chase Bank, N.A.	Hang Seng China Enterprise Index		Receive		35.24			December-2017	HKD		15,305		(28,097	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		17.05			December-2017	HKD		26,949		(11,062	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		17.19			December-2017	HKD		33,901		(17,178	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		17.53			December-2017	HKD		14,889		(7,182	)

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

44 Invesco Global Targeted Returns Fund


Open Over-The-Counter Variance Swap Agreements—(continued)
Counterparty	Reference Entity	Pay/Receive Variance		Volatility Strike Rate			Maturity Date			Notional Value		Unrealized Appreciation (Depreciation)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		19.26	%		December-2017	HKD		29,385	$	(20,893	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		19.39			December-2017	HKD		31,669		(23,488	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		20.29			December-2017	HKD		19,271		(15,982	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		20.64			December-2017	HKD		15,035		(13,093	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		21.50			December-2018	HKD		35,751		(2,666	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		21.85			December-2018	HKD		25,293		(1,994	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		22.39			December-2018	HKD		40,215		(8,222	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		22.44			December-2018	HKD		11,809		(2,237	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		24.95			December-2017	HKD		36,337		(44,775	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		25.08			December-2017	HKD		64,715		(77,185	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		25.25			December-2017	HKD		27,496		(33,848	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		25.60			December-2017	HKD		51,286		(63,679	)
J.P. Morgan Chase Bank, N.A.	Hang Seng Index		Receive		26.40			December-2017	HKD		23,155		(30,153	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		18.79			December-2018	KRW		26,414,363		(54,229	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		18.94			December-2017	KRW		2,999,226		(17,493	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		19.75			December-2017	KRW		3,826,805		(24,401	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		19.98			December-2017	KRW		4,400,800		(28,353	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		20.28			December-2017	KRW		9,543,941		(61,826	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		20.64			December-2017	KRW		3,928,560		(26,342	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		20.74			December-2017	KRW		5,313,225		(35,741	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		21.19			December-2017	KRW		9,170,873		(63,401	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		21.28			December-2017	KRW		8,385,612		(58,734	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		21.30			December-2017	KRW		5,469,899		(38,279	)
J.P. Morgan Chase Bank, N.A.	KOSPI 200 Index		Receive		21.45			December-2017	KRW		4,600,846		(32,649	)
J.P. Morgan Chase Bank, N.A.	S&P 500 Index		Receive		14.94			December-2017	USD		12,700		(65,323	)
J.P. Morgan Chase Bank, N.A.	S&P 500 Index		Receive		15.42			December-2017	USD		23,318		(131,509	)
J.P. Morgan Chase Bank, N.A.	S&P 500 Index		Receive		17.34			December-2017	USD		4,031		(27,819	)
Morgan Stanley Capital Services LLC	Hang Seng China Enterprise Index		Receive		32.25			December-2017	HKD		10,902		(17,502	)
Morgan Stanley Capital Services LLC	Hang Seng China Enterprise Index		Receive		34.80			December-2017	HKD		52,850		(95,253	)
Societe Generale	Hang Seng China Enterprise Index		Receive		22.69			December-2017	HKD		63,701		(46,966	)
Societe Generale	Hang Seng China Enterprise Index		Receive		23.33			December-2017	HKD		15,692		(12,911	)
Societe Generale	Hang Seng China Enterprise Index		Receive		25.95			December-2018	HKD		25,936		(3,245	)
Societe Generale	Hang Seng China Enterprise Index		Receive		26.00			December-2018	HKD		25,936		(3,388	)
Societe Generale	Hang Seng China Enterprise Index		Receive		26.09			December-2017	HKD		30,953		(33,270	)
Societe Generale	Hang Seng China Enterprise Index		Receive		27.78			December-2017	HKD		8,840		(10,966	)
Societe Generale	Hang Seng China Enterprise Index		Receive		28.54			December-2017	HKD		44,220		(57,787	)
Societe Generale	Hang Seng China Enterprise Index		Receive		29.10			December-2017	HKD		27,362		(37,076	)
Societe Generale	Hang Seng China Enterprise Index		Receive		29.55			December-2017	HKD		5,905		(8,211	)
Societe Generale	Hang Seng China Enterprise Index		Receive		29.89			December-2017	HKD		40,573		(56,188	)
Societe Generale	Hang Seng China Enterprise Index		Receive		29.93			December-2017	HKD		27,320		(38,241	)
Societe Generale	Hang Seng China Enterprise Index		Receive		30.42			December-2017	HKD		40,377		(57,491	)
Societe Generale	Hang Seng China Enterprise Index		Receive		30.73			December-2017	HKD		38,467		(56,062	)
Societe Generale	Hang Seng China Enterprise Index		Receive		32.10			December-2017	HKD		10,130		(16,144	)
Societe Generale	Hang Seng China Enterprise Index		Receive		33.25			December-2017	HKD		31,530		(53,072	)
Societe Generale	Hang Seng China Enterprise Index		Receive		35.10			December-2017	HKD		12,873		(23,496	)
Societe Generale	Hang Seng China Enterprise Index		Receive		35.35			December-2017	HKD		33,179		(61,188	)
Societe Generale	Hang Seng China Enterprise Index		Receive		36.75			December-2017	HKD		49,130		(95,793	)
Societe Generale	Hang Seng China Enterprise Index		Receive		39.80			December-2017	HKD		45,162		(98,272	)
Societe Generale	Hang Seng Index		Receive		17.68			December-2017	HKD		27,957		(15,759	)
Societe Generale	Hang Seng Index		Receive		18.69			December-2017	HKD		15,973		(10,688	)

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

45 Invesco Global Targeted Returns Fund


Open Over-The-Counter Variance Swap Agreements—(continued)
Counterparty	Reference Entity	Pay/Receive Variance		Volatility Strike Rate			Maturity Date			Notional Value		Unrealized Appreciation (Depreciation)
Societe Generale	Hang Seng Index		Receive		19.00	%		June-2018	HKD		29,185	$	(4,452	)
Societe Generale	Hang Seng Index		Receive		20.63			June-2018	HKD		12,274		(3,934	)
Societe Generale	Hang Seng Index		Receive		21.52			December-2017	HKD		26,531		(24,971	)
Societe Generale	Hang Seng Index		Receive		22.23			December-2017	HKD		33,234		(33,467	)
Societe Generale	Hang Seng Index		Receive		22.78			December-2017	HKD		20,626		(21,731	)
Societe Generale	Hang Seng Index		Receive		23.48			December-2017	HKD		53,065		(58,988	)
Societe Generale	Hang Seng Index		Receive		24.09			December-2017	HKD		26,533		(30,910	)
Societe Generale	Hang Seng Index		Receive		24.28			December-2017	HKD		90,205		(106,121	)
Societe Generale	Hang Seng Index		Receive		24.80			December-2017	HKD		64,593		(77,570	)
Societe Generale	Hang Seng Index		Receive		24.99			December-2017	HKD		50,717		(61,115	)
Societe Generale	Hang Seng Index		Receive		25.08			December-2017	HKD		38,488		(47,098	)
Societe Generale	Hang Seng Index		Receive		25.15			December-2017	HKD		58,617		(70,348	)
Societe Generale	Hang Seng Index		Receive		25.35			December-2017	HKD		50,597		(61,593	)
Societe Generale	Hang Seng Index		Receive		25.52			December-2017	HKD		63,930		(79,487	)
Societe Generale	Hang Seng Index		Receive		25.85			December-2017	HKD		41,245		(51,710	)
Societe Generale	Hang Seng Index		Receive		25.98			December-2017	HKD		47,871		(61,634	)
Societe Generale	KOSPI 200 Index		Receive		16.73			December-2017	KRW		2,447,572		(10,299	)
Societe Generale	KOSPI 200 Index		Receive		16.90			December-2017	KRW		8,664,244		(36,340	)
Societe Generale	KOSPI 200 Index		Receive		17.05			December-2017	KRW		5,320,074		(24,211	)
Societe Generale	KOSPI 200 Index		Receive		18.35			December-2018	KRW		3,878,625		(4,037	)
Societe Generale	KOSPI 200 Index		Receive		18.59			December-2017	KRW		4,902,073		(27,398	)
Societe Generale	KOSPI 200 Index		Receive		18.95			December-2017	KRW		13,267,226		(77,865	)
Societe Generale	KOSPI 200 Index		Receive		19.00			December-2018	KRW		17,608,798		(38,968	)
Societe Generale	KOSPI 200 Index		Receive		19.40			December-2018	KRW		8,794,672		(22,767	)
Societe Generale	KOSPI 200 Index		Receive		19.53			December-2017	KRW		8,117,144		(50,049	)
Societe Generale	KOSPI 200 Index		Receive		19.90			December-2018	KRW		8,824,892		(26,143	)
Societe Generale	KOSPI 200 Index		Receive		19.97			December-2018	KRW		4,560,014		(12,597	)
Societe Generale	KOSPI 200 Index		Receive		20.28			December-2018	KRW		4,951,830		(12,449	)
Societe Generale	KOSPI 200 Index		Receive		20.38			December-2017	KRW		7,005,983		(47,008	)
Societe Generale	KOSPI 200 Index		Receive		20.83			December-2017	KRW		7,959,537		(53,996	)
Societe Generale	KOSPI 200 Index		Receive		21.10			December-2017	KRW		9,222,065		(62,919	)
Societe Generale	KOSPI 200 Index		Receive		21.35			December-2017	KRW		7,267,477		(51,485	)
Societe Generale	KOSPI 200 Index		Receive		26.85			December-2017	KRW		21,545,172		(211,592	)
Societe Generale	S&P 500 Index		Receive		14.30			December-2017	USD		6,350		(30,496	)
Societe Generale	S&P 500 Index		Receive		14.60			December-2017	USD		9,525		(46,561	)
Societe Generale	S&P 500 Index		Receive		15.20			December-2017	USD		21,895		(118,752	)
Societe Generale	S&P 500 Index		Receive		15.30			December-2017	USD		15,545		(86,488	)
UBS	Hang Seng China Enterprise Index		Receive		21.09			December-2017	HKD		37,745		(16,594	)
UBS	Hang Seng China Enterprise Index		Receive		21.40			December-2017	HKD		53,251		(32,423	)
UBS	Hang Seng China Enterprise Index		Receive		22.28			June-2018	HKD		51,884		(3,530	)
UBS	Hang Seng China Enterprise Index		Receive		23.80			December-2017	HKD		34,282		(29,179	)
UBS	Hang Seng China Enterprise Index		Receive		24.35			June-2018	HKD		16,365		(4,813	)
UBS	Hang Seng China Enterprise Index		Receive		25.30			December-2018	HKD		51,871		(4,362	)
UBS	Hang Seng China Enterprise Index		Receive		26.04			December-2018	HKD		103,115		(16,698	)
UBS	Hang Seng Index		Receive		17.25			December-2017	HKD		27,471		(13,391	)
UBS	Hang Seng Index		Receive		17.29			December-2017	HKD		9,378		(4,855	)
UBS	Hang Seng Index		Receive		17.49			December-2017	HKD		17,390		(7,795	)
UBS	Hang Seng Index		Receive		19.29			June-2018	HKD		21,916		(4,442	)
UBS	Hang Seng Index		Receive		19.49			June-2018	HKD		18,235		(4,476	)
UBS	Hang Seng Index		Receive		21.68			December-2018	HKD		28,721		(2,220	)

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

46 Invesco Global Targeted Returns Fund


Open Over-The-Counter Variance Swap Agreements—(continued)
Counterparty	Reference Entity		Pay/Receive Variance		Volatility Strike Rate			Maturity Date			Notional Value		Unrealized Appreciation (Depreciation)
UBS		Hang Seng Index		Receive		21.79	%		December-2018	HKD		18,601	$	(2,680	)
UBS		KOSPI 200 Index		Receive		17.30			December-2017	KRW		5,836,060		(25,920	)
UBS		KOSPI 200 Index		Receive		18.60			December-2018	KRW		17,588,568		(34,916	)
UBS		KOSPI 200 Index		Receive		19.00			December-2017	KRW		7,406,340		(40,954	)
UBS		KOSPI 200 Index		Receive		19.30			December-2018	KRW		10,458,789		(26,008	)
UBS		KOSPI 200 Index		Receive		19.44			December-2018	KRW		1,758,023		(3,565	)
UBS		KOSPI 200 Index		Receive		19.80			December-2018	KRW		4,414,527		(12,756	)
UBS		KOSPI 200 Index		Receive		19.95			December-2018	KRW		5,617,288		(16,243	)
UBS		S&P 500 Index		Receive		14.30			December-2017	USD		5,346		(25,674	)
UBS		S&P 500 Index		Receive		14.60			December-2017	USD		9,525		(46,561	)
UBS		S&P 500 Index		Receive		15.05			December-2017	USD		3,887		(20,833	)
UBS		S&P 500 Index		Receive		15.10			December-2017	USD		9,370		(50,138	)
UBS		S&P 500 Index		Receive		15.60			December-2017	USD		15,545		(89,163	)
Subtotal — Depreciation														(6,167,890	)
Total — Variance Swap Agreements—Equity Risk													$	(939,328	)


Open Over-The-Counter Total Return Swap Agreements^(u)
Counterparty	Pay/Receive		Reference Entity^(v)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value^(w)		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
BNP Paribas S.A.		Receive	BNP Paribas DR Alpha ex-Agriculture and Livestock Index		0.15	%		Monthly		14,389		June-2018	$	4,276,493	$	—	$	5,438		$	5,438
Macquarie Bank Ltd.		Pay	Macquarie MQCP575 Index		0.25			Monthly		8,756		February-2018		1,572,852		—		669			669
Macquarie Bank Ltd.		Receive	Macquarie MQCP252 Index		0.12			Monthly		2,710		February-2018		283,491		—		1,286			1,286
Subtotal — Commodity Risk																—		7,393			7,393
Morgan Stanley Capital Services LLC		Pay	Morgan Stanley Systematic 6-Month European Dispersion Index		0.10			Monthly		281		September-2018		EUR 46,343		—		124			124
Morgan Stanley Capital Services LLC		Pay	Morgan Stanley Systematic 6-Month European Dispersion (Wednesday) Index		0.10			Monthly		276		September-2018		EUR 45,822		—		93			93
Morgan Stanley Capital Services LLC		Receive	Morgan Stanley Systematic 5-Month Dispersion Index		0.10			Monthly		48,357		April-2018		10,174,312		—		193,428			193,428
Subtotal — Equity Risk																—		193,645			193,645
Subtotal — Appreciation																—		201,038			201,038
BNP Paribas S.A.		Pay	BNP Paribas DR Alpha ex-Agriculture and Livestock Index		0.15			Monthly		1,580		June-2018		468,946		—		(597	)		(597	)
Macquarie Bank Ltd.		Pay	Macquarie MQCP252 Index		0.12			Monthly		39,342		February-2018		4,115,539		—		(18,672	)		(18,672	)
Macquarie Bank Ltd.		Receive	Macquarie MQCP575 Index		0.25			Monthly		135,639		February-2018		24,365,010		—		(10,363	)		(10,363	)
Subtotal — Commodity Risk																—		(29,632	)		(29,632	)
Morgan Stanley Capital Services LLC		Pay	Morgan Stanley Systematic 5-Month Dispersion Index		0.10			Monthly		12,499		April-2018		2,632,901		—		(46,886	)		(46,886	)

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

47 Invesco Global Targeted Returns Fund


Open Over-The-Counter Total Return Swap Agreements^(u)—(continued)
Counterparty	Pay/Receive		Reference Entity^(v)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value^(w)		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services LLC		Receive	Morgan Stanley Systematic 6-Month European Dispersion Index		0.10	%		Monthly		4,181		September-2018		EUR 692,206	$	—		$ (5,065	)	$	(5,065	)
Morgan Stanley Capital Services LLC		Receive	Morgan Stanley Systematic 6-Month European Dispersion (Wednesday) Index		0.10			Monthly		4,148		September-2018		EUR 691,347		—		(4,542	)		(4,542	)
Subtotal — Equity Risk																—		(56,493	)		(56,493	)
Subtotal — Depreciation																—		(86,125	)		(86,125	)
Total — Total Return Swap Agreements															$	—		$114,913		$	114,913

Index Information:


Morgan Stanley Systematic 5-Month Dispersion Index		– An index comprising cash, equity securities, options on equity securities and stock market index futures.
Morgan Stanley Systematic 6-Month European Dispersion Index		– An index comprising cash, equity securities, options on equity securities and stock market index futures.
Morgan Stanley Systematic 6-Month European Dispersion (Wednesday) Index		– An index comprising cash, equity securities, options on equity securities and stock market index futures.

^(u)	The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

^(v)	The tables below include additional information regarding the underlying components of certain reference entities that are not publicly available.


Reference Entity Components
Reference Entity	Underlying Components	Percentage
Macquarie MQCP575 Index
	Long Futures Contracts
	Aluminum		13.76	%
	Heating Oil		8.57
	High Grade Copper		19.16
	Natural Gas		19.02
	Nickel		6.75
	Unleaded Gasoline		8.73
	WTI Crude		16.18
	Zinc		7.83


	Short Futures Contracts
	Aluminum		(13.76	)%
	Heating Oil		(8.57	)
	High Grade Copper		(19.16	)
	Natural Gas		(19.02	)
	Nickel		(6.75	)
	Unleaded Gasoline		(8.73	)
	WTI Crude		(16.18	)
	Zinc		(7.83	)
Macquarie MQCP252 Index
	Short Futures Contracts
	Aluminum		(13.76	)%
	Heating Oil		(8.57	)
	High Grade Copper		(19.16	)
	Natural Gas		(19.02	)
	Nickel		(6.75	)
	Unleaded Gasoline		(8.73	)
	WTI Crude		(16.18	)
	Zinc		(7.83	)

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

48 Invesco Global Targeted Returns Fund

Reference Entity

Morgan Stanley Systematic 5-Month Dispersion Index


Top 50 Underlying Reference Entity Components
Description							Percentage


Currencies
U.S. Dollars								(203.09	)%


Long Futures Contracts			Expiration Month
SPX Index				December–2017				412.20	%


Short Equity Securities
AbbVie Inc.								(3.33	)%
Alphabet Inc. — Class A								(3.87	)
Alphabet Inc. — Class C								(4.02	)
Amazon.com, Inc.								(6.69	)
Apple Inc.								(12.36	)
Bank of America Corp.								(5.08	)
Berkshire Hathaway Inc.								(4.67	)
Boeing Co. (The)								(2.84	)
Chevron Corp.								(2.81	)
Cisco Systems, Inc.								(2.24	)
Citigroup Inc.								(2.54	)
Exxon Mobil Corp.								(2.86	)
Facebook, Inc.								(6.00	)
Home Depot, Inc. (The)								(3.16	)
Intel Corp.								(4.50	)
Johnson & Johnson								(3.29	)
JPMorgan Chase & Co.								(5.62	)
McDonald’s Corp.								(2.05	)
Microsoft Corp.								(11.01	)
UnitedHealth Group Inc.								(3.36	)
Visa Inc.								(3.15	)
Wells Fargo & Co.								(2.05	)


Options Purchased
	Type of Contract		Expiration Date		Exercise Price
Apple Inc.		Call		11/17/2017	$	160		(12.36	)%
Apple Inc.		Call		02/16/2018		175		(3.33	)
Apple Inc.		Call		01/19/2018		180		(6.69	)
Johnson & Johnson		Call		01/19/2018		140		(2.84	)
Microsoft Corp.		Call		12/15/2017		78		(5.08	)
Microsoft Corp.		Call		01/19/2018		80		(4.67	)


Options Written
SPX Index		Call		12/17/2017	$	2,475		(0.33	)%
SPX Index		Call		12/15/2017		2,500		(1.88	)
SPX Index		Call		12/15/2017		2,525		(1.69	)
SPX Index		Call		12/15/2017		2,600		(0.24	)
SPX Index		Call		12/15/2017		2,625		(0.54	)
SPX Index		Call		12/15/2017		2,650		(0.04	)
SPX Index		Call		01/19/2018		2,500		(1.59	)
SPX Index		Call		01/19/2018		2,525		(1.23	)

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

49 Invesco Global Targeted Returns Fund


Top 50 Underlying Reference Entity Components—(continued)
Options Written—(continued)
Description	Type of Contract		Expiration Date		Exercise Price		Percentage
SPX Index		Call		01/19/2018	$	2,550		(1.15	)%
SPX Index		Call		01/19/2018		2,575		(0.16	)
SPX Index		Call		01/19/2018		2,600		(0.86	)
SPX Index		Call		01/19/2018		2,625		(0.63	)
SPX Index		Call		01/19/2018		2,650		(0.30	)
SPX Index		Call		01/19/2018		2,675		(0.04	)
SPX Index		Call		03/16/2018		2,575		(0.62	)
SPX Index		Call		03/16/2018		2,600		(0.14	)
SPX Index		Call		03/16/2018		2,610		(0.30	)
SPX Index		Call		03/16/2018		2,625		(0.77	)
SPX Index		Call		03/16/2018		2,700		(0.22	)
SPX Index		Call		03/16/2018		2,725		(0.42	)

^(w)	Notional value is denominated in U.S. Dollars unless otherwise noted.


Open Over-The-Counter Total Return Swap Agreements^(x)
Counterparty	Pay/Receive		Reference Entity	Floating Rate Index			Payment Frequency		Number of Contracts		Maturity Date		Notional Value^(y)		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
J.P. Morgan Chase Bank, N.A.		Receive	Hang Seng China Enterprises Total Return Index		3 mo. HIBOR + 0.32	%		Monthly		1,674		January-2018		HKD 32,859,850	$	—	$	246,437		$	246,437
UBS		Receive	MSCI World Energy Sector Total Return Index		3 mo. USD LIBOR –0.385	%		Monthly		12,621		September-2018	$	3,991,099		—		54,972			54,972
Subtotal — Appreciation																—		301,409			301,409
UBS		Pay	MSCI World Energy Sector Total Return Index		3 mo. USD LIBOR –0.385	%		Monthly		597		September-2018		188,569		—		(2,966	)		(2,966	)
Subtotal — Depreciation																—		(2,966	)		(2,966	)
Total — Total Return Swap Agreements — Equity Risk															$	—	$	298,443		$	298,443

^(x)	The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

^(y)	Notional value is denominated in U.S. Dollars unless otherwise noted.

Open Forward Foreign Currency Contracts

Settlement
Date

Counterparty

Contract to

Unrealized
Appreciation
(Depreciation)

Deliver

Receive

11/07/2017

RBC Capital Markets LLC

USD

41,857

ARS

771,000

1,627

11/10/2017

Barclays Bank PLC

AUD

1,708,667

USD

1,352,839

45,201

11/10/2017

Barclays Bank PLC

CAD

5,701,041

USD

4,508,516

89,024

11/10/2017

Barclays Bank PLC

EUR

1,900,860

USD

2,261,833

46,330

11/10/2017

Barclays Bank PLC

JPY

81,178,000

USD

725,536

11,205

11/10/2017

Barclays Bank PLC

MXN

4,412,000

USD

246,264

16,551

11/10/2017

Barclays Bank PLC

USD

930,300

CNY

6,293,853

17,717

11/10/2017

Barclays Bank PLC

USD

600,916

KRW

679,366,000

5,956

11/10/2017

Barclays Bank PLC

USD

985,058

RUB

61,075,081

57,635

11/10/2017

Deutsche Bank Securities Inc.

USD

420,183

KRW

474,092,000

3,320

11/10/2017

Goldman Sachs International

BRL

500,000

USD

157,893

5,252

11/10/2017

Goldman Sachs International

CAD

3,014,650

USD

2,413,554

76,574

11/10/2017

Goldman Sachs International

JPY

656,001,000

USD

5,825,199

52,677

11/10/2017

Goldman Sachs International

MXN

2,610,000

USD

145,961

10,070

11/10/2017

Goldman Sachs International

NZD

1,693,000

USD

1,252,067

93,809

11/10/2017

Goldman Sachs International

USD

3,278,573

CLP

2,141,400,000

91,561

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

50 Invesco Global Targeted Returns Fund


Open Forward Foreign Currency Contracts—(continued)
Settlement Date	Counterparty	Contract to							Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty			Deliver			Receive		Unrealized Appreciation (Depreciation)
11/10/2017	Goldman Sachs International		USD		250,413	GBP		194,254	$	7,706
11/10/2017	Goldman Sachs International		USD		693,305	KRW		780,446,546		3,861
11/10/2017	Morgan Stanley Capital Services LLC		EUR		4,837,937	USD		5,708,094		69,348
11/10/2017	Morgan Stanley Capital Services LLC		MXN		10,221,000	USD		565,978		33,816
11/10/2017	State Street Bank & Trust Co.		INR		27,415,800	USD		424,249		1,138
11/10/2017	State Street Bank & Trust Co.		SEK		4,208,000	EUR		441,724		11,874
11/10/2017	UBS		JPY		59,782,000	USD		532,434		6,378
11/27/2017	Goldman Sachs International		EUR		235,000	USD		276,538		2,389
11/29/2017	Barclays Bank PLC		IDR		2,372,868,000	USD		174,990		674
11/29/2017	Barclays Bank PLC		USD		79,020	TWD		2,380,000		56
11/29/2017	Goldman Sachs International		USD		34,253	INR		2,229,000		99
11/29/2017	Goldman Sachs International		USD		991,667	KRW		1,121,209,000		11,406
11/29/2017	State Street Bank & Trust Co.		AUD		684,646	USD		534,824		10,999
11/29/2017	State Street Bank & Trust Co.		BRL		410,000	USD		128,394		3,543
11/29/2017	State Street Bank & Trust Co.		CAD		216,000	USD		172,428		4,952
11/29/2017	State Street Bank & Trust Co.		CHF		4,419,913	USD		4,508,611		69,401
11/29/2017	State Street Bank & Trust Co.		CNY		18,274,976	USD		2,753,999		4,436
11/29/2017	State Street Bank & Trust Co.		DKK		4,769,671	USD		756,249		8,242
11/29/2017	State Street Bank & Trust Co.		EUR		14,847,656	USD		17,603,273		280,242
11/29/2017	State Street Bank & Trust Co.		HKD		26,828,732	USD		3,440,612		294
11/29/2017	State Street Bank & Trust Co.		JPY		68,612,161	USD		605,823		1,581
11/29/2017	State Street Bank & Trust Co.		MXN		1,249,000	USD		65,722		918
11/29/2017	State Street Bank & Trust Co.		NOK		9,464,071	USD		1,186,273		26,836
11/29/2017	State Street Bank & Trust Co.		SEK		7,956,934	USD		974,814		22,655
11/29/2017	State Street Bank & Trust Co.		SGD		482,518	USD		354,657		595
11/29/2017	State Street Bank & Trust Co.		USD		2,093,360	GBP		1,587,000		16,511
11/29/2017	State Street Bank & Trust Co.		USD		55,602	JPY		6,314,000		3
11/29/2017	State Street Bank & Trust Co.		USD		251,602	KRW		284,276,000		2,722
11/29/2017	State Street Bank & Trust Co.		USD		50,997	TWD		1,542,000		236
11/30/2017	Goldman Sachs International		CAD		40,000	USD		31,970		955
11/30/2017	Morgan Stanley Capital Services LLC		CAD		40,000	USD		31,857		843
12/04/2017	Barclays Bank PLC		USD		1,053,675	CNY		7,010,100		626
12/04/2017	State Street Bank & Trust Co.		USD		586,205	CNY		3,923,200		3,834
12/11/2017	Barclays Bank PLC		NZD		3,969,000	USD		2,835,295		121,649
12/11/2017	Deutsche Bank Securities Inc.		EUR		1,900,860	USD		2,275,892		56,402
12/11/2017	Goldman Sachs International		AUD		3,863,667	USD		3,059,568		103,773
12/11/2017	Goldman Sachs International		BRL		371,000	USD		116,906		4,093
12/11/2017	Goldman Sachs International		CAD		4,658,386	USD		3,733,877		121,429
12/11/2017	Goldman Sachs International		RUB		9,544,662	USD		163,202		1,177
12/11/2017	Goldman Sachs International		USD		21,743	KRW		24,596,178		264
12/11/2017	Morgan Stanley Capital Services LLC		CLP		169,400,000	USD		269,616		3,117
12/11/2017	State Street Bank & Trust Co.		SEK		4,207,000	EUR		438,969		8,699
01/12/2018	Barclays Bank PLC		BRL		729,000	USD		225,480		4,706
01/12/2018	Barclays Bank PLC		EUR		1,900,860	USD		2,244,530		20,521
01/12/2018	Barclays Bank PLC		MXN		2,327,000	USD		120,900		1,086
01/12/2018	Barclays Bank PLC		RUB		19,495,182	USD		334,784		5,617
01/12/2018	Citigroup Global Markets Inc.		CLP		671,500,000	USD		1,063,678		7,830
01/12/2018	Citigroup Global Markets Inc.		MXN		2,781,000	USD		144,470		1,280
01/12/2018	Deutsche Bank Securities Inc.		AUD		4,218,667	USD		3,269,551		42,964
01/12/2018	Deutsche Bank Securities Inc.		NZD		4,982,000	USD		3,517,965		113,435

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

51 Invesco Global Targeted Returns Fund


Open Forward Foreign Currency Contracts—(continued)
Settlement Date	Counterparty	Contract to							Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty			Deliver			Receive		Unrealized Appreciation (Depreciation)
01/12/2018	Deutsche Bank Securities Inc.		USD		3,722,657	INR		246,130,907	$	52,521
01/12/2018	Goldman Sachs International		USD		283,524	GBP		214,573		2,190
01/12/2018	State Street Bank & Trust Co.		SEK		6,455,000	EUR		669,105		8,081
01/26/2018	Goldman Sachs International		USD		383,189	GBP		290,000		3,132
Subtotal — Appreciation										1,917,644
11/10/2017	Barclays Bank PLC		CLP		474,700,000	USD		737,799		(9,283	)
11/10/2017	Barclays Bank PLC		CNY		40,651,331	USD		6,008,711		(114,431	)
11/10/2017	Barclays Bank PLC		EUR		2,643,628	SEK		25,367,000		(49,190	)
11/10/2017	Barclays Bank PLC		KRW		5,630,895,862	USD		4,924,953		(105,080	)
11/10/2017	Barclays Bank PLC		USD		409,562	AUD		518,000		(13,138	)
11/10/2017	Barclays Bank PLC		USD		783,381	CAD		950,736		(46,363	)
11/10/2017	Barclays Bank PLC		USD		485,756	EUR		402,731		(16,363	)
11/10/2017	Barclays Bank PLC		USD		8,897,483	GBP		6,695,223		(1,076	)
11/10/2017	Barclays Bank PLC		USD		4,093,142	JPY		450,867,000		(125,710	)
11/10/2017	Barclays Bank PLC		USD		445,346	NZD		612,000		(26,649	)
11/10/2017	Deutsche Bank Securities Inc.		USD		824,704	CAD		1,040,703		(17,942	)
11/10/2017	Goldman Sachs International		USD		2,765,512	CAD		3,489,302		(60,578	)
11/10/2017	Goldman Sachs International		USD		5,228,753	EUR		4,435,206		(59,401	)
11/10/2017	Goldman Sachs International		USD		6,353,146	INR		408,094,307		(54,989	)
11/10/2017	Goldman Sachs International		USD		1,964,337	JPY		222,093,000		(10,016	)
11/10/2017	Morgan Stanley Capital Services LLC		USD		432,987	JPY		49,194,000		(101	)
11/10/2017	State Street Bank & Trust Co.		KRW		29,818,850	USD		26,291		(346	)
11/10/2017	State Street Bank & Trust Co.		RUB		12,307,742	USD		205,180		(4,941	)
11/10/2017	State Street Bank & Trust Co.		USD		175,421	CAD		220,300		(4,643	)
11/10/2017	State Street Bank & Trust Co.		USD		270,978	EUR		229,196		(3,844	)
11/10/2017	UBS		USD		319,322	JPY		35,774,000		(4,527	)
11/27/2017	Goldman Sachs International		USD		86,206	EUR		72,098		(2,097	)
11/29/2017	Goldman Sachs International		INR		34,545,000	USD		529,101		(3,281	)
11/29/2017	Goldman Sachs International		KRW		2,629,532,643	USD		2,325,723		(26,750	)
11/29/2017	Goldman Sachs International		TWD		25,602,602	USD		847,347		(3,301	)
11/29/2017	Goldman Sachs International		USD		13,099	IDR		178,256,000		(4	)
11/29/2017	State Street Bank & Trust Co.		GBP		20,344,046	USD		26,816,197		(230,624	)
11/29/2017	State Street Bank & Trust Co.		INR		273,000	USD		4,182		(25	)
11/29/2017	State Street Bank & Trust Co.		USD		57,591	AUD		74,000		(973	)
11/29/2017	State Street Bank & Trust Co.		USD		15,797	CAD		20,000		(290	)
11/29/2017	State Street Bank & Trust Co.		USD		431,302	CHF		425,000		(4,446	)
11/29/2017	State Street Bank & Trust Co.		USD		74,389	DKK		470,000		(681	)
11/29/2017	State Street Bank & Trust Co.		USD		1,662,188	EUR		1,415,000		(11,281	)
11/29/2017	State Street Bank & Trust Co.		USD		1,234,633	HKD		9,628,000		(9	)
11/29/2017	State Street Bank & Trust Co.		USD		16,843	IDR		229,186,000		(6	)
11/29/2017	State Street Bank & Trust Co.		USD		121,548	NOK		971,000		(2,591	)
11/29/2017	State Street Bank & Trust Co.		USD		156,618	SEK		1,286,000		(2,730	)
11/29/2017	State Street Bank & Trust Co.		USD		35,244	SGD		48,000		(23	)
12/04/2017	Barclays Bank PLC		CNY		587,401	USD		88,291		(52	)
12/04/2017	Goldman Sachs International		CNY		52,534,362	USD		7,641,811		(259,222	)
12/04/2017	Goldman Sachs International		USD		262,246	CNY		1,724,500		(2,886	)
12/04/2017	State Street Bank & Trust Co.		CNY		270,835	USD		40,468		(265	)
12/08/2017	Goldman Sachs International		GBP		313,495	USD		413,171		(3,748	)
12/08/2017	Goldman Sachs International		USD		326,405	GBP		240,000		(7,228	)
12/11/2017	Barclays Bank PLC		USD		3,131,448	BRL		9,940,000		(108,912	)

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

52 Invesco Global Targeted Returns Fund


Open Forward Foreign Currency Contracts—(continued)
Settlement Date	Counterparty	Contract to							Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty			Deliver			Receive		Unrealized Appreciation (Depreciation)
12/11/2017	Barclays Bank PLC		USD		3,552,454	INR		229,669,707	$	(17,430	)
12/11/2017	Barclays Bank PLC		USD		6,872,868	MXN		124,367,999		(433,091	)
12/11/2017	Goldman Sachs International		EUR		3,239,422	SEK		30,723,000		(102,890	)
12/11/2017	Goldman Sachs International		USD		1,553,734	CLP		974,300,000		(20,969	)
12/11/2017	Goldman Sachs International		USD		656,855	GBP		487,613		(8,303	)
12/11/2017	Goldman Sachs International		USD		1,799,045	RUB		105,810,848		(2,855	)
12/11/2017	Morgan Stanley Capital Services LLC		USD		1,355,631	CAD		1,643,736		(80,960	)
01/10/2018	RBC Capital Markets LLC		USD		81,133	ARS		1,475,000		(1,122	)
01/12/2018	Barclays Bank PLC		USD		275,804	CAD		348,300		(5,602	)
01/12/2018	Barclays Bank PLC		GBP		13,363,265	USD		17,641,488		(152,338	)
01/12/2018	Barclays Bank PLC		INR		64,090,900	USD		976,847		(6,185	)
01/12/2018	Barclays Bank PLC		KRW		59,459,905	USD		52,605		(607	)
01/12/2018	Barclays Bank PLC		USD		74,828	BRL		247,000		(25	)
01/12/2018	Barclays Bank PLC		USD		7,121,881	CLP		4,486,500,000		(67,430	)
01/12/2018	Barclays Bank PLC		USD		1,576,447	RUB		93,362,681		(62	)
01/12/2018	Citigroup Global Markets Inc.		EUR		2,008,698	SEK		19,231,414		(41,894	)
01/12/2018	Citigroup Global Markets Inc.		USD		606,184	AUD		777,000		(11,906	)
01/12/2018	Citigroup Global Markets Inc.		USD		360,435	NZD		518,000		(6,451	)
01/12/2018	Deutsche Bank Securities Inc.		EUR		5,936,081	SEK		56,548,000		(157,948	)
01/12/2018	Deutsche Bank Securities Inc.		USD		98,018	BRL		314,000		(2,925	)
01/12/2018	Deutsche Bank Securities Inc.		USD		229,345	MXN		4,343,000		(5,731	)
01/12/2018	Goldman Sachs International		AUD		164,000	USD		125,391		(42	)
01/12/2018	Goldman Sachs International		EUR		275,417	SEK		2,631,392		(6,401	)
01/12/2018	Goldman Sachs International		USD		24,497	MXN		475,000		(40	)
01/12/2018	Morgan Stanley Capital Services LLC		EUR		452,148	SEK		4,320,195		(10,475	)
01/12/2018	Morgan Stanley Capital Services LLC		NZD		155,000	USD		105,875		(47	)
01/12/2018	State Street Bank & Trust Co.		USD		619,856	EUR		525,157		(5,421	)
01/26/2018	Goldman Sachs International		EUR		2,277,000	USD		2,656,303		(10,048	)
01/26/2018	Goldman Sachs International		GBP		5,700,000	USD		7,485,069		(108,134	)
01/26/2018	Goldman Sachs International		USD		330,924	EUR		280,000		(3,046	)
Subtotal — Depreciation										(2,670,414	)
Total — Forward Foreign Currency Contracts — Currency Risk									$	(752,770	)

Abbreviations:


ARS		– Argentine Peso
AUD		– Australian Dollar
BBSW		– Australian Bank Bill Swap Rate
BRL		– Brazilian Real
CAD		– Canadian Dollar
CDOR		– Canadian Dealer Offered Rate
CHF		– Swiss Franc
CLP		– Chilean Peso
CNY		– Chinese Yuan
CPI		– Consumer Price Index
DKK		– Danish Krone
EUR		– Euro
GBP		– British Pound Sterling
HIBOR		– Hong Kong Interbank Offered Rate
HICP		– Harmonised Index of Consumer Prices
HKD		– Hong Kong Dollar
IDR		– Indonesian Rupiah


INR		– Indian Rupee
JPY		– Japanese Yen
KRW		– South Korean Won
LIBOR		– London Interbank Offered Rate
MXN		– Mexican New Peso
NOK		– Norwegian Krone
NSA		– Non-Seasonally Adjusted
NZD		– New Zealand Dollar
RPI		– Retail Price Index
RUB		– Russian Ruble
SEK		– Swedish Krona
SGD		– Singapore Dollar
STIBOR		– Stockholm Interbank Offered Rate
TIIE		– Interbank Equilibrium Interest Rate
TWD		– New Taiwan Dollar
USD		– U.S. Dollar

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

53 Invesco Global Targeted Returns Fund

Consolidated Statement of Assets and Liabilities

October 31, 2017


Assets:
Investments in securities, at value (Cost $110,115,975)	$	110,163,346
Investments in affiliated money market funds, at value and cost		28,584,863
Other investments:
Variation margin receivable — futures contracts		309,774
Variation margin receivable — centrally cleared swap agreements		86,843
Swaps receivable — OTC		268,393
Unrealized appreciation on forward foreign currency contracts outstanding		1,917,644
Unrealized appreciation on swap agreements — OTC		5,912,545
Foreign currencies, at value (Cost $5,576,350)		5,571,923
Deposits with brokers:
Cash collateral — exchange-traded futures contracts		4,456,843
Cash collateral — exchange-traded option contracts		505,000
Cash collateral — exchange-traded swap agreements		3,688,434
Cash collateral OTC Derivatives		2,475,000
Receivable for:
Investments sold		382,046
Fund shares sold		85,138
Dividends and interest		665,751
Investment for trustee deferred compensation and retirement plans		7,623
Other assets		244,867
Total assets		165,326,033

Liabilities:
Other investments:
Options written, at value (premiums received $6,516,533)		4,942,918
Swaps payable — centrally cleared		20
Swaps payable — OTC		19,779
Unrealized depreciation on forward foreign currency contracts outstanding		2,670,414
Unrealized depreciation on swap agreements — OTC		7,365,782
Payable for:
Investments purchased		1,003,098
Fund shares reacquired		198,124
Amount due to custodian		201,748
Accrued fees to affiliates		147,876
Accrued trustees’ and officers’ fees and benefits		2,499
Accrued other operating expenses		413,297
Trustee deferred compensation and retirement plans		7,623
Total liabilities		16,973,178
Net assets applicable to shares outstanding	$	148,352,855

Net assets consist of:
Shares of beneficial interest	$	153,697,702
Undistributed net investment income		31,662
Undistributed net realized gain (loss)		(3,438,236	)
Net unrealized appreciation (depreciation)		(1,938,273	)
	$	148,352,855


Net Assets:
Class A	$	19,360,140
Class C	$	12,262,705
Class R	$	26,026
Class Y	$	108,067,800
Class R5	$	10,045
Class R6	$	8,626,139

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,936,605
Class C		1,251,050
Class R		2,619
Class Y		10,763,111
Class R5		1,000
Class R6		859,426
Class A:
Net asset value per share	$	10.00
Maximum offering price per share
(Net asset value of $10.00 ÷ 94.50%)	$	10.58
Class C:
Net asset value and offering price per share	$	9.80
Class R:
Net asset value and offering price per share	$	9.94
Class Y:
Net asset value and offering price per share	$	10.04
Class R5:
Net asset value and offering price per share	$	10.05
Class R6:
Net asset value and offering price per share	$	10.04

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

54 Invesco Global Targeted Returns Fund

Consolidated Statement of Operations

For the year ended October 31, 2017


Investment income:
Dividends (net of foreign withholding taxes of $98,062)	$	1,492,828
Dividends from affiliated underlying funds		1,706,329
Interest Income		1,342,023
Total investment income		4,541,180

Expenses:
Advisory fees		2,115,216
Administrative services fees		50,000
Custodian fees		202,578
Distribution fees:
Class A		56,060
Class C		139,526
Class R		108
Transfer agent fees — A, C, R and Y		169,778
Transfer agent fees — R5		33
Transfer agent fees — R6		119
Trustees’ and officers’ fees and benefits		22,644
Registration and filing fees		103,865
Reports to shareholders		51,850
Professional services fees		118,082
Pricing fees		577,821
Other		15,125
Total expenses		3,622,805
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(1,567,481	)
Net expenses		2,055,324
Net investment income		2,485,856

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(11,376,345	)
Investment securities — affiliated funds (includes distributions from affiliated funds of $509,105)		2,192,313
Foreign currencies		716,232
Forward foreign currency contracts		(1,422,634	)
Futures contracts		(1,319,371	)
Option contracts written		6,708,405
Swap agreements		17,787
		(4,483,613	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		5,813,086
Investment securities — affiliated funds		1,550,651
Foreign currencies		(668	)
Forward foreign currency contracts		(2,440,788	)
Futures contracts		(1,843,132	)
Option contracts written		(445,312	)
Swap agreements		1,384,519
		4,018,356
Net realized and unrealized gain (loss)		(465,257	)
Net increase in net assets resulting from operations	$	2,020,599

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

55 Invesco Global Targeted Returns Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2017 and 2016


	2017			2016
Operations:
Net investment income	$	2,485,856		$	1,242,462
Net realized gain (loss)		(4,483,613	)		6,872,259
Change in net unrealized appreciation (depreciation)		4,018,356			(4,359,787	)
Net increase in net assets resulting from operations		2,020,599			3,754,934

Distributions to shareholders from net investment income:
Class A		(302,695	)		(146,529	)
Class C		(93,125	)		(38,269	)
Class R		(177	)		(47	)
Class Y		(2,306,952	)		(947,623	)
Class R5		(921	)		(528	)
Class R6		(151	)		(68,481	)
Total distributions from net investment income		(2,704,021	)		(1,201,477	)

Return of capital:
Class A		(11,454	)		—
Class C		(3,524	)		—
Class R		(7	)		—
Class Y		(87,296	)		—
Class R5		(35	)		—
Class R6		(6	)		—
Total return of capital		(102,322	)		—

Distributions to shareholders from net realized gains:
Class A		(757,865	)		(319,531	)
Class C		(493,617	)		(139,306	)
Class R		(538	)		(138	)
Class Y		(4,799,192	)		(1,480,056	)
Class R5		(1,917	)		(825	)
Class R6		(314	)		(106,958	)
Total distributions from net realized gains		(6,053,443	)		(2,046,814	)

Share transactions–net:
Class A		(9,083,175	)		5,549,639
Class C		(3,618,751	)		4,942,790
Class R		10,007			6,231
Class Y		(61,768,547	)		77,180,742
Class R5		(51,152	)		1,126
Class R6		8,592,340			(8,126,492	)
Net increase (decrease) in net assets resulting from share transactions		(65,919,278	)		79,554,036
Net increase (decrease) in net assets		(72,758,465	)		80,060,679

Net assets:
Beginning of year		221,111,320			141,050,641
End of year (includes undistributed net investment income of $31,662 and $1,324,142, respectively)	$	148,352,855		$	221,111,320

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

56 Invesco Global Targeted Returns Fund

Notes to Consolidated Financial Statements

October 31, 2017

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 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 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.

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.

57 Invesco Global Targeted Returns Fund

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.

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind income received in the form of securities in-lieu of cash is recorded as interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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.

58 Invesco Global Targeted Returns Fund

Treasury Inflation-Protected Securities — The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

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.

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.

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.

59 Invesco Global Targeted Returns Fund

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.

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 call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

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 exercise 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.

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

60 Invesco Global Targeted Returns Fund

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 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 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.

61 Invesco Global Targeted Returns Fund

R.	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.

S.	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


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%

Prior to January 1, 2017, the Fund paid 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, 2017, the effective advisory fees incurred by the Fund was 1.18%.

Effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2019, 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 (including prior fiscal year-end Acquired Fund Fees and Expenses of 0.42% and excluding certain items discussed below) 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 average daily net assets (the “expense limits”). Prior to January 1, 2017, 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 1.65%, 2.40%, 1.90%, 1.40%, 1.40% and 1.40%, 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, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2017, the Adviser waived advisory fees of $1,397,551 and reimbursed class level expenses of $21,674, $13,486, $21, $134,390, $33 and $119 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, 2017, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees.

62 Invesco Global Targeted Returns 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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2017, 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, 2017, IDI advised the Fund that IDI retained $596 in front-end sales commissions from the sale of Class A shares and $678 and $2,256 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

Level 1 —

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

Level 2 —

Level 3 —

The following is a summary of the tiered valuation input levels, as of October 31, 2017. 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
Common Stocks & Other Equity Interests	$	45,564,446		$	14,660,495		$	—	$	60,224,941
Non-U.S. Dollar Denominated Bonds		—			25,171,941			—		25,171,941
U.S. Government Sponsored Agency Securities		—			15,253,089			—		15,253,089
U.S. Treasury Securities		—			1,147,042			—		1,147,042
Preferred Stocks		—			10,384			—		10,384
Money Market Funds		28,584,863			—			—		28,584,863
Options Purchased		26,865			8,329,084			—		8,355,949
		74,176,174			64,572,035			—		138,748,209
Forward Foreign Currency Contracts*		—			(752,770	)		—		(752,770	)
Futures Contracts*		(1,839,076	)		—			—		(1,839,076	)
Options Written*		—			(4,942,918	)		—		(4,942,918	)
Swap Agreements*		—			(949,353	)		—		(949,353	)
Total Investments	$	72,337,098		$	57,926,994		$	—	$	130,264,092

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

NOTE 4—Derivative Investments

63 Invesco Global Targeted Returns Fund

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, 2017:


	Value
Derivative Assets	Commodity Risk			Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts — Exchange-Traded^(a)	$	—		$	—		$	—		$	1,138,783		$	20,785		$	1,159,568
Unrealized appreciation on swap agreements — Centrally Cleared^(a)		—			17,268			—			—			3,164,831			3,182,099
Unrealized appreciation on swap agreements — OTC		7,393			—			—			5,723,616			181,536			5,912,545
Options purchased, at value — Exchange-Traded^(b)		—			—			—			26,865			—			26,865
Options purchased, at value — OTC^(b)		—			—			3,176,530			5,152,554			—			8,329,084
Unrealized appreciation on forward foreign currency contracts outstanding		—			—			1,917,644			—			—			1,917,644
Total Derivative Assets		7,393			17,268			5,094,174			12,041,818			3,367,152			20,527,805
Derivatives not subject to master netting agreements		—			(17,268	)		—			(1,165,648	)		(3,185,616	)		(4,368,532	)
Total Derivative Assets subject to master netting agreements	$	7,393		$	—		$	5,094,174		$	10,876,170		$	181,536		$	16,159,273

	Value
Derivative Liabilities	Commodity Risk			Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded^(a)	$	—		$	—		$	—		$	(2,723,638	)	$	(275,006	)	$	(2,998,644	)
Unrealized depreciation on swap agreements — Centrally Cleared^(a)		—			(380,115	)		—			—			(2,298,100	)		(2,678,215	)
Unrealized depreciation on swap agreements — OTC		(29,632	)		—			—			(6,227,349	)		(1,108,801	)		(7,365,782	)
Options written, at value — OTC		—			—			(3,872,816	)		(1,070,102	)		—			(4,942,918	)
Unrealized depreciation on forward foreign currency contracts outstanding		—			—			(2,670,414	)		—			—			(2,670,414	)
Total Derivative Liabilities		(29,632	)		(380,115	)		(6,543,230	)		(10,021,089	)		(3,681,907	)		(20,655,973	)
Derivatives not subject to master netting agreements		—			380,115			—			2,723,638			2,573,106			5,676,859
Total Derivative Liabilities subject to master netting agreements	$	(29,632	)	$	—		$	(6,543,230	)	$	(7,297,451	)	$	(1,108,801	)	$	(14,979,114	)

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

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

64 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, 2017.


	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	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities						Non-Cash		Cash
Fund
Bank of America Merrill Lynch	$	—	$	294,624	$	—	$	294,624	$	—		$	(482,629	)	$	—		$	(482,629	)	$	(188,005	)	$	—	$	188,005		$	—
Barclays Bank PLC		444,554		340,500		—		785,054		(1,299,017	)		(414,934	)		—			(1,713,951	)		(928,897	)		—		810,000			(118,897	)
BNP Paribas S.A.		—		10,090		130,429		140,519		—			—			(219,803	)		(219,803	)		(79,284	)		—		79,284			—
Citigroup Global Markets Inc.		9,110		474,071		89,208		572,389		(60,251	)		(261,724	)		(91,449	)		(413,424	)		158,965			—		(158,965	)		—
Deutsche Bank Securities Inc.		268,642		249,501		—		518,143		(184,546	)		(108,947	)		—			(293,493	)		224,650			—		(150,000	)		74,650
Goldman Sachs International		592,417		3,009,961		257,122		3,859,500		(756,229	)		(2,719,477	)		(530,016	)		(4,005,722	)		(146,222	)		—		—			(146,222	)
HSBC New York		—		31,116		—		31,116		—			—			(129,415	)		(129,415	)		(98,299	)		—		80,000			(18,299	)
J.P. Morgan Chase Bank, N.A.		—		1,725,126		2,678,538		4,403,664		—			(443,019	)		(1,915,290	)		(2,358,309	)		2,045,355			—		(1,810,000	)		235,355
Morgan Stanley & Co. LLC		107,124		589,310		182,447		878,881		(91,583	)		(261,312	)		(112,755	)		(465,650	)		413,231			—		(413,231	)		—
RBC Capital Markets LLC		1,627		—		—		1,627		(1,122	)		—			—			(1,122	)		505			—		—			505
State Street Bank & Trust Co.		487,792		—		—		487,792		(273,139	)		—			—			(273,139	)		214,653			—		—			214,653
Societe Generale		—		831,707		1,849,404		2,681,111		—			—			(2,643,763	)		(2,643,763	)		37,348			—		—			37,348
UBS		6,378		773,078		596,375		1,375,831		(4,527	)		(250,876	)		(543,594	)		(798,997	)		576,834			—		(270,000	)		306,834
Subtotal — Fund		1,917,644		8,329,084		5,783,523		16,030,251		(2,670,414	)		(4,942,918	)		(6,186,085	)		(13,799,417	)		2,230,834			—		(1,644,907	)		585,927

Subsidiary
Barclays Bank PLC		—		—		162,398		162,398		—			—			(173,814	)		(173,814	)		(11,416	)		—		—			(11,416	)
BNP Paribas S.A.		—		—		5,438		5,438		—			—			(597	)		(597	)		4,841			—		—			4,841
Citigroup Global Markets Inc.		—		—		—		—		—			—			(136,171	)		(136,171	)		(136,171	)		—		136,171			—
Goldman Sachs International		—		—		10,136		10,136		—			—			(315,721	)		(315,721	)		(305,585	)		—		280,000			(25,585	)
Macquarie Bank Ltd.		—		—		1,955		1,955		—			—			(29,035	)		(29,035	)		(27,080	)		—		27,080			—
Morgan Stanley Capital Services LLC		—		—		217,488		217,488		—			—			(544,138	)		(544,138	)		(326,650	)		—		320,000			(6,650	)
Subtotal — Subsidiary	$	—	$	—	$	397,415	$	397,415	$	—		$	—		$	(1,199,476	)	$	(1,199,476	)	$	(802,061	)	$	—	$	763,251		$	(38,810	)
Total	$	1,917,644	$	8,329,084	$	6,180,938	$	16,427,666	$	(2,670,414	)	$	(4,942,918	)	$	(7,385,561	)	$	(14,998,893	)	$	1,428,773		$	—	$	(881,656	)	$	547,117

^(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, 2017

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	$	—		$	—		$	(1,422,634	)	$	—		$	—		$	(1,422,634	)
Futures contracts		—			—			—			359,323			(1,678,694	)		(1,319,371	)
Options purchased^(a)		—			—			(5,745,238	)		(8,049,388	)		(1,022	)		(13,795,648	)
Options written		—			—			4,690,159			1,944,922			73,324			6,708,405
Swap agreements		242,242			(844,292	)		—			413,842			205,995			17,787
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		—			—			(2,440,788	)		—			—			(2,440,788	)
Futures contracts		—			—			—			(2,626,139	)		783,007			(1,843,132	)
Options purchased^(a)		—			—			(1,341,203	)		(2,148,528	)		—			(3,489,731	)
Options written		—			—			20,246			(465,558	)		—			(445,312	)
Swap agreements		(125,532	)		(239,520	)		289,012			(328,401	)		1,788,960			1,384,519
Total	$	116,710		$	(1,083,812	)	$	(5,950,446	)	$	(10,899,927	)	$	1,171,570		$	(16,645,905	)

^(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.

65 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	$	302,246,870	$	116,314,191	$	224,654,420	$	46,000,905	$	165,986,057	$	4,077,667	$	633,255,204
Average contracts		—		—		7,834		977		—		—		—

^(a)	Summarizes the three month average notional value of swaptions contracts outstanding during the period.

NOTE 5—Expense Offset Arrangement(s)

NOTE 6—Trustees’ and Officers’ Fees and Benefits

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with 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, 2017 and 2016:


	2017		2016
Ordinary income	$	4,586,711	$	2,702,286
Return of capital		102,322		—
Long-term capital gain		4,170,753		546,005
Total distributions	$	8,859,786	$	3,248,291

Tax Components of Net Assets at Period-End:


	2017
Net unrealized appreciation — investments	$	1,013,115
Net unrealized appreciation (depreciation) — other investments		(18,060	)
Temporary book/tax differences		(6,772	)
Capital loss carryforward		(6,333,130	)
Shares of beneficial interest		153,697,702
Total net assets	$	148,352,855

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, 2017, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	—	$	6,333,130	$	6,333,130

66 Invesco Global Targeted Returns Fund

NOTE 9—Investment Transactions

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, 2017 was $139,504,774 and $178,210,920, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $4,154,735 and $3,021,067, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	25,860,934
Aggregate unrealized (depreciation) of investments		(24,847,819	)
Net unrealized appreciation (depreciation) of investments	$	1,013,115

Cost of investments for tax purposes is $129,250,977.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating losses, straddles and income from derivative investments, on October 31, 2017, undistributed net investment income was decreased by $971,993, undistributed net realized gain (loss) was increased by $1,635,541 and shares of beneficial interest was decreased by $663,548. This reclassification had no effect on the net assets of the Fund.

NOTE 11—Share Information


	Summary of Share Activity
	Years ended October 31,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		432,607		$	4,320,006			1,819,533		$	18,661,287
Class C		170,628			1,667,723			1,066,269			10,770,226
Class R		981			9,707			606			6,231
Class Y		5,299,391			52,987,480			12,374,104			127,479,975
Class R6		869,493			8,703,963			—			—

Issued as reinvestment of dividends:
Class A		109,618			1,068,780			46,420			466,060
Class C		60,540			582,399			17,883			177,399
Class R		31			300			—			—
Class Y		736,278			7,193,440			221,333			2,226,608
Class R5		246			2,402			112			1,126
Class R6		—			—			17,417			175,272

Reacquired:
Class A		(1,444,640	)		(14,471,961	)		(1,319,854	)		(13,577,708	)
Class C		(601,188	)		(5,868,873	)		(593,471	)		(6,004,835	)
Class Y		(12,178,368	)		(121,949,467	)		(5,106,862	)		(52,525,841	)
Class R5		(5,347	)		(53,554	)		—			—
Class R6		(11,067	)		(111,623	)		(793,730	)		(8,301,764	)
Net increase (decrease) in share activity		(6,560,797	)	$	(65,919,278	)		7,749,760		$	79,554,036

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 6% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

67 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			Return of capital			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^(d)
Class A
Year ended 10/31/17	$	10.32	$	0.12		$	0.00		$	0.12		$	(0.12	)	$	(0.01	)	$	(0.31	)	$	(0.44	)	$	10.00		1.32	%	$	19,360		1.29	%^(f)		2.16	%^(f)		1.24	%^(f)		121	%
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	^(c)		2.35			0.51			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	^(c)		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	^(c)(g)		3.16	^(g)		(0.18	)^(g)		20
Class C
Year ended 10/31/17		10.13		0.05			(0.01	)		0.04			(0.06	)		(0.00	)		(0.31	)		(0.37	)		9.80		0.52			12,263		2.04	^(f)		2.91	^(f)		0.49	^(f)		121
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	^(c)		3.10			(0.24	)		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	^(c)		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	^(c)(g)		3.91	^(g)		(0.93	)^(g)		20
Class R
Year ended 10/31/17		10.27		0.10			(0.01	)		0.09			(0.10	)		(0.01	)		(0.31	)		(0.42	)		9.94		0.99			26		1.54	^(f)		2.41	^(f)		0.99	^(f)		121
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	^(c)		2.60			0.26			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	^(c)		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	^(c)(g)		3.41	^(g)		(0.43	)^(g)		20
Class Y
Year ended 10/31/17		10.37		0.15			(0.01	)		0.14			(0.15	)		(0.01	)		(0.31	)		(0.47	)		10.04		1.48			108,068		1.04	^(f)		1.91	^(f)		1.49	^(f)		121
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	^(c)		2.10			0.76			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	^(c)		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	^(c)(g)		2.91	^(g)		0.07	^(g)		20
Class R5
Year ended 10/31/17		10.37		0.15			0.00			0.15			(0.15	)		(0.01	)		(0.31	)		(0.47	)		10.05		1.58			10		1.04	^(f)		1.87	^(f)		1.49	^(f)		121
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	^(c)		2.09			0.76			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	^(c)		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	^(c)(g)		2.87	^(g)		0.07	^(g)		20
Class R6
Year ended 10/31/17		10.36		0.15			0.00			0.15			(0.15	)		(0.01	)		(0.31	)		(0.47	)		10.04		1.59			8,626		1.04	^(f)		1.81	^(f)		1.49	^(f)		121
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	^(c)		2.00			0.76			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	^(c)		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	^(c)(g)		2.87	^(g)		0.07	^(g)		20

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by your Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds your Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in your Fund’s total return. Estimated acquired fund fees from underlying funds were 0.44%, 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 22,424, $13,953, $22, $139,042, $58 and $4,328 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Annualized.

68 Invesco Global Targeted Returns Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Global Targeted Returns Fund:

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, and the related consolidated statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the consolidated financial position of Invesco Global Targeted Returns Fund and its subsidiary (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Fund), hereafter referred to as the “Fund”) as of October 31, 2017, 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 three years in the period then ended and for the period December 19, 2013 (commencement of investment 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, 2017 by correspondence with the custodian, transfer agent and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

69 Invesco Global Targeted Returns Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (05/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,002.00	$	7.06	$	1,018.15	$	7.12		1.40	%
C		1,000.00		996.90		10.82		1,014.37		10.92		2.15
R		1,000.00		1,000.00		8.32		1,016.89		8.39		1.65
Y		1,000.00		1,003.00		5.81		1,019.41		5.85		1.15
R5		1,000.00		1,003.00		5.81		1,019.41		5.85		1.15
R6		1,000.00		1,003.00		5.81		1,019.41		5.85		1.15

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

70 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 12-13, 2017, 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. and separate Sub-Advisory Contracts with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.

The Board’s Fund Evaluation Process

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

B.	Fund Investment Performance

The Board noted that the Fund was new and 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 A shares of the Fund was in the fourth 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 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 year period. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees

71 Invesco Global Targeted Returns Fund

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.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

72 Invesco Global Targeted Returns Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2017:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	4,170,753
Qualified Dividend Income*		19.66	%
Corporate Dividends Received Deduction*		1.57	%
U.S. Treasury Obligations*		0.21	%

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	$	1,747,491

73 Invesco Global Targeted Returns Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested 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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco Global Targeted Returns Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		GTR-AR-1		12212017		0848

LOGO

Letters to Shareholders

LOGO

Phillip Taylor

Dear Shareholders:

Visit our website for more information on your investments

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 and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, 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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Greater China Fund

LOGO

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.

∎ 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.

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

Sincerely,

LOGO

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, 2017, Class A shares of Invesco Greater China Fund (the Fund), at net asset value (NAV), outperformed the MSCI Golden Dragon Index, the Fund’s broad market/style-specific benchmark.

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

Fund vs. Indexes


Class A Shares	33.25	%
Class B Shares	32.25
Class C Shares	32.20
Class Y Shares	33.59
Class R5 Shares	33.80
Class R6 Shares*	33.53
MSCI Golden Dragon Index^▼ (Broad Market/ Style-Specific Index)	32.46
Lipper China Region Funds Index^∎ (Peer Group Index)	36.27

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

*Class R6 shares incepted on April 4, 2017. See page 7 for more details.

Market conditions and your Fund

For the fiscal year ended October 31, 2017, Chinese equity markets rebounded on the back of rising investor confidence, resulting from a number of robust economic indicators and positive developments. China’s economy accelerated in the first quarter of 2017, with growth beating expectations as both the industrials and telecommunication services sectors improved. The Chinese government’s efforts to rebalance China’s economy from being manufacturing-led to more consumer-driven remained on track. Macroeconomic data remained strong, as official manufacturing Purchasing Managers’ Index and industrial profits data provided indications of a robust Chinese economy. During the fiscal year, the Hong Kong equity market benefited from the positive spill-over from Chinese equities. Taiwanese

equities also moved higher, led by

growth in the information technology (IT) and industrials sectors.

From a sector perspective, the IT and consumer discretionary sectors led market gains, posting double-digit returns for the fiscal year.

For the reporting period ended October 31, 2017, Class A shares of the Fund at NAV outperformed the MSCI Golden Dragon Index, its broad market/style-specific index. Sector allocation and stock selection had a positive impact on Fund performance. The Fund’s relative outperformance was driven by stock selection in the utilities sector. In particular, natural gas companies Towngas China Company and ENN Energy Holdings were notable contributors to Fund performance. Fund holdings in the utilities sector rose on better-than-expected tariff regulation.

Underweight exposure to the financials sector supported relative results during the reporting period.

Stock selection in the industrials and consumer staples sectors also contributed to the Fund’s performance versus the broad market/style-specific index. The top contributor in the industrials sector was Zhuzhou CRRC Times Electric, a manufacturer of railway power and control systems for various users in China and overseas. The stock rose on strengthening order book visibility. In the consumer staples sector, Hong Kong-based Sun Art Retail Group, an operator of supermarkets and hypermarkets, was a key contributor to relative performance during the reporting period. The company stepped up its online and new business formats to improve margins and increase sales.

In contrast, select holdings in the consumer discretionary sector detracted from the Fund’s performance versus the broad market/style-specific benchmark during the reporting period. In particular, Vipshop Holdings, an online discount retailer in China, was the leading detractor due to lower-than-expected earnings and a decline in active customers. We sold Vipshop Holdings before the close of the reporting period. Sportswear retailer Pou Sheng International Holdings was another key detractor from Fund performance within the sector.

Stock selection in and overweight exposure to the telecommunication services sector detracted from the Fund’s absolute and relative performance versus the broad market/style-specific index during the reporting period. This was mainly due to the Fund’s holding in China Mobile, the largest telecommunication services

Portfolio Composition

By sector

% of total net assets


Information Technology	36.4	%
Consumer Discretionary	20.6
Consumer Staples	12.8
Industrials	9.7
Telecommunication Services	6.6
Health Care	5.3
Materials	4.4
Utilities	3.8
Financials	0.4
Money Market Funds Plus Other Assets Less Liabilities	0.0


Top 10 Equity Holdings*
				% of total net assets


1. TencentHoldings Ltd.	9.4	%
2. AlibabaGroup Holding Ltd.-ADR	8.8
3. ChinaMobile Ltd.	5.9
4. TaiwanSemiconductor ManufacturingCo. Ltd.	4.5
5. HUAYUAutomotive Systems Co.,Ltd.-Class A	3.9
6. HenganInternational Group Co., Ltd.	3.8
7. HonHai Precision Industry Co., Ltd.	3.6
8. LarganPrecision Co., Ltd.	3.2
9. ZhuzhouCRRC Times Electric Co.,Ltd.-Class H	2.9
10. JD.com, Inc.-ADR	2.8


Total Net Assets				$95.7 million

Total Number of Holdings*				51

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, 2017.

4 Invesco Greater China Fund

company in China. The company’s annual performance retreated from strong gains the previous quarter.

Despite lagging stock selection in the consumer discretionary and telecommunication services sectors, strong stock selection in other sectors benefited Fund performance relative to the broad market/style-specific benchmark.

We continue to seek companies with sustainable industry leadership and competitive advantages using an active bottom-up investment process. This approach has led to significant exposure to consumer-related sectors, including the consumer discretionary, consumer staples and telecommunication services sectors in China. In our view, the growth drivers for these sectors are diverse and not strongly correlated. We continue to favor private enterprises over state-owned enterprises, as private enterprises tend to have interests that we believe better align with investors. At the same time, we believe that per-capita health care spending in China must increase significantly to catch up with health care spending in other developed market economies.

We remain cautious towards Chinese banks due to various industry headwinds. However, during the fiscal year, we witnessed steady progress in the Chinese government’s attempts to limit previously fast-growing and less-transparent shadow banking activities.

The Chinese government has also managed to curb excess capacity in the coal and steel industries. We believe that conditions will remain broadly stable moving forward. The latest macroeconomic data continue to reflect economic resilience as these changes take place. While headline growth is expected to moderate, the Chinese economy is on track to deliver the Chinese government’s target of 6.5% growth.¹Regarding future reforms, we believe that deleveraging will remain a high priority of the Chinese government. From a bottom-up perspective, at the close of the reporting period, Chinese companies continued to see earnings upgrades across all sectors. Valuations were still attractive relative to long-term historical levels and Chinese equities were trading at a discount to those in developed markets. Finally, liquidity was robust as investor fund flows into Hong Kong via the Shenzhen-Hong Kong Stock Connect program remained strong during the reporting period.

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

1	Source: Xihuanet

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 10/31/07

LOGO

Past performance cannot guarantee comparable future results.

6 Invesco Greater China Fund


Average Annual Total Returns
As of 10/31/17, including maximum applicable sales charges


Class A Shares
Inception (3/31/06)	10.14	%
10 Years	0.61
5 Years	10.05
1 Year	25.94

Class B Shares
Inception (3/31/06)	10.12	%
10 Years	0.59
5 Years	10.20
1 Year	27.25

Class C Shares
Inception (3/31/06)	9.85	%
10 Years	0.43
5 Years	10.47
1 Year	31.20

Class Y Shares
10 Years	1.41	%
5 Years	11.57
1 Year	33.59

Class R5 Shares
Inception (3/31/06)	11.20	%
10 Years	1.68
5 Years	11.81
1 Year	33.80

Class R6 Shares
10 Years	1.21	%
5 Years	11.35
1 Year	33.53

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 April 4, 2017. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.


Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (3/31/06)	9.89	%
10 Years	1.68
5 Years	10.88
1 Year	18.19

Class B Shares
Inception (3/31/06)	9.87	%
10 Years	1.66
5 Years	11.05
1 Year	19.17

Class C Shares
Inception (3/31/06)	9.60	%
10 Years	1.50
5 Years	11.32
1 Year	23.15

Class Y Shares
10 Years	2.49	%
5 Years	12.43
1 Year	25.40

Class R5 Shares
Inception (3/31/06)	10.95	%
10 Years	2.77
5 Years	12.66
1 Year	25.62

Class R6 Shares
10 Years	2.28	%
5 Years	12.20
1 Year	25.34

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 1.93%, 2.68%, 2.68%, 1.68%, 1.45% and 1.40%, 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.

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

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, 2017, 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.

∎

Principal risks of investing in the Fund

∎

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.

∎

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 o 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.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Greater China Fund

in those countries may therefore have a significant negative impact on the Fund’s investment performance.

∎

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 credit-worthiness of the bank or broker-dealer that issued the participation notes.

∎

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.

∎

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. Certain securities issued by companies located or operating in Greater China, such as China A- shares, are subject to trading restrictions, quota limitations and less market liquidity. 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 inapplicable 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.

∎

Other information

∎

9 Invesco Greater China Fund

Schedule of Investments^(a)

October 31, 2017


	Shares		Value
Common Stocks & Other Equity Interests–99.97%^(b)
Apparel Retail–1.37%
Pou Sheng International (Holdings) Ltd. (Hong Kong)		7,171,000	$	1,314,447

Auto Parts & Equipment–6.52%
HUAYU Automotive Systems Co., Ltd.–Class A		966,004		3,702,409
Minth Group Ltd.		470,000		2,536,339
				6,238,748

Automobile Manufacturers–0.62%
Jiangling Motors Corp., Ltd.–Class B		311,100		596,567

Commodity Chemicals–3.39%
Formosa Chemicals & Fibre Corp. (Taiwan)		532,000		1,618,923
Formosa Plastics Corp. (Taiwan)		534,000		1,626,980
				3,245,903

Diversified Banks–0.43%
BOC Hong Kong (Holdings) Ltd.		86,500		411,910

Education Services–1.42%
New Oriental Education & Technology Group, Inc.–ADR		16,281		1,355,230

Electrical Components & Equipment–4.03%
Voltronic Power Technology Corp. (Taiwan)		59,150		1,113,855
Zhuzhou CRRC Times Electric Co., Ltd.–Class H		468,300		2,740,264
				3,854,119

Electronic Components–4.61%
Chin-Poon Industrial Co., Ltd. (Taiwan)		647,000		1,354,079
Largan Precision Co., Ltd. (Taiwan)		16,000		3,052,656
				4,406,735

Electronic Equipment & Instruments–0.65%
Flytech Technology Co., Ltd. (Taiwan)		220,000		620,101

Electronic Manufacturing Services–3.84%
FIH Mobile Ltd.		877,000		276,083
Hon Hai Precision Industry Co., Ltd. (Taiwan)		911,000		3,398,051
				3,674,134

Food Retail–2.60%
President Chain Store Corp. (Taiwan)		276,000		2,488,279

Footwear–1.18%
Stella International Holdings Ltd.		698,000		1,133,722

Gas Utilities–3.75%
ENN Energy Holdings Ltd.		257,000		1,884,329
Towngas China Co. Ltd.		2,082,000		1,708,001
				3,592,330

Health Care Equipment–1.90%
MicroPort Scientific Corp.		1,832,000		1,815,081


	Shares		Value
Health Care Supplies–1.16%
Shandong Weigao Group Medical Polymer Co. Ltd.–Class H		1,540,000	$	1,105,443

Home Entertainment Software–2.29%
Changyou.com Ltd.–ADR^(c)		56,500		2,188,810

Hotels, Resorts & Cruise Lines–0.64%
China International Travel Service Corp Ltd.–Class A		90,100		561,784
Shanghai Jinjiang International Hotels Development Co., Ltd.–Class B		22,948		54,754
				616,538

Hypermarkets & Super Centers–2.66%
Sun Art Retail Group Ltd. (Hong Kong)		2,515,000		2,540,339

Industrial Conglomerates–2.31%
Beijing Enterprises Holdings Ltd.		247,000		1,467,486
CK Hutchison Holdings Ltd. (Hong Kong)		58,500		742,742
				2,210,228

Industrial Machinery–1.03%
CIMC Enric Holdings Ltd.^(c)		1,454,000		984,070

Internet & Direct Marketing Retail–5.23%
Ctrip.com International, Ltd.–ADR^(c)		48,360		2,315,960
JD.com, Inc.–ADR^(c)		71,500		2,682,680
				4,998,640

Internet Software & Services–20.45%
Alibaba Group Holding Ltd.–ADR^(c)		45,589		8,428,950
Autohome Inc.–ADR^(c)		21,800		1,253,718
PChome Online Inc. (Taiwan)		159,305		921,617
Tencent Holdings Ltd.		198,900		8,958,869
				19,563,154

Leisure Products–0.82%
Goodbaby International Holdings Ltd.		1,430,000		783,648

Marine Ports & Services–2.37%
China Merchants Port Holdings Co. Ltd.		692,000		2,164,330
Qingdao Port International Co., Ltd.–Class H–REGS^(d)		144,000		102,195
				2,266,525

Packaged Foods & Meats–3.75%
Qinqin Foodstuffs Group (Cayman) Co. Ltd.^(c)		55,600		14,824
Tingyi (Cayman Islands) Holding Corp.		1,440,000		2,274,855
Uni-President China Holdings Ltd.		1,548,000		1,293,737
				3,583,416

Personal Products–3.78%
Hengan International Group Co. Ltd.		366,500		3,612,666

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

10 Invesco Greater China Fund


	Shares		Value
Pharmaceuticals–2.20%
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd.–Class H		128,000	$	70,044
Sino Biopharmaceutical Ltd.		1,744,000		2,036,537
				2,106,581

Restaurants–1.90%
Ajisen (China) Holdings Ltd. (Hong Kong)		2,540,000		1,191,632
Café de Coral Holdings Ltd. (Hong Kong)		100,000		308,141
Xiabuxiabu Catering Management China Holdings Co. Ltd.–REGS^(d)		217,000		316,541
				1,816,314

Semiconductors–4.53%
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		536,000		4,328,864


	Shares		Value
Steel–1.02%
Baoshan Iron & Steel Co., Ltd.–Class A^(c)		840,698	$	973,516

Tires & Rubber–0.92%
Cheng Shin Rubber Industry Co., Ltd. (Taiwan)		447,000		882,345

Wireless Telecommunication Services–6.60%
China Mobile Ltd.		564,000		5,664,291
SmarTone Telecommunications Holdings Ltd. (Hong Kong)		521,500		649,084
				6,313,375
TOTAL INVESTMENTS IN SECURITIES–99.97% (Cost $76,360,489)				95,621,778
OTHER ASSETS LESS LIABILITIES–0.03%				29,610
NET ASSETS–100.00%			$	95,651,388

Investment Abbreviations:


ADR		– American Depositary Receipt
REGS		– Regulation S

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)

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, 2017 was $418,736, which represented less than 1% of the Fund’s Net Assets.

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, 2017


Assets:
Investments in securities, at value (Cost $76,360,489)	$	95,621,778
Receivable for:
Fund shares sold		107,855
Dividends		118,063
Investment for trustee deferred compensation and retirement plans		54,776
Other assets		30,653
Total assets		95,933,125

Liabilities:
Payable for:
Fund shares reacquired		16,942
Amount due custodian		69,193
Accrued fees to affiliates		66,444
Accrued trustees’ and officers’ fees and benefits		2,192
Accrued other operating expenses		66,569
Trustee deferred compensation and retirement plans		60,397
Total liabilities		281,737
Net assets applicable to shares outstanding	$	95,651,388

Net assets consist of:
Shares of beneficial interest	$	76,555,511
Undistributed net investment income		(21,973	)
Undistributed net realized gain (loss)		(143,414	)
Net unrealized appreciation		19,261,264
	$	95,651,388


Net Assets:
Class A	$	69,843,091
Class B	$	763,947
Class C	$	13,421,987
Class Y	$	11,443,635
Class R5	$	71,733
Class R6	$	106,995

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,375,699
Class B		26,804
Class C		471,768
Class Y		388,731
Class R5		2,435
Class R6		3,633
Class A:
Net asset value per share	$	29.40
Maximum offering price per share
(Net asset value of $29.40 ¸ 94.50%)	$	31.11
Class B:
Net asset value and offering price per share	$	28.50
Class C:
Net asset value and offering price per share	$	28.45
Class Y:
Net asset value and offering price per share	$	29.44
Class R5:
Net asset value and offering price per share	$	29.46
Class R6:
Net asset value and offering price per share	$	29.45

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, 2017


Investment income:
Dividends (net of foreign withholding taxes of $146,156)	$	1,628,575
Dividends from affiliated money market funds		10,310
Total investment income		1,638,885

Expenses:
Advisory fees		713,091
Administrative services fees		50,000
Custodian fees		71,604
Distribution fees:
Class A		141,309
Class B		10,122
Class C		118,406
Transfer agent fees — A, B, C and Y		220,950
Transfer agent fees — R5		60
Transfer agent fees — R6		12
Trustees’ and officers’ fees and benefits		21,764
Registration and filing fees		79,384
Reports to shareholders		54,907
Professional services fees		60,940
Other		14,988
Total expenses		1,557,537
Less: Fees waived and expense offset arrangement(s)		(4,708	)
Net expenses		1,552,829
Net investment income		86,056

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		3,545,342
Foreign currencies		(37,170	)
		3,508,172
Change in net unrealized appreciation (depreciation) of:
Investment securities		18,738,836
Foreign currencies		(162	)
		18,738,674
Net realized and unrealized gain		22,246,846
Net increase in net assets resulting from operations	$	22,332,902

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, 2017 and 2016


	2017			2016
Operations:
Net investment income	$	86,056		$	419,905
Net realized gain (loss)		3,508,172			(228,375	)
Change in net unrealized appreciation		18,738,674			3,807,846
Net increase in net assets resulting from operations		22,332,902			3,999,376

Distributions to shareholders from net investment income:
Class A		(354,279	)		(545,985	)
Class B		—			(3,961	)
Class C		—			(23,094	)
Class Y		(45,730	)		(47,018	)
Class R5		(619	)		(1,312	)
Total distributions from net investment income		(400,628	)		(621,370	)

Share transactions–net:
Class A		1,136,916			(3,173,106	)
Class B		(720,092	)		(1,402,208	)
Class C		(1,792,194	)		(2,541,266	)
Class Y		4,144,381			1,472,686
Class R5		243			(21,707	)
Class R6		104,144			—
Net increase (decrease) in net assets resulting from share transactions		2,873,398			(5,665,601	)
Net increase (decrease) in net assets		24,805,672			(2,287,595	)

Net assets:
Beginning of year		70,845,716			73,133,311
End of year (includes undistributed net investment income of $(21,973) and $327,427, respectively)	$	95,651,388		$	70,845,716

Notes to Financial Statements

October 31, 2017

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 separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

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

The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class Y, Class R5 and Class R6. Effective April 4, 2017, the Fund began offering Class R6 shares. 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.

14 Invesco Greater China 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”).

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 Greater China Fund

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.

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.

16 Invesco Greater China Fund

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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate
First $250 million		0	.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, 2017, 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, 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 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 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2017, the Adviser waived advisory fees of $1,381.

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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2017, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

17 Invesco Greater China Fund

front-end sales commissions from the sale of Class A shares and $9 and $458 from Class A 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

Level 1 —

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

Level 2 —

Level 3 —

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended October 31, 2017, there were transfers from Level 1 to Level 2 of $14,454,611 and from Level 2 to Level 1 of $8,452,091, due to foreign fair value adjustments.


	Level 1		Level 2		Level 3		Total
Common Stocks & Other Equity Interests	$	61,182,326	$	34,439,452	$	—	$	95,621,778

NOTE 4—Expense Offset Arrangement(s)

NOTE 5—Trustees’ and Officers’ Fees and Benefits

NOTE 6—Cash Balances

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, 2017 and 2016:


	2017		2016
Ordinary income	$	400,628	$	621,370

Tax Components of Net Assets at Period-End:


	2017
Undistributed ordinary income	$	456,196
Net unrealized appreciation — investments		18,694,927
Net unrealized appreciation (depreciation) — foreign currencies		(25	)
Temporary book/tax differences		(55,221	)
Shares of beneficial interest		76,555,511
Total net assets	$	95,651,388

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, 2017.

NOTE 8—Investment Transactions

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, 2017 was $44,540,951 and $41,713,820, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	22,883,194
Aggregate unrealized (depreciation) of investments		(4,188,267	)
Net unrealized appreciation of investments	$	18,694,927

Cost of investments for tax purposes is $76,926,851.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of expired capital loss carryforward, on October 31, 2017, undistributed net investment income was decreased by $34,828, undistributed net realized gain (loss) was increased by $7,935,395 and shares of beneficial interest was decreased by $7,900,567. 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,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		569,913		$	14,502,235			249,846		$	5,170,461
Class B		1,033			23,318			838			16,774
Class C		45,152			1,130,270			41,490			846,424
Class Y		346,947			8,827,823			337,898			6,881,781
Class R5		—			—			2,145			43,338
Class R6^(b)		3,633			104,144			—			—

Issued as reinvestment of dividends:
Class A		15,781			339,129			26,127			514,692
Class B		—			—			196			3,776
Class C		—			—			1,066			20,460
Class Y		1,898			40,746			2,144			42,201
Class R5		20			432			55			1,072

Automatic conversion of Class B shares to Class A shares:
Class A		21,353			537,044			50,077			1,019,667
Class B		(21,965	)		(537,044	)		(51,484	)		(1,019,667	)

Reacquired:
Class A		(592,344	)		(14,241,492	)		(481,297	)		(9,877,926	)
Class B		(8,760	)		(206,366	)		(20,343	)		(403,091	)
Class C		(125,409	)		(2,922,464	)		(173,247	)		(3,408,150	)
Class Y		(194,454	)		(4,724,188	)		(268,901	)		(5,451,296	)
Class R5		(8	)		(189	)		(3,336	)		(66,117	)
Net increase (decrease) in share activity		62,790		$	2,873,398			(286,726	)	$	(5,665,601	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)	Commencement date of April 4, 2017.

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		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 10/31/17	$	22.23	$	0.05		$	7.27		$	7.32		$	(0.15	)	$	29.40		33.19	%	$	69,843		1.93	%^(d)		1.93	%^(d)		0.22	%^(d)		56	%
Year ended 10/31/16		21.10		0.15			1.20			1.35			(0.22	)		22.23		6.51			52,479		1.93			1.93			0.74			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
Class B
Year ended 10/31/17		21.56		(0.13	)		7.07			6.94			—			28.50		32.19			764		2.68	^(d)		2.68	^(d)		(0.53	)^(d)		56
Year ended 10/31/16		20.43		(0.00	)		1.16			1.16			(0.03	)		21.56		5.72			1,218		2.68			2.68			(0.01	)		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
Class C
Year ended 10/31/17		21.52		(0.13	)		7.06			6.93			—			28.45		32.20			13,422		2.68	^(d)		2.68	^(d)		(0.53	)^(d)		56
Year ended 10/31/16		20.39		(0.00	)		1.16			1.16			(0.03	)		21.52		5.73			11,879		2.68			2.68			(0.01	)		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
Class Y
Year ended 10/31/17		22.26		0.12			7.27			7.39			(0.21	)		29.44		33.53			11,444		1.68	^(d)		1.68	^(d)		0.47	^(d)		56
Year ended 10/31/16		21.14		0.21			1.19			1.40			(0.28	)		22.26		6.77			5,216		1.68			1.68			0.99			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
Class R5
Year ended 10/31/17		22.28		0.16			7.28			7.44			(0.26	)		29.46		33.80			72		1.50	^(d)		1.50	^(d)		0.65	^(d)		56
Year ended 10/31/16		21.17		0.25			1.19			1.44			(0.33	)		22.28		7.00			54		1.45			1.45			1.22			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
Class R6
Year ended 10/31/17^(e)		23.28		0.25			5.92			6.17			—			29.45		26.50			107		1.47	^(d)(f)		1.47	^(d)(f)		0.68	^(d)(f)		56

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $56,524, $1,012, $11,841, $6,818, $60, and $20 for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(e)	Commencement date of April 4, 2017 for Class R6 shares.

^(f)	Annualized.

Note 12—Subsequent Event

21 Invesco Greater China Fund

Report of Independent Registered Public Accounting Firm

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

and Shareholders of Invesco Greater China Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Greater China Fund (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, 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 periods indicated therein, 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, 2017 by correspondence with the custodian and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

22 Invesco Greater China Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (05/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,224.00	$	10.48	$	1,015.78	$	9.50		1.87	%
B		1,000.00		1,219.50		14.66		1,012.00		13.29		2.62
C		1,000.00		1,219.50		14.66		1,012.00		13.29		2.62
Y		1,000.00		1,225.60		9.09		1,017.04		8.24		1.62
R5		1,000.00		1,227.00		8.20		1,017.85		7.43		1.46
R6		1,000.00		1,226.60		8.19		1,017.85		7.43		1.46

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

23 Invesco 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 12-13, 2017, 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, 2017.

The Board’s Fund Evaluation Process

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

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2016 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, the second quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance 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

24 Invesco Greater China Fund

“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 client accounts with investment strategies comparable to those of the Fund.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

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

Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

25 Invesco Greater China Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2017:


Federal and State Income Tax
Qualified Dividend Income*	95.46	%
Corporate Dividends Received Deduction*	0.06	%
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 Greater China Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested 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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco Greater China Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		CHI-AR-1		12122017		0940

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

Visit our website for more information on your investments

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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Long/Short Equity Fund

LOGO

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.

∎ 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.

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

Sincerely,

LOGO

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, 2017, Class A shares of Invesco Long/Short Equity Fund (the Fund), at net asset value (NAV), outperformed the S&P 500 Index and the Citi US Three-Month 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


Class A Shares	26.62	%
Class C Shares	25.65
Class R Shares	26.37
Class Y Shares	26.85
Class R5 Shares	27.07
Class R6 Shares	27.17
S&P 500 Index^▼ (Broad Market Index)	23.63
Citi US Three-Month Treasury Bill Index^▼ (Style-Specific Index)	0.71
Lipper Alternative Long/Short Equity Funds Index^∎ (Peer Group Index)	9.01
Source(s):^▼Factset Research Systems Inc., ^∎Lipper Inc.

Market conditions and your Fund

Despite highly destructive hurricanes that threatened to derail a years-long recovery, the US economy continued to expand throughout the fiscal year ended October 31, 2017. Gross domestic product (GDP) – the value of all goods and services produced in the US – grew by 1.8% in the fourth quarter of 2016, and by 1.2% in the first quarter and 3.1% in the second quarter of 2017.¹ Inflation remained subdued even as the labor market continued to strengthen.

Unemployment continued its multi-year decline, hitting just 4.2% in September – a 16-year low.²

rate stood at a range of 1.00% to 1.25% – up 75 basis points for the reporting period.³ (A basis point is 0.01%.)

Despite the Fed’s actions, major US stock market indexes repeatedly hit all-time highs throughout the reporting period. The stock market rally began immediately following the outcome of the US presidential election in November 2016, based on investors’ hopes for reduced regulation, lowered corporate and personal tax rates and increased infrastructures pending. The stock market rally continued throughout the reporting period, fueled by generally positive economic data, strong corporate earnings and improved consumer confidence – even as the prospect for health care and tax reform faded somewhat.

As part of our investment process, we evaluate fundamental and behavioral factors to forecast individual securities’ returns and risks and rank 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 based upon predicted levels of risk in the equity markets. Additionally, the Fund’s net long market position may result in net


Total Net Assets				$73.8 million

Data presented here are as of October 31, 2017.


Portfolio Composition
By sector, based on total net assets
	Equity Securities
	Long¹			Short²			Gross Exposure³			Net Exposure⁴
Financials		33.0	%		15.7	%		48.7	%		17.3	%
Health Care		32.7			7.0			39.7			25.7
Consumer Discretionary		30.7			27.5			58.2			3.2
Information Technology		28.2			7.1			35.3			21.1
Energy		17.3			9.5			26.8			7.8
Industrials		16.3			19.5			35.8			-3.2
Materials		11.3			6.4			17.7			4.9
Real Estate		9.9			3.8			13.7			6.1
Utilities		7.5			–			7.5			7.5
Consumer Staples		6.3			2.9			9.2			3.4
Telecommunication Services		0.5			–			0.5			0.5
Money Market Funds Plus Other Assets Less Liabilities		5.7			–			5.7			5.7
Total		199.4			99.4			298.8			100.0

Represents the value of equity securities in the portfolio and the equity securities underlying the Fund’s equity long portfolio swap.

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

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

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

4 Invesco Long/Short Equity Fund

long/net short exposure in sectors where there is an imbalance between highly-ranked and poorly-ranked stocks. In a long/short construct, a positive spread between the top-and bottom-ranked stocks (long and short candidates for the portfolio), plus a return from market/sector exposure, is intended to result in the Fund achieving attractive risk-adjusted performance relative to its broad market benchmark over a full market cycle.

During the fiscal year, Fund performance relative to the broad market benchmark benefited most from a positive long/short spread in eight of 11 sectors with both long and short holdings adding value. Relative Fund performance was led by stock selection in the information technology (IT), financials and industrials sectors. Stock selection in the energy and materials sectors detracted from the Fund’s absolute and relative performance for the reporting period.

The top-contributing sector to Fund performance was the financials sector. Within this sector, the Fund benefited from a meaningful net long allocation and positive results from long holdings in the banking and diversified financials industries. The Fund also benefited from a net long allocation in the IT sector and stock selection in the semiconductor industry. Long holdings within the industrials sector, specifically the capital goods industry, also contributed to Fund performance for the reporting period.

Holdings within the energy sector, particularly the long positions in the oil and gas exploration and production industry, performed poorly during the reporting period. Within the materials sector, both long and short holdings underperformed our expectations and detracted from Fund returns.

At the end of the reporting period, the Fund’s largest net long sector allocations were in the health care, financials and IT sectors. The Fund did not have any sectors with net short positions.

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	Sources: Bureau of Labor Statistics, Bloomberg

3	Source: US Federal Reserve

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.

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.

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

LOGO

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

∎

About indexes used in this report

∎

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

∎

The Citi US Three-Month Treasury Bill Index is an unmanaged index representative of three-month US 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.

∎

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 share holder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

∎

6 Invesco Long/Short Equity Fund


Average Annual Total Returns
As of 10/31/17, including maximum applicable sales charges


Class A Shares
Inception (12/19/13)	7.47	%
1 Year	19.64

Class C Shares
Inception (12/19/13)	8.25	%
1 Year	24.65

Class R Shares
Inception (12/19/13)	8.80	%
1 Year	26.37

Class Y Shares
Inception (12/19/13)	9.34	%
1 Year	26.85

Class R5 Shares
Inception (12/19/13)	9.36	%
1 Year	27.07

Class R6 Shares
Inception (12/19/13)	9.38	%
1 Year	27.17

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 1.59%, 2.34%, 1.84%, 1.34%, 1.26% and 1.26%, 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 1.65%, 2.40%, 1.90%, 1.40%, 1.28% and 1.28%, 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 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges


Class A Shares
Inception (12/19/13)	6.57	%
1 Year	14.56

Class C Shares
Inception (12/19/13)	7.36	%
1 Year	19.26

Class R Shares
Inception (12/19/13)	7.91	%
1 Year	20.93

Class Y Shares
Inception (12/19/13)	8.45	%
1 Year	21.49

Class R5 Shares
Inception (12/19/13)	8.47	%
1 Year	21.58

Class R6 Shares
Inception (12/19/13)	8.47	%
1 Year	21.58

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

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, 2019. 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, 2019. 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, 2017, 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 available for use by retirement plans that meet certain standards and for institutional investors. Class R6 shares are also available through inter-mediaries that have established an agreement with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts. 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.

∎

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.

∎

continued on page 6

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Long/Short Equity Fund

Schedule of Investments^(a)

October 31, 2017


	Shares		Value
Common Stocks & Other Equity Interests–94.32%
Aerospace & Defense–1.59%
Spirit AeroSystems Holdings, Inc.–Class A		14,650	$	1,173,465

Agricultural Products–0.26%
Bunge Ltd.		2,750		189,145

Apparel Retail–1.71%
Gap, Inc. (The)		48,600		1,263,114

Apparel, Accessories & Luxury Goods–3.39%
PVH Corp.		11,150		1,413,931
Ralph Lauren Corp.		12,150		1,086,575
				2,500,506

Application Software–3.16%
ANSYS, Inc.^(b)		6,650		909,121
Cadence Design Systems, Inc.^(b)		33,000		1,424,280
				2,333,401

Auto Parts & Equipment–3.16%
BorgWarner, Inc.		25,300		1,333,816
Lear Corp.		5,700		1,000,863
				2,334,679

Biotechnology–3.28%
United Therapeutics Corp.^(b)		8,650		1,025,804
Vertex Pharmaceuticals, Inc.^(b)		9,550		1,396,496
				2,422,300

Building Products–1.78%
Owens Corning		15,900		1,314,771

Cable & Satellite–0.26%
Liberty Global PLC–Series C (United Kingdom)^(b)		6,300		188,307

Communications Equipment–1.33%
Juniper Networks, Inc.		39,500		980,785

Computer & Electronics Retail–0.16%
Best Buy Co., Inc.		2,050		114,759

Construction Machinery & Heavy Trucks–2.98%
Allison Transmission Holdings, Inc.		34,200		1,453,158
Cummins Inc.		4,200		742,896
				2,196,054

Consumer Electronics–1.50%
Garmin Ltd.		19,600		1,109,556

Consumer Finance–1.86%
Ally Financial Inc.		52,600		1,374,438

Copper–0.22%
Freeport-McMoRan Inc.^(b)		11,550		161,469

Department Stores–3.03%
Kohl’s Corp.		30,550		1,275,768
Macy’s, Inc.		51,400		964,264
				2,240,032


	Shares		Value
Diversified Chemicals–1.63%
Eastman Chemical Co.		13,250	$	1,203,233

Diversified Metals & Mining–1.61%
Teck Resources Ltd.–Class B (Canada)		58,250		1,190,630

Electric Utilities–0.45%
Entergy Corp.		3,820		329,513

Electrical Components & Equipment–0.50%
Rockwell Automation, Inc.		1,850		371,517

Gold–0.32%
Barrick Gold Corp. (Canada)		3,350		48,408
Newmont Mining Corp.		5,150		186,224
				234,632

Health Care Distributors–0.14%
McKesson Corp.		750		103,410

Health Care Equipment–1.19%
IDEXX Laboratories, Inc.^(b)		5,300		880,701

Health Care Services–1.38%
DaVita Inc.^(b)		16,800		1,020,432

Health Care Supplies–1.50%
Cooper Cos., Inc. (The)		4,600		1,105,196

Homebuilding–3.90%
NVR, Inc.^(b)		450		1,476,616
Toll Brothers, Inc.		30,450		1,401,918
				2,878,534

Hotel and Resort REIT’s–0.13%
Host Hotels & Resorts Inc.		5,050		98,778

Human Resource & Employment Services–1.95%
ManpowerGroup Inc.		11,700		1,442,376

Independent Power Producers & Energy Traders–1.96%
NRG Energy, Inc.		58,000		1,450,000

Internet & Direct Marketing Retail–3.05%
Liberty Interactive Corp. QVC Group–Class A^(b)		48,250		1,096,240
Liberty Ventures–Series A^(b)		20,250		1,153,440
				2,249,680

Internet Software & Services–3.10%
IAC/InterActiveCorp.^(b)		6,800		877,540
VeriSign, Inc.^(b)		13,150		1,413,888
				2,291,428

Investment Banking & Brokerage–0.14%
E*TRADE Financial Corp.^(b)		2,350		102,437

IT Consulting & Other Services–0.05%
Teradata Corp.^(b)		1,200		40,140

Life & Health Insurance–3.16%
Lincoln National Corp.		16,350		1,239,003
Unum Group		21,050		1,095,442
				2,334,445

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

9 Invesco Long/Short Equity Fund


	Shares		Value
Managed Health Care–1.78%
WellCare Health Plans Inc.^(b)		6,650	$	1,314,971

Multi-Utilities–0.42%
CenterPoint Energy, Inc.		10,600		313,548

Oil & Gas Exploration & Production–5.30%
ConocoPhillips		14,500		741,675
Devon Energy Corp.		10,650		392,985
Marathon Oil Corp.		102,550		1,458,261
Murphy Oil Corp.		49,250		1,317,437
				3,910,358

Oil & Gas Refining & Marketing–1.52%
HollyFrontier Corp.		30,450		1,125,128

Oil & Gas Storage & Transportation–1.25%
Williams Cos., Inc. (The)		32,300		920,550

Packaged Foods & Meats–1.45%
Conagra Brands, Inc.		10,600		362,096
Pilgrim’s Pride Corp.^(b)		22,350		710,283
				1,072,379

Property & Casualty Insurance–0.23%
CNA Financial Corp.		3,150		170,510

Regional Banks–8.46%
Citizens Financial Group, Inc.		34,950		1,328,449
Comerica Inc.		14,950		1,174,622
East West BanCorp., Inc.		19,250		1,151,920
Regions Financial Corp.		87,200		1,349,856
SunTrust Banks, Inc.		20,600		1,240,326
				6,245,173

Residential REIT’s–3.18%
Equity Lifestyle Properties, Inc.		13,300		1,176,784
Essex Property Trust, Inc.		4,450		1,167,813
				2,344,597

Semiconductor Equipment–1.84%
KLA-Tencor Corp.		12,500		1,361,125


	Shares		Value
Semiconductors–1.76%
Marvell Technology Group Ltd. (Bermuda)		70,200	$	1,296,594

Specialized Consumer Services–1.56%
H&R Block, Inc.		46,550		1,151,647

Specialized REIT’s–1.65%
American Tower Corp.		7,200		1,034,424
Four Corners Property Trust, Inc.		7,400		182,632
				1,217,056

Specialty Stores–0.46%
Tiffany & Co.		3,600		337,032

Systems Software–2.10%
Dell Technologies Inc.–Class V^(b)		13,150		1,088,426
Red Hat, Inc.^(b)		3,800		459,154
				1,547,580

Technology Hardware, Storage & Peripherals–3.56%
HP Inc.		66,900		1,441,695
Xerox Corp.		39,150		1,186,636
				2,628,331

Trading Companies & Distributors–1.45%
United Rentals, Inc.^(b)		7,550		1,068,174

Wireless Telecommunication Services–0.52%
Rogers Communications, Inc.–Class B (Canada)		7,400		384,060
Total Common Stocks & Other Equity Interests (Cost $60,313,933)				69,632,676

Money Market Funds–4.32%
Invesco Government & Agency Portfolio–Institutional Class, 0.95%^(c)		1,914,340		1,914,340
Invesco Treasury Portfolio–Institutional Class, 0.94%^(c)		1,276,227		1,276,227
Total Money Market Funds (Cost $3,190,567)				3,190,567
TOTAL INVESTMENTS IN SECURITIES–98.64% (Cost $63,504,500)				72,823,243
OTHER ASSETS LESS LIABILITIES–1.36%				1,001,779
NET ASSETS–100.00%			$	73,825,022

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, 2017.


Open Over-The-Counter Total Return Swap Agreements
Reference Entity	Counterparty	Maturity Dates		Floating Rate Index⁽¹⁾	Payment Frequency		Notional Amount			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)			Net Value of Reference Entities
Equity Securities — Long	Morgan Stanley & Co. LLC		12/21/2017	Federal Funds floating rate		Monthly	$	74,007,762		$	—	$	(300,992	)⁽²⁾	$	(300,992	)⁽²⁾	$	73,673,336
Equity Securities — Short	Morgan Stanley & Co. LLC		12/21/2017	Federal Funds floating rate		Monthly		(73,782,640	)		—		610,240	⁽³⁾		610,240	⁽³⁾		(73,161,244	)
Total Return Swap Agreements — Equity Risk							$	225,122		$	—	$	309,248		$	309,248		$	512,092

⁽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 $33,434 of dividends receivable and financing fees related to the reference entities.

⁽³⁾	Amount includes $(11,156) of dividends payable and financing fees related to the reference entities.

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

10 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, 2017.


	Shares		Value		Percentage of Reference Entities
Equity Securities — Long–100.00%
Aerospace & Defense–2.36%
Boeing Co. (The)		5,650	$	1,457,587		2.00
Spirit AeroSystems Holdings, Inc.–Class A		3,350		268,335		0.36
				1,725,922		2.36

Agricultural Products–1.17%
Bunge Ltd.		12,150		835,677		1.17

Apparel, Accessories & Luxury Goods–0.04%
PVH Corp.		250		31,703		0.04

Asset Management & Custody Banks–5.06%
Ameriprise Financial Inc.		8,600		1,346,244		1.79
Franklin Resources Inc.		24,850		1,046,930		1.50
State Street Corp.		13,600		1,251,200		1.77
				3,644,374		5.06

Auto Parts & Equipment–0.62%
Lear Corp.		2,650		465,314		0.62

Biotechnology–12.32%
AbbVie Inc.		15,650		1,412,412		2.00
Alexion Pharmaceuticals Inc.		8,550		1,023,093		1.56
Amgen Inc.		7,150		1,252,823		1.75
Biogen Inc.		4,140		1,290,272		1.84
Bioverativ Inc.		2,030		114,695		0.16
Celgene Corp.		11,250		1,135,912		1.78
Gilead Sciences, Inc.		16,900		1,266,824		1.83
Regeneron Pharmaceuticals, Inc.		2,400		966,288		1.40
				8,462,319		12.32

Cable & Satellite–1.27%
Liberty Global PLC (United Kingdom)–Class C		30,950		925,096		1.27

Commodity Chemicals–1.49%
LyondellBasell Industries N.V.–Class A		11,150		1,154,360		1.49

Communications Equipment–0.02%
Juniper Networks, Inc.		700		17,381		0.02

Computer & Electronics Retail–1.65%
Best Buy Co., Inc.		21,800		1,220,364		1.65

Construction Machinery & Heavy Trucks–0.76%
Cummins Inc.		3,150		557,172		0.76

Consumer Electronics–0.03%
Garmin Ltd.		350		19,814		0.03

Copper–1.64%
Freeport-McMoRan Inc.		81,800		1,143,564		1.64


	Shares		Value		Percentage of Reference Entities
Department Stores–0.05%
Macy’s Inc.		1,850	$	34,706		0.05

Diversified Banks–8.49%
Bank of America Corp.		52,850		1,447,561		1.94
Bank of Montreal (Canada)		4,950		379,219		0.52
Bank of Nova Scotia (The) (Canada)		19,250		1,242,010		1.67
Canadian Imperial Bank of Commerce (Canada)		7,900		695,595		0.95
Citigroup Inc.		19,500		1,433,250		1.94
Toronto-Dominion Bank (The) (Canada)		19,250		1,094,363		1.47
				6,291,998		8.49

Electric Utilities–3.39%
Entergy Corp.		180		15,527		0.02
Exelon Corp.		31,550		1,268,625		1.69
FirstEnergy Corp.		35,650		1,174,667		1.55
Fortis Inc. (Canada)		2,550		93,916		0.13
				2,552,735		3.39

Electrical Components & Equipment–1.27%
Rockwell Automation Inc.		5,000		1,004,100		1.27

Fertilizers & Agricultural Chemicals–1.69%
FMC Corp.		13,250		1,230,395		1.69

General Merchandise Stores–1.69%
Target Corp.		20,000		1,180,800		1.69

Gold–2.97%
Barrick Gold Corp. (Canada)		69,900		1,010,055		1.53
Newmont Mining Corp.		28,600		1,034,176		1.44
				2,044,231		2.97

Health Care Distributors–1.48%
McKesson Corp.		7,400		1,020,312		1.48

Health Care Equipment–2.05%
Baxter International Inc.		22,350		1,440,904		1.94
IDEXX Laboratories Inc.		500		83,085		0.11
				1,523,989		2.05

Hotel and Resort REIT’s–1.50%
Host Hotels & Resorts Inc.		57,500		1,124,700		1.50

Hotels, Resorts & Cruise Lines–3.20%
Hilton Worldwide Holdings Inc.		17,700		1,279,356		1.68
Royal Caribbean Cruises Ltd.		9,250		1,144,873		1.52
				2,424,229		3.20

Hypermarkets & Super Centers–1.89%
Wal-Mart Stores Inc.		15,800		1,379,498		1.89

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

11 Invesco Long/Short Equity Fund


	Shares		Value		Percentage of Reference Entities
Industrial REIT’s–1.56%
Prologis Inc.		17,900	$	1,155,982		1.56

Integrated Oil & Gas–1.50%
Suncor Energy, Inc. (Canada)		32,700		1,110,492		1.50

Internet Software & Services–2.20%
eBay Inc.		30,000		1,129,200		1.50
IAC/InterActiveCorp.		4,200		542,010		0.70
				1,671,210		2.20

Investment Banking & Brokerage–1.44%
E*TRADE Financial Corp.		24,900		1,085,391		1.44

IT Consulting & Other Services–0.42%
Teradata Corp.		9,700		324,465		0.42

Life & Health Insurance–1.79%
Aflac Inc.		15,450		1,296,100		1.76
Lincoln National Corp.		300		22,734		0.03
				1,318,834		1.79

Managed Health Care–8.36%
Anthem Inc.		6,200		1,297,102		1.64
Centene Corp.		11,550		1,081,888		1.53
Cigna Corp.		6,750		1,331,235		1.76
Humana Inc.		4,700		1,200,145		1.56
UnitedHealth Group Inc.		6,700		1,408,474		1.87
				6,318,844		8.36

Multi-Utilities–1.24%
CenterPoint Energy Inc.		30,900		914,022		1.24

Oil & Gas Equipment & Services–1.65%
Halliburton Co.		28,850		1,233,049		1.65

Oil & Gas Exploration & Production–3.61%
Canadian Natural Resources Ltd. (Canada)		36,650		1,279,085		1.61
ConocoPhillips		11,500		588,225		0.78
Devon Energy Corp.		26,150		964,935		1.22
				2,832,245		3.61

Oil & Gas Refining & Marketing–1.95%
Valero Energy Corp.		18,600		1,467,354		1.95


	Shares		Value		Percentage of Reference Entities
Oil & Gas Storage & Transportation–0.26%
Williams Cos, Inc. (The)		6,600	$	188,100		0.26

Packaged Foods & Meats–1.63%
Conagra Brands, Inc.		23,500		802,760		1.09
Pilgrim’s Pride Corp.		13,000		413,140		0.54
				1,215,900		1.63

Property & Casualty Insurance–2.24%
CNA Financial Corp.		10,050		544,006		0.68
Progressive Corp. (The)		23,650		1,150,573		1.56
				1,694,579		2.24

Railroads–1.64%
Norfolk Southern Corp.		9,200		1,209,064		1.64

Regional Banks–0.22%
Citizens Financial Group Inc.		650		24,706		0.03
Comerica Inc.		1,200		94,284		0.13
Regions Financial Corp.		1,550		23,994		0.03
SunTrust Banks, Inc.		350		21,074		0.03
				164,058		0.22

Semiconductor Equipment–3.97%
Applied Materials, Inc.		25,900		1,461,537		1.97
KLA-Tencor Corp.		250		27,223		0.04
Lam Research Corp.		7,050		1,470,419		1.96
				2,959,179		3.97

Semiconductors–2.02%
Micron Technology, Inc.		35,950		1,592,945		2.02

Specialized REIT’s–1.83%
American Tower Corp.		1,650		237,055		0.31
SBA Communications Corp.		7,600		1,194,568		1.52
				1,431,623		1.83

Systems Software–0.87%
Red Hat Inc.		5,350		646,441		0.87

Technology Hardware, Storage & Peripherals–1.50%
HP Inc.		1,450		31,248		0.04
Western Digital Corp.		12,250		1,093,558		1.46
				1,124,806		1.50
Total Equity Securities — Long			$	73,673,336		100.00

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

12 Invesco Long/Short Equity Fund


	Shares			Value			Percentage of Reference Entities
Equity Securities — Short–(100.00)%
Advertising–(1.47)%
Interpublic Group of Cos Inc. (The)		(56,000	)	$	(1,078,000	)		(1.47	)

Aerospace & Defense–(1.41)%
TransDigm Group Inc.		(3,900	)		(1,082,250	)		(1.41	)

Air Freight & Logistics–(2.92)%
CH Robinson Worldwide Inc.		(13,800	)		(1,083,714	)		(1.47	)
FedEx Corp.		(4,750	)		(1,072,597	)		(1.45	)
					(2,156,311	)		(2.92	)

Apparel Retail–(1.43)%
L Brands Inc.		(24,650	)		(1,060,936	)		(1.43	)

Apparel, Accessories & Luxury Goods–(3.09)%
Lululemon Athletica Inc.		(17,450	)		(1,073,349	)		(1.51	)
Under Armour, Inc.–Class A		(10,650	)		(133,338	)		(0.24	)
Under Armour, Inc.–Class C		(64,950	)		(748,874	)		(1.34	)
					(1,955,561	)		(3.09	)

Application Software–(4.31)%
Splunk Inc.		(16,100	)		(1,083,530	)		(1.40	)
Tyler Technologies, Inc.		(6,050	)		(1,072,605	)		(1.46	)
Ultimate Software Group Inc. (The)		(5,550	)		(1,124,375	)		(1.45	)
					(3,280,510	)		(4.31	)

Asset Management & Custody Banks–(1.49)%
Brookfield Asset Management Inc. (Canada)–Class A		(25,800	)		(1,082,052	)		(1.49	)

Automobile Manufacturers–(1.56)%
Tesla, Inc.		(3,420	)		(1,133,833	)		(1.56	)

Automotive Retail–(5.80)%
Advance Auto Parts, Inc.		(13,450	)		(1,099,403	)		(1.55	)
AutoNation Inc.		(22,400	)		(1,061,760	)		(1.39	)
AutoZone Inc.		(1,840	)		(1,084,680	)		(1.47	)
OReilly Automotive Inc.		(5,000	)		(1,054,750	)		(1.39	)
					(4,300,593	)		(5.80	)

Biotechnology–(2.94)%
Seattle Genetics Inc.		(17,550	)		(1,075,991	)		(1.48	)
TESARO, Inc.		(9,500	)		(1,099,815	)		(1.46	)
					(2,175,806	)		(2.94	)

Brewers–(1.42)%
Molson Coors Brewing Co.–Class B		(12,500	)		(1,010,875	)		(1.42	)

Building Products–(1.46)%
Johnson Controls International plc		(25,950	)		(1,074,070	)		(1.46	)

Communications Equipment–(1.29)%
Palo Alto Networks, Inc.		(6,400	)		(942,080	)		(1.29	)

Construction Machinery & Heavy Trucks–(1.48)%
Wabtec Corp./DE		(14,350	)		(1,097,775	)		(1.48	)


	Shares			Value			Percentage of Reference Entities
Construction Materials–(2.91)%
Martin Marietta Materials, Inc.		(5,050	)	$	(1,095,093	)		(1.46	)
Vulcan Materials Co.		(8,850	)		(1,077,488	)		(1.45	)
					(2,172,581	)		(2.91	)

Data Processing & Outsourced Services–(0.09)%
Sabre Corp.		(3,650	)		(71,394	)		(0.09	)

Distributors–(1.38)%
Genuine Parts Co.		(11,450	)		(1,010,233	)		(1.38	)

Electrical Components & Equipment–(1.50)%
Acuity Brands Inc.		(6,900	)		(1,153,680	)		(1.50	)

Financial Exchanges & Data–(2.89)%
FactSet Research Systems Inc.		(5,100	)		(968,337	)		(1.29	)
MarketAxess Holdings Inc.		(6,250	)		(1,087,500	)		(1.60	)
					(2,055,837	)		(2.89	)

Footwear–(1.43)%
NIKE Inc.–Class B		(19,650	)		(1,080,554	)		(1.43	)

Health Care Distributors–(0.95)%
Cardinal Health, Inc.		(10,550	)		(653,045	)		(0.95	)

Health Care Equipment–(1.50)%
DexCom, Inc.		(24,700	)		(1,110,759	)		(1.50	)

Health Care Services–(0.13)%
MEDNAX Inc.		(2,200	)		(96,338	)		(0.13	)

Health Care Supplies–(1.47)%
DENTSPLY SIRONA Inc.		(17,550	)		(1,071,779	)		(1.47	)

Home Furnishings–(1.48)%
Leggett & Platt, Inc.		(22,250	)		(1,051,535	)		(1.48	)

Housewares & Specialties–(1.50)%
Newell Brands Inc.		(27,550	)		(1,123,489	)		(1.50	)

Industrial Conglomerates–(2.98)%
Carlisle Cos Inc.		(9,900	)		(1,087,317	)		(1.40	)
General Electric Co.		(53,000	)		(1,068,480	)		(1.58	)
					(2,155,797	)		(2.98	)

Industrial Machinery–(4.44)%
Flowserve Corp.		(24,250	)		(1,068,697	)		(1.47	)
Middleby Corp. (The)		(9,400	)		(1,089,460	)		(1.49	)
Snap-on Inc.		(6,950	)		(1,096,571	)		(1.48	)
					(3,254,728	)		(4.44	)

Internet & Direct Marketing Retail–(2.70)%
Amazon.com, Inc.		(1,000	)		(1,105,280	)		(1.31	)
TripAdvisor, Inc.		(25,800	)		(967,500	)		(1.39	)
					(2,072,780	)		(2.70	)

Leisure Products–(1.65)%
Mattel Inc.		(78,700	)		(1,111,244	)		(1.65	)

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

13 Invesco Long/Short Equity Fund


	Shares			Value			Percentage of Reference Entities
Metal & Glass Containers–(1.49)%
Ball Corp.		(25,650	)	$	(1,101,154	)		(1.49	)

Movies & Entertainment–(0.13)%
Liberty Media Corp. Liberty Braves		(3,800	)		(89,224	)		(0.13	)

Multi-Sector Holdings–(0.77)%
FNFV Group		(32,150	)		(554,587	)		(0.77	)

Oil & Gas Drilling–(1.43)%
Helmerich & Payne Inc.		(20,250	)		(1,099,777	)		(1.43	)

Oil & Gas Equipment & Services–(1.26)%
Core Laboratories NV		(10,600	)		(1,058,940	)		(1.26	)

Oil & Gas Exploration & Production–(4.18)%
Antero Resources Corp.		(50,600	)		(981,640	)		(1.31	)
Diamondback Energy Inc.		(10,500	)		(1,125,180	)		(1.43	)
Parsley Energy Inc.–Class A		(43,550	)		(1,158,430	)		(1.44	)
					(3,265,250	)		(4.18	)

Oil & Gas Storage & Transportation–(2.05)%
Cheniere Energy, Inc.		(21,600	)		(1,009,584	)		(1.33	)
Pembina Pipeline Corp. (Canada)		(16,300	)		(539,041	)		(0.72	)
					(1,548,625	)		(2.05	)

Personal Products–(1.54)%
Coty, Inc.–Class A		(73,900	)		(1,138,060	)		(1.54	)

Property & Casualty Insurance–(5.64)%
Axis Capital Holdings Ltd.		(16,800	)		(913,752	)		(1.24	)
Cincinnati Financial Corp.		(14,050	)		(985,888	)		(1.45	)
Markel Corp.		(985	)		(1,068,035	)		(1.44	)
XL Group Ltd. (Bermuda)		(27,000	)		(1,092,690	)		(1.51	)
					(4,060,365	)		(5.64	)

Real Estate Development–(1.45)%
Howard Hughes Corp. (The)		(8,500	)		(1,084,855	)		(1.45	)

Regional Banks–(2.83)%
PacWest Bancorp		(20,650	)		(997,808	)		(1.35	)
Signature Bank/New York NY		(8,150	)		(1,059,582	)		(1.48	)
					(2,057,390	)		(2.83	)


	Shares			Value			Percentage of Reference Entities
Reinsurance–(0.96)%
Alleghany Corp.		(1,260	)	$	(713,437	)		(0.96	)

Research & Consulting Services–(2.86)%
IHS Markit Ltd.		(23,500	)		(1,001,335	)		(1.40	)
Verisk Analytics Inc.		(12,700	)		(1,080,135	)		(1.46	)
					(2,081,470	)		(2.86	)

Residential REIT’s–(0.92)%
American Campus Communities Inc.		(16,250	)		(675,675	)		(0.92	)

Restaurants–(3.14)%
Chipotle Mexican Grill, Inc.		(3,980	)		(1,082,162	)		(1.69	)
Starbucks Corp.		(19,650	)		(1,077,606	)		(1.45	)
					(2,159,768	)		(3.14	)

Retail REIT’s–(1.48)%
Macerich Co. (The)		(18,950	)		(1,034,670	)		(1.48	)

Semiconductors–(1.62)%
Advanced Micro Devices Inc.		(85,000	)		(933,725	)		(1.62	)

Silver–(0.52)%
Wheaton Precious Metals Corp. (Canada)		(18,200	)		(377,468	)		(0.52	)

Specialty Chemicals–(1.48)%
International Flavors & Fragrances Inc.		(7,300	)		(1,076,166	)		(1.48	)

Specialty Stores–(1.36)%
Tractor Supply Co.		(17,200	)		(1,036,472	)		(1.36	)

Thrifts & Mortgage Finance–(1.45)%
New York Community Bancorp Inc.		(84,000	)		(1,055,040	)		(1.45	)

Trucking–(0.37)%
AMERCO		(720	)		(282,701	)		(0.37	)
Total Equity Securities — Short				$	(73,161,244	)		(100.00	)

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

14 Invesco Long/Short Equity Fund

Statement of Assets and Liabilities

October 31, 2017


Assets:
Investments in securities, at value (Cost $60,313,933)	$	69,632,676
Investments in affiliated money market funds, at value and cost		3,190,567
Other investments:
Swaps receivable — OTC		38,395
Unrealized appreciation on swap agreements — OTC		610,240
Deposits with brokers:
Cash Collateral — OTC derivatives		50,175
Receivable for:
Investments sold		5,555,857
Fund shares sold		224,562
Dividends and interest		37,998
Investment for trustee deferred compensation and retirement plans		7,371
Other assets		56,205
Total assets		79,404,046

Liabilities:
Other investments:
Swaps payable — OTC		101,938
Unrealized depreciation on swap agreements — OTC		300,992
Payable for:
Investments purchased		5,063,596
Fund shares reacquired		15,966
Accrued fees to affiliates		8,923
Accrued trustees’ and officers’ fees and benefits		1,933
Accrued other operating expenses		78,305
Trustee deferred compensation and retirement plans		7,371
Total liabilities		5,579,024
Net assets applicable to shares outstanding	$	73,825,022

Net assets consist of:
Shares of beneficial interest	$	53,980,448
Undistributed net investment income		4,976,325
Undistributed net realized gain		5,240,258
Net unrealized appreciation		9,627,991
	$	73,825,022


Net Assets:
Class A	$	11,457,304
Class C	$	2,812,372
Class R	$	131,549
Class Y	$	12,144,985
Class R5	$	46,762
Class R6	$	47,232,050

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		870,975
Class C		218,741
Class R		10,075
Class Y		916,414
Class R5		3,526
Class R6		3,560,657
Class A:
Net asset value per share	$	13.15
Maximum offering price per share
(Net asset value of $13.15 ¸ 94.50%)	$	13.92
Class C:
Net asset value and offering price per share	$	12.86
Class R:
Net asset value and offering price per share	$	13.06
Class Y:
Net asset value and offering price per share	$	13.25
Class R5:
Net asset value and offering price per share	$	13.26
Class R6:
Net asset value and offering price per share	$	13.26

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

15 Invesco Long/Short Equity Fund

Statement of Operations

For the year ended October 31, 2017


Investment income:
Dividends (net of foreign withholding taxes of $3,457)	$	1,311,269
Dividends from affiliated money market funds		35,872
Total investment income		1,347,141

Expenses:
Advisory fees		639,607
Administrative services fees		50,000
Custodian fees		5,582
Distribution fees:
Class A		32,324
Class C		24,972
Class R		518
Transfer agent fees — A, C, R and Y		30,753
Transfer agent fees — R5		5
Transfer agent fees — R6		393
Trustees’ and officers’ fees and benefits		21,020
Registration and filing fees		80,113
Reports to shareholders		25,325
Professional services fees		85,238
Other		10,117
Total expenses		1,005,967
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(25,680	)
Net expenses		980,287
Net investment income		366,854

Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		5,399,609
Swap agreements		6,044,089
		11,443,698
Change in net unrealized appreciation (depreciation) of:
Investment securities		6,775,199
Swap agreements		(1,126,421	)
		5,648,778
Net realized and unrealized gain		17,092,476
Net increase in net assets resulting from operations	$	17,459,330

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

16 Invesco Long/Short Equity Fund

Statement of Changes in Net Assets

For the years ended October 31, 2017 and 2016


	2017			2016
Operations:
Net investment income	$	366,854		$	413,490
Net realized gain (loss)		11,443,698			(5,154,166	)
Change in net unrealized appreciation		5,648,778			3,611,483
Net increase (decrease) in net assets resulting from operations		17,459,330			(1,129,193	)

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		(81,636	)		(61,333	)
Class C		(16,680	)		(14,863	)
Class R		(593	)		(227	)
Class Y		(52,325	)		(37,978	)
Class R5		(3,814	)		(2,825	)
Class R6		(296,699	)		(2,974	)
Total distributions from net realized gains		(451,747	)		(120,200	)

Share transactions-net:
Class A		(2,845,486	)		(131,605	)
Class C		(155,873	)		319,228
Class R		25,428			47,832
Class Y		2,198,569			641,681
Class R5		(614,953	)		18,068
Class R6		(10,273,941	)		45,877,671
Net increase (decrease) in net assets resulting from share transactions		(11,666,256	)		46,772,875
Net increase in net assets		5,341,327			44,343,048

Net assets:
Beginning of year		68,483,695			24,140,647
End of year (includes undistributed net investment income of $4,976,325 and $(1,441,667), respectively)	$	73,825,022		$	68,483,695

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

17 Invesco Long/Short Equity Fund

Notes to Financial Statements

October 31, 2017

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 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 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.

18 Invesco Long/Short Equity Fund

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

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

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.

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.

19 Invesco Long/Short Equity Fund

J.	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.

K.	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


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%

Prior to January 1, 2017, the Fund paid 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, 2017, the effective advisory fees incurred by the Fund was 0.87%.

20 Invesco Long/Short Equity Fund

1.62%, 1.62% and 1.62%, 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 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, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2017, the Adviser waived advisory fees of $20,252 and reimbursed class level expenses of $2,556, $494, $20, $2,019, $1 and $98 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2017, IDI advised the Fund that IDI retained $2,343 in front-end sales commissions from the sale of Class A shares and $412 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

Level 1 —

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

Level 2 —

Level 3 —


	Level 1		Level 2		Level 3		Total
Common Stocks & Other Equity Interests	$	69,632,676	$	—	$	—	$	69,632,676
Money Market Funds		3,190,567		—		—		3,190,567
		72,823,243		—		—		72,823,243
Swap Agreements*		—		309,248		—		309,248
Total Investments	$	72,823,243	$	309,248	$	—	$	73,132,491

*	Unrealized appreciation.

21 Invesco Long/Short Equity Fund

NOTE 4—Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2017:


	Value
Derivative Assets	Equity Risk
Unrealized depreciation on swap agreements — OTC	$	610,240
Derivatives not subject to master netting agreements		—
Total Derivative Liabilities subject to master netting agreements	$	610,240

	Value
Derivative Liabilities	Equity Risk
Unrealized depreciation on swap agreements — OTC	$	(300,992	)
Derivatives not subject to master netting agreements		—
Total Derivative Liabilities subject to master netting agreements	$	(300,992	)

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, 2017.


	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives		Non-Cash		Cash		Net Amount
Morgan Stanley & Co. LLC	$	648,635	$	(402,930	)	$	245,705	$	—	$	—	$	245,705

Effect of Derivative Investments for the year ended October 31, 2017

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:
Swap agreements	$	6,044,089
Change in Net Unrealized Appreciation (Depreciation):
Swap agreements		(1,126,421	)
Total	$	4,917,668

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


	Swap Agreements
Average notional value	$	145,950,985

NOTE 5—Expense Offset Arrangement(s)

NOTE 6—Trustees’ and Officers’ Fees and Benefits

22 Invesco Long/Short Equity Fund

NOTE 7—Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2017 and 2016:


	2017		2016
Ordinary income	$	—	$	1,132,066
Long-term capital gain		451,747		168,568
Total distributions	$	451,747	$	1,300,634

Tax Components of Net Assets at Period-End:


	2017
Undistributed ordinary income	$	6,913,626
Undistributed long-term gain		3,627,444
Net unrealized appreciation — investments		9,310,053
Temporary book/tax differences		(6,549	)
Shares of beneficial interest		53,980,448
Total net assets	$	73,825,022

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, 2017.

NOTE 9—Investment Transactions

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, 2017 was $62,935,954 and $70,940,542, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	10,821,412
Aggregate unrealized (depreciation) of investments		(1,511,359	)
Net unrealized appreciation of investments	$	9,310,053

Cost of investments for tax purposes is $63,822,438.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of swap agreements, on October 31, 2017, undistributed net investment income was increased by $6,051,138, undistributed net realized gain was decreased by $6,037,991 and shares of beneficial interest was decreased by $13,147. This reclassification had no effect on the net assets of the Fund.

23 Invesco Long/Short Equity Fund

NOTE 11—Share Information


	Summary of Share Activity
	Years ended October 31,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		304,596		$	3,646,029			485,055		$	5,239,306
Class C		46,302			524,043			122,278			1,335,132
Class R		3,850			46,256			4,388			46,734
Class Y		431,307			5,111,591			237,370			2,565,330
Class R5		1,004			11,943			1,739			18,068
Class R6^(b)		278,872			3,188,531			4,517,701			47,595,766

Issued as reinvestment of dividends:
Class A		5,622			66,343			33,564			364,508
Class C		1,371			15,922			11,487			123,718
Class R		44			519			162			1,762
Class Y		1,371			16,268			12,205			132,915
Class R5		11			129			—			—
Class R6		24,685			293,014			155			1,688

Reacquired:
Class A		(545,259	)		(6,557,858	)		(529,912	)		(5,735,419	)
Class C		(60,626	)		(695,838	)		(109,262	)		(1,139,622	)
Class R		(1,834	)		(21,347	)		(63	)		(664	)
Class Y		(240,137	)		(2,929,290	)		(192,505	)		(2,056,564	)
Class R5		(49,229	)		(627,025	)		—			—
Class R6		(1,150,985	)		(13,755,486	)		(162,427	)		(1,719,783	)
Net increase (decrease) in share activity		(949,035	)	$	(11,666,256	)		4,431,935		$	46,772,875

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 11% 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, 70% 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.

24 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 (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 10/31/17	$	10.45	$	0.03		$	2.74		$	2.77		$	—		$	(0.07	)	$	(0.07	)	$	13.15		26.62	%	$	11,457		1.57	%^(d)		1.62	%^(d)		0.27	%^(d)		95	%
Year ended 10/31/16		11.50		0.06	^(e)		(0.50	)		(0.44	)		(0.55	)		(0.06	)		(0.61	)		10.45		(4.03	)		11,562		1.85			2.08			0.58	^(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 10/31/17		10.30		(0.06	)		2.69			2.63			—			(0.07	)		(0.07	)		12.86		25.65			2,812		2.32	^(d)		2.37	^(d)		(0.48	)^(d)		95
Year ended 10/31/16		11.34		(0.02	)^(e)		(0.48	)		(0.50	)		(0.48	)		(0.06	)		(0.54	)		10.30		(4.68	)		2,385		2.60			2.83			(0.17	)^(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 10/31/17		10.40		0.00			2.73			2.73			—			(0.07	)		(0.07	)		13.06		26.37			132		1.82	^(d)		1.87	^(d)		0.02	^(d)		95
Year ended 10/31/16		11.45		0.04	^(e)		(0.50	)		(0.46	)		(0.53	)		(0.06	)		(0.59	)		10.40		(4.27	)		83		2.10			2.33			0.33	^(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 10/31/17		10.51		0.06			2.75			2.81			—			(0.07	)		(0.07	)		13.25		26.85			12,145		1.32	^(d)		1.37	^(d)		0.52	^(d)		95
Year ended 10/31/16		11.56		0.09	^(e)		(0.50	)		(0.41	)		(0.58	)		(0.06	)		(0.64	)		10.51		(3.74	)		7,604		1.60			1.83			0.83	^(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 10/31/17		10.50		0.07			2.76			2.83			—			(0.07	)		(0.07	)		13.26		27.07			47		1.22	^(d)		1.25	^(d)		0.62	^(d)		95
Year ended 10/31/16		11.56		0.09	^(e)		(0.51	)		(0.42	)		(0.58	)		(0.06	)		(0.64	)		10.50		(3.83	)		543		1.60			1.71			0.83	^(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 10/31/17		10.50		0.07			2.76			2.83			—			(0.07	)		(0.07	)		13.26		27.07			47,232		1.22	^(d)		1.25	^(d)		0.62	^(d)		95
Year ended 10/31/16		11.56		0.09	^(e)		(0.51	)		(0.42	)		(0.58	)		(0.06	)		(0.64	)		10.50		(3.83	)		46,305		1.60			1.71			0.83	^(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)

^(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 $12,930, $2,497, $104, $10,214, $563 and $46,933 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)

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.

^(f)	Commencement date of December 19, 2013.

^(g)	Annualized.

25 Invesco Long/Short Equity Fund

Report of Independent Registered Public Accounting Firm

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

and Shareholders of Invesco Long/Short Equity Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Long/Short Equity Fund (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended and for the period December 19, 2013 (commencement of investment 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, 2017 by correspondence with the custodian, transfer agent and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

26 Invesco Long/Short Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (05/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,125.90	$	8.20	$	1,017.49	$	7.78		1.53	%
C		1,000.00		1,122.20		12.20		1,013.71		11.57		2.28
R		1,000.00		1,124.90		9.53		1,016.23		9.05		1.78
Y		1,000.00		1,127.70		6.86		1,018.75		6.51		1.28
R5		1,000.00		1,127.60		6.22		1,019.36		5.90		1.16
R6		1,000.00		1,128.40		6.22		1,019.36		5.90		1.16

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

27 Invesco Long/Short Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Long/Short Equity Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 12-13, 2017, 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. and separate Sub-Advisory Contracts with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.

The Board’s Fund Evaluation Process

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

B.	Fund Investment Performance

The Board noted the Fund had only three years of performance history and compared the Fund’s investment performance during the past one and three 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 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 and three year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees

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

28 Invesco Long/Short Equity 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.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

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

29 Invesco Long/Short Equity Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2017:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	451,747
Qualified Dividend Income*		0	%
Corporate Dividends Received Deduction*		0	%
U.S. Treasury Obligations*		0	%

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

30 Invesco Long/Short Equity Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco Long/Short Equity Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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.


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		LSE-AR-1		12212017		0957

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

Visit our website for more information on your investments

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 and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, 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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Low Volatility Emerging Markets Fund

LOGO

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.

∎ 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.

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

Sincerely,

LOGO

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, 2017, 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


Class A Shares	18.29	%
Class C Shares	17.38
Class R Shares	17.91
Class Y Shares	18.51
Class R5 Shares	18.51
Class R6 Shares	18.53
MSCI All Country World Index^▼(Broad Market Index)	23.20
MSCI Emerging Markets Index^▼(Style-Specific Index)	26.45
Lipper Emerging Market Funds Index^∎(Peer Group Index)	24.58
Source(s): ^▼FactSet Research Systems Inc., ^∎Lipper Inc.

Market conditions and your Fund

economy continued to stabilize. Most international markets, including emerging markets, performed well during the reporting period. In addition to an improving global economic outlook, other positive tailwinds for international markets included continued weakness in the US dollar and reduced expectations for a major shift in US trade policy.

Interestingly, while 2017 marked the eighth year of the global bull market, we saw a shift in leadership as international stocks outperformed US stocks in the first three quarters of 2017 due primarily to a weaker dollar. Emerging markets stocks, as measured by the MSCI Emerging Markets Index, were also aided by a weaker dollar and outperformed broad US markets. Prior to 2017, international stocks had trailed US stocks for four consecutive years and in six of the last seven years. As the reporting period came to a close,

we held the view that both non-US developed and emerging equity markets appeared somewhat fully valued despite material discounts to the US market. In addition, recent earnings growth and earnings revision trends improved for many non-US developed markets.

The Fund seeks to provide long-term growth of capital while achieving a lower volatility level than its style-specific benchmark over a full market cycle. The Fund seeks 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, the Fund had a lower volatility level than its style-specific benchmark, the MSCI Emerging Markets Index.

For the reporting period, stock selection in both the consumer discretionary and materials sectors, along with the Fund’s overweight exposure in these sectors, contributed to the Fund’s performance relative to its style-specific benchmark. This contribution was offset by adverse stock selection in the financials and consumer staples sectors. The largest detractor from relative returns during the reporting period was significant underweight exposure to the information technology (IT) sector. In addition, a large overweight exposure to the utilities sector held back the Fund’s relative returns.

From a geographic perspective, underweight allocation in China and overweight exposure to Mexico hindered Fund performance relative to the style-specific benchmark. An overweight allocation in Brazil and Thailand added to Fund performance, as did stock selection in India.

Portfolio Composition

By sector

% of total net assets


Industrials	14.7	%
Financials	13.3
Materials	13.2
Consumer Discretionary	11.5
Consumer Staples	10.6
Utilities	8.8
Health Care	6.6
Information Technology	5.9
Energy	4.8
Real Estate	4.3
Telecommunication Services	2.0
Money Market Funds Plus Other Assets Less Liabilities	4.3

Top 10 Equity Holdings*

% of total net assets


1. InterGlobe Aviation Ltd.-REGS	1.6	%
2. Braskem S.A.-Preference Shares-ADR	1.6
3. Thai Oil PCL	1.5
4. HITEJINRO Co., Ltd.	1.5
5. KT&G Corp.	1.5
6. Lotte Himart Co., Ltd.	1.5
7. Sun TV Network Ltd.	1.5
8. Kuala Lumpur Kepong Bhd.	1.4
9. Samsung Electronics Co., Ltd.	1.4
10. China Shenhua Energy Co. Ltd.-ClassH	1.4


Total Net Assets				$46.2 million

Total Number of Holdings*				107

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, 2017.

4 Invesco Low Volatility Emerging Markets Fund

Stock selection in South Africa and South Korea detracted from Fund performance during the reporting period.

The top individual contributor to Fund performance for the fiscal year was Magazine Luiza, a Brazilian retailer. The company’s stock price almost quadrupled during the fiscal year on the heels of growing revenue, declining borrowing costs and a nascent economic recovery in Brazil. Despite underperforming in South Korea as a whole, two large IT conglomerates, SK Hynix and Samsung Electronics, delivered strong absolute performance. Even with issues in Samsung’s smart phone division, the company’s stock rose based on a large cash reserve, as well as favorably viewed organizational changes.

A key detractor from Fund performance during the reporting period was Alrosa PJSC, a Russian company engaged in the exploration, mining and sales of diamonds. Yuzhou Properties, a Chinese investment holding company that engages in property development and home construction within mainland China, also detracted from Fund performance.

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 under- weight 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 positive return. 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.

The Model’s investment concepts – Earnings Expectations, Market Sentiment, Management and Quality, and Value are the foundation of the Fund’s stock selection process. Factors considered in the Earnings Expectations concept include, but are not limited to, earnings momentum and earnings revisions. Similarly, Market Sentiment evaluates measures of stock price momentum, while the Management and Quality concept assesses capital efficiency. Lastly, the Value concept evaluates cash flow, dividend and earnings yield.

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 Hoch-schule 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.

LOGO

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

LOGO

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 10/31/17, including maximum applicable sales charges


Class A Shares
Inception (12/17/13)	0.66	%
1 Year	11.82

Class C Shares
Inception (12/17/13)	1.36	%
1 Year	16.38

Class R Shares
Inception (12/17/13)	1.88	%
1 Year	17.91

Class Y Shares
Inception (12/17/13)	2.38	%
1 Year	18.51

Class R5 Shares
Inception (12/17/13)	2.38	%
1 Year	18.51

Class R6 Shares
Inception (12/17/13)	2.36	%
1 Year	18.53

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 1.34%, 2.09%, 1.59%, 1.09%, 1.09% and 1.09%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 2.28%, 3.03%, 2.53%, 2.03%, 1.88% and 1.88%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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


Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (12/17/13)	0.45	%
1 Year	11.26

Class C Shares
Inception (12/17/13)	1.20	%
1 Year	15.81

Class R Shares
Inception (12/17/13)	1.73	%
1 Year	17.46

Class Y Shares
Inception (12/17/13)	2.21	%
1 Year	17.94

Class R5 Shares
Inception (12/17/13)	2.21	%
1 Year	17.94

Class R6 Shares
Inception (12/17/13)	2.19	%
1 Year	17.96

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

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, 2019. 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, 2017, 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.

∎

Principal risks of investing in the Fund

∎

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, 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.

∎

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 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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Low Volatility Emerging Markets Fund

∎

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 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.

∎

Other information

∎

9 Invesco Low Volatility Emerging Markets Fund

Schedule of Investments

October 31, 2017


	Shares		Value
Common Stocks & Other Equity Interests–95.73%
Brazil–9.80%
Braskem S.A.–Preference Shares–ADR^(a)		45,700	$	726,439
CPFL Energia S.A.		71,500		601,061
Ecorodovias Infraestrutura e Logistica S.A.		156,900		585,623
Estacio Participacoes S.A.		29,600		266,385
Magazine Luiza S.A.		17,100		333,501
MRV Engenharia e Participacoes S.A.		121,800		471,741
Qualicorp S.A.		47,300		505,779
Smiles Fidelidade S.A.		22,800		588,661
Transmissora Alianca de Energia Eletrica S.A.^(b)		71,000		446,015
				4,525,205

Chile–3.78%
Banco de Chile		2,391,811		367,539
Embotelladora Andina S.A.–Preference Shares–Class B		23,201		119,153
Enel Américas S.A.–ADR		61,586		652,812
Enel Chile S.A.		3,530,159		412,224
Enel Generación Chile S.A.		220,605		192,667
				1,744,395

China–7.28%
China Shenhua Energy Co. Ltd.–Class H		274,500		655,867
Chongqing Rural Commercial Bank Co., Ltd.–Class H		925,000		629,091
Guangzhou Automobile Group Co., Ltd.–Class H		240,000		596,816
Jiangsu Expressway Co. Ltd.–Class H		134,000		205,891
Longfor Properties Co. Ltd.		204,000		478,565
Yantai Changyu Pioneer Wine Co. Ltd.–Class B		64,900		168,044
Yuzhou Properties Co. Ltd.		1,275,000		629,214
				3,363,488

Colombia–0.24%
Cemex Latam Holdings S.A.^(a)		31,898		113,040

Hong Kong–0.35%
Kingboard Laminates Holdings Ltd.		96,000		161,202

India–13.03%
Bharat Electronics Ltd.		90,072		256,803
Hero MotoCorp Ltd.		9,468		562,969
Hindustan Petroleum Corp. Ltd.		15,949		110,559
InterGlobe Aviation Ltd.–REGS^(c)		39,345		758,279
KEC International Ltd.		94,406		426,921
NHPC Ltd.		660,346		291,689
NMDC Ltd.		289,228		572,448
Power Finance Corp. Ltd.		265,111		570,164
Rural Electrification Corp. Ltd.		208,383		557,426
Sun TV Network Ltd.		51,067		675,530
Tata Steel Ltd.		54,124		588,323
Vedanta Ltd.		126,484		648,268
				6,019,379


	Shares		Value
Malaysia–5.96%
AirAsia Bhd.		756,000	$	596,654
Kuala Lumpur Kepong Bhd.		114,800		667,316
Petronas Dagangan Bhd.		31,300		177,209
PPB Group Bhd.		45,300		179,616
Public Bank Bhd.		110,500		534,071
Telekom Malaysia Bhd.		116,900		175,405
Tenaga Nasional Bhd.		47,800		169,423
Top Glove Corp. Bhd.		166,800		252,250
				2,751,944

Mexico–5.15%
Coca-Cola FEMSA, S.A.B. de C.V.–Series L		60,300		407,632
Gruma, S.A.B. de C.V.–Class B		15,260		200,292
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.		106,800		539,532
Industrias Bachoco, S.A.B. de C.V.–Series B		36,100		177,794
Megacable Holdings S.A.B. de C.V.–Series CPO^(d)		68,400		271,011
Nemak, S.A.B. de C.V.–REGS^(c)		181,300		136,462
Wal-Mart de México, S.A.B. de C.V.–Series V		288,900		646,775
				2,379,498

Philippines–0.36%
Aboitiz Equity Ventures Inc.		114,090		165,768

Poland–2.24%
Powszechny Zaklad Ubezpieczen S.A.		45,554		588,028
Tauron Polska Energia S.A.^(a)		462,192		447,016
				1,035,044

Qatar–0.35%
Qatar Islamic Bank (S.A.Q)		6,376		162,756

Russia–5.88%
Alrosa PJSC		395,466		508,577
Inter RAO UES PJSC		10,032,000		614,019
LUKOIL PJSC–ADR		11,302		599,345
Magnitogorsk Iron & Steel Works PJSC		783,800		591,788
Novolipetsk Steel PSJC–GDR–REGS^(c)		17,448		402,176
				2,715,905

South Africa–9.23%
AECI Ltd.		17,036		127,364
AVI Ltd.		69,594		487,617
Barclays Africa Group Ltd.		57,603		571,022
Bidvest Group Ltd. (The)		23,931		290,316
Kumba Iron Ore Ltd.		8,952		172,240
Liberty Holdings Ltd.		55,324		434,549
Mondi Ltd.		18,236		438,963
Nedbank Group Ltd.		32,148		471,570
Netcare Ltd.		50,563		89,542
Reunert Ltd.		54,452		267,852
Sappi Ltd.		85,625		573,583
Super Group Ltd.^(a)		68,235		192,587
Tsogo Sun Holdings Ltd.		98,915		146,116
				4,263,321

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 Korea–16.07%
Chong Kun Dang Pharmaceutical Corp.		4,232	$	424,960
Daewon Pharmaceutical Co., Ltd.		7,978		127,111
Hankook Tire Co. Ltd.		5,033		242,589
Hanwha Corp.		16,405		653,804
HITEJINRO Co., Ltd.		29,177		692,743
Hyundai Development Co.		13,904		497,662
Korea United Pharm., Inc.		8,850		191,600
KT&G Corp.		7,250		685,952
Kwang Dong Pharmaceutical Co., Ltd.		14,396		104,082
LG Display Co., Ltd.		16,550		435,832
Lotte Chemical Corp.		315		103,890
Lotte Himart Co., Ltd.		10,330		683,233
Samsung Electronics Co., Ltd.		267		657,273
Samyang Corp.		1,631		140,712
SK Hynix Inc.		8,136		598,259
SL Corp.		8,141		166,767
Woori Bank		43,423		635,644
Yuhan Corp.		2,074		378,345
				7,420,458

Taiwan–4.26%
Chunghwa Telecom Co., Ltd.		150,000		512,217
General Interface Solution Holding Ltd.		29,000		267,158
Powertech Technology Inc.		192,000		601,246
St. Shine Optical Co., Ltd.		24,000		587,102
				1,967,723

Thailand–5.92%
Airports of Thailand PCL		267,700		477,345
Intouch Holdings PCL		134,752		235,212
Krung Thai Bank PCL		1,138,500		623,592


	Shares		Value
Thailand–(continued)
Mega Lifesciences PCL		305,400	$	386,024
Ratchaburi Electricity Generating Holding PCL		133,300		223,651
Thai Oil PCL		226,900		697,214
Thai Vegetable Oil PCL^(a)		108,500		90,613
				2,733,651

Turkey–3.94%
BIM Birlesik Magazalar A.S.		10,397		212,188
Soda Sanayii A.S.		381,007		527,223
TAV Havalimanlari Holding A.S.		96,990		482,394
Tekfen Holding A.S.		177,701		599,987
				1,821,792

United Arab Emirates–1.89%
Aldar Properties PJSC		876,734		568,083
DAMAC Properties Dubai Co. PJSC		284,236		305,663
				873,746
Total Common Stocks & Other Equity Interests (Cost $37,535,815)				44,218,315

Money Market Funds–1.16%
Invesco Government & Agency Portfolio– Institutional Class, 0.95%^(e)		320,527		320,527
Invesco Treasury Portfolio–Institutional Class, 0.94%^(e)		213,684		213,684
Total Money Market Funds (Cost $534,211)				534,211
TOTAL INVESTMENTS IN SECURITIES–96.89% (Cost $38,070,026)				44,752,526
OTHER ASSETS LESS LIABILITIES–3.11%				1,434,883
NET ASSETS–100.00%			$	46,187,409

Investment Abbreviations:


ADR		– American Depositary Receipt
CPO		– Certificates of Ordinary Participation
GDR		– Global Depositary Receipt
PJSC		- Private Joint Stock Company
REGS		– Regulation S

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	Each unit represents two preferred shares and one common shares.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2017 was $1,296,917, which represented 2.81% of the Fund's Net Assets.

^(d)	Each CPO represents two Series A 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, 2017.


Open Futures Contracts–Equity Risk^(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value		Unrealized Appreciation
MSCI Emerging Markets Mini Index		9		December-2017	$	505,890	$	11,710	$	11,710

^(a)	Futures contracts collateralized by $18,900 cash held with Bank of America Merrill Lynch, the futures commission merchant.

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, 2017


Assets:
Investments in securities, at value (Cost $37,535,815)	$	44,218,315
Investments in affiliated money market funds, at value and cost		534,211
Other investments:
Variation margin receivable — futures		4,365
Foreign currencies, at value (Cost $1,496,840)		1,486,082
Deposits with brokers:
Cash collateral — exchange-traded futures contracts		18,900
Receivable for:
Fund shares sold		6,516
Dividends		19,676
Fund expenses absorbed		27,811
Investment for trustee deferred compensation and retirement plans		7,273
Other assets		56,420
Total assets		46,379,569

Liabilities:
Payable for:
Investments purchased		8,761
Fund shares reacquired		20,212
Accrued foreign taxes		84,851
Accrued fees to affiliates		4,834
Accrued trustees’ and officers’ fees and benefits		1,584
Accrued other operating expenses		64,645
Trustee deferred compensation and retirement plans		7,273
Total liabilities		192,160
Net assets applicable to shares outstanding	$	46,187,409

Net assets consist of:
Shares of beneficial interest	$	32,881,780
Undistributed net investment income		917,833
Undistributed net realized gain		5,704,362
Net unrealized appreciation		6,683,434
	$	46,187,409


Net Assets:
Class A	$	7,471,009
Class C	$	323,314
Class R	$	23,499
Class Y	$	1,823,187
Class R5	$	9,929
Class R6	$	36,536,471

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		768,705
Class C		33,496
Class R		2,422
Class Y		187,111
Class R5		1,019
Class R6		3,753,021
Class A:
Net asset value per share	$	9.72
Maximum offering price per share
(Net asset value of $9.72 ¸ 94.50%)	$	10.29
Class C:
Net asset value and offering price per share	$	9.65
Class R:
Net asset value and offering price per share	$	9.70
Class Y:
Net asset value and offering price per share	$	9.74
Class R5:
Net asset value and offering price per share	$	9.74
Class R6:
Net asset value and offering price per share	$	9.74

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, 2017


Investment income:
Dividends (net of foreign withholding taxes of $158,229)	$	1,513,319
Dividends from affiliated money market funds		2,875
Total investment income		1,516,194

Expenses:
Advisory fees		431,734
Administrative services fees		50,000
Custodian fees		74,010
Distribution fees:
Class A		15,733
Class C		1,940
Class R		119
Transfer agent fees —A, C, R and Y		17,549
Transfer agent fees —R5		1
Transfer agent fees —R6		164
Trustees’ and officers’ fees and benefits		20,425
Registration and filing fees		78,143
Reports to shareholders		24,304
Professional services fees		68,157
Other		15,193
Total expenses		797,472
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(254,089	)
Net expenses		543,383
Net investment income		972,811

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $157,799)		5,486,137
Foreign currencies		(28,914	)
Futures contracts		266,686
		5,723,909
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $134,971)		1,368,212
Foreign currencies		(5,950	)
Futures contracts		10,492
		1,372,754
Net realized and unrealized gain		7,096,663
Net increase in net assets resulting from operations	$	8,069,474

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, 2017 and 2016


	2017			2016
Operations:
Net investment income	$	972,811		$	710,549
Net realized gain		5,723,909			1,795,098
Change in net unrealized appreciation		1,372,754			5,700,909
Net increase in net assets resulting from operations		8,069,474			8,206,556

Distributions to shareholders from net investment income:
Class A		(35,912	)		(15,051	)
Class C		(179	)		(69	)
Class R		(235	)		(137	)
Class Y		(29,372	)		(14,541	)
Class R5		(1,859	)		(1,322	)
Class R6		(563,343	)		(1,322	)
Total distributions from net investment income		(630,900	)		(32,442	)

Distributions to shareholders from net realized gains:
Class A		(103,932	)		—
Class C		(3,794	)		—
Class R		(935	)		—
Class Y		(72,517	)		—
Class R5		(4,589	)		—
Class R6		(1,390,853	)		—
Total distributions from net realized gains		(1,576,620	)		—

Share transactions-net:
Class A		3,026,098			1,857,102
Class C		59,423			189,226
Class R		(5,494	)		1,464
Class Y		(543,569	)		556,260
Class R5		(138,308	)		—
Class R6		(5,053,148	)		29,026,790
Net increase (decrease) in net assets resulting from share transactions		(2,654,998	)		31,630,842
Net increase in net assets		3,206,956			39,804,956

Net assets:
Beginning of year		42,980,453			3,175,497
End of year (includes undistributed net investment income of $917,833 and $615,905, respectively)	$	46,187,409		$	42,980,453

Notes to Financial Statements

October 31, 2017

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 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.

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.

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

15 Invesco Low Volatility Emerging 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.

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.

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.

16 Invesco Low Volatility Emerging Markets Fund

measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate
First $250 million		0	.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, 2017, the effective advisory fees incurred by the Fund was 0.935%.

Effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2019, 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 1.33%, 2.08%, 1.58%, 1.08%, 1.08% and 1.08%, respectively, of the Fund's average daily net assets (the “expense limits”). Prior to January 1, 2017, 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 1.72%, 2.47%, 1.97%, 1.47%, 1.47% and 1.47%, 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 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.

For the year ended October 31, 2017, the Adviser waived advisory fees of $236,375 and reimbursed class level expenses of $11,992, $370, $45, $4,813, $1, and $164 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

17 Invesco Low Volatility Emerging Markets Fund

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2017, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent 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, 2017, IDI advised the Fund that IDI retained $2,884 in front-end sales commissions from the sale of Class A shares and $31 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

Level 1 —

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

Level 2 —

Level 3 —

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended October 31, 2017, there were transfers from Level 1 to Level 2 of $4,513,773 and from Level 2 to Level 1 of $6,559,066, due to foreign fair value adjustments.


	Level 1		Level 2		Level 3		Total
Brazil	$	4,525,205	$	—	$	—	$	4,525,205
Chile		1,744,395		—		—		1,744,395
China		2,049,941		1,313,547		—		3,363,488
Colombia		113,040		—		—		113,040
Hong Kong		161,202		—		—		161,202
India		5,617,132		402,247		—		6,019,379
Malaysia		2,217,872		534,072		—		2,751,944
Mexico		2,379,498		—		—		2,379,498
Philippines		165,768		—		—		165,768
Poland		1,035,044		—		—		1,035,044
Qatar		162,756		—		—		162,756
Russian Federation		1,001,521		1,714,384		—		2,715,905
South Africa		3,101,083		1,162,238		—		4,263,321
South Korea		5,018,438		2,402,020		—		7,420,458

18 Invesco Low Volatility Emerging Markets Fund


	Level 1		Level 2		Level 3		Total
Taiwan, Province of China	$	512,217	$	1,455,506	$	—	$	1,967,723
Thailand		2,036,437		697,214		—		2,733,651
Turkey		1,609,604		212,188		—		1,821,792
United Arab Emirates		873,746		—		—		873,746
Money Market Funds		534,211		—		—		534,211
		34,859,110		9,893,416		—		44,752,526
Futures Contracts*		11,710		—		—		11,710
Total Investments	$	34,870,820	$	9,893,416	$	—	$	44,764,236

*	Unrealized appreciation.

NOTE 4—Derivative Investments

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2017:


	Value
Derivative Assets	Equity Risk
Unrealized appreciation on futures contracts — Exchange-Traded^(a)	$	11,710
Derivatives not subject to master netting agreement		(11,710	)
Total Derivative Assets subject to master netting agreements	$	—

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

Effect of Derivative Investments for the year ended October 31, 2017

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


	Location of Gain on Statement of Operations
	Equity Risk
Realized Gain:
Futures contracts	$	266,686
Change in Net Unrealized Appreciation :
Futures contracts		10,492
Total	$	277,178

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


	Futures Contracts
Average notional value	$	928,159

NOTE 5—Expense Offset Arrangement(s)

NOTE 6—Trustees' and Officers' Fees and Benefits

NOTE 7—Cash Balances

19 Invesco Low Volatility Emerging Markets 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, 2017 and 2016:


	2017		2016
Ordinary income	$	2,207,520	$	32,442

Tax Components of Net Assets at Period-End:


	2017
Undistributed ordinary income	$	3,493,027
Undistributed long-term gain		3,176,841
Net unrealized appreciation — investments		6,652,998
Net unrealized appreciation (depreciation) — foreign currencies		(10,776	)
Temporary book/tax differences		(6,461	)
Shares of beneficial interest		32,881,780
Total net assets	$	46,187,409

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, passive foreign investment companies and futures contracts.

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, 2017.

NOTE 9—Investment Transactions

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, 2017 was $23,974,881 and $29,192,766, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	7,790,804
Aggregate unrealized (depreciation) of investments		(1,137,806	)
Net unrealized appreciation of investments	$	6,652,998

Cost of investments for tax purposes is $38,111,238.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, passive foreign investment companies and foreign capital gain, on October 31, 2017, undistributed net investment income was decreased by $39,983 and undistributed net realized gain (loss) was increased by $39,983. This reclassification had no effect on the net assets of the Fund.

20 Invesco Low Volatility Emerging Markets Fund

NOTE 11—Share Information


	Summary of Share Activity
	Years ended October 31,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		1,066,732		$	9,578,200			275,849		$	2,238,184
Class C		38,430			348,928			30,165			236,911
Class R		459			4,242			2,519			20,393
Class Y		199,976			1,764,679			75,991			652,971
Class R6^(b)		1,113,879			9,802,466			5,111,134			36,140,706

Issued as reinvestment of dividends:
Class A		9,568			76,541			561			3,960
Class C		456			3,652			8			55
Class R		98			786			13			89
Class Y		5,460			43,731			387			2,735
Class R6		243,469			1,947,749			—			—

Reacquired:
Class A		(726,230	)		(6,628,643	)		(47,244	)		(385,042	)
Class C		(34,600	)		(293,157	)		(6,119	)		(47,740	)
Class R		(1,163	)		(10,522	)		(2,323	)		(19,018	)
Class Y		(247,850	)		(2,351,979	)		(11,902	)		(99,446	)
Class R5		(13,982	)		(138,308	)		—			—
Class R6		(1,877,418	)		(16,803,363	)		(853,044	)		(7,113,916	)
Net increase (decrease) in share activity		(222,716	)	$	(2,654,998	)		4,575,995		$	31,630,842

^(a)	79% 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 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 10/31/17	$	8.64	$	0.17	$	1.32		$	1.49		$	(0.10	)	$	(0.31	)	$	(0.41	)	$	9.72		18.29	%	$	7,471		1.39	%^(d)		2.09	%^(d)		1.89	%^(d)		54	%
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			2.27			2.08			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^(e)		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 10/31/17		8.55		0.10		1.32			1.42			(0.01	)		(0.31	)		(0.32	)		9.65		17.38			323		2.14	^(d)		2.84	^(d)		1.14	^(d)		54
Year ended 10/31/16		8.00		0.11		0.45			0.56			(0.01	)		—			(0.01	)		8.55		7.08			250		2.47			3.02			1.33			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^(e)		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 10/31/17		8.62		0.14		1.32			1.46			(0.07	)		(0.31	)		(0.38	)		9.70		17.91			23		1.64	^(d)		2.34	^(d)		1.64	^(d)		54
Year ended 10/31/16		8.06		0.15		0.46			0.61			(0.05	)		—			(0.05	)		8.62		7.68			26		1.97			2.52			1.83			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^(e)		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 10/31/17		8.66		0.19		1.32			1.51			(0.12	)		(0.31	)		(0.43	)		9.74		18.51			1,823		1.14	^(d)		1.84	^(d)		2.14	^(d)		54
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			2.02			2.33			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^(e)		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 10/31/17		8.66		0.19		1.32			1.51			(0.12	)		(0.31	)		(0.43	)		9.74		18.51			10		1.14	^(d)		1.65	^(d)		2.14	^(d)		54
Year ended 10/31/16		8.10		0.18		0.47			0.65			(0.09	)		—			(0.09	)		8.66		8.25			130		1.47			1.87			2.33			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^(e)		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 10/31/17		8.65		0.19		1.33			1.52			(0.12	)		(0.31	)		(0.43	)		9.74		18.65			36,536		1.14	^(d)		1.65	^(d)		2.14	^(d)		54
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			1.87			2.33			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^(e)		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)

^(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 $6,293, $194, $24, $2,526, $119, and $37,018 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.

22 Invesco Low Volatility Emerging Markets Fund

Report of Independent Registered Public Accounting Firm

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

and Shareholders of Invesco Low Volatility Emerging Markets Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Low Volatility Emerging Markets Fund (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended and for the period December 17, 2013 (commencement of investment 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, 2017 by correspondence with the custodian, transfer agent and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

23 Invesco Low Volatility Emerging Markets Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (05/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
Class A	$	1,000.00	$	1,072.80	$	6.95	$	1,018.50	$	6.77		1.33	%
Class C		1,000.00		1,068.70		10.85		1,014.72		10.56		2.08
Class R		1,000.00		1,071.80		8.25		1,017.24		8.03		1.58
Class Y		1,000.00		1,073.90		5.65		1,019.76		5.50		1.08
Class R5		1,000.00		1,073.90		5.65		1,019.76		5.50		1.08
Class R6		1,000.00		1,073.90		5.65		1,019.76		5.50		1.08

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

24 Invesco 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 12-13, 2017, 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. and separate Sub-Advisory Contracts with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.

The Board’s Fund Evaluation Process

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

B.	Fund Investment Performance

The Board noted that the Fund had only three years of performance history and compared the Fund’s investment performance during the past one and three 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 second quintile of its performance universe for the one year period and the fourth quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the performance of 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

25 Invesco Low Volatility Emerging Markets 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, 2016. The Board noted that the Fund’s rate was above the rate of one such mutual fund and the same as the rate of one such mutual fund. The Board noted that Invesco Advisers and its affiliates do not manage other client accounts with investment strategies comparable to those of the Fund.

D.	Economies of Scale and Breakpoints

by third party service providers based on the combined size of the Invesco Funds advised by Invesco Advisers.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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 Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

26 Invesco Low Volatility Emerging Markets Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2017:


Federal and State Income Tax
Qualified Dividend Income*		39.10	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%
Foreign Taxes	$	0.0332	per share
Foreign Income	$	0.3538	per share

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco Low Volatility Emerging Markets Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		LVEM-AR-1		12152017		1148

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

Visit our website for more information on your investments

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 and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, 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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Macro Allocation Strategy Fund

LOGO

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.

∎ 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.

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

Sincerely,

LOGO

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, 2017, 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.

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

Fund vs. Indexes


Class A Shares	6.55	%
Class C Shares	5.90
Class R Shares	6.32
Class Y Shares	6.82
Class R5 Shares	6.93
Class R6 Shares	6.83
Bloomberg Barclays 3-Month Treasury Bellwether Index^▼ (Broad Market/Style-Specific Index)	0.73
Lipper Absolute Return Funds Index^∎(Peer Group Index)	6.18
Source(s): ^▼FactSet Research Systems Inc.; ^∎Lipper Inc.

Market conditions and your Fund

During the fiscal year ended October 31, 2017, each of the strategic asset classes in which the Fund invests (directly or indirectly through derivatives), with the exception of fixed income, provided positive contributions to Fund performance. Within the tactical allocation process, equities contributed to Fund performance while bonds and commodities detracted. For the reporting period, the Fund at NAV reported positive absolute performance.

The Fund invests in derivatives, such as swaps and futures, which are expected to correspond to the performance of US and international equity, fixed income and commodity markets. The strategic allocation portion of the investment process, which is designed to drive approximately 20% of the Fund’s results over time, involves first selecting representative assets for each asset class (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, which are

designed to drive the majority of the Fund’s results over time, are made on a monthly basis to try and take advantage of short-term market dynamics.

The results from the smaller strategic allocation were positive for the reporting period as the risk-balanced exposure to equities and commodities proved beneficial and outperformed the Fund’s strategic exposure to bonds, the prices of which fell throughout the fiscal year.

Results from the Fund’s tactical allocation process were beneficial in the aggregate for the reporting period, but exhibited mixed results across the different asset classes.

The Fund’s tactical exposure to developed equity markets, achieved through futures and swaps, was the largest contributor to Fund results for the reporting period. Our long bias to the six developed equity markets (Europe, Asia ex-Japan, Japan, the UK, and US small- and large-caps) that are used in the strategy benefited Fund performance. From a regional perspective, the Fund’s overweight exposure to Asian equities led results in the asset class. Hong Kong equities posted strong gains and traded in sympathy with

emerging markets, while Japanese equities powered higher throughout the reporting period based on increased exports. Overweight exposure to US large- and small-cap equities also boosted Fund performance as stocks surged after the US presidential election on the belief that the new administration’s plans to reduce tax rates, scale back regulations and increase infrastructure spending had the potential to stimulate economic growth. However, that was called into question after the first quarter of 2017, when it appeared that enacting significant regulatory and tax reform might be more difficult than previously anticipated. Despite the prospect of less accommodative monetary policy from the European Central Bank and uncertainty surrounding Brexit (the UK’s plan to leave the European Union), European and UK equities performed strongly during the reporting period due to improved economic data and positive confidence surveys, rewarding our overweight exposure to these markets.

Tactical exposure to bonds detracted from Fund performance for the reporting period, and results were mixed across the different bond markets in which the strategy invests. Our short bias to Australian and US government bonds, particularly early in the reporting period, proved beneficial as yields jumped in the latter months of 2016; this produced a positive contribution from these two markets. Positioning across German, UK and Canadian government bonds suffered in February and June. In February, the strategy was short these markets when prices rallied meaningfully as fears of a renewed Greek financial crisis and fears of nationalist candidates gaining ground in European polls prompted investors to seek so-called “safe havens.”¹ In June, major central banks indicated the need to increase interest rates and remove excessive monetary accommodation. These actions drove yields higher and hurt Fund performance, due to our overweight stance. These market events resulted in losses that outweighed our gains in the US and Australia.


Target Risk Allocation and
Notional Asset Weights as of 10/31/17
By asset class
Asset Class	Target Risk Allocation*			Notional Asset Weights**
Equities		72.20	%		53.37	%
Fixed Income		3.60			-13.23
Commodities		24.20			18.29
Total		100.00			58.43

*	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	$	43.1 million

4 Invesco Macro Allocation Strategy Fund

The Fund’s tactical exposure to commodities also detracted from Fund performance for the reporting period. Commodity markets have been mired in an extended bear market, with many individual commodities struggling with oversupply and weak demand. While results for the asset class overall were negative, not all of the commodity sectors produced negative results. The largest detractor from Fund results within the asset class was our positioning in agricultural commodities. Many of these commodities, including grains and meats, were in a state of oversupply, which depressed prices, but not in a persistent fashion. Price trends across many of these commodities were very choppy, making tactical positioning difficult. Our general bias to be underweight or short these assets resulted in losses across most agricultural commodity exposures for the reporting period.

Our exposure to energy commodities also weighed on Fund results. The energy commodity sector started the fiscal year plagued by high inventories and rising US production and rig counts. These conditions lasted throughout much of the first half of 2017. Oil and distillate prices then rebounded in the third quarter of 2017 as the US rig count declined and expectations rose for an extension of OPEC’s production cuts. Severe weather also affected energy prices in the third quarter of 2017 as hurricanes forced refinery shutdowns that further boosted prices. Natural gas prices rose at the beginning of the fiscal year, but those gains were not enough to outweigh the losses from rising US output at the end of the fiscal year. These countervailing forces produced choppy price action across energy commodities during the reporting period, again making positioning difficult. Our general long bias to these assets produced mixed results, with gains in heating oil and gas oil, but losses in Brent crude and West Texas Intermediate crude, natural gas and gasoline.

Our exposure to precious metals also detracted from Fund results as we maintained a long bias over the reporting period, but prices of gold and silver declined. The metals were pressured as the US Federal Reserve raised short-term interest rates three times during the reporting period – in December 2016, and in March and June 2017 – and by expectations for another increase in December 2017. The Fund’s positioning in industrial metals produced positive results, which helped to offset tactical losses incurred in other commodity

sectors. Increased industrial metals prices during the reporting period were supported by strong manufacturing and import growth data out of China and by indications that China intended to cut production to curb pollution. The Fund’s general overweight exposure to copper and aluminum benefited from these trends.

Please note that our strategy is principally implemented with derivative instruments that include futures 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.

We thank you for your investment in Invesco Macro Allocation Strategy Fund.

1	So-called “safe haven” assets do not imply risk-free investing.

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

LOGO

Past performance cannot guarantee comparable future results.

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

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 10/31/17, including maximum applicable sales charges



Class A Shares
Inception	3.07	%
5 Years	3.31
1 Year	0.66

Class C Shares
Inception	3.47	%
5 Years	3.75
1 Year	4.96

Class R Shares
Inception	4.01	%
5 Years	4.28
1 Year	6.32

Class Y Shares
Inception (9/26/12)	4.51	%
5 Years	4.78
1 Year	6.82

Class R5 Shares
Inception	4.53	%
5 Years	4.81
1 Year	6.93

Class R6 Shares
Inception	4.49	%
5 Years	4.77
1 Year	6.83

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;


Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges



Class A Shares
Inception	2.69	%
5 Years	2.66
1 Year	-2.25

Class C Shares
Inception	3.12	%
5 Years	3.09
1 Year	1.88

Class R Shares
Inception	3.64	%
5 Years	3.61
1 Year	3.20

Class Y Shares
Inception (9/26/12)	4.15	%
5 Years	4.12
1 Year	3.70

Class R5 Shares
Inception	4.17	%
5 Years	4.14
1 Year	3.81

Class R6 Shares
Inception	4.13	%
5 Years	4.10
1 Year	3.70

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 1.45%, 2.20%, 1.70%, 1.20%, 1.20% and 1.20%, 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 1.87%, 2.62%, 2.12%, 1.62%, 1.51% and 1.51%, 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 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.

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, 2019. 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, 2019. 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, 2017, 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.

∎

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. As a result of a recent announcement by the Internal Revenue Service, the Fund intends to invest in commodity-linked notes: (a) directly, generally only to the extent that it obtains an opinion of counsel confirming that income from such investments should be qualifying income because such commodity-linked notes constitute securities under section 2(a) (36) of the 1940 Act or (b) indirectly through the Subsidiary. Should the Internal Revenue Service issue further 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 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.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Macro Allocation Strategy Fund

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.

∎

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.

∎

9 Invesco Macro Allocation Strategy Fund

exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎

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.

∎

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.

∎

Other information

∎

10 Invesco Macro Allocation Strategy Fund

Consolidated Schedule of Investments

October 31, 2017


	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Securities–29.99%
U.S. Treasury Bills–12.53%^(a)(b)
U.S. Treasury Bills		1.12	%		01/04/2018	$	585,000	$	583,922
U.S. Treasury Bills		1.11	%		02/08/2018		2,710,000		2,701,690
U.S. Treasury Bills		1.12	%		02/08/2018		2,120,000		2,113,500
									5,399,112

U.S. Treasury Notes–17.46%^(c)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +0.27%)		1.38	%		01/31/2018		2,640,000		2,642,071
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +0.19%)		1.30	%		04/30/2018		2,380,000		2,382,717
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +0.17%)		1.28	%		07/31/2018		2,500,000		2,503,825
									7,528,613
Total U.S. Treasury Securities (Cost $12,920,802)									12,927,725

						Shares

Money Market Funds–69.60%
Invesco Government & Agency Portfolio–Institutional Class, 0.95%^(d)							17,033,082		17,033,082
Invesco STIC (Global Series) PLC – U.S. Dollar Liquidity Portfolio (Ireland)–Institutional Class, 1.00%^(d)							4,633,049		4,633,049
Treasury Portfolio–Institutional Class, 0.94%^(d)							8,336,721		8,336,721
Total Money Market Funds (Cost $30,002,852)									30,002,852
TOTAL INVESTMENTS IN SECURITIES–99.59% (Cost $42,923,654)									42,930,577
OTHER ASSETS LESS LIABILITIES–0.41%									177,598
NET ASSETS–100.00%								$	43,108,175


Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Brent Crude		16		January-2018	$	975,040	$	85,807		$	85,807
Cotton No. 2		17		December-2017		581,230		(37,370	)		(37,370	)
Gas Oil		19		December-2017		1,040,725		128,457			128,457
Gasoline Reformulated Blendstock Oxygenate Blending		19		December-2017		1,382,535		111,048			111,048
Heating Oil		13		April-2018		1,011,629		71,694			71,694
Silver		4		December-2017		333,860		(18,618	)		(18,618	)
Soybeans		2		July-2018		101,225		1,860			1,860
WTI Crude		7		April-2018		382,690		24,939			24,939
Subtotal — Commodity Risk								367,817			367,817
Dow Jones EURO STOXX 50 Index		96		December-2017		4,113,122		239,603			239,603
E-Mini Russell 2000 Index		40		December-2017		3,005,400		151,891			151,891
E-Mini S&P 500 Index		24		December-2017		3,087,240		104,236			104,236
FTSE 100 Index		42		December-2017		4,166,327		52,289			52,289
Hang Seng Index		23		November-2017		4,156,946		(2,040	)		(2,040	)
Tokyo Stock Price Index		30		December-2017		4,652,124		462,999			462,999
Subtotal — Equity Risk								1,008,978			1,008,978
U.S. Treasury Long Bonds		3		December-2017		457,406		(9,187	)		(9,187	)
Subtotal — Interest Rate Risk								(9,187	)		(9,187	)
Subtotal — Long Futures Contracts							$	1,367,608		$	1,367,608

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)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Cocoa		14		March-2018	$	(292,460	)	$	(1,032	)	$	(1,032	)
Coffee		10		December-2017		(469,125	)		8,290			8,290
Corn		21		December-2017		(363,038	)		6,563			6,563
Wheat		7		December-2017		(146,475	)		7,912			7,912
Subtotal — Commodity Risk									21,733			21,733
Australia 10 Year Bonds		2		December-2017		(197,248	)		1,049			1,049
Canada 10 Year Bonds		8		December-2017		(852,213	)		(3,114	)		(3,114	)
Euro Bonds		14		December-2017		(2,654,225	)		(23,916	)		(23,916	)
Long Gilt		15		December-2017		(2,477,400	)		(1,783	)		(1,783	)
Subtotal — Interest Rate Risk									(27,764	)		(27,764	)
Subtotal — Short Futures Contracts									(6,031	)		(6,031	)
Total Futures Contracts								$	1,361,577		$	1,361,577


Open Over-The-Counter Total Return Swap Agreements^(e)
Counterparty	Pay/ Receive	Reference Entity^(f)		Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Barclays Bank PLC	Receive		Barclays Live Cattle Roll Yield Excess Return Index		0.47	%		Monthly		1,460		January-2018	$	191,833	$	—	$	6,596		$	6,596
Merrill Lynch International	Receive		Merrill Lynch Gold Excess Return Index		0.14			Monthly		1,980		June-2018		321,038		—		0			0
Merrill Lynch International	Receive		MLCX Natural Gas Annual Excess Return Index		0.25			Monthly		14,600		September-2018		648,093		—		0			0
Morgan Stanley Capital Services LLC	Receive		S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.38			Monthly		7,000		October-2018		815,555		—		7,725			7,725
Subtotal — Appreciation																—		14,321			14,321
Barclays Bank PLC	Receive		Barclays Commodity Strategy 1452 Excess Return Index		0.33			Monthly		2,200		October-2018		1,252,459		—		(30,626	)		(30,626	)
Barclays Bank PLC	Receive		Barclays Soybean Meal S2 Nearby Excess Return Index		0.30			Monthly		120		March-2018		121,440		—		(4,753	)		(4,753	)
Goldman Sachs International	Pay		Enhanced Strategy AB141 on the S&P GSCI Sugar Excess Return Index		0.15			Monthly		830		October-2018		171,468		—		(3,805	)		(3,805	)
JPMorgan Chase Bank, N.A.	Receive		S&P GSCI Gold Index Excess Return		0.09			Monthly		4,780		October-2018		498,578		—		(4,049	)		(4,049	)
Subtotal — Depreciation																—		(43,233	)		(43,233	)
Total–Open Over-The-Counter Total Return Swap Agreements — Commodity Risk															$	—	$	(28,912	)	$	(28,912	)

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.

^(c)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2017.

^(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, 2017.

^(e)	The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

^(f)	The table below includes additional information regarding the underlying components of certain reference entities that are not publically available.

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

12 Invesco Macro Allocation Strategy Fund


Reference Entity Components
Reference Entity	Underlying Components	%
Barclays Live Cattle Roll Yield Excess Return Index
	Long Futures Contracts
	Live Cattle		100	%

Merrill Lynch Gold Excess Return Index
	Long Futures Contracts
	Gold		100	%

MLCX Natural Gas Annual Excess Return Index
	Long Futures Contracts
	Natural Gas		100	%

S&P GSCI Aluminum Dynamic Roll Index Excess Return Index
	Long Futures Contracts
	Aluminum		100	%

Barclays Commodity Strategy 1452 Excess Return Index
	Long Futures Contracts
	Copper		100	%

Barclays Soybean Meal S2 Nearby Excess Return Index
	Long Futures Contracts
	Soybean Meal		100	%

Enhanced Strategy AB141 on the S&P GSCI Sugar Excess Return Index
	Long Futures Contracts
	Sugar		100	%

S&P GSCI Gold Index Excess Return
	Long Futures Contracts
	Gold		100	%

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 Assets and Liabilities

October 31, 2017


Assets:
Investments in securities, at value (Cost $12,920,802)	$	12,927,725
Investments in affiliated money market funds, at value and cost		30,002,852
Other investments:
Variation margin receivable — futures contracts		66,702
Swaps receivable — OTC		525
Unrealized appreciation on swap agreements — OTC		14,321
Deposits with brokers:
Cash collateral — OTC derivatives		40,000
Receivable for:
Fund shares sold		218,857
Dividends and interest		25,128
Investment for trustee deferred compensation and retirement plans		15,812
Other assets		52,144
Total assets		43,364,066

Liabilities:
Other investments:
Swaps payable — OTC		31,618
Unrealized depreciation on swap agreements — OTC		43,233
Payable for:
Fund shares reacquired		53,854
Accrued fees to affiliates		33,712
Accrued trustees’ and officers’ fees and benefits		1,897
Accrued other operating expenses		74,747
Trustee deferred compensation and retirement plans		16,830
Total liabilities		255,891
Net assets applicable to shares outstanding	$	43,108,175

Net assets consist of:
Shares of beneficial interest	$	41,620,027
Undistributed net investment income (loss)		13,744
Undistributed net realized gain		134,816
Net unrealized appreciation		1,339,588
	$	43,108,175


Net Assets:
Class A	$	4,645,126
Class C	$	7,398,210
Class R	$	54,012
Class Y	$	30,656,751
Class R5	$	9,186
Class R6	$	344,890

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		483,721
Class C		773,250
Class R		5,620
Class Y		3,179,841
Class R5		952
Class R6		35,804
Class A:
Net asset value per share	$	9.60
Maximum offering price per share
(Net asset value of $9.60 ¸ 94.50%)	$	10.16
Class C:
Net asset value and offering price per share	$	9.57
Class R:
Net asset value and offering price per share	$	9.61
Class Y:
Net asset value and offering price per share	$	9.64
Class R5:
Net asset value and offering price per share	$	9.65
Class R6:
Net asset value and offering price per share	$	9.63

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 Operations

For the year ended October 31, 2017


Investment income:
Dividends from affiliated money market funds	$	196,254
Interest		127,542
Total investment income		323,796

Expenses:
Advisory fees		508,419
Administrative services fees		50,000
Custodian fees		8,686
Distribution fees:
Class A		12,858
Class C		70,988
Class R		238
Transfer agent fees — A, C, R and Y		50,382
Transfer agent fees — R5		4
Transfer agent fees — R6		131
Trustees’ and officers’ fees and benefits		20,398
Registration and filing fees		115,195
Reports to shareholders		30,705
Professional services fees		81,622
Other		16,400
Total expenses		966,026
Less: Fees waived and expenses reimbursed		(383,109	)
Net expenses		582,917
Net investment income (loss)		(259,121	)

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		22,167
Foreign currencies		(55,635	)
Futures contracts		2,394,862
Swap agreements		(171,603	)
		2,189,791
Change in net unrealized appreciation (depreciation) of:
Investment securities		(15,347	)
Futures contracts		1,079,946
Swap agreements		3,442
		1,068,041
Net realized and unrealized gain		3,257,832
Net increase in net assets resulting from operations	$	2,998,711

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

15 Invesco Macro Allocation Strategy Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2017 and 2016


	2017			2016
Operations:
Net investment income (loss)	$	(259,121	)	$	(955,375	)
Net realized gain		2,189,791			11,224,512
Change in net unrealized appreciation (depreciation)		1,068,041			(3,205,189	)
Net increase in net assets resulting from operations		2,998,711			7,063,948

Distributions to shareholders from net investment income:
Class A		(772,744	)		(166,666	)
Class C		(831,705	)		(98,610	)
Class R		(5,116	)		(476	)
Class Y		(4,694,776	)		(1,082,051	)
Class R5		(1,244	)		(236	)
Class R6		(30,239	)		(2,605,719	)
Total distributions from net investment income		(6,335,824	)		(3,953,758	)

Share transactions–net:
Class A		(789,636	)		(1,863,678	)
Class C		283,439			(1,087,693	)
Class R		14,526			15,171
Class Y		(4,893,657	)		(11,607,532	)
Class R6		121,068			(100,961,921	)
Net increase (decrease) in net assets resulting from share transactions		(5,264,260	)		(115,505,653	)
Net increase (decrease) in net assets		(8,601,373	)		(112,395,463	)

Net assets:
Beginning of year		51,709,548			164,105,011
End of year (includes undistributed net investment income (loss) of $13,744 and $6,320,075, respectively)	$	43,108,175		$	51,709,548

Notes to Consolidated Financial Statements

October 31, 2017

NOTE 1—Significant Accounting Policies

Invesco Macro Allocation 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 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 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.

16 Invesco Macro Allocation Strategy Fund

trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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.

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind income received in the form of securities in-lieu of cash is recorded as interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

17 �� Invesco Macro Allocation 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.

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

18 Invesco Macro Allocation Strategy Fund

received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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.

19 Invesco Macro Allocation Strategy Fund

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

P.	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”). Effective January 1, 2017, under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly 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		1.10%
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%

Prior to January 1, 2017, the Fund paid 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, 2017, the effective advisory fees incurred by the Fund was 1.18%.

Effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2019, 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 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively, of average daily net assets (the “expense limits”). Prior to January 1, 2017, 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 1.65%, 2.40%, 1.90%, 1.40%, 1.40% and 1.40%, 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 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, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2017, the Adviser waived advisory fees of $332,592 and reimbursed class level expenses of $6,053, $8,354, $56, $35,919, $4 and $131 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, 2017, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees.

20 Invesco Macro Allocation Strategy 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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2017, 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, 2017, IDI advised the Fund that IDI retained $893 in front-end sales commissions from the sale of Class A shares and $174 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

Level 1 —

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

Level 2 —

Level 3 —

The following is a summary of the tiered valuation input levels, as of October 31, 2017. 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	$	—	$	12,927,725		$	—	$	12,927,725
Money Market Funds		30,002,852		—			—		30,002,852
		30,002,852		12,927,725			—		42,930,577
Futures Contracts*		1,361,577		—			—		1,361,577
Swap Agreements*		—		(28,912	)		—		(28,912	)
Total Investments	$	31,364,429	$	12,898,813		$	—	$	44,263,242

*	Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

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

21 Invesco Macro Allocation Strategy 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, 2017:


	Value
Derivative Assets	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts — Exchange-Traded^(a)	$	446,570		$	1,011,018		$	1,049		$	1,458,637
Unrealized appreciation on swap agreements — OTC		14,321			—			—			14,321
Total Derivative Assets		460,891			1,011,018			1,049			1,472,958
Derivatives not subject to master netting agreements		(446,570	)		(1,011,018	)		(1,049	)		(1,458,637	)
Total Derivative Assets subject to master netting agreements	$	14,321		$	—		$	—		$	14,321

	Value
Derivative Liabilities	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded^(a)	$	(57,020	)	$	(2,040	)	$	(38,000	)	$	(97,060	)
Unrealized depreciation on swap agreements — OTC		(43,233	)		—			—			(43,233	)
Total Derivative Liabilities		(100,253	)		(2,040	)		(38,000	)		(140,293	)
Derivatives not subject to master netting agreements		57,020			2,040			38,000			97,060
Total Derivative Liabilities subject to master netting agreements	$	(43,233	)	$	—		$	—		$	(43,233	)

^(a)	The daily variation margin receivable at period-end is recorded in 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, 2017.


	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives			Non-Cash		Cash		Net Amount^(a)
Subsidiary
Barclays Bank PLC	$	6,604	$	(35,536	)	$	(28,932	)	$	—	$	—	$	(28,932	)
Goldman Sachs International		40		(3,875	)		(3,835	)		—		—		(3,835	)
JPMorgan Chase Bank, N.A.		35		(4,092	)		(4,057	)		—		4,057		—
Merrill Lynch International		442		(31,212	)		(30,770	)		—		20,000		(10,770	)
Morgan Stanley & Co. LLC		7,725		(136	)		7,589			—		—		7,589
Total	$	14,846	$	(74,851	)	$	(60,005	)	$	—	$	24,057		(35,948	)

^(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, 2017

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	$	(1,184,298	)	$	4,159,321	$	(580,161	)	$	2,394,862
Swap agreements		(171,603	)		—		—			(171,603	)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		196,282			811,060		72,604			1,079,946
Swap agreements		3,442			—		—			3,442
Total	$	(1,156,177	)	$	4,970,381	$	(507,557	)	$	3,306,647

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	$	43,814,416	$	5,222,302

22 Invesco Macro Allocation Strategy Fund

NOTE 5—Trustees’ and Officers’ Fees and Benefits

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with 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 7—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2017 and 2016:


	2017		2016
Ordinary income	$	6,335,824	$	3,953,758

Tax Components of Net Assets at Period-End:


	2017
Undistributed ordinary income	$	791,026
Undistributed long-term gain		1,082,571
Net unrealized appreciation —investments		465,608
Temporary book/tax differences		(15,172	)
Capital loss carryforward		(835,885	)
Shares of beneficial interest		41,620,027
Total net assets	$	43,108,175

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, 2017, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	835,885	$	—	$	835,885

23 Invesco Macro Allocation Strategy Fund

NOTE 8—Investment Transactions

The aggregate amount of long-term U.S. Treasury obligations purchased and sold by the Fund during the year ended October 31, 2017 was $2,143,641 and $7,032,975, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	605,931
Aggregate unrealized (depreciation) of investments		(140,323	)
Net unrealized appreciation of investments	$	465,608

Cost of investments for tax purposes is $43,797,634.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of futures contracts, swap agreement income and subsidiary suspended passive losses, on October 31, 2017, undistributed net investment income (loss) was increased by $288,614, undistributed net realized gain was increased by $906,525 and shares of beneficial interest was decreased by $1,195,139. This reclassification had no effect on the net assets of the Fund.

NOTE 10—Share Information


	Summary of Share Activity
	Years ended October 31,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		262,417		$	2,502,087			129,199		$	1,279,591
Class C		318,952			2,978,514			315,795			3,058,442
Class R		1,140			10,600			1,530			14,874
Class Y		2,196,857			20,535,016			2,456,126			24,345,778
Class R6		24,701			230,307			373,114			3,591,990

Issued as reinvestment of dividends:
Class A		75,549			698,067			16,934			161,717
Class C		68,885			638,566			9,852			94,186
Class R		423			3,926			31			297
Class Y		392,090			3,630,752			82,229			786,117
Class R6		3,135			28,995			272,540			2,605,482

Reacquired:
Class A		(426,075	)		(3,989,790	)		(339,177	)		(3,304,986	)
Class C		(353,558	)		(3,333,641	)		(434,039	)		(4,240,321	)
Class Y		(3,102,594	)		(29,059,425	)		(3,749,930	)		(36,739,427	)
Class R6^(b)		(14,790	)		(138,234	)		(10,975,099	)		(107,159,393	)
Net increase (decrease) in share activity		(552,868	)	$	(5,264,260	)		(11,840,895	)	$	(115,505,653	)

^(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 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.

24 Invesco Macro Allocation Strategy Fund

NOTE 11—Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains on securities (both realized and unrealized)		Total from investment operations			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 10/31/17	$	10.26	$	(0.06	)	$	0.68	$	0.62		$	(1.28	)	$	—		$	(1.28	)	$	9.60		6.55	%	$	4,645		1.41	%^(d)		2.30	%^(d)		(0.66	)%^(d)		25	%
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			2.19			(1.31	)		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 10/31/17		10.20		(0.13	)		0.69		0.56			(1.19	)		—			(1.19	)		9.57		5.90			7,398		2.16	^(d)		3.05	^(d)		(1.41	)^(d)		25
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			2.94			(2.06	)		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 10/31/17		10.25		(0.09	)		0.70		0.61			(1.25	)		—			(1.25	)		9.61		6.42			54		1.66	^(d)		2.55	^(d)		(0.91	)^(d)		25
Year ended 10/31/16		9.69		(0.15	)		0.90		0.75			(0.19	)		—			(0.19	)		10.25		7.86			42		1.88			2.44			(1.56	)		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 10/31/17		10.29		(0.04	)		0.70		0.66			(1.31	)		—			(1.31	)		9.64		6.93			30,657		1.16	^(d)		2.05	^(d)		(0.41	)^(d)		25
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			1.94			(1.06	)		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
Class R5
Year ended 10/31/17		10.30		(0.04	)		0.70		0.66			(1.31	)		—			(1.31	)		9.65		6.93			9		1.15	^(d)		1.97	^(d)		(0.40	)^(d)		25
Year ended 10/31/16		9.74		(0.10	)		0.91		0.81			(0.25	)		—			(0.25	)		10.30		8.50			10		1.38			1.83			(1.06	)		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 10/31/17		10.29		(0.04	)		0.69		0.65			(1.31	)		—			(1.31	)		9.63		6.83			345		1.15	^(d)		1.97	^(d)		(0.40	)^(d)		25
Year ended 10/31/16		9.73		(0.10	)		0.91		0.81			(0.25	)		—			(0.25	)		10.29		8.51			234		1.38			1.83			(1.06	)		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)

^(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 $5,143, $7,099, $48, $30,521, $9 and $297 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.11%.

^(f)	Commencement date of August 28, 2013 for Class A, Class C, Class R, Class R5 and Class R6 shares, respectively.

^(g)	Annualized.

25 Invesco Macro Allocation Strategy Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco 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 Invesco Macro Allocation Strategy Fund and its subsidiary (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, 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 periods indicated therein, 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, 2017 by correspondence with the custodian, transfer agent and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

26 Invesco Macro Allocation Strategy Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


			ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
1,Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,034.50	$	7.03	$	1,018.30	$	6.97		1.37	%
C		1,000.00		1,031.30		10.85		1,014.52		10.76		2.12
R		1,000.00		1,033.30		8.30		1,017.04		8.24		1.62
Y		1,000.00		1,036.60		5.75		1,019.56		5.70		1.12
R5		1,000.00		1,036.50		5.75		1,019.56		5.70		1.12
R6		1,000.00		1,035.50		5.75		1,019.56		5.70		1.12

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

27 Invesco 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 12-13, 2017, 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. and separate Sub-Advisory Contracts with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.

The Board’s Fund Evaluation Process

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

B.	Fund Investment Performance

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 investment 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 first quintile of its performance universe for the one and three 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 Y shares of the Fund was above the performance of the Index for the one and three year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual

28 Invesco Macro Allocation Strategy 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 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 and the Affiliated Sub-Advisers do not manage other mutual funds with investment strategies comparable to those of the Fund.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearding costs to purchase research that shifts 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 by Invesco Advisers or the Affiliated Sub-Advisers 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.

Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

29 Invesco Macro Allocation Strategy Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2017:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	47.91	%

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

30 Invesco Macro Allocation Strategy Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested 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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco Macro Allocation Strategy Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		MAS-AR-1		12192017		0934

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

Visit our website for more information on your investments

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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco MLP Fund

LOGO

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.

∎ 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.

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

Sincerely,

LOGO

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, 2017, Class A shares of Invesco MLP Fund (the Fund), at net asset value (NAV), underperformed the Fund’s style-specific benchmark, the Alerian MLP Index.

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

Fund vs. Indexes


Class A Shares	-4.88	%
Class C Shares	-5.45
Class R Shares	-5.12
Class Y Shares	-4.61
Class R5 Shares	-4.63
Class R6 Shares	-4.63
S&P 500 Index^▼ (Broad Market Index)	23.63
Alerian MLP Index^▼ (Style-Specific Index)	-3.39
Lipper Energy MLP Funds Index^∎ (Peer Group Index)	-2.32
Source(s): ^▼FactSet Research Systems Inc.; ^∎Lipper, Inc.

Market conditions and your Fund

Given signs of an improving economy, the US Federal Reserve (the Fed) raised interest rates three times during the

reporting period, most recently in June 2017.³ The Fed pledged that “realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation” will guide its future actions. At the close of the reporting period, Fed policy remained accommodative, and the fed funds target rate stood at a range of 1.00% to 1.25% – up 75 basis points for the reporting period.³ (A basis point is 0.01%.)



Portfolio Composition
By MILP sector			% of total net assets



Refined Products Pipelines & Terminals	29.5	%
Pipelines & Midstream Diversified	22.3
Gathering & Processing MLP	16.2
Midstream Diversified	10.5
Natural Gas Pipelines & Storage	8.1
Marine	3.1
General Partner (C-Corp.)	2.6
Refinery Logistics	1.5
Non-Traditional	1.4
Oilfield Services	1.1
Global Infrastructure	1.0
Gathering & Processing	0.9
General Partner (MLP)	0.8
Money Market Funds Plus Other Assets Less Liabilities	1.0



Top 10 Equity Holdings*
			% of total net assets



1. Energy Transfer Partners, L.P.	10.5	%
2. Magellan Midstream Partners, L.P.	9.3
3. MPLX L.P.	9.0
4. Enterprise Products Partners L.P.	8.2
5. Williams Partners L.P.	6.3
6. Plains All American Pipeline, L.P.	5.1
7. EQT Midstream Partners L.P.	3.6
8. GasLog Partners L.P.	3.1
9. Phillips 66 Partners L.P.	3.0
10. Rice Midstream Partners L.P.	2.8



Total Net Assets	$	9.98 billion

Total Number of Holdings*		33

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

*Excluding money market fund holdings.

Data presented here are as of October 31, 2017.

and personal tax rates and increased infrastructure spending. The stock market rally continued throughout the reporting period, fueled by generally positive economic data, strong corporate earnings and improved consumer confidence – even as the prospect for health care and tax reform faded somewhat.

Given investor sentiment toward volatile commodity prices and uncertainty surrounding energy companies, master limited partnership (MLP) equities experienced losses during the reporting period, underperforming broad market equities. Additionally, Hurricane Harvey disrupted operations for companies with exposure to Gulf Coast infrastructure, though very little damage was seen at the asset level.

A combination of effective OPEC production cuts and evidence of demand growth supported crude oil prices – from $48.14 per barrel at the beginning of the reporting period to $61.37 per barrel at the end. Natural gas prices, which aver aged $3.07 per million cubic feet, were essentially flat during the fiscal year.⁴

In this environment, the Fund had a negative return and underperformed its style-specific benchmark during the reporting period. On an absolute basis, Fund holdings in the marine MLP sector contributed to the Fund’s performance. Pipelines and midstream diversified, as well as gathering and processing MLP sectors, were the largest detractors from the Fund’s absolute performance.

The Fund underperformed its style-specific benchmark primarily due to security selection and overweight position in the pipelines and midstream diversified MLP sector. Security selection in the gathering and processing MLP sector, out-of-benchmark exposure to the general partner MLP sector, as well as a combination of security selection and overweight allocation in the natural gas pipelines and storage MLP sector also hurt the Fund’s relative performance.

Positive contributors to the Fund’s performance relative to its style-specific benchmark included: security selection in and underweight exposure to the refined products pipelines and terminals MLP sector, security selection in and overweight exposure to the marine MLP sector, underweight exposure to the non-traditional MLP sector, and a lack of exposure to the propane MLP sector. Ancillary cash held by the Fund was also beneficial during the reporting period, given the overall decline in MLP equities.

4 Invesco MLP Fund

Individual contributors to the Fund’s absolute performance included Enterprise Products Partners and ONEOK, Inc. (formerly, ONEOK Partners, L.P.). Enterprise Products Partners is one of the largest publicly traded MLPs with over 50,000 miles of pipelines carrying natural gas, natural gas liquid (NGL), crude oil, refined products and petrochemicals. It also owns salt dome storage capacity, natural gas processing plants, NGL fractionators and NGL import/export terminals in the Houston Ship Channel. During the fiscal year, Enterprise announced plans to develop an ethylene marine export terminal that would be connected to its existing Houston Ship Channel storage and systems, as well as plans to expand capacity at an existing natural gas processing facility in West Texas. Additionally, Enterprise increased its quarterly distribution during the fiscal year. ONEOK Partners was an owner of a premier NGL system that connects supply in the midcontinent, Permian and Rocky Mountains with key market centers. During the fiscal year, ONEOK Partners announced a definitive merger agreement in which ONEOK, Inc. would acquire all of its outstanding common stock at a significant increase to its previous day’s closing price. The acquisition completed at the end of the second quarter 2017, thus the Fund held a position in ONEOK, Inc. as of the end of the reporting period.

Individual detractors from the Fund’s absolute performance included Energy Transfer Partners and Plains All American Pipeline. Energy Transfer Partners suffered setbacks and a halt in the development of its Rover natural gas pipeline in Ohio, which was set to deliver gas from the Marcellus shale to the Midwest in the second half of 2017. Plains All American Pipeline detracted following lower-than-expected second quarter 2017 earnings. Additionally, Plains reduced earnings guidance for the full year 2017 and 2018 and noted a potential distribution cut. During the reporting period, we viewed Plains as owning key pipeline infrastructure in the Permian basin and we added to the Fund’s position on share price weakness.

During the reporting period, the Fund held overweight positions relative to its style-specific benchmark in the following MLP sectors: pipelines and midstream diversified, gathering and processing, natural gas pipelines and storage, and marine. The Fund held underweight positions in the following MLP sectors: non-traditional, coal, and refined products pipelines and terminals. Out-of-benchmark exposures included the following MLP sectors: general partner and oilfield

services. The Fund lacked exposure to the propane MLP sector in which the style-specific benchmark had minor exposure.

In general, we believed OPEC’s agreement to limit crude oil production to be beneficial for US production growth throughout 2017 and into 2018. Further, we believed the presidential administration’s focus on reducing overall regulation could benefit certain midstream energy companies in the process of receiving approvals for new projects. Additionally, we viewed the lifting of the US crude oil export ban as being instrumental for continued US midstream infrastructure buildout, which would also be beneficial for midstream services companies that tend to be influenced more by the volume, rather than by the price of energy.

We believed that the Permian and Marcellus basins remained the strongest basins with drilling economics that were relatively attractive and production volumes 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 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.

As always, we thank you for your investment in Invesco MLP Fund.

1	Source: Bureau of Economic Analysis

2	Sources: Bureau of Labor Statistics, Bloomberg L.P.

3	Source: US Federal Reserve

4	Source: Bloomberg L.P.

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

LOGO

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 MLP Fund


Average Annual Total Returns
As of 10/31/17, including maximum applicable sales charges


Class A Shares
Inception (8/29/14)	-14.78	%
1 Year	-10.07

Class C Shares
Inception (8/29/14)	-13.89	%
1 Year	-6.35

Class R Shares
Inception (8/29/14)	-13.47	%
1 Year	-5.12

Class Y Shares
Inception (8/29/14)	-12.99	%
1 Year	-4.61

Class R5 Shares
Inception (8/29/14)	-13.04	%
1 Year	-4.63

Class R6 Shares
Inception (8/29/14)	-13.04	%
1 Year	-4.63

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 1.98%, 2.73%, 2.23%, 1.73%, 1.73% and 1.73%, 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 5.45%, 6.20%, 5.70%, 5.20%, 5.14% and 5.14%, 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.


Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges



Class A Shares
Inception (8/29/14)	-13.97	%
1 Year	-10.58

Class C Shares
Inception (8/29/14)	-13.04	%
1 Year	-6.86

Class R Shares
Inception (8/29/14)	-12.60	%
1 Year	-5.47

Class Y Shares
Inception (8/29/14)	-12.16	%
1 Year	-5.14

Class R5 Shares
Inception (8/29/14)	-12.16	%
1 Year	-5.14

Class R6 Shares
Inception (8/29/14)	-12.16	%
1 Year	-5.14

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

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.

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, 2017, 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.

∎

Principal risks of investing in the Fund

∎

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 Sub-chapter “C” corporation. As a “C” corporation, the Fund is subject to U.S. 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 U.S. 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.

∎

MLP risk. The Fund invests principally in securities of MLPs, which are subject to the following risks:

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco MLP Fund

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 greater than the amount of the holder’s investment in the general partner or managing member.

∎

distribution by the MLP and, as a result, could result in 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.

∎

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.

∎

Other information

∎

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

∎

Sector classifications used in this report are generally according to the Energy MLP Classification Standard, which was developed by and is the exclusive property and a service mark of Alerian.

9 Invesco MLP Fund

Schedule of Investments^(a)

October 31, 2017


	Units		Value
Master Limited Partnerships–93.42%
Gathering & Processing MLP–16.22%
Antero Midstream Partners L.P.		8,360	$	239,932
DCP Midstream, L.P.		8,196		271,124
Enable Midstream Partners, L.P.		4,316		65,128
EnLink Midstream Partners, L.P.		8,023		122,832
EQT Midstream Partners L.P.		4,966		362,816
Rice Midstream Partners L.P.		13,634		282,769
Western Gas Partners, L.P.		5,720		273,931
				1,618,532

General Partner (MLP)–0.75%
Energy Transfer Equity, L.P.		4,245		75,349

Marine–3.09%
GasLog Partners L.P. (Monaco)		12,968		307,990

Midstream Diversified–10.48%
Energy Transfer Partners, L.P.		60,025		1,045,035

Natural Gas Pipelines & Storage–8.08%
Boardwalk Pipeline Partners, L.P.		14,983		210,062
Cheniere Energy Partners, L.P.		9,117		255,185
Tallgrass Energy Partners L.P.		5,799		253,068
TC Pipelines, L.P.		1,643		87,555
				805,870

Non-Traditional–1.43%
Westlake Chemical Partners L.P.		6,394		142,266

Pipelines & Midstream Diversified–22.32%
Enbridge Energy Partners, L.P.		17,719		267,203
Enterprise Products Partners L.P.		33,340		816,830
Plains All American Pipeline, L.P.		25,630		511,831
Williams Partners L.P.		17,023		630,532
				2,226,396

Refined Products Pipelines & Terminals–29.51%
Andeavor Logistics L.P.		5,372		242,707
Buckeye Partners, L.P.		3,065		162,782
Delek Logistics Partners L.P.		4,086		125,440
Genesis Energy, L.P.		7,192		167,502


	Units		Value
Refined Products Pipelines & Terminals–(continued)
Magellan Midstream Partners, L.P.		13,541	$	930,402
MPLX L.P.		25,352		893,912
PBF Logistics L.P.		6,113		120,426
Phillips 66 Partners L.P.		5,973		301,099
				2,944,270

Refinery Logistics–1.54%
Shell Midstream Partners, L.P.		6,064		154,086
Total Master Limited Partnerships (Cost $9,925,985)				9,319,794

	Shares
Common Stocks–5.57%
Gathering & Processing–0.90%
Targa Resources Corp.		2,164		89,806

General Partner (C-Corp.)–2.63%
ONEOK, Inc.		1,329		72,110
Williams Cos., Inc. (The)		6,662		189,867
				261,977

Global Infrastructure–0.99%
Cheniere Energy, Inc.^(b)		2,104		98,341

Oilfield Services–1.05%
U.S. Silica Holdings, Inc.		3,449		105,229
Total Common Stocks (Cost $599,737)				555,353

Money Market Funds–0.96%
Invesco Government & Agency Portfolio–Institutional Class, 0.95%^(c)		57,682		57,682
Invesco Treasury Portfolio–Institutional Class, 0.94%^(c)		38,455		38,455
Total Money Market Funds (Cost $96,137)				96,137
TOTAL INVESTMENTS IN SECURITIES–99.95% (Cost $10,621,859)				9,971,284
OTHER ASSETS LESS LIABILITIES–0.05%				4,620
NET ASSETS–100.00%			$	9,975,904

Notes to Schedule of Investments:

^(a)	Sector classifications used in this report are generally according to the Energy MLP Classification Standard, which was developed by and is the exclusive property and a service mark of Alerian.

^(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, 2017.

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, 2017


Assets:
Investments in securities, at value (Cost $10,525,722)	$	9,875,147
Investments in affiliated money market funds, at value and cost		96,137
Receivable for:
Fund shares sold		6,446
Dividends		44,642
Fund expenses absorbed		186,958
Deferred tax asset, net		0
Other assets		44,904
Total assets		10,254,234

Liabilities:
Payable for:
Fund shares reacquired		1,190
Accrued fees to affiliates		10,348
Accrued trustees’ and officers’ fees and benefits		1,955
Accrued other operating expenses		264,837
Total liabilities		278,330
Net assets applicable to shares outstanding	$	9,975,904

Net assets consist of:
Shares of beneficial interest	$	13,521,155
Undistributed net investment income (loss), net of taxes		(1,422,768	)
Undistributed net realized gain (loss), net of taxes		(1,471,908	)
Net unrealized appreciation (depreciation), net of taxes		(650,575	)
	$	9,975,904


Net Assets:
Class A	$	3,618,679
Class C	$	1,087,529
Class R	$	347,249
Class Y	$	4,911,507
Class R5	$	5,470
Class R6	$	5,470

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		662,333
Class C		199,327
Class R		63,569
Class Y		898,704
Class R5		1,001
Class R6		1,001
Class A:
Net asset value per share	$	5.46
Maximum offering price per share
(Net asset value of $5.46 ¸ 94.50%)	$	5.78
Class C:
Net asset value and offering price per share	$	5.46
Class R:
Net asset value and offering price per share	$	5.46
Class Y:
Net asset value and offering price per share	$	5.47
Class R5:
Net asset value and offering price per share	$	5.46
Class R6:
Net asset value and offering price per share	$	5.46

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, 2017


Investment income:
Dividends (net of return of capital distributions of $669,624)	$	41,332
Dividends from affiliated money market funds		881
Total investment income		42,213

Expenses:
Advisory fees		110,203
Administrative services fees		50,000
Custodian fees		8,136
Distribution fees:
Class A		11,462
Class C		12,233
Class R		1,455
Transfer agent fees — A, C, R and Y		19,973
Transfer agent fees — R5		6
Transfer agent fees — R6		6
Trustees’ and officers’ fees and benefits		20,392
Registration and filing fees		82,968
Reports to shareholders		19,804
Professional services fees		189,888
Taxes		2,072
Other		9,123
Total expenses, before waivers and taxes		537,721
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(393,687	)
Net expenses, before taxes		144,034
Net investment income (loss), before taxes		(101,821	)
Net tax expense (benefit)		0
Net investment income (loss), net of taxes		(101,821	)

Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		282,901
Net tax expense (benefit)		0
Net realized gain, net of taxes		282,901
Change in net unrealized appreciation (depreciation) of:
Investment securities		(882,581	)
Net tax expense (benefit)		0
Net change in net unrealized appreciation (depreciation) of investment securities, net of taxes		(882,581	)
Net realized and unrealized gain (loss), net of taxes		(599,680	)
Net increase (decrease) in net assets resulting from operations	$	(701,501	)

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, 2017 and 2016


	2017			2016
Operations:
Net investment income (loss), net of taxes	$	(101,821	)	$	(80,805	)
Net realized gain (loss), net of taxes		282,901			(575,663	)
Change in net unrealized appreciation (depreciation), net of taxes		(882,581	)		1,016,948
Net increase (decrease) in net assets resulting from operations		(701,501	)		360,480

Return of Capital:
Class A		(241,759	)		(182,591	)
Class C		(55,987	)		(25,040	)
Class R		(14,486	)		(8,321	)
Class Y		(273,122	)		(163,922	)
Class R5		(344	)		(358	)
Class R6		(344	)		(358	)
Total return of capital		(586,042	)		(380,590	)

Share transactions–net:
Class A		23,111			1,616,085
Class C		(55,702	)		1,089,108
Class R		139,522			176,423
Class Y		2,025,103			1,433,308
Net increase in net assets resulting from share transactions		2,132,034			4,314,924
Net increase in net assets		844,491			4,294,814

Net assets:
Beginning of year		9,131,413			4,836,599
End of year (includes undistributed net investment income (loss), net of taxes of $(1,422,768) and $(725,036), respectively)	$	9,975,904		$	9,131,413

Notes to Financial Statements

October 31, 2017

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 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 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.

13 Invesco MLP Fund

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

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

Distributions – Distributions, if any, are declared and paid quarterly and are recorded on the ex-dividend date. The estimated characterization of the distribution paid will be either ordinary income or a return of capital. The actual tax character of a distribution made by the Fund will not be determined until after the Fund’s fiscal year end. It is anticipated that a significant portion of a distribution will be return of capital.

14 Invesco MLP Fund

Master Limited Partnerships — The Fund primarily invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund principally invests in MLPs that derive their revenue primarily from businesses involved in the gathering, transporting, processing, treating, storing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products or coal (“energy infrastructure MLPs”). The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

The Fund is non-diversified and will concentrate its investments in the energy sector. Energy infrastructure MLPs are subject to a variety of industry specific risk factors that may adversely affect their business or operations, including a decrease in production or reduced volumes of natural gas or other energy commodities available for transporting, processing, storing or distributing; changes in energy commodity prices; a sustained reduced demand for crude oil, natural gas and refined petroleum products; depletion of natural gas reserves or other commodities if not replaced; natural disasters, extreme weather and environmental hazards; rising interest rates, how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for products and services. In addition, taxes, government regulation, international politics, price, and supply fluctuations, volatile interest rates and energy conservation may cause difficulties for energy infrastructure MLPs.

MLPs may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

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.

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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate
First $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, 2017, the effective advisory fees incurred by the Fund was 1.00%.

Effective January 1, 2017, the Adviser has contractually agreed, through at least February 28, 2019, 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 1.28%, 2.03%, 1.53%, 1.03%, 1.03% and 1.03%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to January 1, 2017, The Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual 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, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

For the year ended October 31, 2017, the Adviser waived advisory fees and reimbursed fund level expenses of $373,701 and reimbursed class level expenses of $8,182, $2,183, $519, $8,760, $6 and $6 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2017, IDI advised the Fund that IDI retained $1,826 in front-end sales commissions from the sale of Class A shares and $84 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.

16 Invesco MLP Fund

NOTE 3—Additional Valuation Information

Level 1 —

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

Level 2 —

Level 3 —

NOTE 4—Expense Offset Arrangement(s)

NOTE 5—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund.

NOTE 6—Cash Balances

NOTE 7—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	$	(239,191	)	34.00	%
State and other taxes, net of federal tax benefit		(15,288	)	2.17
Permanent differences, current period		(3,356	)	0.48
Valuation allowance		256,663		(36.48	)
Return to provision		1,172		(0.17	)
Total	$	0		0.00	%

17 �� Invesco MLP Fund

Components of the Fund’s Net Deferred Tax Asset at Period-End:


Deferred Tax Assets:
Net operating loss carryforward	$	149,267
Capital loss carryforward		580,544
Unrealized gains on investment securities		126,629
Total Deferred Tax Assets		856,440
Valuation allowance		(856,440	)
Deferred Tax Asset, Net	$	0

The Fund has a capital loss carryforward as of October 31, 2017, of $1,621,958. 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, 2017, of $417,212, which expires in 2034. As of October 31, 2017, the Fund has state net operating losses of approximately $412,030. If not utilized, these net operating losses will expire in various years through October 31, 2037.

At October 31, 2017, 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, 2017 based on historical evidence it is unlikely the DTA will be realized.

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2017 and 2016:


	2017		2016
Return of capital	$	586,042	$	380,590

NOTE 8—Investment Transactions

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, 2017 was $12,182,875 and $10,086,269, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	138,624
Aggregate unrealized (depreciation) of investments		(491,081	)
Net unrealized appreciation (depreciation) of investments	$	(352,457	)

Cost of investments for tax purposes is $10,323,741.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of dividends received, on October 31, 2017, undistributed net investment income (loss) was decreased by $9,869 and shares of beneficial interest was increased by $9,869. This reclassification had no effect on the net assets of the Fund.

18 Invesco MLP Fund

NOTE 10—Share Information


	Summary of Share Activity
	Years ended October 31,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		296,058		$	1,878,977			320,430		$	1,847,014
Class C		87,078			549,317			182,453			1,102,203
Class R		29,368			173,908			33,865			174,013
Class Y		640,024			4,089,555			292,748			1,626,732

Issued as reinvestment of dividends:
Class A		27,561			166,884			20,756			117,814
Class C		7,831			47,155			3,359			19,487
Class R		2,368			14,173			1,379			7,992
Class Y		20,960			126,518			11,016			63,540

Reacquired:
Class A		(329,385	)		(2,022,750	)		(58,763	)		(348,743	)
Class C		(107,583	)		(652,174	)		(5,647	)		(32,582	)
Class R		(7,876	)		(48,559	)		(944	)		(5,582	)
Class Y^(b)		(346,686	)		(2,190,970	)		(43,714	)		(256,964	)
Net increase in share activity		319,718		$	2,132,034			756,938		$	4,314,924

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The 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, 16% of the outstanding shares of the Fund are owned by the Adviser or an affiliated of the Adviser.

^(b)	On March 14, 2017, 175,247 Class Y shares valued at $1,140,858 were sold by the Adviser or an affiliate of the Adviser.

19 Invesco MLP Fund

NOTE 11—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,
	2017			2016			2015			2014^(a)
Net asset value, beginning of period	$	6.06		$	6.45		$	9.35		$	10.00
Net investment income (loss)^(b)		(0.06	)		(0.07	)		(0.09	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		(0.21	)		0.02			(2.51	)		(0.64	)
Total from investment operations		(0.27	)		(0.05	)		(2.60	)		(0.65	)
Less:
Return of capital		(0.33	)		(0.34	)		(0.30	)		—
Net asset value, end of period	$	5.46		$	6.06		$	6.45		$	9.35
Total return^(c)		(4.88	)%		(0.14	)%		(28.30	)%		(6.50	)%
Net assets, end of period (000’s omitted)	$	3,619		$	4,050		$	2,489		$	1,931
Portfolio turnover rate^(d)		93	%		57	%		107	%		5	%

Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		1.33	%^(e)		1.50	%		1.50	%		1.49	%^(f)
Tax expense (benefit)^(g)		0	%^(e)		0	%		0	%		0	%^(f)
With fee waivers and/or expense reimbursements, after taxes^(g)		1.33	%^(e)		1.50	%		1.50	%		1.49	%^(f)
Without fee waivers and/or expense reimbursements, after taxes^(g)		4.90	%^(e)		4.75	%		6.37	%		72.56	%^(f)
Ratio of net investment income (loss), before taxes		(0.95	)%^(e)		(1.28	)%		(1.16	)%		(0.54	)%^(f)
Ratio of net investment income (loss), after taxes^(h)		(0.95	)%^(e)		(1.28	)%		(1.16	)%		(0.54	)%^(f)

^(a)	Commencement date of August 29, 2014.

^(b)	Calculated using average shares outstanding.

^(c)

^(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 $4,585.

^(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 11—Financial Highlights—(continued)


	Class C
	Years ended October 31,
	2017			2016			2015			2014^(a)
Net asset value, beginning of period	$	6.05		$	6.45		$	9.34		$	10.00
Net investment income (loss)^(b)		(0.10	)		(0.12	)		(0.16	)		(0.02	)
Net gains (losses) on securities (both realized and unrealized)		(0.21	)		0.02			(2.49	)		(0.64	)
Total from investment operations		(0.31	)		(0.10	)		(2.65	)		(0.66	)
Less:
Return of capital		(0.28	)		(0.30	)		(0.24	)		—
Net asset value, end of period	$	5.46		$	6.05		$	6.45		$	9.34
Total return^(c)		(5.45	)%		(1.08	)%		(28.78	)%		(6.60	)%
Net assets, end of period (000’s omitted)	$	1,088		$	1,283		$	205		$	1,713
Portfolio turnover rate^(d)		93	%		57	%		107	%		5	%

Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		2.08	%^(e)		2.25	%		2.25	%		2.24	%^(f)
Tax expense (benefit)^(g)		0	%^(e)		0	%		0	%		0	%^(f)
With fee waivers and/or expense reimbursements, after taxes^(g)		2.08	%^(e)		2.25	%		2.25	%		2.24	%^(f)
Without fee waivers and/or expense reimbursements, after taxes^(g)		5.65	%^(e)		5.50	%		7.12	%		73.31	%^(f)
Ratio of net investment income (loss), before taxes		(1.70	)%^(e)		(2.03	)%		(1.91	)%		(1.29	)%^(f)
Ratio of net investment income (loss), after taxes^(h)		(1.70	)%^(e)		(2.03	)%		(1.91	)%		(1.29	)%^(f)

^(a)	Commencement date of August 29, 2014.

^(b)	Calculated using average shares outstanding.

^(c)

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

^(e)	Ratios are based on average daily net assets (000’s omitted) of $1,223.

^(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 11—Financial Highlights—(continued)


	Class R
	Years ended October 31,
	2017			2016			2015			2014^(a)
Net asset value, beginning of period	$	6.06		$	6.45		$	9.35		$	10.00
Net investment income (loss)^(b)		(0.07	)		(0.09	)		(0.11	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		(0.22	)		0.03			(2.51	)		(0.64	)
Total from investment operations		(0.29	)		(0.06	)		(2.62	)		(0.65	)
Less:
Return of capital		(0.31	)		(0.33	)		(0.28	)		—
Net asset value, end of period	$	5.46		$	6.06		$	6.45		$	9.35
Total return^(c)		(5.12	)%		(0.39	)%		(28.48	)%		(6.50	)%
Net assets, end of period (000’s omitted)	$	347		$	241		$	35		$	21
Portfolio turnover rate^(d)		93	%		57	%		107	%		5	%

Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		1.58	%^(e)		1.75	%		1.75	%		1.74	%^(f)
Tax expense (benefit)^(g)		0	%^(e)		0	%		0	%		0	%^(f)
With fee waivers and/or expense reimbursements, after taxes^(g)		1.58	%^(e)		1.75	%		1.75	%		1.74	%^(f)
Without fee waivers and/or expense reimbursements, after taxes^(g)		5.15	%^(e)		5.00	%		6.62	%		72.80	%^(f)
Ratio of net investment income (loss), before taxes		(1.20	)%^(e)		(1.53	)%		(1.41	)%		(0.79	)%^(f)
Ratio of net investment income (loss), after taxes^(h)		(1.20	)%^(e)		(1.53	)%		(1.41	)%		(0.79	)%^(f)

^(a)	Commencement date of August 29, 2014.

^(b)	Calculated using average shares outstanding.

^(c)

^(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 $291.

^(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 11—Financial Highlights—(continued)


	Class Y
	Years ended October 31,
	2017			2016			2015			2014^(a)
Net asset value, beginning of period	$	6.07		$	6.46		$	9.36		$	10.00
Net investment income (loss)^(b)		(0.04	)		(0.06	)		(0.07	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		(0.22	)		0.03			(2.51	)		(0.63	)
Total from investment operations		(0.26	)		(0.03	)		(2.58	)		(0.64	)
Less:
Return of capital		(0.34	)		(0.36	)		(0.32	)		—
Net asset value, end of period	$	5.47		$	6.07		$	6.46		$	9.36
Total return^(c)		(4.61	)%		0.14	%		(28.07	)%		(6.40	)%
Net assets, end of period (000’s omitted)	$	4,912		$	3,545		$	2,094		$	1,628
Portfolio turnover rate^(d)		93	%		57	%		107	%		5	%

Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		1.08	%^(e)		1.25	%		1.25	%		1.24	%^(f)
Tax expense (benefit)^(g)		0	%^(e)		0	%		0	%		0	%^(f)
With fee waivers and/or expense reimbursements, after taxes^(g)		1.08	%^(e)		1.25	%		1.25	%		1.24	%^(f)
Without fee waivers and/or expense reimbursements, after taxes^(g)		4.65	%^(e)		4.50	%		6.12	%		72.31	%^(f)
Ratio of net investment income (loss), before taxes		(0.70	)%^(e)		(1.03	)%		(0.91	)%		(0.29	)%^(f)
Ratio of net investment income (loss), after taxes^(h)		(0.70	)%^(e)		(1.03	)%		(0.91	)%		(0.29	)%^(f)

^(a)	Commencement date of August 29, 2014.

^(b)	Calculated using average shares outstanding.

^(c)

^(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 $4,909.

^(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 11—Financial Highlights—(continued)


	Class R5
	Years ended October 31,
	2017			2016			2015			2014^(a)
Net asset value, beginning of period	$	6.06		$	6.46		$	9.36		$	10.00
Net investment income (loss)^(b)		(0.04	)		(0.06	)		(0.07	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		(0.22	)		0.02			(2.51	)		(0.63	)
Total from investment operations		(0.26	)		(0.04	)		(2.58	)		(0.64	)
Less:
Return of capital		(0.34	)		(0.36	)		(0.32	)		—
Net asset value, end of period	$	5.46		$	6.06		$	6.46		$	9.36
Total return^(c)		(4.63	)%		(0.03	)%		(28.07	)%		(6.40	)%
Net assets, end of period (000’s omitted)	$	5		$	6		$	6		$	9
Portfolio turnover rate^(d)		93	%		57	%		107	%		5	%

Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		1.08	%^(e)		1.25	%		1.25	%		1.24	%^(f)
Tax expense (benefit)^(g)		0	%^(e)		0	%		0	%		0	%^(f)
With fee waivers and/or expense reimbursements, after taxes^(g)		1.08	%^(e)		1.25	%		1.25	%		1.24	%^(f)
Without fee waivers and/or expense reimbursements, after taxes^(g)		4.57	%^(e)		4.44	%		6.10	%		72.28	%^(f)
Ratio of net investment income (loss), before taxes		(0.70	)%^(e)		(1.03	)%		(0.91	)%		(0.29	)%^(f)
Ratio of net investment income (loss), after taxes^(h)		(0.70	)%^(e)		(1.03	)%		(0.91	)%		(0.29	)%^(f)

^(a)	Commencement date of August 29, 2014.

^(b)	Calculated using average shares outstanding.

^(c)

^(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.

24 Invesco MLP Fund

NOTE 11—Financial Highlights—(continued)


	Class R6
	Years ended October 31,
	2017			2016			2015			2014^(a)
Net asset value, beginning of period	$	6.06		$	6.46		$	9.36		$	10.00
Net investment income (loss)^(b)		(0.04	)		(0.06	)		(0.07	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		(0.22	)		0.02			(2.51	)		(0.63	)
Total from investment operations		(0.26	)		(0.04	)		(2.58	)		(0.64	)
Less:
Return of capital		(0.34	)		(0.36	)		(0.32	)		—
Net asset value, end of period	$	5.46		$	6.06		$	6.46		$	9.36
Total return^(c)		(4.63	)%		(0.03	)%		(28.07	)%		(6.40	)%
Net assets, end of period (000’s omitted)	$	5		$	6		$	6		$	9
Portfolio turnover rate^(d)		93	%		57	%		107	%		5	%

Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		1.08	%^(e)		1.25	%		1.25	%		1.24	%^(f)
Tax expense (benefit)^(g)		0	%^(e)		0	%		0	%		0	%^(f)
With fee waivers and/or expense reimbursements, after taxes^(g)		1.08	%^(e)		1.25	%		1.25	%		1.24	%^(f)
Without fee waivers and/or expense reimbursements, after taxes^(g)		4.57	%^(e)		4.44	%		6.10	%		72.23	%^(f)
Ratio of net investment income (loss), before taxes		(0.70	)%^(e)		(1.03	)%		(0.91	)%		(0.29	)%^(f)
Ratio of net investment income (loss), after taxes^(h)		(0.70	)%^(e)		(1.03	)%		(0.91	)%		(0.29	)%^(f)

^(a)	Commencement date of August 29, 2014.

^(b)	Calculated using average shares outstanding.

^(c)

^(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.

25 Invesco MLP Fund

Report of Independent Registered Public Accounting Firm

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

and Shareholders of Invesco MLP Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco MLP Fund (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended and for the period August 29, 2014 (commencement of investment 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, 2017 by correspondence with the custodian and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

26 Invesco MLP Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	877.40	$	6.06	$	1,018.75	$	6.51		1.28	%
C		1,000.00		875.40		9.60		1,014.97		10.31		2.03
R		1,000.00		876.30		7.24		1,017.49		7.78		1.53
Y		1,000.00		878.80		4.88		1,020.01		5.24		1.03
R5		1,000.00		878.50		4.88		1,020.01		5.24		1.03
R6		1,000.00		878.50		4.88		1,020.01		5.24		1.03

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

27 Invesco 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 12-13, 2017, 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. and separate Sub-Advisory Contracts with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.

The Board’s Fund Evaluation Process

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

B.	Fund Investment Performance

The Board noted that the Fund had only two years of performance history and compared the Fund’s investment performance during the past one and two calendar years 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 fourth 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

28 Invesco MLP 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.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

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

securities lending arrangements in the affiliated money market funds is fair and reasonable.

29 Invesco MLP Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested 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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco MLP Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		MLP-AR-1		12182017		1002

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

maintain extraordinarily accommodative monetary policies. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US Federal Reserve raised interest rates three times during the reporting period: first in December 2016, and then again in March and June 2017. Health care and tax reform proved to be more difficult than expected to enact, with little progress achieved by the end of the reporting period.

Visit our website for more information on your investments

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,

LOGO

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:
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.

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

Sincerely,

LOGO

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, 2017, Class A shares of Invesco Multi-Asset Income Fund (the Fund), at net asset value (NAV), underperformed 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, 10/31/16 to 10/31/17, 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			9.64%
Class C Shares			8.83
Class R Shares			9.37
Class Y Shares			9.91
Class R5 Shares			9.81
Class R6 Shares			9.91
Bloomberg Barclays U.S. Aggregate Index^▼(Broad Market Index)			0.90
Custom Invesco Multi-Asset Income Index^∎(Style-Specific Index)			12.27
Lipper Mixed-Asset Target Allocation Conservative Funds Index^◆(Peer Group Index)			7.82

Source(s): ^▼FactSet Research Systems, Inc.; ^∎Invesco, FactSet Research Systems, Inc.; ^◆Lipper Inc.

Market conditions and your Fund

For the fiscal year ended October 31, 2017, Invesco Multi-Asset Income Fund, at NAV, provided positive returns, led by gains in US large-cap preferred equities, US high yield securities, US mortgage real estate investment trusts (REITs), emerging market government bonds and master limited partnerships (MLPs). Conversely, equity REITs and US 30-year STRIPS were the only strategic asset classes that detracted from Fund performance. Tactical allocation shifts helped Fund performance, with the strategy maintaining a consistent overweight allocation to equity risk, which proved timely. The tactical step of the investment process allows the Fund to adapt to short-term market dynamics by shifting its sensitivity to equity or fixed income markets, which are used as proxies for risk metrics incurred within the strategic allocation.

Preferred securities were the top contributor to Fund performance for the reporting period. Over the fiscal year, the asset class experienced a positive change in overall sentiment after a dismal 2016. The tide turned on multiple fronts. Bank and insurance fundamentals were strong and improving, and capital levels appeared likely to remain healthy and supportive for preferred investors. While markets were potentially underestimating the speed of future US Federal Reserve (the Fed) interest rate hikes, recent rate hikes by the Fed point to a cautious approach.

The US high yield market also contributed to Fund performance for the fiscal year. This was consistent with a market environment in which investors favored riskier investments. Moreover, tightening credit spreads across the rating spectrum enhanced the Fund’s coupon income. Additionally, energy prices, which rallied

substantially over the reporting period, exerted positive influence on the performance of high yield securities, leading to firmer prices and tightening credit spreads in the high yield energy sub-sector.

Mortgage REITs (i.e., bundles of mortgages that pass homeowners’ payments on to investors) also contributed to Fund performance for the reporting period. Despite the Fed moving toward a tightening stance in monetary policy, many conditions improved for the asset class during the reporting period. Chief among them were steadily falling mortgage default rates, rising housing prices, a stronger economy and a declining unemployment rate. All these factors enhanced the ability of homeowners to service their debt, which in turn aided mortgage REIT dividend payments and security prices.

Exposure to emerging market debt also contributed to Fund performance. The asset class’ performance often exhibits an inherent inverse correlation with the valuation of the US dollar. This feature stems from the fact that dollar-denominated debt becomes more expensive to service with a weaker local currency. This phenomenon was experienced at the beginning of the reporting period, given expectations of higher growth and inflation in the US. Weakening of the dollar due to softening economic data points, concerns about the implementation of increased infrastructure spending, the possibility of a major tax overhaul and efforts to repeal the Affordable Care Act by the new administration all proved supportive of emerging market debt. During the reporting period, market participants acknowledged the widespread and synchronized growth in emerging economies, with aggregate manufacturing data exhibiting signs of expansion. While a global normalization of monetary policy


Portfolio Composition
By security type		% of total net assets



U.S. Dollar-Denominated Bonds & Notes	40.0	%
Preferred Stocks	22.0
Common Stocks & Other Equity Interests	14.4
U.S. Treasury Securities	8.3
Exchange-Traded Notes	8.2
Non-U.S. Dollar-Denominated Bonds & Notes	0.2
Variable Rate Senior Loan Interests	0.1
Money Market Funds Plus Other Assets Less Liabilities	6.8

Top Five Debt Issuers

% of total net assets



1.	U.S. Treasury Securities	8.3%
2.	El Salvador Government International Bond	0.6
3.	Kazakhstan Government International Bond	0.6
4.	Argentine Republic Government International Bond	0.6
5.	Mexico Government International Bond	0.6


Total Net Assets				$657.1 million



Total Number of Holdings*				709

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, 2017.

4 Invesco Multi-Asset Income Fund

could temporarily hamper performance in emerging market assets, a more gradual approach to this normalization process should be supportive.

MLPs, another contributor to Fund performance, tend to perform in unison with energy commodities. With the outcome of last year’s presidential election outcome elevating expectations of increased infrastructure spending, prices of West Texas Intermediate crude oil recovered from its early 2016 lows, which in turn pushed valuations of MLPs higher. While crude prices remained fairly range bound for the remainder of the reporting period, rig counts and production trends continued to improve the supply/demand balance, further supporting MLPs.

The top detractor from Fund performance was our exposure to 30-year US STRIPS. By the nature of its design, this type of security tends to exhibit significant sensitivity to changes in interest rates. This is the role this asset plays in the portfolio: providing some protection in the event of market contraction leading to lower interest rates. With the Fed gradually raising rates, US STRIPS struggled for most of the reporting period.

The Fund’s tactical allocation was a net contributor to overall results. While overweight exposure to equity markets proved beneficial to Fund performance, the Fund’s sovereign debt exposure represented a challenge. Canadian government bonds, in particular, struggled, following two 50-basis point rate increases during the reporting period. (A basis point is 0.01%.) German bunds and UK gilts also suffered as the European Central Bank and the Bank of England indicated potentially more conservative monetary policies, including curbing or even abandoning their quantitative easing programs.

We expect positive global economic growth to continue going forward, with improving employment and rising personal incomes likely to spur consumer spending and business investment. We anticipate the Fed will continue to tighten monetary policy at a gradual pace and to begin reducing the size of its balance sheet. Although not representing an immediate threat to global economic growth yet, geopolitical tensions with North Korea continue. Unexpected inflationary pressures might also be on the horizon as extremely expansive monetary policies have created imbalances. Nevertheless, the high income rates and yield-spreads relative to US Treasuries and corporate bonds could help to cushion the impact of rising interest rates over time.

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.

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.

Peter Hubbard

Portfolio Manager, is manager of Invesco Multi-Asset Income Fund. He joined Invesco in 2005.

Mr. Hubbard earned a BA in business and economics from Wheaton College.

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

LOGO

Past performance cannot guarantee comparable future results.

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 10/31/17, including maximum applicable sales charges

Class A Shares
Inception (12/14/11)	5.95	%
5 Years	4.51
1 Year	3.62

Class C Shares
Inception (12/14/11)	6.17	%
5 Years	4.90
1 Year	7.83

Class R Shares
Inception (12/14/11)	6.70	%
5 Years	5.43
1 Year	9.37

Class Y Shares
Inception (12/14/11)	7.23	%
5 Years	5.94
1 Year	9.91

Class R5 Shares
Inception (12/14/11)	7.23	%
5 Years	5.94
1 Year	9.81

Class R6 Shares
Inception	7.20	%
5 Years	5.94
1 Year	9.91

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.


Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges



Class A Shares
Inception (12/14/11)	6.09	%
5 Years	4.71
1 Year	2.01

Class C Shares
Inception (12/14/11)	6.32	%
5 Years	5.12
1 Year	6.19

Class R Shares
Inception (12/14/11)	6.86	%
5 Years	5.64
1 Year	7.72

Class Y Shares
Inception (12/14/11)	7.38	%
5 Years	6.15
1 Year	8.16

Class R5 Shares
Inception (12/14/11)	7.40	%
5 Years	6.19
1 Year	8.26

Class R6 Shares
Inception	7.35	%
5 Years	6.17
1 Year	8.16

Class R5 and Class R6 shares was 1.14%, 1.89%, 1.39%, 0.89%, 0.76% and 0.76%, 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.

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, 2019. 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, 2019. 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, 2017, 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.

∎

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.

∎

counsel confirming that income from such investments should be qualifying income because such commodity-linked notes constitute securities under section 2(a)(36) of the 1940 Act or (b) indirectly through the Subsidiary. Should the Internal Revenue Service issue further 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 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, live-stock 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.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Multi-Asset Income Fund

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.

∎

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.

∎

Dividend paying security risk. Securities that pay high dividends as a group can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of such companies and the capital resources available for such companies’ dividend payments may affect the fund.

∎

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.

∎

continued on page 10

9 Invesco Multi-Asset Income Fund

continued from page 9

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.

∎

Financial services sector risk. The Fund may be susceptible to adverse economic or regulatory occurrences affecting the financial services sector. Financial services companies are subject to extensive government regulation and are disproportionately affected by unstable interest rates, each of which could adversely affect the profitability of such companies. Financial services companies may also have concentrated portfolios, which makes them especially vulnerable to unstable economic conditions.

∎

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.

∎

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 Fund 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 Fund 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. Certain portions of the Fund’s assets are actively managed and depend 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.

∎

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 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

10 Invesco Multi-Asset Income Fund

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.

∎

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 result in 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.

∎

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.

∎

continued on page 12

11 Invesco Multi-Asset Income Fund

continued from page 11

∎

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.

∎

Other information

∎

12 Invesco Multi-Asset Income Fund

Schedule of Investments^(a)

October 31, 2017


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–40.52%
Advertising–0.16%
Lamar Media Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 02/01/2026	$	945,000	$	1,022,963

Aerospace & Defense–0.32%
Arconic Inc., Sr. Unsec. Global Notes, 5.13%, 10/01/2024		300,000		322,907
Bombardier Inc. (Canada), Sr. Unsec. Notes, 6.00%, 10/15/2022^(b)		390,000		386,100
TransDigm Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.50%, 07/15/2024		245,000		253,575
6.50%, 05/15/2025		1,126,000		1,164,002
				2,126,584

Agricultural & Farm Machinery–0.07%
Titan International Inc., Sr. Sec. Gtd. First Lien Global Notes, 6.88%, 10/01/2020		459,000		473,631

Air Freight & Logistics–0.03%
XPO Logistics, Inc., Sr. Unsec. Gtd. Notes, 6.50%, 06/15/2022^(b)		200,000		210,786

Airlines–0.07%
Air Canada (Canada), Sr. Unsec. Gtd. Notes, 7.75%, 04/15/2021^(b)		425,000		487,688

Alternative Carriers–0.31%
CenturyLink, Inc., Series S, Sr. Unsec. Notes, 6.45%, 06/15/2021		535,000		567,159
Series Y, Sr. Unsec. Global Notes, 7.50%, 04/01/2024		377,000		401,505
Level 3 Financing, Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 03/15/2026		727,000		753,135
5.38%, 05/01/2025		296,000		310,060
				2,031,859

Aluminum–0.21%
Alcoa Nederland Holding B.V., Sr. Unsec. Gtd. Notes, 6.75%, 09/30/2024^(b)		550,000		614,086
Novelis Corp., Sr. Unsec. Gtd. Notes, 6.25%, 08/15/2024^(b)		731,000		773,032
				1,387,118

Apparel Retail–0.32%
Gap, Inc. (The), Sr. Unsec. Global Bonds, 5.95%, 04/12/2021		289,000		312,404
Hot Topic, Inc., Sr. Sec. Gtd. First Lien Notes, 9.25%, 06/15/2021^(b)		481,000		401,034


	Principal Amount		Value
Apparel Retail–(continued)
L Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 02/15/2022	$	1,146,000	$	1,231,377
6.75%, 07/01/2036		30,000		29,475
6.88%, 11/01/2035		120,000		119,700
				2,093,990

Asset Management & Custody Banks–0.22%
Prime Security Services Borrower, LLC/Prime Finance, Inc., Sec. Gtd. Second Lien Notes, 9.25%, 05/15/2023^(b)		1,287,000		1,429,471

Auto Parts & Equipment–0.16%
Dana Financing Luxembourg S.a.r.l., Sr. Unsec. Gtd. Notes, 5.75%, 04/15/2025^(b)		100,000		106,250
Dana Inc., Sr. Unsec. Notes, 5.50%, 12/15/2024		520,000		551,200
Delphi Jersey Holdings PLC, Sr. Unsec. Notes, 5.00%, 10/01/2025^(b)		152,000		153,520
Tenneco Inc., Sr. Unsec. Gtd. Global Notes, 5.38%, 12/15/2024		250,000		263,438
				1,074,408

Automotive Retail–0.18%
Lithia Motors, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 08/01/2025^(b)		177,000		186,071
Murphy Oil USA, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 05/01/2027		590,000		627,613
Penske Automotive Group Inc., Sr. Unsec. Sub. Gtd. Notes, 5.50%, 05/15/2026		371,000		382,594
				1,196,278

Broadcasting–0.56%
AMC Networks Inc., Sr. Unsec. Gtd. Global Notes, 4.75%, 08/01/2025		86,000		86,107
5.00%, 04/01/2024		565,000		576,653
Clear Channel Worldwide Holdings, Inc., Series B, Sr. Unsec. Gtd. Global Notes, 6.50%, 11/15/2022		335,000		348,400
Sr. Unsec. Gtd. Sub. Global Notes, 7.63%, 03/15/2020		1,070,000		1,072,675
Netflix, Inc., Sr. Unsec. Global Notes, 5.75%, 03/01/2024		529,000		568,014
Nexstar Broadcasting, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 08/01/2024^(b)		492,000		506,145
Tribune Media Co., Sr. Unsec. Gtd. Global Notes, 5.88%, 07/15/2022		490,000		510,825
				3,668,819

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

13 Invesco Multi-Asset Income Fund


	Principal Amount		Value
Building Products–0.21%
Builders FirstSource, Inc., Sr. Sec. Gtd. First Lien Notes, 5.63%, 09/01/2024^(b)	$	195,000	$	206,700
Sr. Unsec. Gtd. Notes, 10.75%, 08/15/2023^(b)		426,000		485,640
Standard Industries Inc., Sr. Unsec. Notes, 5.00%, 02/15/2027^(b)		314,000		328,036
6.00%, 10/15/2025^(b)		350,000		380,187
				1,400,563

Cable & Satellite–2.39%
Altice Financing S.A. (Luxembourg), Sr. Sec. Gtd. First Lien Bonds, 7.50%, 05/15/2026^(b)		400,000		440,500
Altice Luxembourg S.A. (Luxembourg), Sr. Unsec. Gtd. Notes, 7.63%, 02/15/2025^(b)		750,000		816,562
Altice US Finance I Corp., Sr. Sec. Notes, 5.50%, 05/15/2026^(b)		415,000		432,637
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec. Global Notes, 5.75%, 09/01/2023		510,000		529,762
Sr. Unsec. Notes, 5.75%, 02/15/2026^(b)		1,830,000		1,917,565
CSC Holdings LLC, Sr. Unsec. Global Notes, 6.75%, 11/15/2021		365,000		403,325
Sr. Unsec. Gtd. Notes, 6.63%, 10/15/2025^(b)		200,000		219,700
Sr. Unsec. Notes, 10.13%, 01/15/2023^(b)		1,250,000		1,434,375
10.88%, 10/15/2025^(b)		400,000		491,000
DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.88%, 11/15/2024		1,627,000		1,635,135
6.75%, 06/01/2021		150,000		157,875
7.88%, 09/01/2019		725,000		785,175
Intelsat Jackson Holdings S.A. (Luxembourg), Sr. Sec. Gtd. First Lien Notes, 8.00%, 02/15/2024^(b)		175,000		186,813
Sr. Unsec. Gtd. Global Bonds, 5.50%, 08/01/2023		420,000		359,625
Sr. Unsec. Gtd. Global Notes, 7.25%, 10/15/2020		901,000		871,447
7.50%, 04/01/2021		333,000		317,183
Sirius XM Radio Inc., Sr. Unsec. Gtd. Notes, 5.38%, 04/15/2025^(b)		2,000		2,113
5.38%, 07/15/2026^(b)		419,000		442,569
6.00%, 07/15/2024^(b)		673,000		720,110
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany), Sr. Sec. Gtd. First Lien Bonds, 5.00%, 01/15/2025^(b)		500,000		523,750


	Principal Amount		Value
Cable & Satellite–(continued)
UPC Holding B.V. (Netherlands), Sr. Sec. First Lien Notes, 5.50%, 01/15/2028^(b)	$	200,000	$	199,500
UPCB Finance IV Ltd. (Netherlands), Sr. Sec. First Lien Notes, 5.38%, 01/15/2025^(b)		400,000		411,000
Virgin Media Finance PLC (United Kingdom), Sr. Unsec. Gtd. Notes, 6.00%, 10/15/2024^(b)		200,000		210,250
Virgin Media Secured Finance PLC (United Kingdom), Sr. Sec. Gtd. First Lien Notes, 5.50%, 08/15/2026^(b)		800,000		839,000
VTR Finance B.V. (Chile), Sr. Sec. First Lien Notes, 6.88%, 01/15/2024^(b)		600,000		637,650
Ziggo Secured Finance B.V. (Netherlands), Sr. Sec. Gtd. First Lien Notes, 5.50%, 01/15/2027^(b)		700,000		715,750
				15,700,371

Casinos & Gaming–0.78%
Boyd Gaming Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 04/01/2026		628,000		690,800
6.88%, 05/15/2023		220,000		237,050
Codere Finance 2 (Luxembourg) S.A. (Spain), Sr. Sec. Gtd. First Lien Notes, 7.63%, 11/01/2021^(b)		400,000		405,780
MGM Resorts International, Sr. Unsec. Gtd. Global Notes, 6.63%, 12/15/2021		45,000		50,400
Sr. Unsec. Gtd. Notes, 4.63%, 09/01/2026		899,000		903,495
6.00%, 03/15/2023		230,000		252,747
7.75%, 03/15/2022		188,000		218,841
Pinnacle Entertainment, Inc., Sr. Unsec. Global Notes, 5.63%, 05/01/2024		721,000		748,038
Scientific Games International Inc., Sr. Unsec. Gtd. Global Notes, 10.00%, 12/01/2022		703,000		779,451
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Sr. Unsec. Gtd. Notes, 5.25%, 05/15/2027^(b)		470,000		480,575
5.50%, 03/01/2025^(b)		334,000		351,535
				5,118,712

Coal & Consumable Fuels–0.07%
SunCoke Energy Partners, L.P./ SunCoke Energy Partners Finance Corp., Sr. Unsec. Gtd. Notes, 7.50%, 06/15/2025^(b)		463,000		488,465

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

14 Invesco Multi-Asset Income Fund


	Principal Amount		Value
Commodity Chemicals–0.12%
Koppers Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2025^(b)	$	356,000	$	382,700
Valvoline Inc., Sr. Unsec. Gtd. Notes, 5.50%, 07/15/2024^(b)		403,000		428,188
				810,888

Communications Equipment–0.35%
CommScope Technologies LLC, Sr. Unsec. Gtd. Notes, 6.00%, 06/15/2025^(b)		1,140,000		1,208,400
Hughes Satellite Systems Corp., Sr. Sec. Gtd. First Lien Global Notes, 5.25%, 08/01/2026		686,000		704,062
Sr. Unsec. Gtd. Global Notes, 7.63%, 06/15/2021		357,000		402,027
				2,314,489

Construction & Engineering–0.06%
AECOM, Sr. Unsec. Gtd. Global Notes, 5.13%, 03/15/2027		396,000		408,375

Construction Machinery & Heavy Trucks–0.24%
Meritor Inc., Sr. Unsec. Gtd. Notes, 6.25%, 02/15/2024		658,000		706,527
Oshkosh Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 03/01/2025		368,000		391,920
Terex Corp., Sr. Unsec. Gtd. Notes, 5.63%, 02/01/2025^(b)		459,000		489,409
				1,587,856

Consumer Finance–0.53%
Ally Financial Inc., Sr. Unsec. Global Notes, 5.13%, 09/30/2024		1,675,000		1,838,312
Sr. Unsec. Gtd. Global Notes, 8.00%, 03/15/2020		280,000		315,350
Discover Financial Services, Inc., Series C, Jr. Unsec. Sub. Global Notes, 5.50%^(c)		316,000		322,715
Navient Corp., Sr. Unsec. Medium-Term Notes, 7.25%, 01/25/2022		230,000		250,413
8.00%, 03/25/2020		705,000		779,025
				3,505,815

Copper–0.21%
First Quantum Minerals Ltd. (Zambia), Sr. Unsec. Gtd. Notes, 7.00%, 02/15/2021^(b)		810,000		843,412
Freeport-McMoRan Inc., Sr. Unsec. Gtd. Global Notes, 5.40%, 11/14/2034		570,000		558,600
				1,402,012


	Principal Amount		Value
Data Processing & Outsourced Services–0.35%
First Data Corp., Sec. Gtd. Second Lien Notes, 5.75%, 01/15/2024^(b)	$	225,000	$	236,250
Sr. Sec. Gtd. First Lien Notes, 5.00%, 01/15/2024^(b)		60,000		62,550
Sr. Unsec. Gtd. Notes, 7.00%, 12/01/2023^(b)		1,850,000		1,984,162
				2,282,962

Diversified Banks–0.23%
Bank of America Corp., Series K, Jr. Unsec. Sub. Global Notes, 8.00%^(c)		173,000		175,604
Dresdner Funding Trust I (Germany), REGS, Jr. Unsec. Sub. Euro Notes, 8.15%, 06/30/2031^(b)		100,000		130,626
JPMorgan Chase & Co., Series 1, Jr. Unsec. Sub. Global Notes, 7.90%^(c)		235,000		241,286
Royal Bank of Scotland Group PLC (The) (United Kingdom), Unsec. Sub. Global Bonds, 5.13%, 05/28/2024		600,000		642,875
6.13%, 12/15/2022		285,000		317,202
				1,507,593

Diversified Chemicals–0.28%
Chemours Co. (The), Sr. Unsec. Gtd. Global Notes, 6.63%, 05/15/2023		1,278,000		1,361,070
7.00%, 05/15/2025		70,000		78,400
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., Sr. Unsec. Gtd. Notes, 5.38%, 09/01/2025^(b)		354,000		373,470
				1,812,940

Diversified Metals & Mining–0.18%
HudBay Minerals, Inc. (Canada), Sr. Unsec. Gtd. Notes, 7.63%, 01/15/2025^(b)		437,000		483,978
Teck Resources Ltd. (Canada), Sr. Unsec. Gtd. Global Notes, 4.75%, 01/15/2022		291,000		308,460
Sr. Unsec. Notes, 6.13%, 10/01/2035		330,000		375,375
				1,167,813

Diversified Support Services–0.02%
Jaguar Holding Co. II/Pharmaceutical Product Development, LLC, Sr. Unsec. Gtd. Notes, 6.38%, 08/01/2023^(b)		125,000		130,781

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

15 Invesco Multi-Asset Income Fund


	Principal Amount		Value
Electric Utilities–0.34%
NextEra Energy Capital Holdings Inc., Jr. Unsec. Gtd. Sub. Investment Units, 5.00%, 01/15/2073	$	32,700	$	826,983
Series K, Jr. Unsec. Gtd. Sub. Investment Units, 5.25%, 06/01/2076		50,000		1,284,500
Southern Co. (The), Series B, Jr. Unsec. Sub. Global Notes, 5.50%, 03/15/2057		84,000		89,434
				2,200,917

Electrical Components & Equipment–0.28%
EnerSys, Sr. Unsec. Gtd. Notes, 5.00%, 04/30/2023^(b)		919,000		967,248
Sensata Technologies B.V., Sr. Unsec. Gtd. Notes, 4.88%, 10/15/2023^(b)		99,000		104,321
5.00%, 10/01/2025^(b)		709,000		758,630
				1,830,199

Environmental & Facilities Services–0.10%
Advanced Disposal Services, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 11/15/2024^(b)		112,000		116,760
Core & Main LP, Sr. Unsec. Notes, 6.13%, 08/15/2025^(b)		478,000		485,170
Wrangler Buyer Corp., Sr. Unsec. Notes, 6.00%, 10/01/2025^(b)		50,000		51,375
				653,305

Financial Exchanges & Data–0.10%
MSCI Inc., Sr. Unsec. Gtd. Notes, 5.25%, 11/15/2024^(b)		500,000		531,250
5.75%, 08/15/2025^(b)		100,000		108,500
				639,750

Food Distributors–0.12%
US Foods, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 06/15/2024^(b)		717,000		760,916

Food Retail–0.22%
Albertsons Cos. LLC/ Safeway Inc./New Albertson’s, Inc./Albertson’s LLC, Sr. Unsec. Gtd. Global Notes, 6.63%, 06/15/2024		587,000		554,715
Ingles Markets, Inc., Sr. Unsec. Global Notes, 5.75%, 06/15/2023		904,000		892,700
				1,447,415

Gas Utilities–0.34%
AmeriGas Partners, L.P./AmeriGas Finance Corp., Sr. Unsec. Global Notes, 5.63%, 05/20/2024		144,000		152,460
5.88%, 08/20/2026		875,000		914,375
Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Global Notes, 6.50%, 05/01/2021		230,000		219,075


	Principal Amount		Value
Gas Utilities–(continued)
NGL Energy Partners L.P./NGL Energy Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.13%, 03/01/2025	$	10,000	$	9,525
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., Sr. Unsec. Global Notes, 5.50%, 06/01/2024		937,000		937,000
				2,232,435

General Merchandise Stores–0.06%
Dollar Tree, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 03/01/2023		370,000		390,813

Health Care Equipment–0.09%
Hill-Rom Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 02/15/2025^(b)		495,000		508,613
Teleflex Inc., Sr. Unsec. Gtd. Global Notes, 4.88%, 06/01/2026		56,000		59,080
5.25%, 06/15/2024		22,000		23,375
				591,068

Health Care Facilities–1.27%
Acadia Healthcare Co., Inc., Sr. Unsec. Gtd. Global Notes, 6.50%, 03/01/2024		575,000		608,781
Community Health Systems, Inc., Sr. Sec. Gtd. First Lien Global Notes, 5.13%, 08/01/2021		450,000		437,625
Sr. Sec. Gtd. First Lien Notes, 6.25%, 03/31/2023		612,000		589,815
Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/2022		122,470		90,015
8.00%, 11/15/2019		370,000		353,813
HCA, Inc., Sr. Sec. Gtd. First Lien Global Notes, 5.88%, 03/15/2022		200,000		219,500
Sr. Sec. Gtd. First Lien Notes, 5.25%, 04/15/2025		1,907,000		2,035,722
Sr. Unsec. Gtd. Global Notes, 5.88%, 05/01/2023		45,000		48,319
7.50%, 02/15/2022		116,000		131,950
Sr. Unsec. Gtd. Notes, 5.38%, 02/01/2025		270,000		278,354
5.88%, 02/15/2026		790,000		832,462
HealthSouth Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 09/15/2025		540,000		559,575
LifePoint Health, Inc., Sr. Unsec. Gtd. Global Notes, 5.38%, 05/01/2024		345,000		347,588
Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2023		261,000		269,208

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

16 Invesco Multi-Asset Income Fund


	Principal Amount		Value
Health Care Facilities–(continued)
Tenet Healthcare Corp., Sec. Gtd. Second Lien Notes, 7.50%, 01/01/2022^(b)	$	31,000	$	32,744
Sr. Sec. Gtd. First Lien Global Notes, 6.00%, 10/01/2020		100,000		105,375
Sr. Unsec. Global Notes, 6.75%, 06/15/2023		1,266,000		1,193,205
8.13%, 04/01/2022		195,000		195,975
				8,330,026

Health Care Services–0.49%
AMN Healthcare, Inc., Sr. Unsec. Gtd. Notes, 5.13%, 10/01/2024^(b)		210,000		217,350
DaVita Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/01/2025		396,000		391,050
Eagle Holding Co. II, LLC, Sr. Unsec. PIK Notes, 8.38% PIK Rate, 7.63% Cash Rate, 05/15/2022^(b)(d)		679,000		702,765
MEDNAX, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2023^(b)		626,000		652,605
MPH Acquisition Holdings LLC, Sr. Unsec. Gtd. Notes, 7.13%, 06/01/2024^(b)		772,000		832,795
Surgery Center Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.75%, 07/01/2025^(b)		55,000		50,325
8.88%, 04/15/2021^(b)		77,000		78,925
Team Health Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.38%, 02/01/2025^(b)		315,000		291,375
				3,217,190

Home Improvement Retail–0.12%
Hillman Group Inc. (The), Sr. Unsec. Gtd. Notes, 6.38%, 07/15/2022^(b)		771,000		769,073

Homebuilding–0.70%
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec. Notes, 6.75%, 08/01/2025^(b)		494,000		491,530
6.88%, 02/15/2021^(b)		245,000		252,656
Beazer Homes USA, Inc., Sr. Unsec. Gtd. Global Notes, 6.75%, 03/15/2025		745,000		791,786
8.75%, 03/15/2022		250,000		278,425
Sr. Unsec. Notes, 5.88%, 10/15/2027^(b)		72,000		72,180
CalAtlantic Group, Inc., Sr. Unsec. Gtd. Global Notes, 8.38%, 01/15/2021		50,000		58,375
Sr. Unsec. Gtd. Notes, 5.25%, 06/01/2026		130,000		138,938
5.38%, 10/01/2022		702,000		767,812
KB Home, Sr. Unsec. Gtd. Notes, 7.50%, 09/15/2022		223,000		259,237


	Principal Amount		Value
Homebuilding–(continued)
Lennar Corp., Sr. Unsec. Gtd. Global Notes, 4.75%, 11/15/2022	$	250,000	$	265,000
Meritage Homes Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 06/01/2025		516,000		557,280
7.15%, 04/15/2020		65,000		71,663
Taylor Morrison Communities Inc./ Taylor Morrison Holdings II, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 04/15/2023^(b)		569,000		612,028
				4,616,910

Household Products–0.30%
Reynolds Group Issuer Inc./LLC (New Zealand), Sr. Sec. Gtd. First Lien Notes, 5.13%, 07/15/2023^(b)		41,000		42,743
Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024^(b)		1,038,000		1,110,011
Spectrum Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 07/15/2025		635,000		677,659
Springs Industries, Inc., Sr. Sec. Global Notes, 6.25%, 06/01/2021		106,000		109,445
				1,939,858

Independent Power Producers & Energy Traders–0.38%
AES Corp. (The), Sr. Unsec. Global Notes, 8.00%, 06/01/2020		30,000		34,350
Sr. Unsec. Notes, 5.50%, 04/15/2025		1,029,000		1,093,312
Calpine Corp., Sr. Unsec. Global Notes, 5.38%, 01/15/2023		234,000		228,442
Dynegy Inc., Sr. Unsec. Gtd. Global Notes, 7.38%, 11/01/2022		260,000		279,175
NRG Energy, Inc., Sr. Unsec. Gtd. Global Notes, 6.25%, 05/01/2024		504,000		536,760
6.63%, 03/15/2023		205,000		212,688
6.63%, 01/15/2027		113,000		120,910
				2,505,637

Industrial Machinery–0.19%
CBC Ammo LLC/CBC FinCo Inc. (Brazil), Sr. Unsec. Notes, 7.25%, 11/15/2021^(b)		205,000		208,588
Mueller Industries, Inc., Unsec. Sub. Deb., 6.00%, 03/01/2027		309,000		319,042
Stanley Black & Decker Inc., Jr. Unsec. Sub. Investment Units, 5.75%, 07/25/2052		22,500		571,050
TriMas Corp., Sr. Unsec. Gtd. Notes, 4.88%, 10/15/2025^(b)		178,000		180,336
				1,279,016

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

17 Invesco Multi-Asset Income Fund


	Principal Amount		Value
Integrated Telecommunication Services–0.89%
Cincinnati Bell Inc., Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024^(b)	$	502,000	$	502,000
Frontier Communications Corp., Sr. Unsec. Global Notes, 8.50%, 04/15/2020		194,000		192,303
10.50%, 09/15/2022		855,000		752,143
11.00%, 09/15/2025		725,000		617,156
SFR Group S.A. (France), Sr. Sec. Gtd. First Lien Bonds, 6.00%, 05/15/2022^(b)		925,000		965,469
Sr. Sec. Gtd. First Lien Notes, 7.38%, 05/01/2026^(b)		400,000		431,500
T-Mobile USA, Inc., Sr. Unsec. Gtd. Global Bonds, 6.50%, 01/15/2026		1,665,000		1,846,269
Telecom Italia Capital S.A. (Italy), Sr. Unsec. Gtd. Global Notes, 6.38%, 11/15/2033		114,000		132,810
7.20%, 07/18/2036		320,000		398,080
				5,837,730

Leisure Facilities–0.22%
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., Sr. Unsec. Gtd. Notes, 5.38%, 04/15/2027^(b)		700,000		741,125
Six Flags Entertainment Corp., Sr. Unsec. Gtd. Notes, 4.88%, 07/31/2024^(b)		689,000		710,531
				1,451,656

Managed Health Care–0.17%
Centene Corp., Sr. Unsec. Notes, 4.75%, 01/15/2025		237,000		245,295
Molina Healthcare, Inc., Sr. Unsec. Gtd. Notes, 4.88%, 06/15/2025^(b)		192,000		191,040
WellCare Health Plans Inc., Sr. Unsec. Notes, 5.25%, 04/01/2025		670,000		706,850
				1,143,185

Metal & Glass Containers–0.24%
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc. (Ireland), Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2025^(b)		600,000		638,250
Ball Corp., Sr. Unsec. Gtd. Global Notes, 5.25%, 07/01/2025		505,000		556,762
Berry Global, Inc., Sec. Gtd. Second Lien Global Notes, 5.13%, 07/15/2023		256,000		269,760
6.00%, 10/15/2022		85,000		90,313
Sec. Gtd. Second Lien Notes, 5.50%, 05/15/2022		15,000		15,581
				1,570,666


	Principal Amount		Value
Movies & Entertainment–0.20%
AMC Entertainment Holdings, Inc., Sr. Unsec. Gtd. Sub. Global Notes, 5.75%, 06/15/2025	$	925,000	$	904,188
Lions Gate Entertainment Corp., Sr. Unsec. Gtd. Notes, 5.88%, 11/01/2024^(b)		395,000		420,675
				1,324,863

Multi-Utilities–0.14%
Dominion Energy, Inc., Series A, Jr. Unsec. Sub. Investment Units, 5.25%, 07/30/2076		36,100		914,413

Oil & Gas Drilling–0.32%
Ensco PLC, Sr. Unsec. Global Notes, 4.50%, 10/01/2024		631,000		520,575
Noble Holding International Ltd. (United Kingdom), Sr. Unsec. Gtd. Global Notes, 7.75%, 01/15/2024		547,000		492,300
Precision Drilling Corp. (Canada), Sr. Unsec. Gtd. Global Notes, 5.25%, 11/15/2024		610,000		573,400
6.50%, 12/15/2021		136,000		138,040
7.75%, 12/15/2023		25,000		25,750
Transocean Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 04/15/2031		355,000		318,612
				2,068,677

Oil & Gas Equipment & Services–0.26%
Archrock Partners, L.P./Archrock Partners Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 10/01/2022		510,000		509,362
SESI, L.L.C., Sr. Unsec. Gtd. Global Notes, 7.13%, 12/15/2021		487,000		500,392
Weatherford International Ltd., Sr. Unsec. Gtd. Notes, 6.50%, 08/01/2036		365,000		305,688
8.25%, 06/15/2023		405,000		408,038
				1,723,480

Oil & Gas Exploration & Production–1.85%
Antero Resources Corp., Sr. Unsec. Gtd. Global Notes, 5.63%, 06/01/2023		721,000		758,852
California Resources Corp., Sec. Gtd. Second Lien Notes, 8.00%, 12/15/2022^(b)		328,000		218,530
Callon Petroleum Co., Sr. Unsec. Gtd. Global Notes, 6.13%, 10/01/2024		699,000		730,455
Concho Resources Inc., Sr. Unsec. Gtd. Global Notes, 4.38%, 01/15/2025		425,000		449,505
Continental Resources Inc., Sr. Unsec. Gtd. Global Notes, 3.80%, 06/01/2024		735,000		717,544

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

18 Invesco Multi-Asset Income Fund


	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
Denbury Resources Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 05/01/2022	$	198,000	$	125,235
EP Energy LLC/Everest Acquisition Finance Inc., Sr. Sec. Gtd. First Lien Notes, 8.00%, 11/29/2024^(b)		461,000		472,525
Genesis Energy L.P./Genesis Energy Finance Corp., Sr. Unsec. Gtd. Notes, 6.50%, 10/01/2025		179,000		182,133
Gulfport Energy Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 10/15/2024		416,000		418,080
6.63%, 05/01/2023		230,000		236,900
Newfield Exploration Co., Sr. Unsec. Global Notes, 5.63%, 07/01/2024		707,000		767,979
Oasis Petroleum Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 01/15/2023		647,000		664,792
Parsley Energy LLC/Parsley Finance Corp., Sr. Unsec. Gtd. Notes, 6.25%, 06/01/2024^(b)		795,000		846,675
QEP Resources, Inc., Sr. Unsec. Global Notes, 5.25%, 05/01/2023		383,000		380,128
Sr. Unsec. Notes, 6.88%, 03/01/2021		278,000		296,765
Range Resources Corp., Sr. Unsec. Gtd. Global Notes, 4.88%, 05/15/2025		1,016,000		985,520
RSP Permian, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 01/15/2025^(b)		709,000		724,952
SM Energy Co., Sr. Unsec. Global Notes, 6.13%, 11/15/2022		265,000		267,650
6.75%, 09/15/2026		225,000		232,031
Southwestern Energy Co., Sr. Unsec. Global Notes, 4.10%, 03/15/2022		742,000		732,725
Whiting Petroleum Corp., Sr. Unsec. Gtd. Global Notes, 6.25%, 04/01/2023		850,000		852,125
WildHorse Resource Development Corp., Sr. Unsec. Gtd. Notes, 6.88%, 02/01/2025^(b)		503,000		500,485
WPX Energy Inc., Sr. Unsec. Notes, 5.25%, 09/15/2024		569,000		573,979
				12,135,565

Oil & Gas Storage & Transportation–0.94%
Andeavor Logistics L.P./Tesoro Logistics Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 05/01/2024		372,000		409,200
Sr. Unsec. Gtd. Notes, 5.25%, 01/15/2025		193,000		208,199


	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Antero Midstream Partners LP/Antero Midstream Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 09/15/2024	$	729,000	$	763,627
Energy Transfer Equity, L.P., Sr. Sec. First Lien Notes, 5.88%, 01/15/2024		844,000		919,960
Holly Energy Partners L.P./Holly Energy Finance Corp., Sr. Unsec. Gtd. Notes, 6.00%, 08/01/2024^(b)		537,000		565,192
NGPL PipeCo. LLC, Sr. Unsec. Bonds, 4.88%, 08/15/2027^(b)		320,000		332,000
Plains All American Pipeline, L.P., Series B, Jr. Unsec. Sub. Notes, 6.13%^(c)		351,000		358,652
Sabine Pass Liquefaction, LLC, Sr. Sec. First Lien Global Notes, 5.63%, 03/01/2025		545,000		606,339
SemGroup Corp., Sr. Unsec. Gtd. Notes, 6.38%, 03/15/2025^(b)		535,000		529,650
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., Sr. Unsec. Gtd. Global Bonds, 5.13%, 02/01/2025		542,000		560,292
5.25%, 05/01/2023		114,000		117,563
Sr. Unsec. Gtd. Global Notes, 6.75%, 03/15/2024		150,000		161,813
Williams Cos., Inc. (The), Sr. Unsec. Global Notes, 4.55%, 06/24/2024		591,000		620,550
				6,153,037

Other Diversified Financial Services–0.11%
Lincoln Finance Ltd. (Netherlands), Sr. Sec. Gtd. First Lien Notes, 7.38%, 04/15/2021^(b)		200,000		212,250
LPL Holdings Inc., Sr. Unsec. Gtd. Notes, 5.75%, 09/15/2025^(b)		390,000		406,575
VFH Parent LLC/Orchestra Co-Issuer Inc., Sec. Gtd. Second Lien Notes, 6.75%, 06/15/2022^(b)		101,000		105,293
				724,118

Packaged Foods & Meats–0.26%
B&G Foods, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 04/01/2025		191,000		195,536
JBS Investments GmbH (Brazil), Sr. Unsec. Gtd. Notes, 7.25%, 04/03/2024^(b)		590,000		584,838
Lamb Weston Holdings, Inc., Sr. Unsec. Gtd. Notes, 4.63%, 11/01/2024^(b)		555,000		582,750
TreeHouse Foods, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2024^(b)		315,000		338,625
				1,701,749

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

19 Invesco Multi-Asset Income Fund


	Principal Amount		Value
Paper Packaging–0.12%
Graphic Packaging International Inc., Sr. Unsec. Gtd. Notes, 4.88%, 11/15/2022	$	303,000	$	324,210
Plastipak Holdings Inc., Sr. Unsec. Notes, 6.25%, 10/15/2025^(b)		461,000		471,949
				796,159

Paper Products–0.16%
Clearwater Paper Corp., Sr. Unsec. Gtd. Global Notes, 4.50%, 02/01/2023		515,000		516,287
Mercer International Inc. (Canada), Sr. Unsec. Global Notes, 6.50%, 02/01/2024		329,000		348,740
7.75%, 12/01/2022		98,000		104,064
PH Glatfelter Co., Sr. Unsec. Gtd. Global Notes, 5.38%, 10/15/2020		100,000		101,625
				1,070,716

Pharmaceuticals–0.32%
Catalent Pharma Solutions, Inc., Sr. Unsec. Gtd. Notes, 4.88%, 01/15/2026^(b)		97,000		98,698
Endo DAC/Endo Finance LLC/Endo Finco Inc., Sr. Unsec. Gtd. Notes, 6.00%, 07/15/2023^(b)		200,000		163,000
Valeant Pharmaceuticals International, Inc., Sr. Sec. Gtd. First Lien Notes, 5.50%, 11/01/2025^(b)		112,000		114,660
Sr. Unsec. Gtd. Notes, 5.63%, 12/01/2021^(b)		1,380,000		1,264,425
6.13%, 04/15/2025^(b)		100,000		84,375
7.25%, 07/15/2022^(b)		155,000		149,575
7.50%, 07/15/2021^(b)		250,000		247,187
				2,121,920

Railroads–0.14%
Kenan Advantage Group Inc. (The), Sr. Unsec. Notes, 7.88%, 07/31/2023^(b)		876,000		913,230

Regional Banks–0.17%
CIT Group Inc., Sr. Unsec. Global Notes, 5.00%, 08/15/2022		806,000		868,465
5.00%, 08/01/2023		210,000		227,682
				1,096,147

Restaurants–0.37%
1011778 BC ULC/ New Red Finance, Inc. (Canada), Sec. Gtd. Second Lien Notes, 5.00%, 10/15/2025^(b)		295,000		300,900
5.00%, 10/15/2025^(b)		1,094,000		1,115,880


	Principal Amount		Value
Restaurants–(continued)
Aramark Services, Inc., Sr. Unsec. Gtd. Global Notes, 4.75%, 06/01/2026	$	165,000	$	172,999
Sr. Unsec. Gtd. Notes, 5.00%, 04/01/2025^(b)		211,000		226,034
Carrols Restaurant Group, Inc., Sec. Gtd. Second Lien Global Notes, 8.00%, 05/01/2022		256,000		271,680
Sec. Gtd. Second Lien Notes, 8.00%, 05/01/2022^(b)		118,000		125,227
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, Sr. Unsec. Gtd. Notes, 4.75%, 06/01/2027^(b)		240,000		246,900
				2,459,620

Security & Alarm Services–0.01%
ADT Corp. (The), Sr. Sec. Gtd. First Lien Global Notes, 6.25%, 10/15/2021		70,000		77,797

Semiconductors–0.12%
Micron Technology, Inc., Sr. Unsec. Global Notes, 5.50%, 02/01/2025		442,000		471,835
NXP B.V./NXP Funding LLC (Netherlands), Sr. Unsec. Gtd. Notes, 3.88%, 09/01/2022^(b)		300,000		312,375
				784,210

Sovereign Debt–16.18%
Argentine Republic Government International Bond (Argentina), Sr. Unsec. Global Bonds, 7.13%, 07/06/2036		1,200,000		1,293,600
7.63%, 04/22/2046		1,250,000		1,405,000
REGS, Sr. Unsec. Euro Notes, 7.13%, 06/28/2117^(b)		1,200,000		1,234,200
Brazilian Government International Bond (Brazil), Sr. Unsec. Global Bonds, 5.63%, 01/07/2041		1,200,000		1,219,200
7.13%, 01/20/2037		1,100,000		1,317,800
8.25%, 01/20/2034		1,025,000		1,334,550
Chile Government International Bond (Chile), Sr. Unsec. Global Notes, 3.13%, 03/27/2025		1,100,000		1,133,000
3.13%, 01/21/2026		1,200,000		1,230,000
3.86%, 06/21/2047		1,200,000		1,217,250
Colombia Government International Bond (Colombia), Sr. Unsec. Global Bonds, 5.63%, 02/26/2044		1,100,000		1,228,150
6.13%, 01/18/2041		1,050,000		1,238,475
7.38%, 09/18/2037		900,000		1,192,500

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

20 Invesco Multi-Asset Income Fund


	Principal Amount		Value
Sovereign Debt–(continued)
Croatia Government International Bond (Croatia), REGS, Sr. Unsec. Euro Notes, 5.50%, 04/04/2023^(b)	$	1,100,000	$	1,216,706
6.00%, 01/26/2024^(b)		1,100,000		1,254,726
6.38%, 03/24/2021^(b)		1,100,000		1,215,875
Dominican Republic International Bond (Dominican Repubic), REGS, Sr. Unsec. Euro Bonds, 7.45%, 04/30/2044^(b)		1,100,000		1,311,750
Sr. Unsec. Euro Notes, 5.95%, 01/25/2027^(b)		1,200,000		1,294,800
6.85%, 01/27/2045^(b)		1,150,000		1,285,125
El Salvador Government International Bond (El Salvador), REGS, Sr. Unsec. Euro Notes, 7.63%, 02/01/2041^(b)		1,350,000		1,414,125
7.65%, 06/15/2035^(b)		1,300,000		1,361,750
8.25%, 04/10/2032^(b)		1,200,000		1,341,000
Hungary Government International Bond (Hungary), Sr. Unsec. Global Notes, 5.38%, 03/25/2024		1,050,000		1,195,536
5.75%, 11/22/2023		1,050,000		1,208,490
7.63%, 03/29/2041		790,000		1,220,352
Indonesia Government International Bond (Indonesia), REGS, Sr. Unsec. Euro Bonds, 6.63%, 02/17/2037^(b)		1,000,000		1,287,455
7.75%, 01/17/2038^(b)		850,000		1,215,166
8.50%, 10/12/2035^(b)		850,000		1,273,909
Kazakhstan Government International Bond (Kazakhstan), REGS, Sr. Unsec. Euro Notes, 4.88%, 10/14/2044^(b)		1,350,000		1,407,210
Sr. Unsec. Medium-Term Euro Notes, 5.13%, 07/21/2025^(b)		1,150,000		1,280,746
6.50%, 07/21/2045^(b)		1,100,000		1,379,838
Korea International Bond (South Korea), Sr. Unsec. Global Bonds, 2.75%, 01/19/2027		1,170,000		1,146,395
Sr. Unsec. Global Notes, 3.88%, 09/11/2023		1,200,000		1,270,476
4.13%, 06/10/2044		1,000,000		1,151,470
Lebanon Government International Bond (Lebanon), REGS, Sr. Unsec. Euro Bonds, 7.25%, 03/23/2037^(b)		1,100,000		1,051,930
Sr. Unsec. Euro Notes, 6.75%, 11/29/2027^(b)		1,150,000		1,111,374
Sr. Unsec. Medium-Term Global Euro Notes, 6.65%, 02/26/2030^(b)		1,200,000		1,129,939
Lithuania Government International Bond (Lithuania), REGS, Sr. Unsec. Euro Notes, 6.13%, 03/09/2021^(b)		1,600,000		1,794,800
6.63%, 02/01/2022^(b)		1,550,000		1,815,183


	Principal Amount		Value
Sovereign Debt–(continued)
Mexico Government International Bond (Mexico), Sr. Unsec. Global Notes, 4.60%, 01/23/2046	$	1,350,000	$	1,322,325
5.55%, 01/21/2045		1,170,000		1,313,617
Series A, Sr. Unsec. Medium-Term Global Notes, 6.05%, 01/11/2040		1,100,000		1,292,225
Pakistan Government International Bond (Pakistan), REGS, Sr. Unsec. Euro Notes, 8.25%, 04/15/2024^(b)		1,600,000		1,788,878
8.25%, 09/30/2025^(b)		900,000		1,013,707
Panama Government International Bond (Panama), Sr. Unsec. Global Bonds, 3.88%, 03/17/2028		1,200,000		1,257,000
7.13%, 01/29/2026		950,000		1,225,500
8.88%, 09/30/2027		850,000		1,234,625
Peruvian Government International Bond (Peru), Sr. Unsec. Global Bonds, 4.13%, 08/25/2027		1,070,000		1,175,395
5.63%, 11/18/2050		1,000,000		1,264,500
8.75%, 11/21/2033		850,000		1,336,625
Philippine Government International Bond (Philippines), Sr. Unsec. Global Bonds, 6.38%, 10/23/2034		850,000		1,140,714
9.50%, 02/02/2030		725,000		1,152,386
Sr. Unsec. Global Notes, 7.75%, 01/14/2031		800,000		1,152,181
Qatar Government International Bond (Qatar), REGS, Sr. Unsec. Euro Bonds, 4.63%, 06/02/2046^(b)		1,100,000		1,133,440
Sr. Unsec. Euro Notes, 5.75%, 01/20/2042^(b)		1,025,000		1,223,537
6.40%, 01/20/2040^(b)		1,000,000		1,279,050
Republic of Poland Government International Bond (Poland), Sr. Unsec. Global Notes, 3.00%, 03/17/2023		1,150,000		1,175,835
Sr. Unsec. Global Notes, 3.25%, 04/06/2026		1,175,000		1,204,136
4.00%, 01/22/2024		1,220,000		1,309,197
Republic of South Africa Government International Bond (South Africa), Sr. Unsec. Global Bonds, 5.00%, 10/12/2046		1,200,000		1,071,065
5.38%, 07/24/2044		1,150,000		1,084,153
Sr. Unsec. Global Notes, 6.25%, 03/08/2041		1,000,000		1,051,459
Romanian Government International Bond (Romania), REGS, Sr. Unsec. Medium-Term Euro Notes, 4.38%, 08/22/2023^(b)		1,170,000		1,253,719
4.88%, 01/22/2024^(b)		1,100,000		1,210,736
6.13%, 01/22/2044^(b)		1,030,000		1,310,252

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

21 Invesco Multi-Asset Income Fund


	Principal Amount		Value
Sovereign Debt–(continued)
Russian Foreign Bond (Russia), REGS, Sr. Unsec. Euro Bonds, 4.88%, 09/16/2023^(b)	$	1,200,000	$	1,307,662
5.63%, 04/04/2042^(b)		1,200,000		1,326,301
5.88%, 09/16/2043^(b)		1,000,000		1,144,916
Serbia International Bond (Serbia), REGS, Sr. Unsec. Euro Notes, 7.25%, 09/28/2021^(b)		3,200,000		3,685,834
Slovenia Government International Bond (Slovenia), REGS, Sr. Unsec. Euro Notes, 5.25%, 02/18/2024^(b)		1,100,000		1,253,296
5.50%, 10/26/2022^(b)		1,100,000		1,247,105
5.85%, 05/10/2023^(b)		1,050,000		1,213,637
Sri Lanka Government International Bond (Sri Lanka), REGS, Sr. Unsec. Euro Bonds, 6.83%, 07/18/2026^(b)		1,150,000		1,278,050
6.85%, 11/03/2025^(b)		1,150,000		1,279,358
Sr. Unsec. Euro Notes, 6.13%, 06/03/2025^(b)		1,150,000		1,230,038
Third Pakistan International Sukuk Co. Ltd. (The) (Pakistan), REGS, Sr. Unsec. Euro Bonds, 5.50%, 10/13/2021^(b)		900,000		918,412
Turkey Government International Bond (Turkey), Sr. Unsec. Global Notes, 6.88%, 03/17/2036		1,050,000		1,158,712
7.25%, 03/05/2038		1,030,000		1,185,923
8.00%, 02/14/2034		1,020,000		1,248,526
Ukraine Government International Bond (Ukraine), Sr. Unsec. Notes, 7.75%, 09/01/2025^(b)		1,100,000		1,146,706
REGS, Sr. Unsec. Euro Notes, 7.75%, 09/01/2022^(b)		1,200,000		1,284,724
7.75%, 09/01/2025^(b)		200,000		208,492
7.75%, 09/01/2026^(b)		1,200,000		1,239,636
Venezuela Government International Bond (Venezuela), REGS, Sr. Unsec. Euro Bonds, 6.00%, 12/09/2020^(b)		2,015,000		800,963
8.25%, 10/13/2024^(b)		2,300,000		787,750
9.00%, 05/07/2023^(b)		2,150,000		747,125
				106,349,274

Specialized Consumer Services–0.16%
ServiceMaster Co., LLC (The), Sr. Unsec. Gtd. Notes, 5.13%, 11/15/2024^(b)		742,000		766,115
Sr. Unsec. Notes, 7.45%, 08/15/2027		254,000		277,495
				1,043,610

Specialized Finance–0.22%
AerCap Global Aviation Trust (Ireland), Jr. Unsec. Gtd. Sub. Notes, 6.50%, 06/15/2045^(b)		200,000		219,000


	Principal Amount		Value
Specialized Finance–(continued)
Aircastle Ltd., Sr. Unsec. Global Notes, 7.63%, 04/15/2020	$	70,000	$	77,787
Sr. Unsec. Notes, 5.00%, 04/01/2023		883,000		935,980
5.50%, 02/15/2022		187,000		201,960
				1,434,727

Specialized REIT’s–0.70%
CyrusOne L.P./CyrusOne Finance Corp., Sr. Unsec. Gtd. Notes, 5.00%, 03/15/2024^(b)		60,000		63,075
5.38%, 03/15/2027^(b)		310,000		332,087
Equinix Inc., Sr. Unsec. Notes, 5.75%, 01/01/2025		18,000		19,395
5.88%, 01/15/2026		1,220,000		1,325,225
GLP Capital LP/GLP Financing II Inc., Sr. Unsec. Gtd. Notes, 5.38%, 04/15/2026		300,000		325,500
Iron Mountain Inc., Sr. Unsec. Gtd. Notes, 6.00%, 08/15/2023		203,000		214,673
Sr. Unsec. Sub. Gtd. Global Notes, 5.75%, 08/15/2024		115,000		118,450
Iron Mountain US Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.38%, 06/01/2026^(b)		653,000		685,650
Rayonier A.M. Products Inc., Sr. Unsec. Gtd. Notes, 5.50%, 06/01/2024^(b)		534,000		520,650
SBA Communications Corp., Sr. Unsec. Global Notes, 4.88%, 07/15/2022		79,000		81,765
4.88%, 09/01/2024		891,000		917,730
				4,604,200

Specialty Chemicals–0.45%
Ashland LLC, Sr. Unsec. Gtd. Global Notes, 4.75%, 08/15/2022		480,000		507,696
Axalta Coating Systems, LLC, Sr. Unsec. Gtd. Notes, 4.88%, 08/15/2024^(b)		300,000		314,250
GCP Applied Technologies Inc., Sr. Unsec. Gtd. Notes, 9.50%, 02/01/2023^(b)		265,000		297,462
Kraton Polymers LLC/Kraton Polymers Capital Corp., Sr. Unsec. Gtd. Notes, 10.50%, 04/15/2023^(b)		402,000		458,280
PolyOne Corp., Sr. Unsec. Global Notes, 5.25%, 03/15/2023		572,000		617,760
PQ Corp., Sr. Sec. Gtd. First Lien Notes, 6.75%, 11/15/2022^(b)		315,000		341,775
Venator Finance S.a.r.l./Venator Materials Corp., Sr. Unsec. Gtd. Notes, 5.75%, 07/15/2025^(b)		370,000		392,200
				2,929,423

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

22 Invesco Multi-Asset Income Fund


	Principal Amount		Value
Steel–0.24%
ArcelorMittal (Luxembourg), Sr. Unsec. Global Notes, 7.50%, 10/15/2039	$	335,000	$	420,006
Steel Dynamics, Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 12/15/2026		224,000		237,440
5.50%, 10/01/2024		75,000		80,511
United States Steel Corp., Sr. Unsec. Global Notes, 6.88%, 08/15/2025		821,000		836,907
				1,574,864

Systems Software–0.06%
Symantec Corp., Sr. Unsec. Notes, 5.00%, 04/15/2025^(b)		362,000		379,195

Technology Distributors–0.09%
CDW LLC/CDW Finance Corp., Sr. Unsec. Gtd. Notes, 5.00%, 09/01/2025		552,000		580,290

Technology Hardware, Storage & Peripherals–0.45%
Dell International LLC/ EMC Corp., Sr. Unsec. Gtd. Notes, 7.13%, 06/15/2024^(b)		1,335,000		1,474,051
Diebold Nixdorf, Inc., Sr. Unsec. Gtd. Global Notes, 8.50%, 04/15/2024		439,000		463,694
Western Digital Corp., Sr. Unsec. Gtd. Global Notes, 10.50%, 04/01/2024		839,000		986,664
				2,924,409

Trading Companies & Distributors–0.44%
BMC East, LLC, Sr. Sec. Gtd. First Lien Notes, 5.50%, 10/01/2024^(b)		426,000		447,300
Fly Leasing Ltd. (Ireland), Sr. Unsec. Global Notes, 6.38%, 10/15/2021		200,000		209,250
6.75%, 12/15/2020		200,000		208,260
H&E Equipment Services, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 09/01/2025^(b)		717,000		759,124
Herc Rentals Inc., Sec. Gtd. Second Lien Notes, 7.75%, 06/01/2024^(b)		501,000		552,352
United Rentals North America, Inc., Sr. Unsec. Gtd. Global Notes, 5.50%, 07/15/2025		50,000		53,625
Sr. Unsec. Gtd. Notes, 5.50%, 05/15/2027		151,000		161,948
5.88%, 09/15/2026		475,000		519,828
				2,911,687

Trucking–0.15%
Avis Budget Car Rental LLC/Avis Budget Finance Inc., Sr. Unsec. Gtd. Notes, 5.25%, 03/15/2025^(b)		180,000		176,625
6.38%, 04/01/2024^(b)		230,000		239,775


	Principal Amount		Value
Trucking–(continued)
Hertz Corp. (The), Sec. Gtd. Second Lien Notes, 7.63%, 06/01/2022^(b)	$	134,000	$	140,057
Sr. Unsec. Gtd. Global Notes, 6.75%, 04/15/2019		330,000		331,031
7.38%, 01/15/2021		79,000		79,593
				967,081

Wireless Telecommunication Services–0.64%
CB Escrow Corp., Sr. Unsec. Notes, 8.00%, 10/15/2025^(b)		72,000		74,700
Sprint Communications Inc., Sr. Unsec. Global Notes, 11.50%, 11/15/2021		235,000		295,512
Sprint Corp., Sr. Unsec. Gtd. Global Notes, 7.25%, 09/15/2021		1,004,000		1,096,870
7.88%, 09/15/2023		1,858,000		2,080,960
Wind Acquisition Finance S.A. (Italy), Sec. Gtd. Second Lien Notes, 7.38%, 04/23/2021^(b)		450,000		468,585
Wind Tre S.p.A. (Italy), Sr. Sec. Gtd. Notes, 5.00%, 01/20/2026^(b)		200,000		201,549
				4,218,176
Total U.S. Dollar Denominated Bonds & Notes (Cost $262,710,217)				266,233,632

	Shares

Preferred Stocks–21.46%
Alternative Carriers–0.82%
Qwest Corp., 6.13% Pfd.		21,800		553,284
Qwest Corp., 6.50% Pfd.		47,600		1,201,900
Qwest Corp., 6.63% Pfd.		33,300		853,812
Qwest Corp., 6.75% Pfd.		50,000		1,275,000
Qwest Corp., 6.88% Pfd.		23,800		611,898
Qwest Corp., 7.00% Pfd.		12,000		304,200
Qwest Corp., 7.00% Pfd.		16,300		413,531
Qwest Corp., 7.50% Pfd.		6,256		161,843
				5,375,468

Asset Management & Custody Banks–1.03%
Apollo Investment Corp., 6.88% Pfd.		13,100		338,504
Ares Management, L.P., Series A, 7.00% Pfd.		12,600		337,932
Bank of New York Mellon Corp. (The), 5.20% Pfd.		25,400		641,096
Carlyle Group LP (The), Series A, 5.88% Pfd.		18,100		457,749
KKR & Co. L.P., Series A, 6.75% Sr. Pfd.		9,800		269,402
KKR & Co. L.P., Series B, 6.50% Pfd.		9,800		268,030
Legg Mason, Inc., 5.45% Pfd.		21,800		548,270
Legg Mason, Inc., 6.38% Pfd.		11,300		302,049
Northern Trust Corp., Series C, 5.85% Pfd.		18,500		490,805

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

23 Invesco Multi-Asset Income Fund


	Shares		Value
Asset Management & Custody Banks–(continued)
OM Asset Management PLC, 5.13% Pfd.		4,200	$	104,790
Prospect Capital Corp., 6.25% Pfd.		7,400		189,440
State Street Corp., Series C, 5.25% Pfd.		13,000		327,340
State Street Corp., Series D, 5.90% Pfd.		23,100		640,101
State Street Corp., Series E, 6.00% Pfd.		42,900		1,155,297
State Street Corp., Series G, 5.35% Pfd.		26,200		712,640
				6,783,445

Cable & Satellite–0.05%
Comcast Corp., 5.00% Pfd.		12,500		318,625

Consumer Finance–0.74%
Capital One Financial Corp., Series B, 6.00% Pfd.		26,100		662,679
Capital One Financial Corp., Series C, 6.25% Pfd.		19,000		507,300
Capital One Financial Corp., Series D, 6.70% Pfd.		18,500		500,425
Capital One Financial Corp., Series F, 6.20% Pfd.		18,500		499,870
Capital One Financial Corp., Series G, 5.20% Pfd.		36,100		899,251
Capital One Financial Corp., Series H, 6.00% Pfd.		31,600		841,508
Discover Financial Services, Series B, 6.50% Pfd.		24,000		609,600
Navient Corp., 6.00% Pfd.		14,300		346,775
				4,867,408

Diversified Banks–6.83%
Bank of America Corp., Series 3, 6.38% Pfd.		3,300		85,800
Bank of America Corp., Series I, 6.63% Pfd.		20,451		531,931
Bank of America Corp., Series W, 6.63% Pfd.		109,500		2,956,500
Bank of America Corp., Series Y, 6.50% Pfd.		95,200		2,547,552
Bank of America Corp., Class CC, 6.20% Pfd.		92,300		2,473,640
Bank of America Corp., Series EE, 6.00% Pfd.		85,700		2,265,051
Barclays Bank PLC (United Kingdom), Series 5, 8.13% Pfd.		40,000		1,067,200
Citigroup Inc., Series J, 7.13% Pfd.		55,400		1,595,520
Citigroup Inc., Series K, 6.88% Pfd.		50,800		1,467,612
Citigroup Inc., Series L, 6.88% Pfd.		26,200		707,138
Citigroup Inc., Series S, 6.30% Pfd.		64,600		1,748,722
HSBC Holdings PLC (United Kingdom), Series 2, 8.00% Pfd.		68,000		1,829,200
ING Groep NV (Netherlands), 6.38% Pfd.		30,000		771,000


	Shares		Value
Diversified Banks–(continued)
JPMorgan Chase & Co., Series O, 5.50% Pfd.		12,400	$	311,240
JPMorgan Chase & Co., Series P, 5.45% Pfd.		18,100		455,396
JPMorgan Chase & Co., Series T, 6.70% Pfd.		14,300		382,525
JPMorgan Chase & Co., Series W, 6.30% Pfd.		19,000		505,590
JPMorgan Chase & Co., Series Y, 6.13% Pfd.		76,200		2,042,160
JPMorgan Chase & Co., Series AA, 6.10% Pfd.		104,800		2,817,024
JPMorgan Chase & Co., Series BB, 6.15% Pfd.		104,800		2,831,696
Royal Bank of Scotland Group PLC (The) (United Kingdom), Series S, 6.60% Pfd.		17,600		451,440
Santander Finance Preferred SAU (Spain), 6.50% Pfd.		3,400		87,448
US Bancorp, Series F, 6.50% Pfd.		69,300		1,994,454
Wells Fargo & Co., 5.20% Pfd.		64,600		1,618,876
Wells Fargo & Co., 6.63% Pfd.		35,700		1,021,377
Wells Fargo & Co., Series J, 8.00% Pfd.		14,900		380,248
Wells Fargo & Co., Series O, 5.13% Pfd.		60,000		1,501,800
Wells Fargo & Co., Series P, 5.25% Pfd.		22,600		567,486
Wells Fargo & Co., Series Q, 5.85% Pfd.		33,300		907,092
Wells Fargo & Co., Series T, 6.00% Pfd.		50,800		1,327,912
Wells Fargo & Co., Series V, 6.00% Pfd.		38,100		1,005,840
Wells Fargo & Co., Series W, 5.70% Pfd.		38,100		981,837
Wells Fargo & Co., Series X, 5.50% Pfd.		92,900		2,360,589
Wells Fargo & Co., Series Y, 5.63% Pfd.		50,800		1,315,847
				44,914,743

Diversified Capital Markets–0.73%
Deutsche Bank Contingent Capital Trust III (Germany), 7.60% Pfd.		78,600		2,046,744
Deutsche Bank Contingent Capital Trust V (Germany), 8.05% Pfd.		104,800		2,763,576
				4,810,320

Diversified REIT’s–0.37%
PS Business Parks, Inc., Series T, 6.00% Pfd.		4,531		114,453
PS Business Parks, Inc., Series U, 5.75% Pfd.		13,100		330,513
PS Business Parks, Inc., Series W, 5.20% Pfd.		13,100		331,430
PS Business Parks, Inc., Series X, 5.25% Pfd.		10,400		261,560

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

24 Invesco Multi-Asset Income Fund


	Shares		Value
Diversified REIT’s–(continued)
Spirit Realty Capital Inc., Series A, 6.00% Pfd.		7,800	$	192,192
VEREIT Inc., Series F, 6.70% Pfd.		46,200		1,181,334
				2,411,482

Electric Utilities–1.23%
Alabama Power Co., Series A, 5.00% Pfd.		11,300		288,489
Duke Energy Corp., 5.13% Pfd.		23,100		590,898
Entergy Arkansas, Inc., 4.88% Pfd.		16,700		418,335
Entergy Arkansas, Inc., 4.90% Pfd.		11,500		289,455
Entergy Louisiana, LLC, 4.88% Pfd.		18,500		461,390
Entergy Louisiana, LLC, 5.25% Pfd.		8,000		200,800
Entergy Mississippi, Inc., 4.90% Pfd.		12,200		304,512
Entergy Texas Inc., 5.63% Pfd.		9,200		239,752
Georgia Power Co., Series 2017A, 5.00% Pfd.		12,200		305,000
Interstate Power & Light Co., Series D, 5.10% Pfd.		9,000		230,580
Pacific Gas & Electric Co., Series A, 6.00% Pfd.		3,200		96,736
PPL Capital Funding, Inc., Series B, 5.90% Pfd.		21,400		545,486
SCE Trust IV, Series J, 5.38% Pfd.		24,000		648,480
SCE Trust V, Series K, 5.45% Pfd.		17,600		482,768
SCE Trust VI, 5.00% Pfd.		33,800		851,760
Southern Co. (The), 5.25% Pfd.		46,200		1,172,094
Southern Co. (The), 6.25% Pfd.		35,700		963,186
				8,089,721

Health Care REIT’s–0.15%
Senior Housing Properties Trust, 5.63% Pfd.		27,700		697,763
Ventas Realty L.P. / Ventas Capital Corp., 5.45% Pfd.		12,300		311,067
				1,008,830

Industrial Conglomerates–0.36%
General Electric Co., 4.70% Pfd.		29,300		742,755
General Electric Co., 4.88% Pfd.		32,300		809,115
General Electric Co., 4.88% Pfd.		31,600		792,844
				2,344,714

Integrated Telecommunication Services–0.09%
Verizon Communications Inc., 5.90% Pfd.		23,100		621,390

Internet Software & Services–0.15%
eBay Inc., 6.00% Pfd.		35,700		966,756

Investment Banking & Brokerage–1.91%
BGC Partners Inc., 8.13% Pfd.		4,400		114,180
Charles Schwab Corp. (The), Series B, 6.00% Pfd.		12,400		314,712
Charles Schwab Corp. (The), Series C, 6.00% Pfd.		26,200		718,142


	Shares		Value
Investment Banking & Brokerage–(continued)
Charles Schwab Corp. (The), Series D, 5.95% Pfd.		42,900	$	1,175,460
Goldman Sachs Group, Inc. (The), Series I, 5.95% Pfd.		7,800		195,156
Goldman Sachs Group, Inc. (The), Series J, 5.50% Pfd.		31,600		848,460
Goldman Sachs Group, Inc. (The), Series K, 6.38% Pfd.		57,700		1,657,144
Goldman Sachs Group, Inc. (The), Series N, 6.30% Pfd.		71,600		1,955,396
Morgan Stanley, Series E, 7.13% Pfd.		12,500		361,875
Morgan Stanley, Series F, 6.88% Pfd.		23,100		659,505
Morgan Stanley, Series G, 6.63% Pfd.		23,100		618,618
Morgan Stanley, Series I, 6.38% Pfd.		69,300		1,940,400
Morgan Stanley, Series K, 5.85% Pfd.		57,700		1,557,900
Stifel Financial Corp., 5.20% Pfd.		9,200		229,816
Stifel Financial Corp., Series A, 6.25% Pfd.		6,500		173,875
				12,520,639

Life & Health Insurance–0.62%
Aegon N.V. (Netherlands), 6.38% Pfd.		6,700		173,530
Aegon N.V. (Netherlands), 8.00% Pfd.		45,100		1,185,228
Aflac Inc., 5.50% Pfd.		23,100		583,506
Prudential Financial Inc., 5.70% Pfd.		29,500		758,150
Prudential Financial Inc., 5.75% Pfd.		24,800		630,416
Prudential PLC (United Kingdom), 6.75% Pfd.		12,300		325,950
Torchmark Corp., 5.88% Pfd.		3,900		99,177
Torchmark Corp., 6.13% Pfd.		12,500		339,875
				4,095,832

Mortgage REIT’s–0.06%
Wells Fargo Real Estate Investment Corp., Series A, 6.38% Pfd.		14,600		386,900

Multi-Line Insurance–0.20%
American Financial Group, Inc., 6.00% Pfd.		12,200		319,274
Hartford Financial Services Group Inc. (The), 7.88% Pfd.		28,600		855,998
Kemper Corp., 7.38% Pfd.		5,300		140,238
				1,315,510

Multi-Utilities–0.21%
DTE Energy Co., Series B, 5.38% Pfd.		19,900		512,226
DTE Energy Co., Series F, 6.00% Pfd.		14,600		398,580

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

25 Invesco Multi-Asset Income Fund


	Shares		Value
Multi-Utilities–(continued)
Integrys Holding, Inc., 6.00% Pfd.		15,450	$	437,428
				1,348,234

Office REIT’s–0.33%
Boston Properties, Inc., 5.25% Pfd.		9,000		234,990
Equity Commonwealth, 5.75% Pfd.		5,900		148,090
Government Properties Income Trust, 5.88% Pfd.		12,900		333,465
SL Green Realty Corp., Series I, 6.50% Pfd.		9,300		235,104
Vornado Realty Trust, Series L, 5.40% Pfd.		49,400		1,249,820
				2,201,469

Office Services & Supplies–0.08%
Pitney Bowes Inc., 6.70% Pfd.		19,600		503,916

Oil & Gas Refining & Marketing–0.11%
NuStar Energy L.P., Series A, 8.50% Pfd.		27,600		724,500

Oil & Gas Storage & Transportation–0.01%
Targa Resources Partners LP, Series A, 9.00% Pfd.		3,600		95,076

Other Diversified Financial Services–0.07%
KKR Financial Holdings LLC, Series A, 7.38% Pfd.		16,900		428,753

Property & Casualty Insurance–1.01%
Allstate Corp. (The), 5.10% Pfd.		13,100		349,508
Allstate Corp. (The), 5.63% Pfd.		13,100		335,360
Allstate Corp. (The), Series C, 6.75% Pfd.		13,100		344,268
Allstate Corp. (The), Series E, 6.63% Pfd.		33,800		906,854
Allstate Corp. (The), Series F, 6.25% Pfd.		20,800		560,976
Arch Capital Group Ltd., Series E, 5.25% Pfd.		28,300		704,953
Arch Capital Group Ltd., Series F, 5.45% Pfd.		11,900		301,546
Argo Group U.S. Inc., 6.50% Pfd.		6,800		172,448
Aspen Insurance Holdings Ltd. (Bermuda), 5.63% Pfd.		12,500		316,625
Aspen Insurance Holdings Ltd. (Bermuda), 5.95% Pfd.		11,500		309,810
Assured Guaranty Municipal Holdings Inc., 6.25% Pfd.		9,900		260,667
AXIS Capital Holdings Ltd., Series E, 5.50% Pfd.		36,900		934,677
Hanover Insurance Group, Inc. (The), 6.35% Pfd.		5,900		150,361
Selective Insurance Group, Inc., 5.88% Pfd.		5,900		151,040
W. R. Berkley Corp., 5.63% Pfd.		13,100		327,238
W. R. Berkley Corp., 5.75% Pfd.		19,600		515,480
				6,641,811


	Shares		Value
Regional Banks–2.06%
Associated Banc-Corp, Series D, 5.38% Pfd.		4,100	$	101,516
BB&T Corp., Series D, 5.85% Pfd.		23,800		610,232
BB&T Corp., Series E, 5.63% Pfd.		53,100		1,356,174
BB&T Corp., Series H, 5.63% Pfd.		60,000		1,605,000
BOK Financial Corp., 5.38% Pfd.		7,100		180,837
CIT Group Inc., Series A, 5.80% Pfd.		70,000		72,692
Commerce Bancshares Inc., Series B, 6.00% Pfd.		6,900		182,574
Cullen/Frost Bankers, Inc., 5.38% Pfd.		7,100		180,269
Fifth Third Bancorp, Series I, 6.63% Pfd.		20,800		592,592
First Horizon National Corp., Series A, 6.20% Pfd.		3,500		89,670
First Republic Bank, Series D, 5.50% Pfd.		10,100		255,227
First Republic Bank, Series E, 7.00% Pfd.		4,500		119,925
First Republic Bank, Series F, 5.70% Pfd.		7,900		209,903
First Republic Bank, Series G, 5.50% Pfd.		9,500		244,530
First Republic Bank, Series H, 5.13% Pfd.		7,100		179,275
FNB Corp., 7.25% Pfd.		3,400		98,566
Hancock Holding Co., 5.95% Pfd.		4,700		123,093
Huntington Bancshares, Inc., Series C, 5.88% Pfd.		7,900		204,847
Huntington Bancshares, Inc., Series D, 6.25% Pfd.		17,000		471,920
KeyCorp, Series E, 6.13% Pfd.		23,100		674,289
People’s United Financial, Inc., Series A, 5.63% Pfd.		11,500		310,040
PNC Financial Services Group, Inc. (The), Series P, 6.13% Pfd.		85,700		2,418,454
Regions Financial Corp., Series A, 6.38% Pfd.		19,000		482,600
Regions Financial Corp., Series B, 6.38% Pfd.		28,600		810,810
Sterling Bancorp., Series A, 6.50% Pfd.		4,100		107,174
SunTrust Banks, Inc., Series E, 5.88% Pfd.		21,400		547,626
TCF Financial Corp., Series B, 6.45% Pfd.		3,700		95,090
TCF Financial Corp., Series C, 5.70% Pfd.		7,900		203,030
Texas Capital Bancshares, Inc., Series A, 6.50% Pfd.		12,400		317,440
Valley National Bancorp, Series A, 6.25% Pfd.		9,400		258,970
Valley National Bancorp., Series B, 5.50% Pfd.		3,900		102,960
Webster Financial Corp., Series E, 6.40% Pfd.		3,900		98,787

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

26 Invesco Multi-Asset Income Fund


	Shares		Value
Regional Banks–(continued)
Wintrust Financial Corp., Series D, 6.50% Pfd.		4,100	$	114,759
Zions Bancorp., Series G, 6.30% Pfd.		4,900		135,987
				13,556,858

Reinsurance–0.52%
Maiden Holdings, Ltd., 6.63% Pfd.		3,600		94,428
Maiden Holdings, Ltd., Series A, 8.25% Pfd.		9,100		75,075
Maiden Holdings, Ltd., Series C, 7.13% Pfd.		9,000		233,640
Maiden Holdings, Ltd., Series D, 6.70% Pfd.		11,900		297,500
PartnerRe Ltd. (Bermuda), Series H, 7.25% Pfd.		27,700		806,624
Reinsurance Group of America, Inc., 5.75% Pfd.		23,100		642,180
Reinsurance Group of America, Inc., 6.20% Pfd.		12,200		342,210
RenaissanceRe Holdings Ltd. (Bermuda), Series E, 5.38% Pfd.		18,500		473,600
Validus Holdings Ltd., Series B, 5.80% Pfd.		10,700		270,389
Validus Holdings, Ltd., Series A, 5.88% Pfd.		6,900		177,192
				3,412,838

Residential REIT’s–0.04%
American Homes 4 Rent, Series F, 5.88% Pfd.		5,600		144,200
American Homes 4 Rent, Series G, 5.88% Pfd.		4,500		117,000
				261,200

Retail REIT’s–0.36%
CBL & Associates Properties, Inc., Series D, 7.38% Pfd.		27,000		666,360
DDR Corp., Series A, 6.38% Pfd.		11,500		292,560
DDR Corp., Series J, 6.50% Pfd.		11,000		277,530
Kimco Realty Corp., Series I, 6.00% Pfd.		3,762		94,802
Kimco Realty Corp., Series L, 5.13% Pfd.		9,100		226,044
National Retail Properties, Inc., Series E, 5.70% Pfd.		9,200		240,028
National Retail Properties, Inc., Series F, 5.20% Pfd.		19,000		477,090
Washington Prime Group Inc., Series H, 7.50% Pfd.		4,400		110,924
				2,385,338

Specialized REIT’s–0.90%
Digital Realty Trust Inc., Series C, 6.63% Pfd.		8,400		233,604
Digital Realty Trust, Inc., Series G, 5.88% Pfd.		17,400		444,048


	Shares		Value
Specialized REIT’s–(continued)
Digital Realty Trust, Inc., Series H, 7.38% Pfd.		16,700	$	445,723
Digital Realty Trust Inc., Series J, 5.25% Pfd.		18,100		452,319
EPR Properties, Series F, 6.63% Pfd.		3,900		98,553
Public Storage, Series A, 5.88% Pfd.		8,400		224,952
Public Storage, Series B, 5.40% Pfd.		27,100		700,264
Public Storage, Series C, 5.13% Pfd.		30,400		774,288
Public Storage, Series D, 4.95% Pfd.		33,800		847,366
Public Storage, Series E, 4.90% Pfd.		38,100		950,595
Public Storage, Series F, 5.15% Pfd.		8,100		204,120
Public Storage, Series G, 5.05% Pfd.		11,800		298,894
Public Storage, Series Y, 6.38% Pfd.		8,100		214,650
				5,889,376

Thrifts & Mortgage Finance–0.10%
New York Community Bancorp Inc., Series A, 6.38% Pfd.		23,200		647,976

Trading Companies & Distributors–0.03%
GATX Corp., 5.63% Pfd.		6,800		175,855

Wireless Telecommunication Services–0.29%
Telephone & Data Systems Inc., 5.88% Pfd.		12,200		308,416
Telephone & Data Systems Inc., 7.00% Pfd.		21,700		550,312
United States Cellular Corp., 6.95% Pfd.		5,000		126,900
United States Cellular Corp., 7.25% Pfd.		16,700		447,727
United States Cellular Corp., 7.25% Pfd.		17,300		460,872
				1,894,227
Total Preferred Stocks (Cost $139,267,269)				140,999,210

Common Stocks & Other Equity Interests–14.37%
Diversified REIT’s–0.98%
Gladstone Commercial Corp.		63,921		1,384,533
Global Net Lease, Inc.		87,666		1,893,585
Gramercy Property Trust		31,551		937,065
Investors Real Estate Trust		138,554		810,541
Lexington Realty Trust		140,517		1,422,032
				6,447,756

Health Care REIT’s–1.20%
Global Medical REIT, Inc.		206,371		1,745,899
Medical Properties Trust Inc.		108,178		1,431,195

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

27 Invesco Multi-Asset Income Fund


	Shares		Value
Health Care REIT’s–(continued)
New Senior Investment Group Inc.		235,720	$	2,107,337
Sabra Health Care REIT, Inc.		58,846		1,172,212
Senior Housing Properties Trust		78,288		1,440,499
				7,897,142

Hotel and Resort REIT’s–1.69%
Apple Hospitality REIT, Inc.		70,857		1,342,032
Ashford Hospitality Trust, Inc.		242,908		1,707,643
Chatham Lodging Trust		62,636		1,362,333
Chesapeake Lodging Trust		47,682		1,330,328
Hospitality Properties Trust		54,227		1,549,808
LaSalle Hotel Properties		43,615		1,230,379
MGM Growth Properties LLC–Class A		32,930		971,764
RLJ Lodging Trust		21,086		456,723
Xenia Hotels & Resorts, Inc.		53,883		1,172,494
				11,123,504

Industrial REIT’s–0.15%
STAG Industrial, Inc.		35,123		958,858

Mortgage REIT’s–8.17%
AG Mortgage Investment Trust, Inc.		86,982		1,636,131
AGNC Investment Corp.		210,510		4,237,566
Annaly Capital Management, Inc.		181,618		2,081,342
Anworth Mortgage Asset Corp.		278,977		1,559,481
Apollo Commercial Real Estate Finance, Inc.		92,431		1,670,228
Blackstone Mortgage Trust, Inc.–Class A		71,890		2,288,259
Capstead Mortgage Corp.		114,907		1,013,480
Cherry Hill Mortgage Investment Corp.		58,964		1,073,735
Chimera Investment Corp.		293,583		5,372,569
CYS Investments, Inc.		321,527		2,572,216
Ellington Residential Mortgage REIT		39,186		524,309
Ladder Capital Corp.		82,766		1,112,375
MFA Financial, Inc.		571,539		4,709,481
MTGE Investment Corp.		116,820		2,114,442
New Residential Investment Corp.		335,975		5,923,239
Orchid Island Capital Inc.		233,885		2,329,495
PennyMac Mortgage Investment Trust		64,084		1,029,189
Redwood Trust, Inc.		65,585		1,030,340
Starwood Property Trust, Inc.		201,074		4,325,102
Two Harbors Investment Corp.		559,066		5,478,847
Western Asset Mortgage Capital Corp.		160,213		1,613,345
				53,695,171

Office REIT’s–0.47%
Franklin Street Properties Corp.		149,213		1,492,130
Government Properties Income Trust		87,951		1,598,070
				3,090,200


	Shares		Value
Residential REIT’s–0.37%
Independence Realty Trust, Inc.		132,705	$	1,346,956
Preferred Apartment Communities, Inc.–Class A		55,443		1,100,543
				2,447,499

Retail REIT’s–0.98%
CBL & Associates Properties, Inc.		319,810		2,507,310
Whitestone REIT		130,102		1,738,163
Washington Prime Group Inc.		276,944		2,168,472
				6,413,945

Specialized REIT’s–0.36%
CoreCivic, Inc.		45,648		1,125,679
Geo Group Inc. (The)		48,025		1,246,236
				2,371,915
Total Common Stocks & Other Equity Interests (Cost $91,788,053)				94,445,990

	Principal Amount
U.S. Treasury Securities–8.33%
U.S. Treasury Bills–0.04%
1.05%, 02/01/2018^(e)(f)	$	10,000		9,971
1.09%, 02/01/2018^(e)(f)		130,000		129,625
1.11%, 02/01/2018^(e)(f)		125,000		124,639
				264,235

U.S. Treasury STRIPS–8.29%
2.71%, 11/15/2045^(e)(g)		28,685,000		12,602,743
2.88%, 11/15/2045^(e)(g)		4,900,000		2,152,813
2.91%, 11/15/2045^(e)(g)		3,000,000		1,318,049
2.94%, 11/15/2045^(e)(g)		4,800,000		2,108,878
2.96%, 11/15/2045^(e)(g)		19,000,000		8,347,642
2.97%, 11/15/2045^(e)(g)		5,200,000		2,284,618
2.98%, 11/15/2045^(e)(g)		4,300,000		1,889,203
2.99%, 11/15/2045^(e)(g)		2,300,000		1,010,505
3.02%, 11/15/2045^(e)(g)		7,100,000		3,119,382
3.03%, 11/15/2045^(e)(g)		1,500,000		659,024
3.08%, 11/15/2045^(e)(g)		5,900,000		2,592,162
3.10%, 11/15/2045^(e)(g)		900,000		395,415
3.13%, 11/15/2045^(e)(g)		2,100,000		922,634
3.14%, 11/15/2045^(e)(g)		7,000,000		3,075,447
3.17%, 11/15/2045^(e)(g)		2,800,000		1,230,179
3.19%, 11/15/2045^(e)(g)		3,000,000		1,318,049
3.23%, 11/15/2045^(e)(g)		5,200,000		2,284,618
3.24%, 11/15/2045^(e)(g)		2,200,000		966,569
3.27%, 11/15/2045^(e)(g)		11,015,000		4,839,436
3.31%, 11/15/2045^(e)(g)		3,100,000		1,361,984
				54,479,350
Total U.S. Treasury Securities (Cost $54,670,603)				54,743,585

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

28 Invesco Multi-Asset Income Fund


	Shares		Value
Exchange-Traded Notes–8.16%
ETRACS Alerian MLP Infrastructure Index ETN, 7.27%, 04/02/2040^(h)		1,067,000	$	25,063,830
JPMorgan Alerian MLP Index ETN, 6.28%, 05/24/2024^(h)		1,056,000		28,575,360
Total Exchange-Traded Notes (Cost $58,354,690)				53,639,190

	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes–0.25%⁽ⁱ⁾
Cable & Satellite–0.08%
SES S.A. (Luxembourg), REGS, Jr. Unsec. Gtd. Sub. Euro Bonds, 4.63%^(b)(c)	EUR	400,000		505,275

Electric Utilities–0.04%
Enel S.p.A. (Italy), REGS, Jr. Unsec. Sub. Euro Bonds, 6.63%, 09/15/2076^(b)	GBP	200,000		301,940

Food Retail–0.05%
Iceland Bondco PLC (United Kingdom), REGS, Sr. Sec. Gtd. Euro Notes, 4.63%, 03/15/2025^(b)	GBP	250,000		322,926

Health Care Services–0.04%
Synlab Unsecured Bondco PLC (United Kingdom), REGS, Sr. Unsec. Gtd. Euro Bonds, 8.25%, 07/01/2023^(b)	EUR	200,000		256,783


	Principal Amount		Value
Restaurants–0.04%
PizzaExpress Financing 2 PLC (United Kingdom), REGS, Sr. Sec. Gtd. First Lien Euro Bonds, 6.63%, 08/01/2021^(b)	GBP	200,000	$	259,476
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,540,698)				1,646,400

Variable Rate Senior Loan Interests–0.12%^(j)
Food & Drug Retailers–0.12%
Albertson’s LLC, Term Loan B-4, 3.99% (3 mo. USD LIBOR + 2.75%), 08/25/2021 (Cost $770,597)	$	802,988		780,219

	Shares
Money Market Funds–5.31%
Invesco Government & Agency Portfolio–Institutional Class, 0.95%^(k)		20,955,834		20,955,834
Invesco Treasury Portfolio–Institutional Class, 0.94%^(k)		13,970,556		13,970,556
Total Money Market Funds (Cost $34,926,390)				34,926,390
TOTAL INVESTMENTS IN SECURITIES–98.52% (Cost $644,028,517)				647,414,616
OTHER ASSETS LESS LIABILITIES–1.48%				9,705,894
NET ASSETS–100.00%			$	657,120,510

Investment Abbreviations:


Deb.		– Debentures
ETN		– Exchange-Traded Notes
EUR		– Euro
GBP		– British Pound
Gtd.		– Guaranteed
Jr.		– Junior
LIBOR		– London Interbank Offered Rate
MLP		– Master Limited Partnership
Pfd.		– Preferred


PIK		– Payment in Kind
REGS		– Regulation S
REIT		– Real Estate Investment Trust
Sec.		– Secured
Sr.		– Senior
STRIPS		– Separately Traded Registered Interest and Principal Security
Sub.		– Subordinated
Unsec.		– Unsecured
USD		– United States Dollar

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2017 was $124,563,216, which represented 18.96% of the Fund’s Net Assets.

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

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

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

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

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

^(h)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2017.

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

^(j)

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

^(k)	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, 2017.

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

29 Invesco Multi-Asset Income Fund


Open Futures Contracts
	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Long Futures Contracts
Dow Jones Euro STOXX 50 Index		512		December-2017	$	21,936,651		$	1,156,335		$	1,156,335
E-Mini Russell 2000		215		December-2017		16,154,025			673,443			673,443
E-Mini S&P 500 Index		126		December-2017		16,208,010			520,833			520,833
FTSE 100 Index		219		December-2017		21,724,421			262,708			262,708
Hang Seng Index		119		November-2017		21,507,678			(12,393	)		(12,393	)
Topix Stock Price Index		150		December-2017		23,260,621			2,256,291			2,256,291
Subtotal — Equity Risk									4,857,217			4,857,217
Subtotal — Long									4,857,217			4,857,217

Short Futures Contracts
Euro Bonds		110		December-2017		(20,854,622	)		(193,373	)		(193,373	)
Long Gilt		127		December-2017		(20,975,316	)		60,288			60,288
U.S. Treasury Long Bonds		66		December-2017		(10,062,938	)		77,999			77,999
Subtotal — Interest Rate Risk									(55,086	)		(55,086	)
Subtotal — Short									(55,086	)		(55,086	)
Total Futures Contracts											$	4,802,131


Open Forward Foreign Currency Contracts
Settlement Date	Counterparty							Unrealized Appreciation (Depreciation)
		Contract to
		Deliver			Receive
11/30/2017	Barclays Bank PLC		GBP	244,000		USD	324,614	$	214
11/30/2017	Deutsche Bank Securities Inc.		EUR	793,994		USD	938,440		12,023
Subtotal									12,237
11/30/2017	Citigroup Global Markets Inc.		GBP	365,156		USD	468,438		(17,039	)
11/30/2017	Goldman Sachs International	��	USD	248,152		EUR	210,000		(3,128	)
Subtotal									(20,167	)
Total Forward Foreign Currency Contracts — Currency Risk								$	(7,930	)


Open Centrally Cleared Credit Default Swap Agreements — Credit Risk
Reference Entity	Buy/Sell Protection		(Pay)/Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread^(a)			Notional Value		Upfront Payments Paid		Value		Unrealized Appreciation^(b)
Markit iTraxx Europe Index		Sell		5.00	%		Quarterly		06/20/2022		2.80	%	$	4,950,000	$	326,949	$	446,129	$	119,180

^(a)

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

Currency Abbreviations:


EUR		– Euro
GBP		– British Pound Sterling
USD		– U.S. Dollar

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

30 Invesco Multi-Asset Income Fund

Statement of Assets and Liabilities

October 31, 2017


Assets:
Investments in securities, at value (Cost $609,102,127)	$	612,488,226
Investments in affiliated money market funds, at value and cost		34,926,390
Other investments:
Variation margin receivable — futures		160,219
Variation margin receivable — centrally cleared swap agreements		6,903
Unrealized appreciation on forward foreign currency contracts outstanding		12,237
Cash		315,493
Foreign currencies, at value (Cost $21,245)		21,051
Receivable for:
Investments sold		108,063
Fund shares sold		7,487,093
Dividends and interest		4,361,188
Fund expenses absorbed		43,981
Investment for trustee deferred compensation and retirement plans		27,195
Other assets		101,820
Total assets		660,059,859

Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		20,167
Payable for:
Investments purchased		1,494,087
Fund shares reacquired		1,007,724
Accrued fees to affiliates		202,676
Accrued trustees’ and officers’ fees and benefits		2,352
Accrued other operating expenses		181,386
Trustee deferred compensation and retirement plans		30,957
Total liabilities		2,939,349
Net assets applicable to shares outstanding	$	657,120,510

Net assets consist of:
Shares of beneficial interest	$	647,671,396
Undistributed net investment income		(67,769	)
Undistributed net realized gain		1,216,949
Net unrealized appreciation		8,299,934
	$	657,120,510


Net Assets:
Class A	$	191,394,898
Class C	$	74,211,353
Class R	$	1,608,370
Class Y	$	328,798,342
Class R5	$	30,109
Class R6	$	61,077,438

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		17,387,561
Class C		6,747,676
Class R		146,140
Class Y		29,862,697
Class R5		2,734
Class R6		5,547,189
Class A:
Net asset value per share	$	11.01
Maximum offering price per share
(Net asset value of $11.01 ¸ 94.50%)	$	11.65
Class C:
Net asset value and offering price per share	$	11.00
Class R:
Net asset value and offering price per share	$	11.01
Class Y:
Net asset value and offering price per share	$	11.01
Class R5:
Net asset value and offering price per share	$	11.01
Class R6:
Net asset value and offering price per share	$	11.01

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

31 Invesco Multi-Asset Income Fund

Statement of Operations

For the year ended October 31, 2017


Investment income:
Interest	$	9,496,846
Dividends (net of foreign withholding taxes of $1,613)		10,652,046
Dividends from affiliated money market funds		176,061
Total investment income		20,324,953

Expenses:
Advisory fees		1,936,678
Administrative services fees		111,786
Custodian fees		62,619
Distribution fees:
Class A		314,667
Class C		443,920
Class R		5,340
Transfer agent fees — A, C, R and Y		389,667
Transfer agent fees — R5		7
Transfer agent fees — R6		666
Trustees’ and officers’ fees and benefits		25,091
Registration and filing fees		118,658
Licensing Fees		165,700
Reports to shareholders		85,162
Professional services fees		67,079
Other		32,601
Total expenses		3,759,641
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(689,891	)
Net expenses		3,069,750
Net investment income		17,255,203

Realized and unrealized gain from:
Net realized gain (loss) from:
Investment securities (includes net gains (losses) from securities sold to affiliates of $(2,979))		2,988,245
Foreign currencies		(135,646	)
Forward foreign currency contracts		(37,157	)
Futures contracts		7,520,571
Swap agreements		252,372
		10,588,385
Change in net unrealized appreciation (depreciation) of:
Investment securities	$	(1,295,125	)
Foreign currencies		2,485
Forward foreign currency contracts		(59,546	)
Futures contracts		4,487,348
Swap agreements		86,727
		3,221,889
Net realized and unrealized gain		13,810,274
Net increase in net assets resulting from operations	$	31,065,477

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

32 Invesco Multi-Asset Income Fund

Statement of Changes in Net Assets

For the years ended October 31, 2017 and 2016


	2017			2016
Operations:
Net investment income	$	17,255,203		$	6,729,718
Net realized gain		10,588,385			981,215
Change in net unrealized appreciation		3,221,889			1,893,239
Net increase in net assets resulting from operations		31,065,477			9,604,172

Distributions to shareholders from net investment income:
Class A		(5,659,946	)		(2,847,881	)
Class C		(1,660,348	)		(751,745	)
Class R		(45,346	)		(17,519	)
Class Y		(7,006,185	)		(825,464	)
Class R5		(1,289	)		(587	)
Class R6		(2,679,432	)		(2,805,712	)
Total distributions from net investment income		(17,052,546	)		(7,248,908	)

Share transactions–net:
Class A		94,789,727			37,737,567
Class C		48,232,871			6,501,206
Class R		1,023,387			194,926
Class Y		293,115,564			18,353,047
Class R5		9,180			9,064
Class R6		9,119,307			(18,420,097	)
Net increase in net assets resulting from share transactions		446,290,036			44,375,713
Net increase in net assets		460,302,967			46,730,977

Net assets:
Beginning of year		196,817,543			150,086,566
End of year (includes undistributed net investment income of $(67,769) and $(145,929), respectively)	$	657,120,510		$	196,817,543

Notes to Financial Statements

October 31, 2017

NOTE 1—Significant Accounting Policies

Invesco Multi-Asset Income Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of twenty 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 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.

33 Invesco Multi-Asset Income Fund

institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind income received in the form of securities in-lieu of cash is recorded as interest income. 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.

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.

34 Invesco Multi-Asset Income Fund

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

Distributions — Distributions from net investment income, if any, are declared and paid 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.

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.

35 Invesco Multi-Asset Income Fund

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.

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.

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.

36 Invesco Multi-Asset Income Fund

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

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.

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

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Effective January 1, 2017, 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		0.50%
Next $500 million		0.45%
Next $500 million		0.40%
Over $1.5 billion		0.39%

Prior to January 1, 2017, the Fund had paid 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, 2017, the effective advisory fees incurred by the Fund was 0.51%.

37 Invesco Multi-Asset Income Fund

0.60% and 0.60%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to January 1, 2017, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.05%, 1.80%, 1.30%, 0.80%, 0.80% and 0.80%, 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 February 28, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2017, the Adviser waived advisory fees of $299,551 and reimbursed class level expenses of $152,248, $53,696, $1,292, $181,296, $8 and $666 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2017, IDI advised the Fund that IDI retained $111,254 in front-end sales commissions from the sale of Class A shares and $4,334 and $6,559 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

Level 1 —

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

Level 2 —

Level 3 —

38 Invesco Multi-Asset Income Fund


	Level 1		Level 2			Level 3		Total
U.S. Dollar Denominated Bonds & Notes	$	—	$	266,233,632		$	—	$	266,233,632
Preferred Stocks		139,037,256		1,961,954			—		140,999,210
Common Stocks & Other Equity Interests		94,445,990		—			—		94,445,990
U.S. Treasury Securities		—		54,743,585			—		54,743,585
Exchange-Traded Notes		53,639,190		—			—		53,639,190
Non-U.S. Dollar Denominated Bonds & Notes		—		1,646,400			—		1,646,400
Variable Rate Senior Loan Interests		—		780,219			—		780,219
Money Market Funds		34,926,390		—			—		34,926,390
		322,048,826		325,365,790			—		647,414,616
Futures Contracts*		4,802,131		—			—		4,802,131
Forward Foreign Currency Contracts*		—		(7,930	)		—		(7,930	)
Swap Agreements*		—		119,180			—		119,180
Total Investments	$	326,850,957	$	325,477,040		$	—	$	652,327,997

*	Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2017:


	Value
Derivative Assets	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts — Exchange-Traded^(a)	$	—		$	—		$	4,869,610		$	138,287		$	5,007,897
Unrealized appreciation on swap agreements — Centrally Cleared^(a)		119,180			—			—			—			119,180
Unrealized appreciation on forward foreign currency contracts outstanding		—			12,237			—			—			12,237
Total Derivative Assets		119,180			12,237			4,869,610			138,287			5,139,314
Derivatives not subject to master netting agreements		(119,180	)		—			(4,869,610	)		(138,287	)		(5,127,077	)
Total Derivative Assets subject to master netting agreements	$	—		$	12,237		$	—		$	—		$	12,237

	Value
Derivative Liabilities	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded^(a)	$	—		$	—		$	(12,393	)	$	(193,373	)	$	(205,766	)
Unrealized depreciation on forward foreign currency contracts outstanding		—			(20,167	)		—			—			(20,167	)
Total Derivative Liabilities		—			(20,167	)		(12,393	)		(193,373	)		(225,933	)
Derivatives not subject to master netting agreements		—			—			12,393			193,373			205,766
Total Derivative Liabilities subject to master netting agreements	$	—		$	(20,167	)	$	—		$	—		$	(20,167	)

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

39 Invesco Multi-Asset Income Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2017.


	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Barclays Bank PLC	$	214	$	—		$	214		$	—	$	—	$	214
Citigroup Global Markets Inc.		—		(17,039	)		(17,039	)		—		—		(17,039	)
Deutsche Bank Securities Inc.		12,023		—			12,023			—		—		12,023
Goldman Sachs International		—		(3,128	)		(3,128	)		—		—		(3,128	)
Total	$	12,237	$	(20,167	)	$	(7,930	)	$	—	$	—	$	(7,930	)

Effect of Derivative Investments for the year ended October 31, 2017

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	$	—	$	(37,157	)	$	—	$	—		$	(37,157	)
Futures contracts		—		—			8,688,524		(1,167,953	)		7,520,571
Swap agreements		252,372		—			—		—			252,372
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		—		(59,546	)		—		—			(59,546	)
Futures contracts		—		—			4,731,182		(243,834	)		4,487,348
Swap agreements		86,727		—			—		—			86,727
Total	$	339,099	$	(96,703	)	$	13,419,706	$	(1,411,787	)	$	12,250,315

The table below summarizes the twelve month average notional value of forward foreign currency contracts and futures contracts and the nine month average notional value of swap agreements outstanding during the period.


	Forward Foreign Currency Contracts		Futures Contracts		Swap Agreements
Average notional value	$	1,574,873	$	114,503,648	$	3,858,556

NOTE 5—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended October 31, 2017, the Fund engaged in securities sales of $90,781, which resulted in net realized gains (losses) of $(2,979).

NOTE 6—Expense Offset Arrangement(s)

NOTE 7—Trustees’ and Officers’ Fees and Benefits

40 Invesco Multi-Asset Income Fund

NOTE 8—Cash Balances

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, 2017 and 2016:


	2017		2016
Ordinary income	$	17,052,546	$	7,248,908

Tax Components of Net Assets at Period-End:


	2017
Undistributed ordinary income	$	2,432,277
Undistributed long-term gain		4,502,172
Net unrealized appreciation — investments		2,542,543
Net unrealized appreciation — foreign currencies		454
Temporary book/tax differences		(28,332	)
Shares of beneficial interest		647,671,396
Total net assets	$	657,120,510

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

The Fund does not have a capital loss carryforward as of October 31, 2017.

NOTE 10—Investment Transactions

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, 2017 was $512,889,248 and $118,008,255, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $58,456,126 and $20,287,595, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	11,938,903
Aggregate unrealized (depreciation) of investments		(9,396,360	)
Net unrealized appreciation of investments	$	2,542,543

Cost of investments for tax purposes is $650,112,403.

NOTE 11—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of bond premium amortization, foreign currency transactions, futures contracts and swap agreements income, on October 31, 2017, undistributed net investment income was decreased by $124,497 undistributed net realized gain was increased by $189,149 and shares of beneficial interest was decreased by $64,652. This reclassification had no effect on the net assets of the Fund.

41 Invesco Multi-Asset Income Fund

NOTE 12—Share Information


	Summary of Share Activity
	Years ended October 31,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		14,849,703		$	161,218,349			5,267,027		$	55,774,372
Class C		4,808,469			52,215,702			973,923			10,215,089
Class R		107,694			1,162,484			35,654			374,579
Class Y		31,062,629			338,133,338			2,466,882			25,860,783
Class R5		1,574			16,577			838			9,002
Class R6		628,573			6,736,724			949,592			9,507,580

Issued as reinvestment of dividends:
Class A		466,849			5,048,168			250,608			2,538,721
Class C		119,493			1,292,176			64,533			650,905
Class R		4,152			44,882			1,661			16,789
Class Y		521,000			5,680,154			71,597			730,390
Class R5		72			771			6			62
Class R6		248,948			2,679,432			275,154			2,746,085

Reacquired:
Class A		(6,642,263	)		(71,476,790	)		(2,020,290	)		(20,575,526	)
Class C		(488,324	)		(5,275,007	)		(430,535	)		(4,364,788	)
Class R		(16,941	)		(183,979	)		(19,673	)		(196,442	)
Class Y		(4,673,930	)		(50,697,928	)		(816,554	)		(8,238,126	)
Class R5		(757	)		(8,168	)		—			—
Class R6^(b)		(27,712	)		(296,849	)		(3,221,075	)		(30,673,762	)
Net increase in share activity		40,969,229		$	446,290,036			3,849,348		$	44,375,713

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 69% 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, 9% 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.

42 Invesco Multi-Asset Income Fund

NOTE 13—Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Class A
Year ended 10/31/17	$	10.51	$	0.49	$	0.50		$	0.99		$	(0.49	)	$	—		$	(0.49	)	$	11.01		9.64	%	$	191,395		0.86	%^(d)		1.06	%^(d)		4.53	%^(d)		40	%
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			1.28			4.60			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
Class C
Year ended 10/31/17		10.50		0.41		0.50			0.91			(0.41	)		—			(0.41	)		11.00		8.83			74,211		1.61	^(d)		1.81	^(d)		3.78	^(d)		40
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			2.03			3.85			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
Class R
Year ended 10/31/17		10.51		0.46		0.50			0.96			(0.46	)		—			(0.46	)		11.01		9.37			1,608		1.11	^(d)		1.31	^(d)		4.28	^(d)		40
Year ended 10/31/16		10.08		0.44		0.46			0.90			(0.47	)		—			(0.47	)		10.51		9.28			538		1.29			1.53			4.35			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
Class Y
Year ended 10/31/17		10.51		0.52		0.50			1.02			(0.52	)		—			(0.52	)		11.01		9.91			328,798		0.61	^(d)		0.81	^(d)		4.78	^(d)		40
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			1.03			4.85			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
Class R5
Year ended 10/31/17		10.52		0.52		0.49			1.01			(0.52	)		—			(0.52	)		11.01		9.81			30		0.61	^(d)		0.72	^(d)		4.78	^(d)		40
Year ended 10/31/16		10.09		0.50		0.45			0.95			(0.52	)		—			(0.52	)		10.52		9.82			19		0.79			0.90			4.85			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
Class R6
Year ended 10/31/17		10.51		0.52		0.50			1.02			(0.52	)		—			(0.52	)		11.01		9.91			61,077		0.61	^(d)		0.69	^(d)		4.78	^(d)		40
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			0.90			4.85			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

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $125,867, $44,392, $1,068, $149,881, $27 and $56,095 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

43 Invesco Multi-Asset Income Fund

Report of Independent Registered Public Accounting Firm

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

and Shareholders of Invesco 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 Invesco Multi-Asset Income Fund (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, 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, 2017 by correspondence with the custodian, transfer agent and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

44 Invesco Multi-Asset Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (05/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,033.30	$	4.31	$	1,020.97	$	4.28		0.84	%
C		1,000.00		1,029.40		8.13		1,017.19		8.08		1.59
R		1,000.00		1,032.00		5.58		1,019.71		5.55		1.09
Y		1,000.00		1,034.60		3.03		1,022.23		3.01		0.59
R5		1,000.00		1,033.60		3.02		1,022.23		3.01		0.59
R6		1,000.00		1,034.60		3.03		1,022.23		3.01		0.59

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

45 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 12-13, 2017, 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. and separate Sub-Advisory Contracts with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.

The Board’s Fund Evaluation Process

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2016 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, 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, 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

46 Invesco Multi-Asset Income Fund

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 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.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

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 Fud 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 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.

47 Invesco Multi-Asset Income Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2017:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	3.94	%

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

48 Invesco Multi-Asset Income Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested 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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco Multi-Asset Income Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		MAIN-AR-1		12212017		1141

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

Visit our website for more information on your investments

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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Pacific Growth Fund

LOGO

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.

∎ 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.

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

Sincerely,

LOGO

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, 2017, 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


Class A Shares	28.09	%
Class B Shares	27.08
Class C Shares	27.11
Class R Shares	27.75
Class Y Shares	28.43
Class R5 Shares	28.53
Class R6 Shares*	28.33
MSCI EAFE Index^▼(Broad Market Index)	23.44
MSCI All Country Asia Pacific Index^▼(Style-Specific Index)	23.70
Lipper Pacific Region Funds Index^∎ (Peer Group Index)	22.30
Source(s): ^▼FactSet Research Systems Inc.; ^∎Lipper Inc.
*Class R6 shares incepted on April 4, 2017. See page 7 for more details.

Market conditions and your Fund

For the fiscal year ended October 31, 2017, Asia Pacific markets were strong amid favorable earnings and discounted valuations compared to developed markets. The reporting period started off with Asia Pacific markets exhibiting weakness at the end of 2016, as increasing concerns about possible US protectionist policies overshadowed the region’s positive economic developments. A strong US dollar also had a negative impact, with most Asian currencies trending lower.

In the first half of 2017, Asia Pacific markets strengthened, posting double-digit gains across key markets. India’s market ended the first quarter as the best-performing Asian market, with its economy gradually recovering from the temporary disruption caused by a demonetization of its currency. Asia Pacific markets extended their gains in the second quarter as economic conditions

further improved. Corporate earnings were strong as sales rose and lower costs expanded profit margins.

In the second half of 2017, Asia Pacific markets continued their year-to-date gains. Macroeconomic data remained strong, with official manufacturing Purchasing Managers’ Index and industrial profits data indicating robust domestic economies. Japanese stocks rallied in September as investors finally stepped into the markets with hope that strong corporate earnings, combined with a decent macro economy and Prime Minister Abe’s decision to call a snap election, would push Japanese stocks higher.

On a geographic basis, positive stock selection in Japan was the leading contributor to Fund performance versus the MSCI All Country Asia Pacific Index. Stock selection in China and India contributed to Fund outperformance versus the style-specific index, as well.

In contrast, negative stock selection in South Korea was the leading detractor from the Fund’s performance versus the style-specific index. Holdings in Thailand, Indonesia and Singapore detracted from relative results. An underweight position in Indonesia was also a drag on the Fund’s relative performance.

At the sector level, stock selection in and overweight exposure to the information technology (IT) sector led out performance versus the MSCI All Country Asia Pacific Index. Contributors included China-based internet gaming leader Tencent Holdings and Japan-based Yaskawa Electric, which both delivered solid earnings for the reporting period.

Stock selection in the industrials and financials sectors also contributed to Fund performance relative to its style-specific index during the reporting period. Airport owner and operator Beijing Capital International Airport was the largest contributor within the industrials sector. We sold our position in Beijing Capital International Airport before the close of the reporting period. Bajaj Finance, an Indian financial services company, was a leading contributor within the financials sector. The consumer finance company recovered strongly from a fourth quarter 2016 correction due to temporary disruption from demonetization.

Conversely, stock selection in the utilities sector detracted from both absolute and relative Fund performance. Guangdong Investment, a Chinese company that operates utilities through its subsidiaries, was the leading detractor from relative Fund performance within the sector. Australia-based APA Group, a company that owns and operates natural gas and electricity assets, also detracted from the Fund’s relative performance during the reporting period. We sold our positions in Guangdong Investment and APA Group before the close of the reporting period.


Portfolio Composition
By sector				% of total net assets



Information Technology	35.6	%
Industrials	17.4
Consumer Discretionary	14.1
Financials	11.3
Consumer Staples	9.9
Materials	5.6
Real Estate	1.7
Health Care	1.1
Telecommunication Services	0.8

Money Market Funds

Plus Other Assets Less Liabilities

2.5


Top 10 Equity Holdings*
					% of total net assets



1.	Tencent Holdings Ltd.	9.0	%
2.	Taiwan Semiconductor Manufacturing Co. Ltd.	5.1
3.	Samsung Electronics Co., Ltd.	4.9
4.	AIA Group Ltd.	3.1
5.	Maruti Suzuki India Ltd.	2.6
6.	Britannia Industries Ltd.	2.3
7.	Sumitomo Metal Mining Co., Ltd.	2.3
8.	Bajaj Finance Ltd.	2.2
9.	Komatsu Ltd.	2.1
10.	Baidu, Inc.-ADR	2.1

Total Net Assets

$104.8 million

Total Number of Holdings*

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, 2017.

4 Invesco Pacific Growth Fund

Underweight exposure to the relatively strong materials sector was another detractor from Fund performance versus the style-specific index.

The Fund’s cash position, which averaged around 3.5% during the reporting period, was a key detractor from relative Fund performance, given rising equity markets.

During the reporting period, the Fund’s Asia Pacific ex-Japan allocation favored consumer-related sectors, with overweight positions in the IT, consumer discretionary and consumer staples sectors and underweight positions in the financials and energy sectors. The Fund’s Japan position focused on attractively priced stocks across a broad range of sectors that have sound corporate governance and competent management and are transforming to create sustainable corporate value.

We continue to look for stocks that have a competitive edge to successfully expand businesses over the long term, and stocks with positive fundamentals and prospects across a broad range of sectors.

We thank you for your continued investment in Invesco Pacific Growth Fund.

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 10/31/07

LOGO

Past performance cannot guarantee comparable future results.

6 Invesco Pacific Growth Fund


Average Annual Total Returns
As of 10/31/17, including maximum applicable sales charges

Class A Shares
Inception (7/28/97)	3.06	%
10 Years	1.50
5 Years	10.16
1 Year	21.05

Class B Shares
Inception (11/30/90)	5.50	%
10 Years	1.47
5 Years	10.31
1 Year	22.08

Class C Shares
Inception (7/28/97)	2.60	%
10 Years	1.34
5 Years	10.58
1 Year	26.11

Class R Shares
Inception (3/31/08)	4.19	%
5 Years	11.12
1 Year	27.75

Class Y Shares
Inception (7/28/97)	3.60	%
10 Years	2.35
5 Years	11.69
1 Year	28.43

Class R5 Shares
10 Years	2.33	%
5 Years	11.84
1 Year	28.53

Class R6 Shares
10 Years	2.10	%
5 Years	11.46
1 Year	28.33

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 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


Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (7/28/97)	2.78	%
10 Years	1.81
5 Years	9.17
1 Year	11.44

Class B Shares
Inception (11/30/90)	5.29	%
10 Years	1.78
5 Years	9.31
1 Year	12.04

Class C Shares
Inception (7/28/97)	2.33	%
10 Years	1.65
5 Years	9.59
1 Year	16.04

Class R Shares
Inception (3/31/08)	3.62	%
5 Years	10.13
1 Year	17.63

Class Y Shares
Inception (7/28/97)	3.32	%
10 Years	2.66
5 Years	10.68
1 Year	18.22

Class R5 Shares
10 Years	2.64	%
5 Years	10.84
1 Year	18.37

Class R6 Shares
10 Years	2.41	%
5 Years	10.45
1 Year	18.12

fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on April 4, 2017. 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.

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, Class R5 and Class R6 shares was 1.64%, 2.39%, 2.37%, 1.89%, 1.39%, 1.28% and 1.22%, 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.

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

7 Invesco Pacific Growth Fund

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

∎

Unless otherwise stated, information presented in this report is as of October 31, 2017, 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 available for use by retirement plans that meet certain standards and for institutional investors. Class R6 shares are also available through intermediaries that have established an agreement with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts. Please see the prospectus for more information.

Principal risks of investing in the Fund

∎

Asia Pacific region (including Japan) risk. The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. Certain economies in the region may be adversely affected by increased competition, high inflation rates, undeveloped financial services sectors, currency fluctuations or restrictions, political and social instability and increased economic volatility. The Fund’s Japanese investments may be adversely affected by protectionist trade policies, slow economic activity worldwide, dependence on exports and international trade, increasing competition from Asia’s other low-cost emerging economies, political and social instability, regional and global conflicts

and natural disasters, as well as by commodity markets fluctuations related to Japan’s limited natural resource supply.

∎

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.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Pacific Growth Fund

∎

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.

∎

Other information

∎

for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

∎

9 Invesco Pacific Growth Fund

Schedule of Investments

October 31, 2017


	Shares		Value
Common Stocks & Other Equity Interests–97.52%
Australia–5.40%
Cochlear Ltd.		8,261	$	1,115,365
Commonwealth Bank of Australia		484		28,758
National Australia Bank Ltd.		30,256		759,482
Orora Ltd.		823,356		2,142,669
Treasury Wine Estates Ltd.		133,597		1,610,045
				5,656,319

China–15.48%
Baidu, Inc.–ADR^(a)		8,820		2,151,551
China Animal Healthcare Ltd.^(a)(b)		349,000		58,156
China Literature Ltd.^(a)(c)		165		1,175
Ping An Insurance (Group) Co. of China Ltd.–Class H		237,000		2,080,973
Semiconductor Manufacturing International Corp.^(a)		349,500		535,804
Sunny Optical Technology Group Co., Ltd.		67,000		980,773
Tencent Holdings Ltd.		208,100		9,373,256
ZTE Corp.–Class H^(a)		300,600		1,042,278
				16,223,966

Hong Kong–3.05%
AIA Group Ltd.		424,800		3,196,319
Henderson Land Development Co. Ltd.		121		789
				3,197,108

India–8.87%
Bajaj Finance Ltd.		83,463		2,321,070
Britannia Industries Ltd.		33,795		2,421,590
Eicher Motors Ltd.		3,724		1,853,928
Maruti Suzuki India Ltd.		21,270		2,697,452
				9,294,040

Indonesia–2.56%
PT Telekomunikasi Indonesia Persero Tbk		2,828,100		844,603
PT Unilever Indonesia Tbk		502,300		1,836,915
				2,681,518

Japan–41.63%
Aida Engineering, Ltd.		117,500		1,360,564
Daikin Industries, Ltd.		19,200		2,126,887
Daiwa House Industry Co., Ltd.		48,900		1,793,680
Fukushima Industries Corp.		44,600		1,724,411
H.I.S. Co., Ltd.		56,000		1,885,596
Hitachi High-Technologies Corp.		35,800		1,501,835
K’s Holdings Corp.		51,100		1,172,251
Kakaku.com, Inc.		94,200		1,295,133
Komatsu Ltd.		67,900		2,234,907
Konoike Transport Co., Ltd.		98,200		1,507,248
Mitsubishi Corp.		73,300		1,717,722
Nidec Corp.		16,200		2,144,648


	Shares		Value
Japan–(continued)
Nifco Inc.		29,000	$	1,897,874
Omron Corp.		33,800		1,886,453
Otsuka Corp.		24,500		1,659,337
Paltac Corp.		33,400		1,320,547
Persol Holdings Co., Ltd.		37,600		926,688
Pilot Corp.		18,800		950,199
Resorttrust, Inc.		75,300		1,487,087
SCSK Corp.		26,600		1,149,447
Sekisui Chemical Co., Ltd.		83,800		1,690,835
Seria Co., Ltd.		13,200		750,040
Sompo Holdings, Inc.		47,600		1,903,098
Sumitomo Metal Mining Co., Ltd.		59,900		2,366,232
Tsubakimoto Chain Co.		190,000		1,632,903
Yamaha Motor Co., Ltd.		62,900		1,883,308
Yaskawa Electric Corp.		46,400		1,648,834
				43,617,764

Philippines–1.51%
Ayala Corp.		78,980		1,579,600

South Korea–10.95%
AMOREPACIFIC Group		13,299		1,700,751
BGFretail Co., Ltd.		17,214		1,215,370
NAVER Corp.		2,206		1,767,012
Nongshim Co., Ltd.		2,864		888,337
Ottogi Corp.		1,079		730,993
Samsung Electronics Co., Ltd.		2,102		5,174,483
				11,476,946

Taiwan–6.78%
Largan Precision Co., Ltd.		9,000		1,717,119
Taiwan Semiconductor Manufacturing Co. Ltd.		667,143		5,388,007
				7,105,126

Thailand–1.29%
Siam Cement PCL (The)		92,200		1,354,087
Total Common Stocks & Other Equity Interests (Cost $75,747,144)				102,186,474

Money Market Funds–3.21%
Invesco Government & Agency Portfolio–Institutional Class, 0.95%^(d)		2,021,286		2,021,286
Invesco Treasury Portfolio–Institutional Class, 0.94%^(d)		1,347,523		1,347,523
Total Money Market Funds (Cost $3,368,809)				3,368,809
TOTAL INVESTMENTS IN SECURITIES–100.73% (Cost $79,115,953)				105,555,283
OTHER ASSETS LESS LIABILITIES–(0.73)%				(768,593	)
NET ASSETS–100.00%			$	104,786,690

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

10 Invesco Pacific Growth Fund

Investment Abbreviations:


ADR		– American Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

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

^(c)

Security purchased or received in transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2017 represented less than 1% of the Fund’s Net Assets.

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2017.

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

11 Invesco Pacific Growth Fund

Statement of Assets and Liabilities

October 31, 2017


Assets:
Investments in securities, at value (Cost $75,747,144)	$	102,186,474
Investments in affiliated money market funds, at value and cost		3,368,809
Foreign currencies, at value (Cost $908,155)		908,348
Receivable for:
Fund shares sold		231,058
Dividends		327,608
Investment for trustee deferred compensation and retirement plans		43,261
Other assets		46,490
Total assets		107,112,048

Liabilities:
Payable for:
Investments purchased		1,972,743
Fund shares reacquired		63,386
Accrued foreign taxes		63,634
Accrued fees to affiliates		58,809
Accrued trustees’ and officers’ fees and benefits		1,988
Accrued other operating expenses		70,091
Trustee deferred compensation and retirement plans		94,707
Total liabilities		2,325,358
Net assets applicable to shares outstanding	$	104,786,690

Net assets consist of:
Shares of beneficial interest	$	78,681,729
Undistributed net investment income (loss)		(303,338	)
Undistributed net realized gain (loss)		(28,535	)
Net unrealized appreciation		26,436,834
	$	104,786,690


Net Assets:
Class A	$	80,319,108
Class B	$	113,515
Class C	$	5,535,246
Class R	$	283,297
Class Y	$	18,505,144
Class R5	$	17,932
Class R6	$	12,448

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,388,427
Class B		3,659
Class C		178,019
Class R		8,522
Class Y		540,467
Class R5		523
Class R6		363
Class A:
Net asset value per share	$	33.63
Maximum offering price per share
(Net asset value of $33.63 ¸ 94.50%)	$	35.59
Class B:
Net asset value and offering price per share	$	31.02
Class C:
Net asset value and offering price per share	$	31.09
Class R:
Net asset value and offering price per share	$	33.24
Class Y:
Net asset value and offering price per share	$	34.24
Class R5:
Net asset value and offering price per share	$	34.29
Class R6:
Net asset value and offering price per share	$	34.29

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

12 Invesco Pacific Growth Fund

Statement of Operations

For the year ended October 31, 2017


Investment income:
Dividends (net of foreign withholding taxes of $132,816)	$	1,145,765
Dividends from affiliated money market funds (includes securities lending income of $1,500)		16,650
Total investment income		1,162,415

Expenses:
Advisory fees		707,519
Administrative services fees		50,000
Custodian fees		63,954
Distribution fees:
Class A		165,091
Class B		1,175
Class C		45,681
Class R		1,216
Transfer agent fees — A, B, C, R and Y		148,631
Transfer agent fees — R5		15
Transfer agent fees — R6		6
Trustees’ and officers’ fees and benefits		21,740
Registration and filing fees		87,348
Reports to shareholders		51,511
Professional services fees		76,032
Other		16,073
Total expenses		1,435,992
Less: Fees waived and expense offset arrangement(s)		(2,770	)
Net expenses		1,433,222
Net investment income (loss)		(270,807	)

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $4,105)		7,562,421
Foreign currencies		(104,541	)
		7,457,880
Change in net unrealized appreciation of:
Investment securities (net of foreign taxes of $11,861)		14,011,232
Foreign currencies		7,793
		14,019,025
Net realized and unrealized gain		21,476,905
Net increase in net assets resulting from operations	$	21,206,098

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

13 Invesco Pacific Growth Fund

Statement of Changes in Net Assets

For the years ended October 31, 2017 and 2016


	2017			2016
Operations:
Net investment income (loss)	$	(270,807	)	$	114,377
Net realized gain (loss)		7,457,880			(1,027,017	)
Change in net unrealized appreciation		14,019,025			8,105,866
Net increase in net assets resulting from operations		21,206,098			7,193,226

Distributions to shareholders from net investment income:
Class A		(127,208	)		—
Class Y		(33,986	)		—
Class R5		(79	)		—
Total distributions from net investment income		(161,273	)		—

Share transactions–net:
Class A		(1,865,239	)		(7,698,132	)
Class B		(39,194	)		(162,410	)
Class C		(95,579	)		(764,548	)
Class R		(18,654	)		(20,547	)
Class Y		5,284,080			6,323,559
Class R6		10,005			—
Net increase (decrease) in net assets resulting from share transactions		3,275,419			(2,322,078	)
Net increase in net assets		24,320,244			4,871,148

Net assets:
Beginning of year		80,466,446			75,595,298
End of year (includes undistributed net investment income (loss) of $(303,338) and $43,531, respectively)	$	104,786,690		$	80,466,446

Notes to Financial Statements

October 31, 2017

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 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 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 Pacific Growth 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”).

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 Pacific Growth Fund

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

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 charged to such class. 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.

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.

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.

16 Invesco Pacific Growth Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate
First $1 billion		0.87%
Next $1 billion		0.82%
Over $2 billion		0.77%

For the year ended October 31, 2017, 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, 2018, 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, Class R5 and Class R6 shares to 2.25%, 3.00%, 3.00%, 2.50%, 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, 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2017, the Adviser waived advisory fees of $1,929.

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. The fees are accrued daily and paid monthly.

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, 2017, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

17 Invesco Pacific Growth Fund

proceeds prior to remittance to the shareholder. During the year ended October 31, 2017, IDI advised the Fund that IDI retained $4,332 in front-end sales commissions from the sale of Class A shares and $804 and $671 from Class A 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

Level 1 —

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

Level 2 —

Level 3 —

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period.

During the year ended October 31, 2017, there were transfers from Level 1 to Level 2 of $26,127,823 due to foreign fair value adjustments and security low volume trading and from Level 2 to Level 1 of $6,963,133 due to foreign fair value adjustments.


	Level 1		Level 2		Level 3		Total
Australia	$	2,171,427	$	3,484,892	$	—	$	5,656,319
China		6,792,554		9,373,256		58,156		16,223,966
Hong Kong		3,197,108		—		—		3,197,108
India		9,294,040		—		—		9,294,040
Indonesia		1,836,915		844,603		—		2,681,518
Japan		7,812,694		35,805,070		—		43,617,764
Philippines		1,579,600		—		—		1,579,600
South Korea		1,619,330		9,857,616		—		11,476,946
Taiwan		—		7,105,126		—		7,105,126
Thailand		1,354,087		—		—		1,354,087
Money Market Funds		3,368,809		—		—		3,368,809
Total Investments	$	39,026,564	$	66,470,563	$	58,156	$	105,555,283

NOTE 4—Expense Offset Arrangement(s)

NOTE 5—Trustees’ and Officers’ Fees and Benefits

18 Invesco Pacific Growth Fund

NOTE 6—Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2017 and 2016:


	2017		2016
Ordinary income	$	161,273	$	—

Tax Components of Net Assets at Period-End:


	2017
Net unrealized appreciation — investments	$	26,410,795
Net unrealized appreciation (depreciation) — foreign currencies		(2,496	)
Temporary book/tax differences		(90,239	)
Late-Year ordinary loss deferral		(213,099	)
Shares of beneficial interest		78,681,729
Total net assets	$	104,786,690

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, 2017.

NOTE 8—Investment Transactions

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, 2017 was $47,310,470 and $46,745,429, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	27,022,095
Aggregate unrealized (depreciation) of investments		(611,300	)
Net unrealized appreciation of investments	$	26,410,795

Cost of investments for tax purposes is $79,144,488.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of expired capital loss carryforward, on October 31, 2017, undistributed net investment income (loss) was increased by $85,211, undistributed net realized gain (loss) was increased by $8,200,215 and shares of beneficial interest was decreased by $8,285,426. This reclassification had no effect on the net assets of the Fund.

19 Invesco Pacific Growth Fund

NOTE 10—Share Information


	Summary of Share Activity
	Years ended October 31,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		290,634		$	8,440,185			279,894		$	6,771,918
Class B		729			18,298			275			5,882
Class C		26,250			727,646			27,117			623,727
Class R		3,293			94,438			2,450			60,652
Class Y		511,747			15,124,117			366,237			9,295,285
Class R6^(b)		363			10,005			—			—

Issued as reinvestment of dividends:
Class A		4,418			109,144			—			—
Class Y		1,176			29,500			—			—

Automatic conversion of Class B shares to Class A shares:
Class A		1,408			40,737			4,452			112,008
Class B		(1,522	)		(40,737	)		(4,785	)		(112,008	)

Reacquired:
Class A		(382,697	)		(10,455,305	)		(581,521	)		(14,582,058	)
Class B		(716	)		(16,755	)		(2,418	)		(56,284	)
Class C		(31,304	)		(823,225	)		(60,951	)		(1,388,275	)
Class R		(4,061	)		(113,092	)		(3,457	)		(81,199	)
Class Y		(364,417	)		(9,869,537	)		(121,219	)		(2,971,726	)
Net increase (decrease) in share activity		55,301		$	3,275,419			(93,926	)	$	(2,322,078	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)	Commencement date of April 4, 2017.

20 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		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 10/31/17	$	26.31	$	(0.09	)	$	7.46		$	7.37		$	(0.05	)	$	33.63		28.09	%	$	80,319		1.75	%^(d)		1.75	%^(d)		(0.32	)%^(d)		59	%
Year ended 10/31/16		24.03		0.04			2.24			2.28			—			26.31		9.49			65,107		1.64			1.64			0.17			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	^(e)		73,457		1.77	^(e)		1.77	^(e)		0.60	^(e)		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
Class B
Year ended 10/31/17		24.40		(0.28	)		6.90			6.62			—			31.02		27.13			114		2.50	^(d)		2.50	^(d)		(1.07	)^(d)		59
Year ended 10/31/16		22.46		(0.13	)		2.07			1.94			—			24.40		8.64			126		2.39			2.39			(0.58	)		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
Class C
Year ended 10/31/17		24.46		(0.28	)		6.91			6.63			—			31.09		27.11	^(f)		5,535		2.49	^(d)(f)		2.49	^(d)(f)		(1.06	)^(d)(f)		59
Year ended 10/31/16		22.50		(0.13	)		2.09			1.96			—			24.46		8.71	^(f)		4,477		2.37	^(f)		2.37	^(f)		(0.56	)^(f)		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	^(f)		4,638		2.52	^(f)		2.52	^(f)		(0.15	)^(f)		63
Year ended 10/31/13		18.95		(0.04	)		3.62			3.58			—			22.53		18.89			5,049		2.56			2.56			(0.19	)		87
Class R
Year ended 10/31/17		26.02		(0.16	)		7.38			7.22			—			33.24		27.75			283		2.00	^(d)		2.00	^(d)		(0.57	)^(d)		59
Year ended 10/31/16		23.82		(0.02	)		2.22			2.20			—			26.02		9.24			242		1.89			1.89			(0.08	)		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
Class Y
Year ended 10/31/17		26.79		(0.02	)		7.59			7.57			(0.12	)		34.24		28.43			18,505		1.50	^(d)		1.50	^(d)		(0.07	)^(d)		59
Year ended 10/31/16		24.41		0.11			2.27			2.38			—			26.79		9.75			10,501		1.39			1.39			0.42			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
Class R5
Year ended 10/31/17		26.84		0.00			7.60			7.60			(0.15	)		34.29		28.53			18		1.42	^(d)		1.42	^(d)		0.01	^(d)		59
Year ended 10/31/16		24.42		0.13			2.29			2.42			—			26.84		9.91			14		1.28			1.28			0.53			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
Class R6
Year ended 10/31/17^(g)		27.48		0.00			6.81			6.81			—			34.29		24.78			12		1.39	^(d)(h)		1.39	^(d)(h)		0.04	^(d)(h)		59

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $66,791, $117, $4,595, $243, $9,556, $15 and $11 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for Class A shares for the year ended October 31, 2014.

^(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 0.99%, 0.98% and 0.99% for Class C shares for the years ended October 31, 2017, 2016 and 2014, respectively.

^(g)	Commencement date of April 4, 2017.

^(h)	Annualized.

NOTE 12—Subsequent Event

21 Invesco Pacific Growth Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Pacific Growth Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Pacific Growth Fund (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, 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 periods indicated therein, 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, 2017 by correspondence with the custodian, transfer agent and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

22 Invesco Pacific Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (05/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,211.00	$	9.47	$	1,016.64	$	8.64		1.70	%
B		1,000.00		1,206.10		13.62		1,012.85		12.43		2.45
C		1,000.00		1,206.00		13.62		1,012.85		12.43		2.45
R		1,000.00		1,209.20		10.86		1,015.38		9.91		1.95
Y		1,000.00		1,212.50		8.09		1,017.90		7.38		1.45
R5		1,000.00		1,212.90		7.86		1,018.10		7.17		1.41
R6		1,000.00		1,212.90		7.86		1,018.10		7.17		1.41

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

23 Invesco 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 12-13, 2017, 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, 2017.

The Board’s Fund Evaluation Process

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

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2016 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 fifth quintile of its performance universe for the one year period, the third quintile for the three year period and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees

24 Invesco Pacific Growth Fund

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.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

securities laws and consistent with best execution obligations.

25 Invesco Pacific Growth Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2017:


Federal and State Income Tax
Qualified Dividend Income*	15.73	%
Corporate Dividends Received Deduction*	1.71	%
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 Pacific Growth Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested 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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco Pacific Growth Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		MS-PGRO-AR-1		12132017		1022

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

Visit our website for more information on your investments

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 and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, 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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Select Companies 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.

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

Sincerely,

LOGO

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, 2017, Class A shares of Invesco Select Companies Fund (the Fund), at net asset value (NAV), underperformed the Fund’s style-specific benchmark, the Russell 2000 Index.

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

Fund vs. Indexes



Class A Shares	25.71	%
Class B Shares	24.80
Class C Shares	24.77
Class R Shares	25.45
Class Y Shares	26.00
Class R5 Shares	26.09
Class R6 Shares*	26.00
S&P 500 Index^q (Broad Market Index)	23.63
Russell 2000 Index^q (Style-Specific Index)	27.85
Lipper Small-Cap Core Funds Index^∎ (Peer Group Index)	26.22
Source(s): ^qFactSet Research Systems Inc.; ^∎Lipper Inc. *Class R6 shares incepted on April 4, 2017. See page 7 for more information.

Market conditions and your Fund

and 2 percent inflation” will guide its future actions. At the close of the reporting period, Fed policy remained accommodative, and the fed funds target rate stood at a range of 1.00% to 1.25% – up 75 basis points for the reporting period.³ (A basis point is 0.01%.)

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 an estimate of its future free cash flows.

Our investment approach focuses on individual businesses rather than market sectors. Therefore, the Fund shares little in common with sector weightings of various market indexes. However, if we were to broadly categorize businesses with which we had the most success during the fiscal year, our investments in select financials and information technology (IT) stocks were the largest contributors to the Fund’s absolute performance.

Relative to the Fund’s style-specific benchmark, security selection in the financials and telecommunication services sectors were beneficial to the Fund’s relative performance. Additionally, security selection in and underweight exposure to the real estate sector also helped the Fund’s relative performance. Conversely, security selection in the IT and industrials sectors detracted from the Fund’s relative performance. Additionally, cash holdings hurt the Fund’s relative performance, given strong equity performance during the fiscal year.

Encore Capital Group, a financial company that buys consumer receivables from major banks and credit unions and works to collect as much of the outstanding debt as possible, was the top contributor to the Fund’s performance, given


Portfolio Composition
By sector		% of total net assets

Information Technology		31.6%
Industrials		16.2
Consumer Discretionary		10.9
Health Care		8.4
Materials		8.0
Energy		7.3
Financials		7.3
Real Estate		3.8
Money Market Funds Plus Other Assets Less Liabilities		6.5


Top 10 Equity Holdings*
	% of total net assets

1.	Encore Capital Group, Inc.	7.3%
2.	GasLog Ltd.	5.7
3.	Microsemi Corp.	5.4
4.	CommScope Holding Co., Inc.	5.3
5.	Charles River Laboratories International, Inc.	5.0
6.	Spirit Airlines Inc.	4.8
7.	Liberty Broadband Corp.- Class A	4.7
8.	Regal-Beloit Corp.	4.7
9.	John Wiley & Sons, Inc.-Class A	4.7
10.	Axalta Coating Systems Ltd.	4.7


Total Net Assets			$477.5 million
Total Number of Holdings*			24
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.
*Excluding money market fund holdings.
Data presented here are as of October 31, 2017.

4 Invesco Select Companies Fund

solid earnings and improved outlook for the market environment.

Also among the Fund’s top contributors were General Communications and Liberty Broadband. During the reporting period, General Communications announced it would be acquired by Liberty Interactive (not a Fund holding), which owns Liberty Broadband, at a price that represented a significant premium to the previous day’s trading price and our original purchase price. We sold our position in General Communications during the reporting period because the Fund would participate in the new, combined company through its existing position in Liberty Broadband.

Spirit Airlines, an ultra-low-cost US airline operator, was among the largest detractors from the Fund’s performance. The company’s stock price declined due to continued pricing pressure from increased competition. Despite the weakness during the reporting period, we believed Spirit would continue to gain market share with its unique operating model.

In addition, Alere was also among the Fund’s top detractors during the fiscal year. We sold our remaining stake in the company, given our concerns that its acquisition by Abbott Laboratories (not a Fund holding) would be cancelled, and because we believed Alere’s intrinsic value was below the share price it was trading at.

During the fiscal year, we made new investments in Siteone Landscape Supply, the largest wholesale distributor of landscape supplies in the US with a growing presence in Canada, and Sabre, a leading technology provider for the global travel industry. Generally, we sell Fund holdings when they reach full valuation; if new, relatively more attractive investment opportunities exist; or if new information changes our thesis on the future of a business. We sold Mitel Networks and Cubic during the reporting period.

During the reporting period, we continued to focus on finding quality businesses we believed were trading at attractive values relative to their long-term prospects. In contrast, the market is often driven by short-term events or outlooks in both good times and bad. Market volatility allows us to take advantage of investment opportunities we believe 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 the 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	Sources: Bureau of Labor Statistics, Bloomberg

3	Source: US Federal Reserve

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 10/31/07

LOGO

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


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 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.

∎

Other information

∎

6 Invesco Select Companies Fund


		Average Annual Total Returns
		As of 10/31/17, including maximum applicable sales charges


		Class A Shares
		Inception (11/4/03)			10.01%
		10 Years			7.50
		5 Years			9.26
		1 Year			18.82

		Class B Shares
		Inception (11/4/03)			9.99%
		10 Years			7.46
		5 Years			9.43
		1 Year			19.80

		Class C Shares
		Inception (11/4/03)			9.64%
		10 Years			7.29
		5 Years			9.69
		1 Year			23.77

		Class R Shares
		Inception (4/30/04)			10.14%
		10 Years			7.84
		5 Years			10.23
		1 Year			25.45

		Class Y Shares
		10 Years			8.34%
		5 Years			10.78
		1 Year			26.00

		Class R5 Shares
		Inception (4/30/04)			10.84%
		10 Years			8.52
		5 Years			10.87
		1 Year			26.09

		Class R6 Shares
		10 Years			8.13%
		5 Years			10.56
		1 Year			26.00


		Average Annual Total Returns
		As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges


		Class A Shares
		Inception (11/4/03)			9.88%
		10 Years			7.39
		5 Years			8.41
		1 Year			13.94

		Class B Shares
		Inception (11/4/03)			9.87%
		10 Years			7.36
		5 Years			8.58
		1 Year			14.66

		Class C Shares
		Inception (11/4/03)			9.52%
		10 Years			7.20
		5 Years			8.84
		1 Year			18.71

		Class R Shares
		Inception (4/30/04)			10.02%
		10 Years			7.73
		5 Years			9.37
		1 Year			20.28

		Class Y Shares
		10 Years			8.24%
		5 Years			9.92
		1 Year			20.88

		Class R5 Shares
		Inception (4/30/04)			10.73%
		10 Years			8.42
		5 Years			10.02
		1 Year			21.05

		Class R6 Shares
		10 Years			8.03%
		5 Years			9.70
		1 Year			20.84

the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

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, 2019. See current prospectus for more information.

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 April 4, 2017. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.25%, 2.00%, 2.00%, 1.50%, 1.00%, 0.90% and 0.85%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.26%, 2.01%, 2.01%, 1.51%, 1.01%, 0.91% and 0.86%, respectively. The expense ratios presented above may vary from

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, 2017, 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.

∎

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.

∎

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.

∎

∎	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.

∎



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 Select Companies Fund

Schedule of Investments^(a)

October 31, 2017


	Shares		Value
Common Stocks–93.50%
Airlines–4.83%
Spirit Airlines Inc.^(b)		621,810	$	23,062,933

Application Software–2.78%
Nuance Communications, Inc.^(b)		899,784		13,262,816

Automotive Retail–1.57%
America's Car-Mart, Inc.^(b)		175,394		7,515,633

Cable & Satellite–4.68%
Liberty Broadband Corp.–Class A^(b)		259,076		22,334,942

Commodity Chemicals–3.32%
Chemtrade Logistics Income Fund (Canada)		1,045,784		15,855,775

Communications Equipment–5.29%
CommScope Holding Co., Inc.^(b)		786,536		25,279,267

Consumer Finance–7.26%
Encore Capital Group, Inc.^(b)		746,777		34,687,792

Data Processing & Outsourced Services–10.30%
Alliance Data Systems Corp.		66,801		14,945,388
Global Payments Inc.		192,765		20,037,922
Sabre Corp.		726,795		14,216,110
				49,199,420

Diversified Support Services–2.15%
Performant Financial Corp.^(b)(c)		5,527,196		10,280,585

Electrical Components & Equipment–4.68%
Regal-Beloit Corp.		275,077		22,322,498

Health Care Supplies–3.40%
Cooper Cos., Inc. (The)		67,612		16,244,459

IT Consulting & Other Services–4.48%
Booz Allen Hamilton Holding Corp.		565,823		21,382,451

Life Sciences Tools & Services–5.00%
Charles River Laboratories International, Inc.^(b)		205,310		23,875,500


	Shares		Value
Oil & Gas Equipment & Services–1.53%
ION Geophysical Corp.^(b)(c)		938,485	$	7,320,183

Oil & Gas Storage & Transportation–5.73%
GasLog Ltd. (Monaco)		1,585,397		27,348,098

Other Diversified Financial Services–0.00%
Brompton Corp. (Canada)^(b)(d)		69,374		0

Publishing–4.66%
John Wiley & Sons, Inc.–Class A		407,525		22,271,241

Real Estate Services–3.85%
Colliers International Group Inc. (Canada)		313,971		18,401,168

Semiconductors–5.41%
Microsemi Corp.^(b)		484,010		25,831,614

Specialty Chemicals–4.66%
Axalta Coating Systems Ltd.^(b)		668,706		22,234,474

Systems Software–3.35%
TiVo Corp.		879,815		15,968,642

Trading Companies & Distributors–4.57%
SiteOne Landscape Supply, Inc.^(b)		343,662		21,825,974
Total Common Stocks (Cost $379,813,546)				446,505,465

Money Market Funds–6.61%
Invesco Government & Agency Portfolio–Institutional Class, 0.95%^(e)		18,928,268		18,928,268
Invesco Treasury Portfolio–Institutional Class, 0.94%^(e)		12,618,846		12,618,846
Total Money Market Funds (Cost $31,547,114)				31,547,114
TOTAL INVESTMENTS IN SECURITIES–100.11% (Cost $411,360,660)				478,052,579
OTHER ASSETS LESS LIABILITIES–(0.11)%				(504,047	)
NET ASSETS–100.00%			$	477,548,532

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, 2017 was $17,600,768, which represented 3.69% of the Fund’s Net Assets. See Note 4.

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

^(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, 2017.

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, 2017


Assets:
Investments in securities, at value (Cost $255,739,424)	$	428,904,697
Investments in affiliates, at value (Cost $155,621,236)		49,147,882
Foreign currencies, at value (Cost $69,338)		68,903
Receivable for:
Investments sold		2,007,009
Fund shares sold		491,923
Dividends		99,242
Investment for trustee deferred compensation and retirement plans		158,838
Other assets		57,394
Total assets		480,935,888

Liabilities:
Payable for:
Fund shares reacquired		2,782,168
Accrued fees to affiliates		381,003
Accrued trustees’ and officers’ fees and benefits		2,438
Accrued other operating expenses		46,358
Trustee deferred compensation and retirement plans		175,389
Total liabilities		3,387,356
Net assets applicable to shares outstanding	$	477,548,532

Net assets consist of:
Shares of beneficial interest	$	349,501,948
Undistributed net investment income (loss)		(690,920	)
Undistributed net realized gain		62,058,642
Net unrealized appreciation		66,678,862
	$	477,548,532


Net Assets:
Class A	$	250,619,360
Class B	$	1,199,114
Class C	$	95,456,878
Class R	$	22,747,493
Class Y	$	80,571,887
Class R5	$	26,942,814
Class R6	$	10,986

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		12,347,700
Class B		68,240
Class C		5,443,464
Class R		1,170,847
Class Y		3,882,594
Class R5		1,246,479
Class R6		508
Class A:
Net asset value per share	$	20.30
Maximum offering price per share
(Net asset value of $20.30 ¸ 94.50%)	$	21.48
Class B:
Net asset value and offering price per share	$	17.57
Class C:
Net asset value and offering price per share	$	17.54
Class R:
Net asset value and offering price per share	$	19.43
Class Y:
Net asset value and offering price per share	$	20.75
Class R5:
Net asset value and offering price per share	$	21.62
Class R6:
Net asset value and offering price per share	$	21.63

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, 2017


Investment income:
Dividends (net of foreign withholding taxes of $150,082)	$	4,398,865
Dividends from affiliates		292,687
Total investment income		4,691,552

Expenses:
Advisory fees		3,916,481
Administrative services fees		150,256
Custodian fees		16,904
Distribution fees:
Class A		707,458
Class B		18,873
Class C		1,045,971
Class R		135,249
Transfer agent fees — A, B, C, R and Y		1,011,749
Transfer agent fees — R5		31,823
Transfer agent fees — R6		1
Trustees’ and officers’ fees and benefits		28,746
Registration and filing fees		103,234
Reports to shareholders		132,884
Professional services fees		51,733
Other		16,756
Total expenses		7,368,118
Less: Fees waived and expense offset arrangement(s)		(54,415	)
Net expenses		7,313,703
Net investment income (loss)		(2,622,151	)

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		67,410,052
Foreign currencies		(23,750	)
		67,386,302
Change in net unrealized appreciation (depreciation) of:
Investment securities		59,580,083
Foreign currencies		(12,773	)
		59,567,310
Net realized and unrealized gain		126,953,612
Net increase in net assets resulting from operations	$	124,331,461

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, 2017 and 2016


	2017			2016
Operations:
Net investment income (loss)	$	(2,622,151	)	$	(3,817,407	)
Net realized gain		67,386,302			22,461,203
Change in net unrealized appreciation (depreciation)		59,567,310			(2,473,372	)
Net increase in net assets resulting from operations		124,331,461			16,170,424

Distributions to shareholders from net realized gains:
Class A		(11,477,261	)		(90,607,514	)
Class B		(93,782	)		(852,464	)
Class C		(4,283,225	)		(27,331,498	)
Class R		(1,126,806	)		(9,286,133	)
Class Y		(1,868,112	)		(25,445,697	)
Class R5		(1,176,563	)		(9,411,972	)
Total distributions from net realized gains		(20,025,749	)		(162,935,278	)

Share transactions–net:
Class A		(109,707,186	)		(88,653,328	)
Class B		(1,432,978	)		(960,874	)
Class C		(22,745,157	)		(2,538,965	)
Class R		(12,166,848	)		(7,773,269	)
Class Y		(18,922,200	)		(43,089,014	)
Class R5		(12,357,659	)		(10,311,968	)
Class R6		10,034			—
Net increase (decrease) in net assets resulting from share transactions		(177,321,994	)		(153,327,418	)
Net increase (decrease) in net assets		(73,016,282	)		(300,092,272	)

Net assets:
Beginning of year		550,564,814			850,657,086
End of year (includes undistributed net investment income (loss) of $(690,920) and $(3,138,618), respectively)	$	477,548,532		$	550,564,814

Notes to Financial Statements

October 31, 2017

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 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. Effective April 4, 2017, the Fund began offering Class R6 shares. 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.

Effective the open of business on October 17, 2016, the Fund re-opened public sales of its shares to all investors.

12 Invesco Select Companies 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.

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

Securities for which market 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.

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.

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.

13 Invesco Select Companies 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.

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.

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

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

Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class 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.

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.

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.

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.

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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:


Average Daily Net Assets	Rate
First $250 million		0	.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, 2017, 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, 2018, 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, 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 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2017, the Adviser waived advisory fees of $48,855.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2017, 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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2017, 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, 2017, IDI advised the Fund that IDI retained $20,470 in front-end sales commissions from the sale of Class A shares and $5 and $1,563 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

15 Invesco Select Companies Fund

For the year ended October 31, 2017, the fund incurred $2,893 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information

Level 1 —

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

Level 2 —

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 Fund's policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended October 31, 2017, there were no material transfers between valuation levels.


	Level 1		Level 2		Level 3		Total
Common Stocks	$	446,505,465	$	—	$	0	$	446,505,465
Money Market Funds		31,547,114		—		—		31,547,114
Total Investments	$	478,052,579	$	—	$	0	$	478,052,579

NOTE 4—Investments in Other Affiliates


	Value 10/31/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 10/31/17		Dividend Income
America’s Car-Mart, Inc.^(a)	$	26,875,338	$		$	(20,000,665	)	$	(573,453	)	$	1,214,413		$	7,515,633	$	—
Encore Capital Group, Inc.^(a)		31,706,504				(28,046,543	)		41,427,463			(10,399,632	)		34,687,792		—
Hampshire Group, Ltd.^(a)		7,114				(1,184	)		8,148,285			(8,154,215	)		—		—
ION Geophysical Corp.		5,537,067				—			1,783,219			(103	)		7,320,183		—
Performant Financial Corp.		16,526,316				—			(6,245,731	)		—			10,280,585		—
Total	$	80,652,339	$	—	$	(48,048,392	)	$	44,539,783		$	(17,339,537	)	$	59,804,193	$	—

^(a)	As of October 31, 2017, this security is no longer considered as an affiliate of the Fund.

NOTE 5—Expense Offset Arrangement(s)

NOTE 6—Trustees’ and Officers’ Fees and Benefits

16 Invesco Select Companies Fund

NOTE 7—Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2017 and 2016:


	2017		2016
Long-term capital gain	$	20,025,749	$	162,935,278

Tax Components of Net Assets at Period-End:


	2017
Undistributed long-term gain	$	62,256,197
Net unrealized appreciation — investments		66,494,365
Net unrealized appreciation (depreciation) — foreign currencies		(13,057	)
Temporary book/tax differences		(162,371	)
Late-Year ordinary loss deferral		(528,550	)
Shares of beneficial interest		349,501,948
Total net assets	$	477,548,532

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, 2017.

NOTE 9—Investment Transactions

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, 2017 was $77,725,729 and $283,322,642, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	179,722,019
Aggregate unrealized (depreciation) of investments		(113,227,654	)
Net unrealized appreciation of investments	$	66,494,365

Cost of investments for tax purposes is $411,558,214.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating loss, on October 31, 2017, undistributed net investment income (loss) was increased by $5,069,849 and undistributed net realized gain was decreased by $5,069,849. 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,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		1,845,496		$	34,443,840			1,203,364		$	19,243,385
Class B		2,943			48,034			1,546			21,378
Class C		408,324			6,540,411			69,465			978,040
Class R		253,977			4,586,806			378,007			5,747,730
Class Y		4,260,684			80,495,148			921,734			15,071,060
Class R5		331,743			6,615,166			446,188			7,561,416
Class R6^(b)		508			10,034			—			—

Issued as reinvestment of dividends:
Class A		633,827			11,434,236			5,815,428			85,254,170
Class B		5,839			91,796			61,365			794,066
Class C		270,789			4,248,675			2,045,411			26,406,259
Class R		65,096			1,126,806			657,658			9,286,133
Class Y		99,489			1,831,586			1,568,201			23,381,875
Class R5		61,424			1,176,274			603,276			9,338,706

Automatic conversion of Class B shares to Class A shares:
Class A		55,745			1,070,373			71,499			1,143,484
Class B		(64,158	)		(1,070,373	)		(81,026	)		(1,143,484	)

Reacquired:
Class A		(8,433,372	)		(156,655,635	)		(12,105,276	)		(194,294,367	)
Class B		(30,697	)		(502,435	)		(44,170	)		(632,834	)
Class C		(2,032,569	)		(33,534,243	)		(2,101,670	)		(29,923,264	)
Class R		(992,218	)		(17,880,460	)		(1,485,324	)		(22,807,132	)
Class Y		(5,247,516	)		(101,248,934	)		(4,863,702	)		(81,541,949	)
Class R5		(1,010,295	)		(20,149,099	)		(1,608,274	)		(27,212,090	)
Net increase (decrease) in share activity		(9,514,941	)	$	(177,321,994	)		(8,446,300	)	$	(153,327,418	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)	Commencement date of April 4, 2017.

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 10/31/17	$	16.72	$	(0.07	)	$	4.29		$	4.22		$	—		$	(0.64	)	$	(0.64	)	$	20.30		25.71	%	$	250,619		1.27	%^(d)		1.28	%^(d)		(0.39	)%^(d)		16	%
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			1.25			(0.53	)		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
Class B
Year ended 10/31/17		14.65		(0.19	)		3.75			3.56			—			(0.64	)		(0.64	)		17.57		24.80			1,199		2.02	^(d)		2.03	^(d)		(1.14	)^(d)		16
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			2.00			(1.28	)		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
Class C
Year ended 10/31/17		14.63		(0.19	)		3.74			3.55			—			(0.64	)		(0.64	)		17.54		24.77			95,457		2.02	^(d)		2.03	^(d)		(1.14	)^(d)		16
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			2.00			(1.28	)		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
Class R
Year ended 10/31/17		16.06		(0.11	)		4.12			4.01			—			(0.64	)		(0.64	)		19.43		25.45			22,747		1.52	^(d)		1.53	^(d)		(0.64	)^(d)		16
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			1.50			(0.78	)		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
Class Y
Year ended 10/31/17		17.04		(0.01	)		4.36			4.35			—			(0.64	)		(0.64	)		20.75		26.00			80,572		1.02	^(d)		1.03	^(d)		(0.14	)^(d)		16
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			1.00			(0.28	)		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
Class R5
Year ended 10/31/17		17.71		(0.01	)		4.56			4.55			—			(0.64	)		(0.64	)		21.62		26.15			26,943		0.92	^(d)		0.93	^(d)		(0.04	)^(d)		16
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			0.90			(0.18	)		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
Class R6
Year ended 10/31/17^(e)		20.05		0.01			1.57			1.58			—			—			—			21.63		7.88			11		0.84	^(d)(f)		0.85	^(d)(f)		0.04	^(d)(f)		16

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000's omitted) of $282,983, $1,887, $104,597, $27,050, $83,643, $31,859 and $10 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)	Commencement date of April 4, 2017.

^(f)	Annualized.

NOTE 13—Subsequent Event

19 Invesco Select Companies Fund

Report of Independent Registered Public Accounting Firm

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

and Shareholders of Invesco Select Companies Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Select Companies Fund (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, 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 the period indicated therein, 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, 2017 by correspondence with the custodian, transfer agent and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

20 Invesco Select Companies Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

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.


Class	Beginning Account Value (05/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,056.70	$	6.58	$	1,018.80	$	6.46		1.27	%
B		1,000.00		1,052.70		10.45		1,015.02		10.26		2.02
C		1,000.00		1,052.80		10.45		1,015.02		10.26		2.02
R		1,000.00		1,055.40		7.87		1,017.54		7.73		1.52
Y		1,000.00		1,057.60		5.29		1,020.06		5.19		1.02
R5		1,000.00		1,058.30		4.88		1,020.47		4.79		0.94
R6		1,000.00		1,059.30		4.41		1,020.92		4.33		0.85

The actual ending account value is based on the actual total return of the Fund for the period May 1, 2017 through October 31, 2017, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses.

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

21 Invesco Select Companies Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Investment Funds (Invesco Investment Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of Invesco Select Companies Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 12-13, 2017, 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, 2017.

The Board’s Fund Evaluation Process

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

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2016 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 second quintile of its performance universe for the one year period, the fourth quintile for the three year period and the fifth 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 year period and below the performance of the Index for the 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

22 Invesco Select Companies Fund

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, 2016. 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.

D.	Economies of Scale and Breakpoints

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 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 the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives 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.

23 Invesco Select Companies Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2017:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	20,025,749
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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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)
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

T-4 Invesco Select Companies Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		SCO-AR-1			12112017				1040

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

among other countries, to maintain extraordinarily accommodative monetary policies. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US Federal Reserve raised interest rates three times during the reporting period: first in December 2016, and then again in March and June 2017. Health care and tax reform proved to be more difficult than expected to enact, with little progress achieved by the end of the reporting period.

Visit our website for more information on your investments

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 and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Have questions?

For questions about your account, 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,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco World Bond 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.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco World Bond Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2017, Class A shares of Invesco World Bond Fund (the Fund), at net asset value (NAV), outperformed the Fund’s broad market/ style-specific index, the Bloomberg Barclays Global Aggregate Index.

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

Fund vs. Indexes



Class A Shares	2.63	%
Class B Shares	1.80
Class C Shares	1.80
Class Y Shares	2.81
Class R5 Shares	2.81
Class R6 Shares	2.91
Bloomberg Barclays Global Aggregate Index^q(Broad Market/Style-Specific Index)*	1.18
Bloomberg Barclays Global Aggregate ex-U.S. Index^q(Former Broad Market/Style-Specific Index)*	1.26
Lipper Global Income Funds Index^∎(Peer Group Index)*	3.53
Lipper International Income Funds Index^∎(Former Peer Group Index)*	3.36
Source(s): ^qFactSet Research Systems Inc.; ^∎Lipper Inc. *The Fund has changed its broad market/style-specific index from the Bloomberg Barclays Global Aggregate ex-U.S. Index to the Bloomberg Barclays Global Aggregate Index. The Fund also has changed its peer group index from the Lipper International Income Funds Index to the Lipper Global Income Funds Index. These changes were made in connection with repositioning the Fund as a global fixed income fund.

Market conditions and your Fund

The reporting period began with a spike in government yields following the US presidential election. Investors believed that the new administration’s plans to reduce tax rates, scale back regulations and increase infrastructure spending had the potential to stimulate economic growth. US Federal Reserve Board (the Fed) policy, as well as the Fed’s acknowledgement of a stronger US economy and a significantly improved employment picture, supported rising yields and a steepening yield curve. This was confirmed when the Fed hiked rates in December 2016, and indicated additional rate hikes were likely in 2017.

The new year brought global economic growth, tightening financial conditions and political uncertainty. The bond market’s initial focus was the Fed and its March meeting to decide US interest rate policy. In late February, statements from Fed officials took on a more hawkish tone. This continued into March, and by the time of the Fed’s meeting on March 15, a 25 basis point hike was fully “priced in” to financial markets. (One basis point equals 0.01%.) The statement accompanying the 25 basis point increase and official Fed forecasts, however, suggested more gradual interest rate hikes than the tone of earlier communications had led the market to expect. This shift in tone helped ease pressure on US Treasuries,

which subsequently drove other core government bond yields lower. Also early in 2017, numerous questions were raised about the Trump administration’s fiscal and tax plans, while uncertainty across Europe abated when the perceived market-friendly candidate, Emmanuel Macron, defeated far right candidate Marine le Pen in the French presidential election.

Amid this backdrop, the US inflation rate remained stubbornly low during the reporting period despite an improving employment picture and an overall brighter outlook for the economy with respect to growth. Despite tame inflation numbers, the Fed raised the federal funds target rate another 25 basis points at its June meeting, stating that the US economy was strengthening and any weakness in inflation was transitory. By August, increasing geopolitical concerns surrounding the Korean peninsula raised market uncertainty along with market volatility. Global central banks also became increasingly hawkish as European Central Bank president Mario Draghi alluded to plans to reduce the amount of economic stimulus in 2018.

In the final two months of the reporting period, global interest rates rose in reaction to stronger economic growth and higher inflation expectations, combined with increased expectations that the Fed would raise rates one more time in 2017. The 10-year US Treasury yield ended the reporting period at 2.38%, 54 basis points higher than at the beginning of the reporting period.¹

The broader global bond market, as represented by the Bloomberg Barclays Global Aggregate Index, gained 1.18% for the fiscal year. Rising interest rates weighed on global treasuries, which produced negative returns. However, all other bond sectors (government-related,


Portfolio Composition
By sector	% of total net assets

Sovereign Debt	27.6	%
U.S. Treasury Securities	18.3
Financials	17.8
Energy	11.2
Materials	4.0
Information Technology	2.7
Utilities	2.4
Telecommunication Services	2.3
Consumer Discretionary	2.1
Other Sectors, Each Less than 2%	3.3
Money Market Funds
Plus Other Assets Less Liabilities	8.3


Top Five Debt Issuers*
	% of total net assets

1.	U.S. Treasury Securities	18.2%
2.	Indonesia Treasury Bond	3.7
3.	Japan Government Forty Year Bond	3.3
4.	Apple Inc.	2.7
5.	Italy Buoni Poliennali de Tesoro	2.6


Total Net Assets		$32.3 million

Total Number of Holdings*		74

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, 2017.

4 Invesco World Bond Fund

corporate and securitized) posted positive returns for the fiscal year as strong global growth and stable inflation helped to drive returns. Global high yield and emerging market debt provided strong gains, supported by solid global economic growth and global demand for assets with adequate yield.

The Fund generated positive returns for the reporting period and, at NAV, outperformed its broad market/style-specific benchmark, the Bloomberg Barclays Global Aggregate Bond Index. The Fund’s out of index exposure to high yield corporate credit denominated in US dollars was one of the most notable contributors to the Fund’s relative performance. Security selection within investment grade credit denominated in US dollars also added to Fund performance relative to the broad market/style-specific index. The Fund’s use of total return swaps and credit default swaps to hedge credit risk detracted from relative returns. With respect to foreign currencies, the Fund’s exposure to the Polish zloty, Turkish lira and Russian ruble contributed to relative performance, while exposure to the Taiwanese dollar, Colombian peso and Brazilian real detracted.

During the reporting period, 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 during the reporting period. 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 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 sought to manage credit market risk by purchasing and selling protection through credit default swaps at various points throughout the fiscal year. The currency management was carried out via currency forwards and options on an as-needed basis and we believe this strategy 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 World Bond Fund and for sharing our long-term investment horizon.

1 Source: Bloomberg

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

Avi Hooper

Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco World Bond Fund. He

joined Invesco in 2010. Mr. Hooper earned a BAS with a focus in accounting and finance from York University.

Josef Portelli

Chartered Financial Analyst, Portfolio Manager, is manager of Invesco World Bond Fund. He joined

Invesco in 2012. Mr. Portelli earned a degree in accountancy and finance from the University of Malta.

Raymund Uy

Chartered Financial Analyst, Portfolio Manager and Head of Currencies for Invesco Fixed Income, is

manager of Invesco World Bond 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 World Bond Fund. He joined

Invesco in 2013. Mr. Waldner earned a BSE degree in civil engineering from Princeton University.

5 Invesco World Bond Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/07

LOGO

1 Source: Lipper Inc.

2 Source: FactSet Research Systems Inc.

Past performance cannot guarantee comparable future results.

During the reporting period, the Fund changed its broad market/style-specific index from the Bloomberg Barclays Global Aggregate ex-U.S. Index to the Bloomberg Barclays Global Aggregate Index. The Fund also changed its peer group index from the Lipper International Income Funds Index to the Lipper Global Income Funds Index. These changes were made in connection with repositioning the Fund as a global fixed income fund.

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.

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 World Bond Fund


Average Annual Total Returns
As of 10/31/17, including maximum applicable sales charges

Class A Shares
Inception (3/31/06)	3.16	%
10 Years	2.15
5 Years	-0.44
1 Year	-1.70

Class B Shares
Inception (3/31/06)	3.01	%
10 Years	1.98
5 Years	-0.71
1 Year	-3.20

Class C Shares
Inception (3/31/06)	2.76	%
10 Years	1.82
5 Years	-0.34
1 Year	0.80

Class Y Shares
10 Years	2.82	%
5 Years	0.66
1 Year	2.81

Class R5 Shares
Inception (3/31/06)	3.80	%
10 Years	2.85
5 Years	0.66
1 Year	2.81

Class R6 Shares
10 Years	2.73	%
5 Years	0.68
1 Year	2.91

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.


Average Annual Total Returns
As of 9/30/17, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (3/31/06)	3.19	%
10 Years	2.34
5 Years	-0.51
1 Year	-5.20

Class B Shares
Inception (3/31/06)	3.04	%
10 Years	2.17
5 Years	-0.76
1 Year	-6.57

Class C Shares
Inception (3/31/06)	2.79	%
10 Years	2.02
5 Years	-0.38
1 Year	-2.71

Class Y Shares
10 Years	3.01	%
5 Years	0.62
1 Year	-0.75

Class R5 Shares
Inception (3/31/06)	3.83	%
10 Years	3.04
5 Years	0.60
1 Year	-0.76

Class R6 Shares
10 Years	2.92	%
5 Years	0.62
1 Year	-0.66

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 0.94%, 1.69%, 1.69%, 0.69%, 0.69% and 0.69%, 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 1.84%, 2.59%, 2.59%, 1.59%, 1.30% and 1.30%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 4.25% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the

period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class 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.

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, 2019. See current prospectus for more information.

7 Invesco World Bond Fund

Invesco World Bond Fund’s investment objective is total return, comprised of current income and capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2017, 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.

∎

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.

∎

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.

∎

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.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco World Bond Fund

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.

∎

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.

∎

∎	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.

∎

continued on page 10

9 Invesco World Bond Fund

continued from page 9

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.

∎

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 counterparty 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.

About indexes used in this report

∎	The Bloomberg Barclays Global Aggregate Index is an unmanaged index considered representative of global investment grade, fixed-income markets.

∎	The Lipper Global Income Funds Index is an unmanaged index considered representative of global income funds tracked by Lipper.

∎	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

∎

10 Invesco World Bond Fund

Schedule of Investments

October 31, 2017


	Principal Amount		Value
Non U.S. Dollar Denominated Bonds & Notes–44.35%^(a)
Australia–2.23%
Australia Government Bond, Series TB136, REGS, Sr. Unsec. Bonds, 4.75%, 04/21/2027^(b)	AUD	800,000	$	720,989

Austria–1.49%
OMV AG, REGS, Jr. Unsec. Sub. Euro Bonds, 6.75%^(b)(c)	EUR	400,000		480,464

Brazil–1.48%
Brazil Notas do Tesouro Nacional, Series F, Unsec. Notes, 10.00%, 01/01/2027	BRL	1,500,000		478,497

Canada–2.93%
City of Ottawa, Unsec. Bonds, 3.10%, 07/27/2048	CAD	500,000		373,494
Province of British Columbia, Unsec. Bonds, 2.80%, 06/18/2048	CAD	290,000		216,458
Province of Ontario, Unsec. Bonds, 3.45%, 06/02/2045	CAD	430,000		356,409
				946,361

France–1.68%
Orange S.A., REGS, Jr. Unsec. Sub. Euro Notes, 5.88%^(b)(c)	GBP	200,000		297,176
TOTAL S.A., REGS, Jr. Unsec. Sub. Medium-Term Euro Notes, 2.63%^(b)(c)	EUR	200,000		246,222
				543,398

Germany–0.59%
Volkswagen International Finance N.V., REGS, Jr. Unsec. Gtd. Sub. Euro Bonds, 3.88%^(b)(c)	EUR	160,000		192,041

India–1.46%
Province of British Columbia, Sr. Unsec. Bonds, 6.60%, 01/09/2020^(b)	INR	30,000,000		471,586

Indonesia–3.70%
Indonesia Treasury Bond, Series FR54, Sr. Unsec. Bonds, 9.50%, 07/15/2031	IDR	6,200,000,000		544,511
Series FR72, Sr. Unsec. Bonds, 8.25%, 05/15/2036	IDR	4,300,000,000		343,195
Series FR75, Sr. Unsec. Bonds, 7.50%, 05/15/2038	IDR	4,100,000,000		308,641
				1,196,347

Italy–2.58%
Italy Buoni Poliennali del Tesoro, REGS, Sr. Unsec. Euro Bonds, 2.80%, 03/01/2067^(b)	EUR	800,000		834,520


	Principal Amount		Value
Ivory Coast–0.38%
Ivory Coast Government International Bond, Sr. Unsec. Bonds, 5.13%, 06/15/2025^(b)	EUR	100,000	$	123,401

Japan–3.28%
Japan Government Forty Year Bond, Series 9, Sr. Unsec. Bonds, 0.40%, 03/20/2056	JPY	150,000,000		1,059,744

Luxembourg–0.59%
SES S.A., REGS, Jr. Unsec. Gtd. Sub. Euro Bonds, 4.63%^(b)(c)	EUR	150,000		189,478

Mexico–1.35%
Petróleos Mexicanos, REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 2.75%, 04/21/2027^(b)	EUR	400,000		438,075

Netherlands–3.27%
Achmea B.V., Series 1, Jr. Unsec. Sub. Medium-Term Euro Notes, 6.00%^(c)	EUR	500,000		616,334
Coöperatieve Rabobank U.A., REGS, Jr. Unsec. Sub. Euro Bonds, 5.50%^(b)(c)	EUR	200,000		256,132
IPD 3 B.V., Sr. Sec. Gtd. Notes, 4.50%, 07/15/2022^(b)	EUR	150,000		184,433
				1,056,899

Peru–0.74%
Peru Government Bond, REGS, Sr. Unsec. Bonds, 6.15%, 08/12/2032^(b)	PEN	737,000		238,187

Russia–1.15%
Russian Federal Bond — OFZ, Series 6218, Unsec. Bonds, 8.50%, 09/17/2031	RUB	20,000,000		370,928

Spain–2.44%
Spain Government Bond, REGS, Sr. Unsec. Euro Bonds, 3.45%, 07/30/2066^(b)	EUR	615,000		788,741

Switzerland–0.84%
UBS Group AG, REGS, Jr. Unsec. Sub. Euro Bonds, 5.75%^(b)(c)	EUR	200,000		271,494

United Kingdom–7.27%
Boparan Finance PLC, REGS, Sr. Sec. Gtd. First Lien Euro Notes, 5.50%, 07/15/2021^(b)	GBP	200,000		252,734
Coventry Building Society (The), REGS, Jr. Unsec. Sub. Euro Bonds, 6.38%^(b)(c)	GBP	280,000		390,172
Direct Line Insurance Group PLC, REGS, Unsec. Gtd. Sub. Euro Notes, 9.25%, 04/27/2042^(b)	GBP	280,000		478,433

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

11 Invesco World Bond Fund


	Principal Amount		Value
United Kingdom–(continued)
Nationwide Building Society, REGS, Jr. Unsec. Sub. Medium-Term Euro Notes, 6.88%^(b)(c)	GBP	200,000	$	281,295
NGG Finance PLC, REGS, Unsec. Gtd. Sub. Euro Notes, 5.63%, 06/18/2073^(b)	GBP	250,000		379,399
Scottish Widows Ltd., REGS, Unsec. Sub. Euro Notes, 5.50%, 06/16/2023^(b)	GBP	150,000		225,376
United Kingdom Gilt, REGS, Unsec. Bonds, 3.50%, 07/22/2068^(b)	GBP	160,000		343,054
				2,350,463

United States–4.90%
Apple Inc., REGS, Sr. Unsec. Medium-Term Notes, 3.70%, 08/28/2022^(b)	AUD	1,100,000		873,987
Goldman Sachs Group, Inc. (The), REGS, Sr. Unsec. Medium-Term DIP Notes, 5.00%, 08/08/2018^(b)	AUD	600,000		468,946
Verizon Communications Inc., Sr. Unsec. Euro Bonds, 2.88%, 01/15/2038	EUR	200,000		240,397
				1,583,330
Total Non U.S. Dollar Denominated Bonds & Notes (Cost $13,773,649)				14,334,943

U.S. Dollar Denominated Bonds & Notes–28.65%
Bahrain–2.00%
Bahrain Government International Bond, Sr. Unsec. Notes, 6.75%, 09/20/2029^(b)	$	200,000		199,424
Oil and Gas Holding Co. B.S.C.C. (The), Sr. Unsec. Notes, 7.50%, 10/25/2027^(b)		429,000		446,169
				645,593

Brazil–2.73%
Braskem Netherlands Finance B.V., Sr. Unsec. Gtd. Notes, 4.50%, 01/10/2028^(b)		398,000		396,269
Petrobras Global Finance B.V.
Sr. Unsec. Gtd. Global Notes,
7.38%, 01/17/2027		110,000		122,320
8.75%, 05/23/2026		300,000		364,125
				882,714

Cayman Islands–0.57%
SPARC EM SPC Panama Metro Line 2 S.P., Gtd. Sr. Sec. Notes, 0.00%, 12/05/2022^(b)(d)		200,000		183,000

Colombia–0.63%
Avianca Holdings S.A./ Avianca Leasing LLC/ Grupo Taca Holdings, REGS, Sr. Unsec. Gtd. Euro Notes, 8.38%, 05/10/2020^(b)		200,000		204,620


	Principal Amount		Value
Ecuador–0.67%
Ecuador Government International Bond, Sr. Unsec. Notes, 9.63%, 06/02/2027^(b)	$	200,000	$	215,500

Ireland–0.90%
AerCap Global Aviation Trust, Jr. Unsec. Gtd. Sub. Notes, 6.50%, 06/15/2045^(b)		267,000		292,365

Ivory Coast–0.59%
Ivory Coast Government International Bond, REGS, Sr. Unsec. Euro Bonds, 5.75%, 12/31/2032^(b)(e)		193,000		190,817

Mexico–2.14%
Mexico City Airport Trust, Sr. Sec. Notes, 4.25%, 10/31/2026^(b)		219,000		224,749
Petróleos Mexicanos, Sr. Unsec. Gtd. Notes, 6.50%, 03/13/2027^(b)		233,000		254,587
SixSigma Networks México, S.A. de C.V., REGS, Sr. Unsec. Gtd. Euro Notes, 8.25%, 11/07/2021^(b)		200,000		211,500
				690,836

Netherlands–1.02%
ING Groep N.V., Jr. Unsec. Sub. Global Notes, 6.50%^(c)		300,000		330,030

Oman–0.92%
Oman Government International Bond, Sr. Unsec. Notes, 6.50%, 03/08/2047^(b)		288,000		297,186

Turkey–4.42%
Finansbank A.S., Sr. Unsec. Notes, 4.88%, 05/19/2022^(b)		515,000		509,484
Turkiye Garanti Bankasi A.S., Unsec. Sub. Notes, 6.13%, 05/24/2027^(b)		200,000		198,100
Turkiye Is Bankasi A.S., Sr. Unsec. Notes, 6.13%, 04/25/2024^(b)		380,000		379,736
Yapi ve Kredi Bankasi A.S., Sr. Unsec. Notes, 5.85%, 06/21/2024^(b)		345,000		341,021
				1,428,341

Ukraine–1.42%
Ukraine Government International Bond,
Sr. Unsec. Notes, 7.38%, 09/25/2032^(b)		251,000		247,949
REGS, Sr. Unsec. Euro Notes, 7.75%, 09/01/2024^(b)		200,000		210,070
				458,019

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

12 Invesco World Bond Fund


	Principal Amount		Value
United Arab Emirates–0.79%
Abu Dhabi Crude Oil Pipeline LLC, Sr. Sec. Bonds, 4.60%, 11/02/2047^(b)	$	250,000	$	255,852

United States–8.21%
Cantor Fitzgerald, L.P., Unsec. Notes, 6.50%, 06/17/2022^(b)		246,000		275,621
DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.88%, 11/15/2024		300,000		301,500
Enterprise Products Operating LLC, Series E, Jr. Unsec. Sub. Gtd. Deb., 5.25%, 08/16/2077		215,000		221,450
NGPL PipeCo. LLC,
Sr. Unsec. Bonds,
4.88%, 08/15/2027^(b)		56,000		58,100
Sr. Unsec. Notes,
4.38%, 08/15/2022^(b)		56,000		57,750
Plains All American Pipeline, L.P., Series B, Jr. Unsec. Sub. Notes, 6.13%^(c)		355,000		362,739
Southern Co. (The), Series B, Jr. Unsec. Sub. Global Notes, 5.50%, 03/15/2057		197,000		209,744
SunCoke Energy Partners, L.P./ SunCoke Energy Partners Finance Corp., Sr. Unsec. Gtd. Notes, 7.50%, 06/15/2025^(b)		300,000		316,500
United States Steel Corp., Sr. Unsec. Global Notes, 6.88%, 08/15/2025		357,000		363,917
VEREIT Operating Partnership, L.P., Sr. Unsec. Gtd. Global Notes, 3.95%, 08/15/2027		150,000		150,086
Wells Fargo & Co., Series U, Jr. Unsec. Sub. Global Notes, 5.88%^(c)		300,000		335,775
				2,653,182

Zambia–1.64%
First Quantum Minerals Ltd.,
Sr. Unsec. Gtd. Notes,
7.25%, 04/01/2023^(b)		200,000		212,500
7.50%, 04/01/2025^(b)		300,000		318,750
				531,250
Total U.S. Dollar Denominated Bonds & Notes (Cost $8,869,943)				9,259,305


	Principal Amount			Value
U.S. Treasury Securities–18.26%
U.S. Treasury Inflation — Indexed Notes–6.24%
0.13%, 04/15/2022	$	2,018,920	^(f)	$	2,015,802

U.S. Treasury Notes–12.02%
2.00%, 11/15/2026		4,000,000			3,885,234
Total U.S. Treasury Securities (Cost $5,883,778)					5,901,036

U.S. Government Sponsored Agency Mortgage-Backed Securities–0.31%
United States–0.31%
Freddie Mac Multifamily Securitization, Series K038, Class X1, Variable Rate Pass Through Ctfs., 1.18%, 03/25/2024 (Cost $101,237)^(g)		1,651,469			100,389

	Shares

Money Market Funds–2.14%
Invesco Government & Agency Portfolio–Institutional Class, 0.95%^(h)		415,757			415,757
Invesco Treasury Portfolio–Institutional Class, 0.94%^(h)		277,172			277,172
Total Money Market Funds (Cost $692,929)					692,929

Options Purchased–0.19%
(Cost $63,877)⁽ⁱ⁾		4,650,000			62,372
TOTAL INVESTMENTS IN SECURITIES–93.90% (Cost $29,385,413)					30,350,974
OTHER ASSETS LESS LIABILITIES–6.10%					1,971,718
NET ASSETS–100.00%				$	32,322,692

Investment Abbreviations:


AUD		– Australian Dollar
BRL		– Brazilian Real
CAD		– Canadian Dollar
Ctfs.		– Certificates
Deb.		– Debentures
DIP		– Debtor-in-possession
EUR		– Euro
GBP		– British Pound Sterling
Gtd.		– Guaranteed
IDR		– Indonesian Rupiah


INR		– Indian Rupee
JPY		– Japanese Yen
Jr.		– Junior
PEN		– Peruvian Sol
REGS		– Regulation S
RUB		– Russian Ruble
Sec.		– Secured
Sr.		– Senior
Sub.		– Subordinated
Unsec.		– Unsecured

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

13 Invesco World Bond Fund

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, 2017 was $15,923,954, which represented 49.27% of the Fund’s Net Assets.

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

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

^(e)	Step coupon bond. Rate shown is the rate in effect on October 31, 2017.

^(f)	Principal amount of security and interest payments are adjusted for inflation. See Note 1I.

^(g)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect October 31, 2017.

^(h)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2017.

⁽ⁱ⁾	The table below details options purchased. See Note 1M and 1N:

Open Over-The-Counter Foreign Currency Options Purchased

Description

Type of
Contract

Counterparty

Expiration
Date

Exercise
Price

Notional
Value

Value

USD versus NOK

Call

Barclays Bank PLC

12/13/2017

NOK

8.10

USD

650,000

9,619

AUD versus JPY

Put

Goldman Sachs International

11/06/2017

JPY

86.00

AUD

1,000,000

617

EUR versus USD

Put

Barclays Bank PLC

03/01/2018

USD

1.14

EUR

500,000

3,099

USD versus MXN

Put

Citibank, N.A.

07/17/2018

MXN

22.00

USD

1,000,000

15,183

Subtotal — Put

18,899

Subtotal Foreign Currency Options Purchased — Currency Risk

28,518

Open Over-The-Counter Interest Rate Swaptions Purchased — Interest Rate Risk

Description

Type of
Contract

Counterparty

Exercise
Rate

Pay/
Receive
Exercise
Rate

Floating
Rate Index

Payment
Frequency

Expiration
Date

Notional
Value

Value

10 Year Interest Rate Swap

Put

Morgan Stanley & Co. International PLC

2.25

Pay

3 month USD LIBOR

Quarterly

03/26/2018

1,500,000

33,854

Total Options Purchased (Cost $63,877)

62,372

Open Over-The-Counter Foreign Currency Options Written — Currency Risk

Description

Type of
Contract

Counterparty

Expiration
Date

Exercise
Price

Premiums
Received

Notional

Value

Unrealized

Appreciation

MXN versus USD

Call

Citibank, N.A.

07/17/2018

MXN 22.00

(22,595

)

USD 1,000,000

(22,032

)

563


Open Futures Contracts^(a)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Euro-BTP		5		December-2017	$	(813,042	)	$	(17,273	)	$	(17,273	)
Euro-Buxl 30 Year Bonds		2		December-2017		(387,026	)		(7,522	)		(7,522	)
U.S. Treasury 10 Year Treasury Notes		31		December-2017		(3,873,063	)		(8,480	)		(8,480	)
U.S. Treasury Ultra Bonds		3		December-2017		(494,344	)		(7,976	)		(7,976	)
Total Futures Contracts — Interest Rate Risk								$	(41,251	)	$	(41,251	)

^(a)	Futures contracts collateralized by $68,759 cash held with Bank of America Merrill Lynch, the futures commission merchant.

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

14 Invesco World Bond Fund


Open Forward Foreign Currency Contracts
		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)
11/03/2017	Morgan Stanley & Co. LLC		BRL	1,600,000		USD	505,529	$	16,622
11/30/2017	Barclays Bank PLC		AUD	2,580,000		USD	2,039,780		65,842
11/30/2017	Barclays Bank PLC		CNY	2,100,000		USD	319,431		3,494
11/30/2017	Barclays Bank PLC		HUF	250,000,000		USD	959.097		22,434
11/30/2017	Barclays Bank PLC		JPY	40,000,000		USD	355,032		2,751
11/30/2017	Barclays Bank PLC		MXN	6,000,000		USD	330,996		19,742
11/30/2017	Barclays Bank PLC		RUB	20,000,000		USD	343,820		3,528
11/30/2017	Barclays Bank PLC		SEK	12,000,000		USD	1,472,070		36,015
11/30/2017	Barclays Bank PLC		TRY	4,400,000		USD	1,207,938		58,375
11/30/2017	Barclays Bank PLC		USD	366,850		RUB	22,000,000		7,471
11/30/2017	Barclays Bank PLC		ZAR	2,300,000		USD	171,067		9,272
11/30/2017	Citigroup Global Markets Inc.		CAD	1,400,000		USD	1,115,937		30,439
11/30/2017	Citigroup Global Markets Inc.		PLN	3,300,000		USD	908,140		1,470
11/30/2017	Citigroup Global Markets Inc.		RUB	60,000,000		USD	1,035,912		15,036
11/30/2017	Citigroup Global Markets Inc.		USD	398,307		GBP	300,000		546
11/30/2017	Citigroup Global Markets Inc.		USD	457,596		INR	30,000,000		4,707
11/30/2017	Citigroup Global Markets Inc.		USD	441,813		KRW	500,000,000		5,540
11/30/2017	Citigroup Global Markets Inc.		ZAR	18,450,000		USD	1,374,297		76,418
11/30/2017	Deutsche Bank Securities Inc.		AUD	500,000		USD	394,388		11,842
11/30/2017	Deutsche Bank Securities Inc.		HUF	90,000,000		USD	347,469		10,270
11/30/2017	Goldman Sachs International		AUD	400,000		USD	311,819		5,782
11/30/2017	Goldman Sachs International		CHF	770,000		USD	782,120		8,706
11/30/2017	Goldman Sachs International		CLP	300,000,000		USD	472,813		770
11/30/2017	Goldman Sachs International		CNY	3,200,000		USD	489,867		8,440
11/30/2017	Goldman Sachs International		COP	1,000,000,000		USD	329,489		1,683
11/30/2017	Goldman Sachs International		HUF	90,000,000		USD	347,966		10,767
11/30/2017	Goldman Sachs International		JPY	90,000,000		USD	811,277		18,647
11/30/2017	Goldman Sachs International		MXN	18,000,000		USD	960,498		26,738
11/30/2017	Goldman Sachs International		TRY	6,600,000		USD	1,785,594		61,249
11/30/2017	Goldman Sachs International		USD	902,618		CZK	20,000,000		6,672
11/30/2017	Goldman Sachs International		USD	333,209		RUB	20,000,000		7,082
11/30/2017	Goldman Sachs International		USD	323,031		ZAR	4,600,000		559
11/30/2017	Goldman Sachs International		ZAR	14,200,000		USD	1,041,395		42,485
11/30/2017	Merrill Lynch International		CLP	430,000,000		USD	691,986		15,391
11/30/2017	Merrill Lynch International		CNY	2,500,000		USD	377,725		1,610
11/30/2017	Merrill Lynch International		HUF	170,000,000		USD	644,477		7,546
11/30/2017	Merrill Lynch International		INR	55,000,000		USD	849,027		1,472
11/30/2017	Merrill Lynch International		USD	663,990		CLP	430,000,000		12,605
11/30/2017	Merrill Lynch International		USD	455,650		INR	30,000,000		6,653
11/30/2017	Morgan Stanley & Co. LLC		COP	1,000,000,000		USD	330,306		2,500
11/30/2017	Morgan Stanley & Co. LLC		IDR	11,100,000,000		USD	816,948		1,620
11/30/2017	Morgan Stanley & Co. LLC		MXN	6,000,000		USD	330,215		18,961
11/30/2017	Morgan Stanley & Co. LLC		PLN	2,500,000		USD	693,597		6,725
12/01/2017	Merrill Lynch International		PHP	55,000,000		USD	1,071,992		11,256
12/04/2017	Merrill Lynch International		BRL	1,200,000		USD	375,469		10,274
12/04/2017	Morgan Stanley & Co. LLC		BRL	2,100,000		USD	644,103		5,011
12/22/2017	Goldman Sachs International		USD	1,270,850		TWD	40,000,000		60,036
Subtotal — Appreciation									763,054

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

15 Invesco World Bond Fund


Open Forward Foreign Currency Contracts—(continued)
		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)
11/03/2017	Morgan Stanley & Co. LLC		USD	493,961		BRL	1,600,000	$	(5,054	)
11/30/2017	Barclays Bank PLC		TWD	40,000,000		USD	1,326,260		(2,842	)
11/30/2017	Barclays Bank PLC		USD	1,316,106		CLP	830,000,000		(10,119	)
11/30/2017	Barclays Bank PLC		USD	382,611		HUF	100,000,000		(7,946	)
11/30/2017	Barclays Bank PLC		USD	731,495		JPY	80,000,000		(26,934	)
11/30/2017	Barclays Bank PLC		USD	753,534		RUB	43,500,000		(13,400	)
11/30/2017	Barclays Bank PLC		USD	2,148,653		TRY	7,700,000		(136,918	)
11/30/2017	Barclays Bank PLC		USD	1,346,121		TWD	40,000,000		(17,019	)
11/30/2017	Barclays Bank PLC		USD	935,612		ZAR	12,800,000		(35,186	)
11/30/2017	Citigroup Global Markets Inc.		GBP	1,080,000		USD	1,397,802		(38,067	)
11/30/2017	Citigroup Global Markets Inc.		INR	35,000,000		USD	529,982		(9,372	)
11/30/2017	Citigroup Global Markets Inc.		KRW	100,000,000		USD	88,468		(1,002	)
11/30/2017	Citigroup Global Markets Inc.		USD	1,010,468		CAD	1,250,000		(41,273	)
11/30/2017	Citigroup Global Markets Inc.		USD	912,825		PLN	3,300,000		(6,155	)
11/30/2017	Citigroup Global Markets Inc.		USD	342,700		RUB	20,000,000		(2,409	)
11/30/2017	Citigroup Global Markets Inc.		USD	889,158		ZAR	12,000,000		(45,009	)
11/30/2017	Deutsche Bank Securities Inc.		USD	493,902		HUF	130,000,000		(6,838	)
11/30/2017	Deutsche Bank Securities Inc.		USD	638,191		EUR	539,959		(8,176	)
11/30/2017	Goldman Sachs International		CZK	10,000,000		USD	453,968		(677	)
11/30/2017	Goldman Sachs International		MXN	8,000,000		USD	413,781		(1,223	)
11/30/2017	Goldman Sachs International		TRY	1,200,000		USD	310,691		(2,826	)
11/30/2017	Goldman Sachs International		USD	1,182,320		CNY	7,800,000		(8,840	)
11/30/2017	Goldman Sachs International		USD	340,026		COP	1,000,000,000		(12,220	)
11/30/2017	Goldman Sachs International		USD	602,085		EUR	500,000		(18,694	)
11/30/2017	Goldman Sachs International		USD	327,467		HUF	85,000,000		(9,002	)
11/30/2017	Goldman Sachs International		USD	4,765,913		JPY	519,611,320		(189,695	)
11/30/2017	Goldman Sachs International		USD	1,308,702		MXN	24,000,000		(63,688	)
11/30/2017	Goldman Sachs International		USD	1,489,937		SEK	12,000,000		(53,882	)
11/30/2017	Goldman Sachs International		USD	572,041		TRY	2,100,000		(23,386	)
11/30/2017	Morgan Stanley & Co. LLC		IDR	2,300,000,000		USD	168,560		(382	)
11/30/2017	Morgan Stanley & Co. LLC		USD	341,297		COP	1,000,000,000		(13,491	)
11/30/2017	Morgan Stanley & Co. LLC		USD	334,760		MXN	6,000,000		(23,506	)
11/30/2017	Morgan Stanley & Co. LLC		USD	700944		PLN	2,500,000		(14,072	)
11/30/2017	Morgan Stanley & Co. LLC		USD	172,741		RUB	10,000,000		(2,596	)
12/04/2017	Morgan Stanley & Co. LLC		USD	304,739		BRL	1,000,000		(409	)
12/22/2017	Goldman Sachs International		TWD	40,000,000		USD	1,242,236		(88,650	)
Subtotal — Depreciation									(940,958	)
Total Open Forward Foreign Currency Contracts — Currency Risk								$	(177,904	)

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

16 Invesco World Bond Fund


Open Over-The-Counter Credit Default Swap Agreements
Counterparty	Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread^(a)			Notional Value			Upfront Payments Paid		Value		Unrealized Appreciation
Barclays Bank PLC	Republic of Turkey		Buy		1.00	%		Quarterly		12/20/2022		1.84	%	$	(2,000,000	)	$	76,685	$	79,236	$	2,551
Goldman Sachs International	Republic of South Africa		Buy		1.00	%		Quarterly		12/20/2022		1.83			(2,400,000	)		82,881		94,393		11,512
Total Over-The-Counter Credit Default Swap Agreements — Credit Risk																	$	159,566	$	173,629	$	14,063

^(a)


Open Centrally Cleared Interest Rate Swap Agreements^(a)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value		Unrealized Appreciation (Depreciation)^(b)
Pay	Overnight Brazil DI Rate	Daily		8.51	%		Daily		01/02/2018	BRL	27,000,000	$	—	$	15,864	$	15,864
Pay	3 Month CBA	Quarterly		1.92			Semi-Annually		09/27/2019	CAD	7,500,000		—		17,196		17,196
Pay	3 Month USD LIBOR	Quarterly		2.49			Semi-Annually		03/28/2028	USD	142,000		—		1,143		1,143
Subtotal — Appreciation															34,203		34,203
Receive	Overnight Brazil DI Rate	Daily		8.38			Daily		01/02/2019	BRL	(8,000,000)		—		(27,032)		(27,032)
Pay	28-Day MXN TIIE	Monthly		6.72			Monthly		06/23/2022	MXN	50,000,000		—		(52,895)		(52,895)
Receive	3 Month CBA	Quarterly		2.39			Semi-Annually		09/27/2027	CAD	(1,400,000)		—		(9,139)		(9,139)
Pay	3 Month USD LIBOR	Quarterly		2.25			Semi-Annually		03/28/2028	USD	750,000		—		(10,373)		(10,373)
Pay	3 Month USD LIBOR	Quarterly		2.37			Semi-Annually		03/28/2028	USD	150,000		—		(364)		(364)
Receive	6 Month BUBOR	Semi-Annually		2.42			Semi-Annually		08/21/2027	HUF	(280,000,000)		—		(38,497)		(38,497)
Subtotal — Depreciation															(138,300)		(138,300)
Total Centrally Cleared Interest Rate Swap Agreements—Interest Rate Risk												$	—	$	(104,097)	$	(104,097)

^(a)	Centrally Cleared swap agreements collateralized by $137,000 cash held with Credit Suisse, the swaps commission merchant.

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

Abbreviations:


AUD		– Australian Dollar
BRL		– Brazilian Real
BUBOR		– Budapest Interbank Offered Rate
CAD		– Canadian Dollar
CBA		– Canadian Bankers Acceptances
CHF		– Swiss Franc
CLP		– Chilean Peso
CNY		– Chinese Yuan
COP		– Colombian Peso
CZK		– Czech Koruna
DI		– Interbank Deposit
EUR		– Euro
GBP		– British Pound Sterling
HUF		– Hungarian Forint
IDR		– Indonesian Rupiah


INR		– Indian Rupee
JPY		– Japanese Yen
KRW		– South Korean Won
LIBOR		– London Interbank Offered Rate
MXN		– Mexican Peso
NOK		– Norwegian Krone
PHP		– Philippine Peso
PLN		– Polish Zloty
RUB		– Russian Ruble
SEK		– Swedish Krona
TIIE		– Interbank Equilibrium Interest Rate
TRY		– Turkish Lira
TWD		– New Taiwan Dollar
USD		– U.S. Dollar
ZAR		– South African Rand

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

17 Invesco World Bond Fund

Statement of Assets and Liabilities

October 31, 2017


Assets:
Investments in securities, at value (Cost $28,692,484)	$	29,658,045
Investments in affiliated money market funds, at value and cost		692,929
Other investments:
Variation margin receivable — centrally cleared swap agreements		4,543
Swaps receivable — centrally cleared		86
Swaps receivable — OTC		4,300
Premiums paid on swap agreements — OTC		159,566
Unrealized appreciation on forward foreign currency contracts outstanding		763,054
Unrealized appreciation on swap agreements — OTC (premiums paid $159,566)		14,063
Foreign currencies, at value (Cost $1,784,108)		1,764,145
Deposits with brokers:
Cash collateral — exchange-traded futures contracts		68,759
Cash collateral — centrally cleared swap agreements		137,000
Receivable for:
Fund shares sold		2,611
Dividends and interest		391,691
Investment for trustee deferred compensation and retirement plans		39,633
Other assets		38,620
Total assets		33,739,045

Liabilities:
Other investments:
Options written, at value (premiums received $22,595)		22,032
Swaps payable — centrally cleared		85
Swaps payable — OTC		9,683
Variation margin payable — futures contracts		1,520
Unrealized depreciation on forward foreign currency contracts outstanding		940,958
Payable for:
Investments purchased		250,000
Fund shares reacquired		52,234
Accrued fees to affiliates		30,838
Accrued trustees’ and officers’ fees and benefits		2,344
Accrued other operating expenses		64,925
Trustee deferred compensation and retirement plans		41,734
Total liabilities		1,416,353
Net assets applicable to shares outstanding	$	32,322,692

Net assets consist of:
Shares of beneficial interest	$	32,779,291
Undistributed net investment income		48,176
Undistributed net realized gain (loss)		(1,143,174	)
Net unrealized appreciation		638,399
	$	32,322,692


Net Assets:
Class A	$	22,150,322
Class B	$	217,345
Class C	$	4,146,612
Class Y	$	5,796,807
Class R5	$	844
Class R6	$	10,762

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,124,565
Class B		20,862
Class C		398,393
Class Y		556,412
Class R5		81
Class R6		1,032
Class A:
Net asset value per share	$	10.43
Maximum offering price per share
(Net asset value of $10.43 ¸ 95.75%)	$	10.89
Class B:
Net asset value and offering price per share	$	10.42
Class C:
Net asset value and offering price per share	$	10.41
Class Y:
Net asset value and offering price per share	$	10.42
Class R5:
Net asset value and offering price per share	$	10.42
Class R6:
Net asset value and offering price per share	$	10.43

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

18 Invesco World Bond Fund

Statement of Operations

For the year ended October 31, 2017


Investment income:
Interest (net of foreign withholding taxes of $4,385)	$	1,458,154
Dividends from affiliated money market funds		13,581
Total investment income		1,471,735

Expenses:
Advisory fees		229,531
Administrative services fees		50,000
Custodian fees		46,135
Distribution fees:
Class A		58,323
Class B		3,457
Class C		42,584
Transfer agent fees — A, B, C and Y		105,411
Transfer agent fees — R5		1
Transfer agent fees — R6		11
Trustees’ and officers’ fees and benefits		20,994
Registration and filing fees		83,563
Reports to shareholders		69,724
Professional services fees		70,484
Other		17,815
Total expenses		798,033
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(446,523	)
Net expenses		351,510
Net investment income		1,120,225

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(736,175	)
Foreign currencies		60,199
Forward foreign currency contracts		(996,032	)
Futures contracts		33,685
Option contracts written		13,780
Swap agreements		(221,244	)
		(1,845,787	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		1,257,352
Foreign currencies		(13,354	)
Forward foreign currency contracts		(162,396	)
Futures contracts		(94,274	)
Option contracts written		563
Swap agreements		171,961
		1,159,852
Net realized and unrealized gain (loss)		(685,935	)
Net increase in net assets resulting from operations	$	434,290

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

19 Invesco World Bond Fund

Statement of Changes in Net Assets

For the years ended October 31, 2017 and 2016


	2017			2016
Operations:
Net investment income	$	1,120,225		$	1,056,032
Net realized gain (loss)		(1,845,787	)		(188,528	)
Change in net unrealized appreciation		1,159,852			1,891,966
Net increase in net assets resulting from operations		434,290			2,759,470

Distributions to shareholders from net investment income:
Class A		(87,346	)		(230,285	)
Class B		(1,299	)		(274	)
Class C		(15,969	)		(5,811	)
Class Y		(27,636	)		(75,009	)
Class R5		(3	)		(10	)
Class R6		(39	)		(30,564	)
Total distributions from net investment income		(132,292	)		(341,953	)

Return of Capital:
Class A		(536,224	)		(180,952	)
Class B		(5,196	)		(4,447	)
Class C		(63,221	)		(34,564	)
Class Y		(188,272	)		(38,737	)
Class R5		(22	)		(5	)
Class R6		(272	)		(42,369	)
Total return of capital:		(793,207	)		(301,074	)

Share transactions–net:
Class A		(6,443,931	)		853,114
Class B		(243,332	)		(473,800	)
Class C		(935,714	)		(196,968	)
Class Y		(4,540,530	)		8,535,582
Class R5		9			—
Class R6		—			(19,308,820	)
Net increase (decrease) in net assets resulting from share transactions		(12,163,498	)		(10,590,892	)
Net increase (decrease) in net assets		(12,654,707	)		(8,474,449	)

Net assets:
Beginning of year		44,977,399			53,451,848
End of year (includes undistributed net investment income of $48,176 and $(114,802), respectively)	$	32,322,692		$	44,977,399

Notes to Financial Statements

October 31, 2017

NOTE 1—Significant Accounting Policies

Invesco World Bond 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 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.

20 Invesco World Bond 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.

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind income received in the form of securities in-lieu of cash is recorded as interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

21 Invesco World Bond Fund

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

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

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

22 Invesco World Bond Fund

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

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

Call Options Purchased and Written — The Fund may write 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.

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

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

23 Invesco World Bond Fund

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.

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.

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.

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.

24 Invesco World Bond Fund

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate
First $250 million		0	.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, 2017, 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).

Effective December 1, 2016, the Adviser has contractually agreed, through at least February 28, 2019, 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 0.94%, 1.69%, 1.69%, 0.69%, 0.69% and 0.69%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to December 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 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. 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, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2017, the Adviser waived advisory fees and reimbursed fund expenses of $341,101 and reimbursed class level expenses of $68,705, $1,018, $12,541, $21,698, $1 and $11 of Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

25 Invesco World Bond Fund

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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2017, 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, 2017, IDI advised the Fund that IDI retained $1,912 in front-end sales commissions from the sale of Class A shares and $100, $20 and $61 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

Level 1 —

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

Level 2 —

Level 3 —


	Level 1			Level 2			Level 3		Total
Non U.S. Denominated Bonds & Notes	$	—		$	14,334,943		$	—	$	14,334,943
U.S. Denominated Bonds & Notes		—			9,259,305			—		9,259,305
U.S. Treasury Securities		—			5,901,036			—		5,901,036
U.S. Government Sponsored Agency Mortgage-Backed Securities		—			100,389			—		100,389
Money Market Funds		692,929			—			—		692,929
Options Purchased		—			62,372			—		62,372
		692,929			29,658,045			—		30,350,974
Forward Foreign Currency Contracts*		—			(177,904	)		—		(177,904	)
Futures Contracts*		(41,251	)		—			—		(41,251	)
Options Written*		—			(22,032	)		—		(22,032	)
Swap Agreements*		—			(90,034	)		—		(90,034	)
Total Investments	$	651,678		$	29,368,075		$	—	$	30,019,753

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

26 Invesco World Bond Fund

NOTE 4—Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2017:


	Value
Derivative Assets	Credit Risk		Currency Risk			Interest Rate Risk			Total
Unrealized appreciation on swap agreements — Centrally Cleared^(a)	$	—	$	—		$	34,203		$	34,203
Unrealized appreciation on swap agreements — OTC		14,063		—			—			14,063
Options purchased, at value — OTC^(b)		—		28,518			33,854			62,372
Unrealized appreciation on forward foreign currency contracts outstanding		—		763,054			—			763,054
Total Derivative Assets		14,063		791,572			68,057			873,692
Derivatives not subject to master netting agreements		—		—			(34,203	)		(34,203	)
Total Derivative Assets subject to master netting agreements	$	14,063	$	791,572		$	33,854		$	839,489

	Value
Derivative Liabilities	Credit Risk		Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded^(a)	$	—	$	—		$	(41,251	)	$	(41,251	)
Unrealized depreciation on swap agreements — Centrally Cleared^(a)		—		—			(138,300	)		(138,300	)
Options written, at value — OTC		—		(22,032	)		—			(22,032	)
Unrealized depreciation on forward foreign currency contracts outstanding		—		(940,958	)		—			(940,958	)
Total Derivative Liabilities		—		(962,990	)		(179,551	)		(1,142,541	)
Derivatives not subject to master netting agreements		—		—			179,551			179,551
Total Derivative Liabilities subject to master netting agreements	$	—	$	(962,990	)	$	—		$	(962,990	)

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

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


	Financial Derivative Assets								Financial Derivative Liabilities															Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Barclays Bank PLC	$	228,924	$	12,718	$	83,536	$	325,178	$	(250,364	)	$	—		$	(6,883	)	$	(257,247	)	$	67,931		$	—	$	—	$	67,931
Citibank, N.A.		—		15,183		—		15,183		—			(22,032	)		—			(22,032	)		(6,849	)		—		—		(6,849	)
Citigroup Global Markets Inc.		134,156		—		—		134,156		(143,287	)		—			—			(143,287	)		(9,131	)		—		—		(9,131	)
Deutsche Bank Securities Inc.		22,112		—		—		22,112		(15,014	)		—			—			(15,014	)		7,098			—		—		7,098
Goldman Sachs International		259,616		617		94,393		354,626		(472,783	)		—			(2,800	)		(475,583	)		(120,957	)		—		—		(120,957	)
Merrill Lynch International		66,807		—		—		66,807		—			—			—			—			66,807			—		—		66,807
Morgan Stanley & Co. International PLC		—		33,854		—		33,854		—			—			—			—			33,854			—		—		33,854
Morgan Stanley & Co. LLC		51,439		—		—		51,439		(59,510	)		—			—			(59,510	)		(8,071	)		—		—		(8,071	)
Total	$	763,054	$	62,372	$	177,929	$	1,003,355	$	(940,958	)	$	(22,032	)	$	(9,683	)	$	(972,673	)	$	30,682		$	—	$	—	$	30,682

27 Invesco World Bond Fund

Effect of Derivative Investments for the year ended October 31, 2017

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	$	—		$	(996,032	)	$	—		$	—		$	(996,032	)
Futures contracts		—			—			—			33,685			33,685
Options purchased^(a)		—			(77,255	)		—			(793	)		(78,048	)
Options written		969			12,811			—			—			13,780
Swap agreements		(225,362	)		—			(32,079	)		36,197			(221,244	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		—			(162,396	)		—			—			(162,396	)
Futures contracts		—			—			—			(94,274	)		(94,274	)
Options purchased^(a)		—			(11,509	)		—			10,004			(1,505	)
Options written		—			563			—			—			563
Swap agreements		156,970			—			11,347			3,644			171,961
Total	$	(67,423	)	$	(1,233,818	)	$	(20,732	)	$	(11,537	)	$	(1,333,510	)

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

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


	Forward Foreign Currency Contracts		Futures Contracts		Options Purchased		Options Written		Swap Agreements
Average notional value	$	57,496,652	$	2,870,134	$	62,703,212	$	1,035,269	$	17,811,283

NOTE 5—Expense Offset Arrangement(s)

NOTE 6—Trustees’ and Officers’ Fees and Benefits

NOTE 7—Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with 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.

28 Invesco World Bond 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, 2017 and 2016:


	2017		2016
Ordinary income	$	132,292	$	185,147
Long-term capital gain		—		156,806
Return of capital		793,207		301,074
Total distributions	$	925,499	$	643,027

Tax Components of Net Assets at Period-End:


	2017
Net unrealized appreciation — investments	$	744,243
Net unrealized appreciation (depreciation) — foreign currencies		(18,536	)
Temporary book/tax differences		(37,664	)
Capital loss carryforward		(1,144,642	)
Shares of beneficial interest		32,779,291
Total net assets	$	32,322,692

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, 2017 as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	676,863	$	467,779	$	1,144,642

NOTE 9—Investment Transactions

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, 2017 was $69,540,473 and $89,142,974, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $10,167,611 and $4,275,068, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	2,165,519
Aggregate unrealized (depreciation) of investments		(1,421,276	)
Net unrealized appreciation of investments	$	744,243

Cost of investments for tax purposes is $29,275,510.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, distributions and swap agreement income, on October 31, 2017, undistributed net investment income was decreased by $31,748, undistributed net realized gain (loss) was increased by $824,954 and shares of beneficial interest was decreased by $793,206. This reclassification had no effect on the net assets of the Fund.

29 Invesco World Bond Fund

NOTE 11—Share Information


	Summary of Share Activity
	Years ended October 31,
	2017^(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		386,135		$	3,976,564			981,590		$	10,283,740
Class B		2,297			22,928			5,051			51,039
Class C		88,362			906,574			215,278			2,170,817
Class Y		611,943			6,211,858			1,491,034			15,491,121
Class R5		2,567			27,121			—			—
Class R6		—			—			129,251			1,243,370

Issued as reinvestment of dividends:
Class A		56,789			577,805			36,686			380,582
Class B		600			6,090			425			4,396
Class C		6,981			70,996			3,461			36,065
Class Y		18,568			188,436			9,101			95,884
Class R6		—			—			7,558			72,784

Automatic conversion of Class B shares to Class A shares:
Class A		18,145			185,281			36,838			372,595
Class B		(18,156	)		(185,281	)		(36,896	)		(372,595	)

Reacquired:
Class A		(1,101,023	)		(11,183,581	)		(984,775	)		(10,183,803	)
Class B		(8,550	)		(87,069	)		(15,599	)		(156,640	)
Class C		(188,446	)		(1,913,284	)		(237,901	)		(2,403,850	)
Class Y		(1,081,055	)		(10,940,824	)		(668,294	)		(7,051,423	)
Class R5		(2,567	)		(27,112	)		—			—
Class R6^(b)		—			—			(2,114,835	)		(20,624,974	)
Net increase (decrease) in share activity		(1,207,410	)	$	(12,163,498	)		(1,142,027	)	$	(10,590,892	)

^(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.

30 Invesco World Bond 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		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 10/31/17	$	10.44	$	0.33	$	(0.07	)	$	0.26		$	(0.04	)	$	—		$	(0.23	)	$	(0.27	)	$	10.43		2.63	%	$	22,150		0.95	%^(d)		2.21	%^(d)		3.22	%^(d)		245	%
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			1.84			2.36			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
Class B
Year ended 10/31/17		10.43		0.25		(0.07	)		0.18			(0.03	)		—			(0.16	)		(0.19	)		10.42		1.80			217		1.70	^(d)		2.96	^(d)		2.47	^(d)		245
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			2.59			1.61			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
Class C
Year ended 10/31/17		10.42		0.25		(0.07	)		0.18			(0.03	)		—			(0.16	)		(0.19	)		10.41		1.80			4,147		1.70	^(d)		2.96	^(d)		2.47	^(d)		245
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			2.59			1.61			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
Class Y
Year ended 10/31/17		10.44		0.35		(0.07	)		0.28			(0.04	)		—			(0.26	)		(0.30	)		10.42		2.81			5,797		0.70	^(d)		1.96	^(d)		3.47	^(d)		245
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			1.59			2.61			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
Class R5
Year ended 10/31/17		10.44		0.36		(0.08	)		0.28			(0.04	)		—			(0.26	)		(0.30	)		10.42		2.81			1		0.70	^(d)		1.77	^(d)		3.47	^(d)		245
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			1.30			2.61			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
Class R6
Year ended 10/31/17		10.44		0.36		(0.07	)		0.29			(0.04	)		—			(0.26	)		(0.30	)		10.43		2.91			11		0.70	^(d)		1.77	^(d)		3.47	^(d)		245
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			1.30			2.61			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

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $23,329, $346, $4,258, $7,368, $1 and $11 for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

NOTE 13—Subsequent Event

31 Invesco World Bond Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of 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 Invesco World Bond Fund (one of the portfolios constituting the AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2017, 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, 2017 by correspondence with the custodian, transfer agent and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2017

32 Invesco World Bond Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (05/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (05/01/17)		Ending Account Value (10/31/17)¹		Expenses Paid During Period²		Ending Account Value (10/31/17)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,034.90	$	4.82	$	1,020.47	$	4.79		0.94	%
B		1,000.00		1,031.00		8.65		1,016.69		8.59		1.69
C		1,000.00		1,031.10		8.65		1,016.69		8.59		1.69
Y		1,000.00		1,036.20		3.54		1,021.73		3.52		0.69
R5		1,000.00		1,036.20		3.54		1,021.73		3.52		0.69
R6		1,000.00		1,036.20		3.54		1,021.73		3.52		0.69

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

33 Invesco World 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 World Bond Fund’s (formerly, Invesco International Total Return Fund) (the Fund) investment advisory agreements. During contract renewal meetings held on June 12-13, 2017, 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, 2017.

The Board’s Fund Evaluation Process

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.

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

In determining whether to continue the Fund’s investment advisory agreement, the

Board considered the benefits of reapproving an existing relationship as contrasted with 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.

B.	Fund Investment Performance

The Board noted that the name of the Fund was changed and the benchmark was changed to the Lipper Global Income Funds Index effective December 1, 2016. The Board compared the Fund’s investment performance during over multiple time periods ending December 31, 2106 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 second quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. Invesco Advisers noted that the Fund has broader exposure to the U.S. Dollar effective with the name change. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

34 Invesco World Bond Fund

C.	Advisory and Sub-Advisory Fees

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 specificed 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.

D.	Economies of Scale and Breakpoints

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 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 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.

35 Invesco World Bond Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2017:


Federal and State Income Tax
Qualified Dividend Income*	4.65	%
Corporate Dividends Received Deduction*	4.65	%
U.S. Treasury Obligations*	5.59	%

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

36 Invesco World Bond Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested 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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor² — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); 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.	158	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 World 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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
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	158	Trustee, Evans Scholarship Foundation
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) (human resources provider); 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	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
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; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury; Chief Compliance Officer, Kaiser Permanente (healthcare consortium); Program Manager, Hewlett-Packard; Nuclear Engineering, General Dynamics Corporation (aerospace and defense company)	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	158	None
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	None

T-2 Invesco World 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)
Christopher L. Wilson — 1957 Trustee	2017	Managing Partner, CT2, LLC (investing and consulting firm) Formerly: President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)
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; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A

T-3 Invesco World 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)
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

T-4 Invesco World Bond Fund

Explore High-Conviction Investing with Invesco

LOGO

Go paperless with eDelivery

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		WBD-AR-1		12202017		1436

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 or certain affiliates and covered persons 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 (referred to as a “more than ten percent owner”). 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 and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex, which may implicate the Loan Rule.

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 connection with prior independence determinations, 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 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 Funds will need to take other action in order for the Funds’ 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. The SEC no-action relief was initially set to expire 18 months from issuance but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.

(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 2017	Fees Billed for Services Rendered to the Registrant for fiscal year end 2016
Audit Fees	$ 821,050	$ 931,700
Audit-Related Fees⁽¹⁾	$ 13,500	$ 4,000
Tax Fees⁽²⁾	$ 488,039	$ 318,830
All Other Fees	$ 0	$ 0
Total Fees	$ 1,322,589	$ 1,254,530

(g) PWC billed the Registrant aggregate non-audit fees of $501,539 for the fiscal year ended 2017, and $322,830 for the fiscal year ended 2016, for non-audit services rendered to the Registrant.

(1)

Audit-Related fees for the fiscal year end 2017 include fees billed for reviewing regulatory filings. Audit-Related fees for the fiscal year end 2016 include fees billed for reviewing regulatory filings.

(2)

Tax fees for the fiscal year end October 31, 2017 includes fees billed for reviewing tax returns and/or services related to tax compliance. Tax fees for fiscal year end October 31, 2016 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 2017 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 2016 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees		$ 662,000		$ 635,000
Tax Fees		$ 0		$ 0
All Other Fees		$ 1,245,000		$ 2,193,000
Total Fees⁽¹⁾		$ 1,907,000		$ 2,828,000

(1)	Audit-Related fees for the year end 2017 include fees billed related to reviewing controls at a service organization. Audit-Related fees for the year end 2016 include fees billed related to reviewing controls at a service organization.

All other fees for the year end 2017 include fees billed related to the assessments for certain of the company’s risk management tools, current state analysis against regulatory requirements and 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 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.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimis 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 $4,890,000 for the fiscal year ended October 31, 2017, and $5,032,000 for the fiscal year ended October 31, 2016, 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 March 29, 2017

Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to the pre-approval of audit and non-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).¹ They address both general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II.

Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit 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.

Audit-Related Services

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

Tax Services

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

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with

the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

Other Services

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

Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the 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 hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII.

Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX.

Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

•

Management functions;

•

Human resources;

•

Broker-dealer, investment adviser, or investment banking services;

•

Legal services;

•

Expert services unrelated to the audit;

•

Any service or product provided for a contingent fee or a commission;

•

Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

•

Tax services for persons in financial reporting oversight roles at the Fund; and

•

Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:

•

Bookkeeping or other services related to the accounting records or financial statements of the audit client;

•

Financial information systems design and implementation;

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

•

Actuarial services; and

•

Internal audit outsourcing services.

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 17, 2017, 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 17, 2017, 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.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.

13(a) (1)

Code of Ethics.

13(a) (2)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

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 8, 2018

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 8, 2018


By:		/s/ Kelli Gallegos
		Kelli Gallegos
		Principal Financial Officer

Date:		January 8, 2018

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.

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