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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-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:           October 31                    

    Date of reporting period:          10/31/19                         

Item 1. Reports to Stockholders.

Annual Report 10/31/2019 Annual Report 9/30/2019

Invesco Oppenheimer Global Strategic Income Fund* Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund. *Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Global Strategic Income Fund. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco’s Client Services team at 800-959-4246.

Table of Contents

Fund Performance Discussion	5
Top Holdings and Allocations	11
Fund Expenses	16
Consolidated Schedule of Investments	21
Consolidated Statement of Assets and Liabilities	141
Consolidated Statement of Operations	143
Consolidated Statement of Changes in Net Assets	145
Consolidated Financial Highlights	147
Notes to Consolidated Financial Statements	159
Report of Independent Registered Public Accounting Firm	192
Independent Registered Public Accounting Firm	194
Federal Income Tax Information	195
Approval of Investment Advisory and Sub-Advisory Contracts	196
Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments	201
Shareholder Proxy	202
Trustees and Officers	203
Invesco’s Privacy Notice	216

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 10/31/19

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays       U.S. Aggregate Bond   Index
1-Year	7.96%	3.42%	11.51%
5-Year	2.47	1.61	3.24
10-Year	4.66	4.22	3.73
AVERAGE ANNUAL TOTAL RETURNS AT 9/30/19
	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays       U.S. Aggregate Bond   Index
1-Year	5.25%	0.65%	10.30%
5-Year	2.38	1.51	3.38
10-Year	4.69	4.25	3.75

3        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 4.25% maximum applicable sales charge except where “without sales charge” is indicated. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the returns of the Fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from those of the predecessor fund because they have different expenses. Returns do not consider capital gains or income taxes on an individual’s investment. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

4        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Fund Performance Discussion

For the one-year period ended September 30, 2019, the Fund’s Class A shares (without sales charge) returned 5.25%, underperforming the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”), which returned 10.30%. For the one-year period ended October 31, 2019, the Fund’s Class A shares (without sales charge) returned 7.96%, underperforming the Index, which returned 11.51%. Please note that the fiscal year-end for Invesco Oppenheimer Strategic Income Fund has changed from September 30 to October 31. Therefore, the period covered by this discussion is from September 30, 2018, the date of the last annual report, through October 31, 2019, the Fund’s new fiscal year-end.

MARKET OVERVIEW
After hitting a wall to close 2018, 2019 has been volatile and eventful through September 30, 2019. In the last quarter of 2018, several shocks negatively affected market sentiment. The U.S. Federal Reserve (Fed) once again decided to hike interest rates, as was nearly universally expected, but the post-meeting conference was more hawkish than expected.	Markets were expecting a clear message that the Fed might consider a pause in any future rate increases, but that was not initially communicated. Equity markets sold off, bonds rallied, and the U.S. dollar weakened. The sell-offs were sizable, which led some to think a recession might be imminent. As 2019 began, rising global growth concerns came to the

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

5        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

forefront. In January, we saw the strongest indications yet that the game plan may be changing. As 2019 progressed, the Fed cut rates as it dealt with an array of both global and domestic concerns. Q2 started with some hopes for stabilization, with China’s stimulus kicking in, U.S. data recovering from weakness in Q1, but these positive signs proved premature. Due to renewed tensions in the U.S.-China trade dispute and increasing risks regarding global trade, industrial production and global trade weakened noticeably. For most of the world, growth projections were revised down. Recent data show that trade policy uncertainty is taking its toll on global growth. The stabilization we had projected for the second half of 2019 was based on an expectation for a trade deal between China and the U.S. There is still hope for a limited trade deal, but we think the broader uncertainty around US-China relationship will continue to undermine investment sentiment, especially against the backdrop of slower global demand.

Besides trade issues and a slowdown in US and Europe, emerging markets are also facing a structurally slowing China. As China rebalances away from investment-led growth to consumption-led growth, it will not be providing the same lift to emerging market exports going forward as it did in the past.

On the positive side, we expect further monetary and fiscal easing from China, to mitigate some, but not all the impact of the tariffs and the global slowdown on emerging markets. We believe that easier global financial conditions and expectation of further easing by the Federal Reserve will remain supportive of emerging market assets.

The third quarter continued to see weaker global growth led primarily by the rest of the world as the US surprised to the upside versus much lowered expectations. As expected, global growth slowed, and policy makers responded by moving towards easier monetary conditions in almost every

6        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

major global economy. The Federal Reserve delivered the first of its two rate cuts so far this year. Most emerging market central banks also continued to reduce rates.

The markets were roiled in August by the unexpected and significant increase in trade tensions between the US and China with the US putting tariffs on almost all Chinese imports. In August we saw a significant drop in developed market yields as market expectations of global growth ratcheted down. We also saw losses in emerging market currencies as the dollar strengthened in a knee jerk reaction.

As we expected, the first quarter was mired in further data weaknesses for Asian emerging markets, despite some stabilization in China. We see this as a manifestation of global trade weakness as global exports and industrial production fell sharply. In addition, Asia is also feeling the headwinds from a slowing technology cycle. In China, front-loading of exports before tariffs took effect and the domestic policy easing were behind the stabilizing growth numbers in the first quarter. However, forward-looking indicators point to the potential for further weakness ahead for the region as global demand weakens. The stabilization we had expected in the second half of 2019 was rooted in our expectation for a trade deal between China and the U.S. Despite the recent truce at the G-20 meeting, the higher tariff rates as well as continued uncertainty about a deal pose further downside risks to China’s and Asian emerging markets’ growth in the

second half, notwithstanding the ongoing stimulus in China. We see this uncertainty a key driver for weak global investment, which in turn negatively affects Asian exports. On the positive side, we expect further easing from China, should second-quarter data surprise significantly. We believe that this global backdrop, benign demand-led inflation pressures and widening output gaps may allow room for more interest rate cuts in several countries, such as India, Indonesia, Korea, Malaysia, Philippines, Russia, and South Africa.

The emerging market economies of Latin America have underperformed growth expectations, and we are therefore cutting our 2019 and 2020 growth forecasts across the board. The disappointing slowdown has broadened from the region’s larger economies, which we expect to see traction later, to the smaller economies. We have not materially changed our inflation outlook, as output gaps are even wider and inflation risks are lower. We expect easier global monetary conditions to curb exchange rate pressures and allow all regional central banks to add stimulus.

Colombia’s lagged economic recovery soldiers on while Argentina has been the larger exception in the region with negative growth and double-digit inflation. Yet these two economies are still improving from last year. We believe the bar is now too high for the Argentinian economy not to contract this year, but we are hopeful for a background of macro-stabilization.

7        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Mexico’s growth was hurt by the U.S. slowdown and uncertainties over domestic policy. In our opinion, while the Mexican economy benefits from a good starting point with low debt levels, its economic fundamentals are deteriorating with President López Obrador (AMLO) and his heterodox policy mix. Within this context, we are constructive because we see inflation convergence with central bank easing, high real rates, and fiscal prudence. We do not see Mexican sovereign debt ratings going to below investment grade, while the national oil company may be downgraded again and removed from investment grade mandates.

In Brazil, we are more optimistic with the approval of the strong pension reform, and we expect the central bank to drive expansionary conditions. Economic activity has faltered on global and local shocks that allowed a large negative output gap, with domestic uncertainties failing to support a more benign environment. We think traction will come, with higher growth more likely to materialize next year. All in, decreasing global interest rates allow for more accommodative monetary policy, which would support EM assets. The primary risk to emerging markets is a full-blown trade war, instead of a protracted conflict-resolution solution, leading to recession. However, we see this as unlikely.

First quarter GDP growth in the U.S. economy was relatively strong. However, GDP growth in the second quarter was more modest. Unemployment has remained very low and job creation has been strong. Inflation has

remained relatively low. However, a tight labor market suggests we could see more pressure on wage growth in the future. The Fed reversed course from late 2018 and reduced rates two times in 2019, over the reporting period.

Government bond yields fell across many markets during the one-year reporting period. U.S. Treasury 10-year rates trended lower during the reporting period and ended at 1.67%. German 10-year yields ended at -0.58%, Japanese 10-year yields closed at -0.22% while Indian 10-year yields ended at 6.70%. Brazilian 10-year yields ended the period at 7.04%.

FUND REVIEW

The Fund’s underperformance relative to the Index this reporting period was largely the result of its allocation to international fixed income, predominantly emerging market debt. U.S. fixed income outperformed international fixed income over the reporting period. Out of benchmark exposure to Argentinian bonds and the Argentine peso detracted from returns as Argentina sold off after an unfavorable market outcome to a primary election.

Contributing positively to performance this reporting period was our allocation to developed market corporate and sovereign debt. Lastly, our exposure to high yield also benefitted performance.

8        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

MARKET OUTLOOK & PORTFOLIO POSITIONING

Looking forward, we see the potential for global growth to continue falling but balanced by easing global financial conditions and most importantly in the U.S.

In a continuation of our view, we still see global growth momentum slowing in Q4 but at a slower rate. The stability we had been expecting in non-U.S. growth has been pushed out further amid concerns that a comprehensive trade deal between U.S. and China is now out of reach and even a narrower focused one may be difficult. We do believe that China will provide stimulus, however, that will be aimed at the domestic economy through policy measures such as tax cuts and should have limited global impact.

We expect global growth, which we estimate to be 2.6% currently to fall further in to Q1 of next year, however, we put the probability of a global recession to be low. In such an environment we believe financial conditions and valuations will be the primary driver of market returns. We expect the Fed to ease further at least 2 if not 3 times as growth slows. We also expect other central banks notably in Brazil, Mexico, Chile, India, Indonesia and Russia to be accommodative. We continue to expect that the mix of moderate growth with falling inflation will have a positive impact on asset prices.

From an asset valuation perspective, the shift in economics and policy environment is

allowing us to keep a stable outlook for our portfolio positioning. We continue to believe that the U.S. dollar will continue to slowly decline as the easier financial conditions reduce the cost of being long other developed market currencies such as Euro and Yen. As financial conditions effect market performance we expect emerging market currencies will benefit from carry while developed market currencies could benefit from valuations. In our portfolios, we are favoring carry from currencies such as Brazilian real, Indian rupee, Indonesian rupiah and South African rand.

With these valuations, we continue to favor emerging market interest rates over developed market interest rates. Real yields in emerging markets remain close to highs when compared to a combination of developed market yields. We favor long end interest rates in Brazil, India, South Africa, Indonesia and Russia and the front-end interest rates in Mexico and Colombia.

Given the excellent performance in credit in the first half of the year we are reducing our credit exposure both in emerging markets and in Europe. We are looking to redeploy that capital into emerging market rates. We will continue to monitor the global financial markets as we seek opportunities to generate income.

The positive momentum that supported the global fixed income markets during September continued into October. Despite mounting tensions in the lead-up to US-China trade negotiations in Washington, hopes

9        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

remain that the two sides will emerge with an interim deal. The canceled APEC summit in Chile clouded the completion of a “phase 1” US-China agreement, with China signaling skepticism about a comprehensive deal.

August data showed a let-up in Germany’s manufacturing recession, balanced against surprisingly large production declines in France and the UK. In the US, the Fed announced a plan for monthly treasury bill purchases intended to permanently resolve ongoing pressures in overnight funding markets. The global easing cycle lost urgency, with the FOMC signaling a transition back to data dependence and the Bank of Japan opting to hold rates steady. Following stronger-than-anticipated incoming data for US payrolls and GDP, markets continued their constructive advance. Recent weeks have brought positive news on the risk front, including a possible breakthrough in Brexit. With the EU having agreed to a Brexit extension, the markets have somewhat assumed an orderly departure following a general election, upgrading the UK outlook.

10        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Top Holdings and Allocations

PORTFOLIO ALLOCATION – 10/31/19
Corporate Bonds and Notes	29.2	%
Mortgage-Backed Obligations
Agency	13.0
CMOs	0.9
Non-Agency	8.3
Foreign Government Obligations	21.4
Investment Companies	14.8
U.S. Government Obligations	5.4
Asset-Backed Securities	5.2
Over-the-Counter Options Purchased	0.5
Structured Securities	0.5
Short-Term Notes	0.3
Corporate Loans	0.2
Over-the-Counter Interest Rate Swaptions Purchased	0.2
Exchange-Traded Options Purchased	0.1
Common Stocks	—*
Preferred Stocks	—*
Over-the-Counter Credit Default Swaptions Purchased	—*
Over-the-Counter Currency Swaptions Purchased	—*
Rights, Warrants and Certificates	—*

* Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of October 31, 2019, and are based on the total market value of investments.

PORTFOLIO ALLOCATION – 9/30/19
Corporate Bonds and Notes	29.9	%
Mortgage-Backed Obligations
Agency	13.0
CMOs	0.9
Non-Agency	7.3
Foreign Government Obligations	21.5
Investment Companies	15.4
U.S. Government Obligations	5.4
Asset-Backed Securities	4.6
Structured Securities	0.5
Over-the-Counter Options Purchased	0.5
Short-Term Notes	0.3
Corporate Loans	0.3
Over-the-Counter Interest Rate Swaptions Purchased	0.2
Over-the-Counter Credit Default Swaptions Purchased	0.1
Exchange-Traded Options Purchased	0.1
Common Stocks	—*
Rights, Warrants and Certificates	—*
Preferred Stocks	—*

* Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2019, and are based on the total market value of investments.

11        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

TOP TEN HOLDINGS – 10/31/2019
Invesco Government & Agency Portfolio, Institutional Class	12.7	%
Federal National Mortgage Assn., TBA, 4.50%, 11/1/49	6.1
United States Treasury Inflation-Protected Securities Collateral, 1.00%, 2/15/49	5.2
Federal National Mortgage Assn., TBA, 3.50%, 11/1/48	2.9
Invesco Oppenheimer Master Event-Linked Bond Fund	2.1
Republic of Italy, 2.80% Bonds, 3/1/67	1.5
Invesco Oppenheimer Ultra-Short Duration Fund, Cl. Y	1.4
Federal National Mortgage Assn., TBA, 3.00%, 11/1/48	1.2
Hellenic Republic, 3.90% Bonds, 1/30/33	1.1
Paragon Mortgages No 13 plc, Series 13X, Cl. A1, 1.007% [BP0003M+24], 1/15/39	1.1

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of October 31, 2019, and are based on net assets.

For more current Fund holdings, please visit invesco.com.

TOP TEN HOLDINGS – 9/30/2019
Invesco Government & Agency Portfolio, Institutional Class	12.7	%
Federal National Mortgage Assn., TBA, 4.50%, 11/1/49	6.1
United States Treasury Inflation-Protected Securities Collateral, 1.00%, 2/15/49	5.3
Federal National Mortgage Assn., TBA, 3.50%, 11/1/48	2.9
Invesco Oppenheimer Master Event-Linked Bond Fund	2.1
Republic of Italy, 2.80% Bonds, 3/1/67	1.5
Invesco Oppenheimer Ultra-Short Duration Fund, Cl. Y	1.4
Federal National Mortgage Assn., TBA, 3.50%, 9/1/49	1.4
New Zealand, 1.50% Sr. Unsec. Nts., 5/15/31	1.3
Federal National Mortgage Assn., TBA, 3.00%, 10/1/48	1.2

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of September 30, 2019, and are based on net assets.

12        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 10/31/19

	Inception Date	1-Year		5-Year		10-Year
Class A (OPSIX)	10/16/89	7.96	%	2.47	%	4.66	%
Class C (OSICX)	5/26/95	7.15		1.70		3.88
Class R (OSINX)	3/1/01	7.68		2.21		4.33
Class Y (OSIYX)	1/26/98	8.51		2.77		4.93
Class R5 (GLSSX)1	5/24/19	8.06		2.49		4.67
Class R6 (OSIIX)2	1/27/12	8.38		2.88		3.71	3

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 10/31/19

	Inception Date	1-Year		5-Year		10-Year
Class A (OPSIX)	10/16/89	3.42	%	1.61	%	4.22	%
Class C (OSICX)	5/26/95	6.15		1.70		3.88
Class R (OSINX)	3/1/01	7.68		2.21		4.33
Class Y (OSIYX)	1/26/98	8.51		2.77		4.93
Class R5 (GLSSX)1	5/24/19	8.06		2.49		4.67
Class R6 (OSIIX)2	1/27/12	8.38		2.88		3.71	3

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 9/30/19

	Inception Date	1-Year		5-Year		10-Year
Class A (OPSIX)	10/16/89	5.25	%	2.38	%	4.69	%
Class C (OSICX)	5/26/95	4.45		1.61		3.88
Class R (OSINX)	3/1/01	4.98		2.12		4.33
Class Y (OSIYX)	1/26/98	5.21		2.57		4.90
Class R5 (GLSSX)1	5/24/19	5.31		2.40		4.70
Class R6 (OSIIX)2	1/27/12	5.65		2.79		3.59	3

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 9/30/19

	Inception Date	1-Year		5-Year		10-Year
Class A (OPSIX)	10/16/89	0.65	%	1.51	%	4.25	%
Class C (OSICX)	5/26/95	3.45		1.61		3.88
Class R (OSINX)	3/1/01	4.98		2.12		4.33
Class Y (OSIYX)	1/26/98	5.21		2.57		4.90
Class R5 (GLSSX)1	5/24/19	5.31		2.40		4.70
Class R6 (OSIIX)2	1/27/12	5.65		2.79		3.59	3

13        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

1. Class R5 shares’ performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund’s Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements.

2. Pursuant to the closing of the transaction described in the Notes to Financial Statements, after the close of business on May 24, 2019, Class I shares were reorganized as Class R6 shares.

3. Shows performance since inception.

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher.Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 4.25%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class R, Class Y, Class R5 and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the predecessor fund were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Fund. Class R5 shares’ performance shown prior to the inception date is that of the predecessor fund’s Class A shares at NAV and includes the 12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

The Fund’s performance is compared to the performance of the Bloomberg Barclays U.S. Aggregate Bond Index, an index of U.S dollar-denominated, investment-grade U.S. corporate government and mortgage-backed securities. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

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.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors

14        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

15        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended October 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended October 31, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class 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 for the class of shares you hold 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 transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table 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 transactional costs were included, your costs would have been higher.

16        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Actual	Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Expenses Paid During 6 Months Ended October 31, 20191,2
Class A	$	1,000.00	$	1,029.80	$	4.92
Class C		1,000.00		1,025.90		8.82
Class R		1,000.00		1,028.50		6.26
Class Y		1,000.00		1,031.00		3.69
Class R5		1,000.00		1,030.80		3.12
Class R6		1,000.00		1,031.80		2.92
Hypothetical     (5% return before expenses)
Class A		1,000.00		1,020.37		4.90
Class C		1,000.00		1,016.53		8.78
Class R		1,000.00		1,019.06		6.23
Class Y		1,000.00		1,021.58		3.68
Class R5		1,000.00		1,021.68		3.57
Class R6		1,000.00		1,022.33		2.91

1. Actual expenses paid for Class A, C, R, Y, and R6 are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Actual expenses paid for Class R5 are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 160/365 to reflect the period from after the close of business on May 24, 2019 (inception of offering) to October 31, 2019.

2.Hypothetical expenses paid for all classes are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended October 31, 2019 for Classes A, C, R, Y and R6 and for the period from after the close of business on May 24, 2019 (inception of offering) to October 31, 2019 for Class R5 are as follows:

Class	Expense Ratios
Class A		0.96	%
Class C		1.72
Class R		1.22
Class Y		0.72
Class R5		0.70
Class R6		0.57

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Consolidated Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

17        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended September 30, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended September 30, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class 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 for the class of shares you hold 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 transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table 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 transactional costs were included, your costs would have been higher.

18        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Actual	Beginning Account Value April 1, 2019		Ending Account Value September 30, 2019		Expenses Paid During 6 Months Ended September 30, 20191,2
Class A	$	1,000.00	$	1,026.00	$	4.63
Class C		1,000.00		1,022.00		8.40
Class R		1,000.00		1,024.60		5.96
Class Y		1,000.00		1,024.40		3.41
Class R5		1,000.00		1,026.60		2.26
Class R6		1,000.00		1,027.90		2.70
Hypothetical     (5% return before expenses)
Class A		1,000.00		1,020.51		4.62
Class C		1,000.00		1,016.80		8.38
Class R		1,000.00		1,019.20		5.94
Class Y		1,000.00		1,021.71		3.40
Class R5		1,000.00		1,021.91		3.20
Class R6		1,000.00		1,022.41		2.69

1. Actual expenses paid for Class A, C, R, Y, and R6 are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Actual expenses paid for Class R5 are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 129/365 to reflect the period from after the close of business on May 24, 2019 (inception of offering) to September 30, 2019.

2.Hypothetical expenses paid for all classes are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended September 30, 2019 for Classes A, C, R, Y and R6 and for the period from after the close of business on May 24, 2019 (inception of offering) to September 30, 2019 for Class R5 are as follows:

Class	Expense Ratios
Class A		0.91	%
Class C		1.65
Class R		1.17
Class Y		0.67
Class R5		0.63
Class R6		0.53

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Consolidated Financial Highlights”

19        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

20        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSOctober 31, 2019

	Principal Amount		Value
Asset-Backed Securities—5.7%
American Credit Acceptance Receivables Trust:
Series 2017-4, Cl. C, 2.94%, 1/10/241	$	873,430	$	875,056
Series 2017-4, Cl. D, 3.57%, 1/10/241		1,747,000		1,769,747
Series 2018-3, Cl. D, 4.14%, 10/15/241		690,000		706,804
Series 2019-2, Cl. D, 3.41%, 6/12/251		3,925,000		4,004,201
Series 2019-3, Cl. C, 2.76%, 9/12/251		4,270,000		4,304,940
AmeriCredit Automobile Receivables Trust:
Series 2017-2, Cl. D, 3.42%, 4/18/23		2,270,000		2,320,966
Series 2017-4, Cl. D, 3.08%, 12/18/23		985,000		1,004,832
Series 2019-2, Cl. C, 2.74%, 4/18/25		2,705,000		2,744,082
Series 2019-2, Cl. D, 2.99%, 6/18/25		7,510,000		7,651,077
Series 2019-3, Cl. D, 2.58%, 9/18/25		3,605,000		3,632,916
Capital Auto Receivables Asset Trust, Series 2017-1, Cl. D, 3.15%, 2/20/251		290,000		294,177
CarMax Auto Owner Trust:
Series 2015-3, Cl. D, 3.27%, 3/15/22		1,805,000		1,805,669
Series 2016-1, Cl. D, 3.11%, 8/15/22		1,370,000		1,373,254
Series 2017-1, Cl. D, 3.43%, 7/17/23		1,775,000		1,800,147
Series 2017-4, Cl. D, 3.30%, 5/15/24		750,000		763,375
Series 2018-1, Cl. D, 3.37%, 7/15/24		510,000		520,608
Series 2019-3, Cl. D, 2.85%, 1/15/26		2,285,000		2,304,401
CCG Receivables Trust:
Series 2017-1, Cl. B, 2.75%, 11/14/231		1,725,000		1,728,212
Series 2018-1, Cl. B, 3.09%, 6/16/251		615,000		622,272
Series 2018-1, Cl. C, 3.42%, 6/16/251		175,000		177,603
Series 2019-1, Cl. B, 3.22%, 9/14/261		335,000		344,068
Series 2019-1, Cl. C, 3.57%, 9/14/261		80,000		82,000
Chase Funding Trust, Series 2003-2, Cl. 2A2, 2.383% [US0001M+56], 2/25/332		15,989		15,734
CNH Equipment Trust, Series 2017-C, Cl. B, 2.54%, 5/15/25		495,000		501,375
CPS Auto Receivables Trust, Series 2018-A, Cl. B, 2.77%, 4/18/221		896,943		898,626
CPS Auto Trust, Series 2017-A, Cl. B, 2.68%, 5/17/211		2,607		2,607
Credit Acceptance Auto Loan Trust:
Series 2017-3A, Cl. C, 3.48%, 10/15/261		1,505,000		1,531,084
Series 2018-1A, Cl. B, 3.60%, 4/15/271		2,520,000		2,579,071
Series 2018-1A, Cl. C, 3.77%, 6/15/271		2,535,000		2,592,993
Series 2019-1A, Cl. B, 3.75%, 4/17/281		200,000		207,211
Series 2019-1A, Cl. C, 3.94%, 6/15/281		1,240,000		1,287,054
CWHEQ Revolving Home Equity Loan Trust:
Series 2005-G, Cl. 2A, 2.144% [US0001M+23], 12/15/352		43,301		42,773
Series 2006-H, Cl. 2A1A, 2.071% [US0001M+15], 11/15/362		41,885		33,283
Dell Equipment Finance Trust:
Series 2017-2, Cl. B, 2.47%, 10/24/221		500,000		500,963
Series 2019-1, Cl. C, 3.14%, 3/22/241		650,000		661,640
Series 2019-2, Cl. D, 2.48%, 4/22/251		2,980,000		2,974,607
Drive Auto Receivables Trust:
Series 2018-1, Cl. D, 3.81%, 5/15/24		1,000,000		1,016,858
Series 2018-3, Cl. D, 4.30%, 9/16/24		440,000		453,375

21        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Asset-Backed Securities (Continued)
Drive Auto Receivables Trust: (Continued)
Series 2019-3, Cl. C, 2.90%, 8/15/25		$	5,145,000	$	5,218,676
Series 2019-3, Cl. D, 3.18%, 10/15/26			5,820,000		5,925,715
DT Auto Owner Trust:
Series 2017-1A, Cl. D, 3.55%, 11/15/221			1,076,839		1,083,976
Series 2017-1A, Cl. E, 5.79%, 2/15/241			1,160,000		1,203,516
Series 2017-2A, Cl. D, 3.89%, 1/15/231			1,330,000		1,341,517
Series 2017-3A, Cl. E, 5.60%, 8/15/241			3,105,000		3,229,537
Series 2017-4A, Cl. D, 3.47%, 7/17/231			1,410,000		1,420,549
Series 2017-4A, Cl. E, 5.15%, 11/15/241			4,525,000		4,680,473
Series 2019-2A, Cl. D, 3.48%, 2/18/251			655,000		669,974
Series 2019-3A, Cl. D, 2.96%, 4/15/251			1,995,000		2,011,395
Series 2019-4A, Cl. D, 2.85%, 7/15/251			6,025,000		6,034,008
Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/441			280,295		280,615
Exeter Automobile Receivables Trust:
Series 2018-1A, Cl. B, 2.75%, 4/15/221			496,093		496,486
Series 2019-1A, Cl. D, 4.13%, 12/16/241			5,000,000		5,194,567
Series 2019-2A, Cl. C, 3.30%, 3/15/241			9,023,000		9,200,450
Series 2019-4A, Cl. D, 2.58%, 9/15/251			6,290,000		6,270,229
Flagship Credit Auto Trust, Series 2016-1, Cl. C, 6.22%, 6/15/221			2,725,000		2,812,229
GLS Auto Receivables Trust, Series 2018-1A, Cl. A, 2.82%, 7/15/221			859,496		862,360
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 1.923% [US0001M+10], 8/25/362			3,630,742		1,725,277
Navistar Financial Dealer Note Master Owner Trust II:
Series 2019-1, Cl. C, 2.773% [US0001M+95], 5/25/241,2			605,000		605,446
Series 2019-1, Cl. D, 3.273% [US0001M+145], 5/25/241,2			580,000		580,211
Prestige Auto Receivables Trust, Series 2019-1A, Cl. C, 2.70%, 10/15/241			3,250,000		3,284,992
Prosil Acquisition SA SER 1 CL A V/R, 1.622%, 10/31/393	EUR		7,480,000		8,277,983
Santander Drive Auto Receivables Trust:
Series 2017-1, Cl. E, 5.05%, 7/15/241			2,460,000		2,537,915
Series 2017-3, Cl. D, 3.20%, 11/15/23			2,030,000		2,057,082
Series 2018-1, Cl. D, 3.32%, 3/15/24			750,000		760,549
Series 2018-2, Cl. D, 3.88%, 2/15/24			370,000		379,749
Series 2019-2, Cl. D, 3.22%, 7/15/25			380,000		388,269
Series 2019-3, Cl. D, 2.68%, 10/15/25			4,445,000		4,458,152
Santander Retail Auto Lease Trust:
Series 2019-A, Cl. C, 3.30%, 5/22/231			6,210,000		6,345,416
Series 2019-B, Cl. C, 2.77%, 8/21/231			3,250,000		3,274,823
Series 2019-C, Cl. C, 2.39%, 11/20/231			5,490,000		5,482,280
SLM Student Loan Trust, Series 2004-5X, Cl. A6, 0.00% [EUR003M+40], 10/25/391,2	EUR		25,408,270		27,614,975
United Auto Credit Securitization Trust:
Series 2018-1, Cl. C, 3.05%, 9/10/211			523,111		523,335
Series 2019-1, Cl. C, 3.16%, 8/12/241			290,000		292,789

22        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Asset-Backed Securities (Continued)
Veros Automobile Receivables Trust, Series 2017-1, Cl. A, 2.84%, 4/17/231	$	17,646	$	17,645
Westlake Automobile Receivables Trust:
Series 2017-2A, Cl. E, 4.63%, 7/15/241		1,845,000		1,883,586
Series 2018-1A, Cl. D, 3.41%, 5/15/231		2,075,000		2,099,843
Series 2019-2A, Cl. C, 2.84%, 7/15/241		5,770,000		5,828,040
Total Asset-Backed Securities (Cost $192,779,749)				192,484,290
Mortgage-Backed Obligations—24.3%
Agency—14.2%
U.S. Agency Securities—14.2%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34		360,584		394,373
5.50%, 9/1/39		762,997		854,691
6.00%, 10/1/22-7/1/24		214,391		237,043
6.50%, 2/1/22-6/1/35		323,145		363,880
7.00%, 8/1/21-3/1/35		460,394		518,954
7.50%, 1/1/32-2/1/32		959,511		1,110,271
8.50%, 8/1/31		31,736		36,460
10.00%, 5/1/20		26		26
Federal Home Loan Mortgage Corp. Non Gold Pool, 10.50%, 5/1/20		910		913
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 99.407%, 4/1/274		77,000		12,065
Series 192, Cl. IO, 99.999%, 2/1/284		32,781		4,935
Series 205, Cl. IO, 72.352%, 9/1/294		204,964		39,140
Series 206, Cl. IO, 0.00%, 12/15/294,5		93,451		19,066
Series 207, Cl. IO, 0.00%, 4/1/304,5		80,732		15,683
Series 214, Cl. IO, 0.00%, 6/1/314,5		61,907		12,050
Series 243, Cl. 6, 19.51%, 12/15/324		180,051		30,152
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series K734, Cl. X1, 0.00%, 2/25/264,5		4,063,258		145,196
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360, Cl. PZ, 7.50%, 9/15/22		498,063		524,589
Series 151, Cl. F, 9.00%, 5/15/21		59		59
Series 1590, Cl. IA, 2.971% [LIBOR01M+105], 10/15/232		351,532		356,428
Series 1674, Cl. Z, 6.75%, 2/15/24		15,512		16,504
Series 2034, Cl. Z, 6.50%, 2/15/28		4,706		5,202
Series 2042, Cl. N, 6.50%, 3/15/28		4,877		5,354
Series 2043, Cl. ZP, 6.50%, 4/15/28		533,174		598,884
Series 2053, Cl. Z, 6.50%, 4/15/28		4,268		4,813
Series 2116, Cl. ZA, 6.00%, 1/15/29		264,946		295,118
Series 2122, Cl. F, 2.371% [LIBOR01M+45], 2/15/292		14,046		13,709
Series 2279, Cl. PK, 6.50%, 1/15/31		8,399		9,359
Series 2326, Cl. ZP, 6.50%, 6/15/31		66,798		74,622
Series 2344, Cl. FP, 2.871% [LIBOR01M+95], 8/15/312		188,116		192,759
Series 2368, Cl. PR, 6.50%, 10/15/31		9,952		11,384
Series 2401, Cl. FA, 2.571% [LIBOR01M+65], 7/15/292		22,284		22,526
Series 2412, Cl. GF, 2.871% [LIBOR01M+95], 2/15/322		220,667		226,240

23        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2427, Cl. ZM, 6.50%, 3/15/32	$	363,207	$	406,252
Series 2451, Cl. FD, 2.921% [LIBOR01M+100], 3/15/322		108,069		110,997
Series 2461, Cl. PZ, 6.50%, 6/15/32		41,543		46,826
Series 2464, Cl. FI, 2.921% [LIBOR01M+100], 2/15/322		104,382		107,228
Series 2470, Cl. AF, 2.921% [LIBOR01M+100], 3/15/322		174,361		179,084
Series 2470, Cl. LF, 2.921% [LIBOR01M+100], 2/15/322		106,754		109,665
Series 2475, Cl. FB, 2.921% [LIBOR01M+100], 2/15/322		146,206		149,367
Series 2517, Cl. GF, 2.921% [LIBOR01M+100], 2/15/322		88,266		90,673
Series 2551, Cl. LF, 2.421% [LIBOR01M+50], 1/15/332		12,909		13,005
Series 2635, Cl. AG, 3.50%, 5/15/32		141,965		147,288
Series 2676, Cl. KY, 5.00%, 9/15/23		172,620		179,613
Series 3025, Cl. SJ, 17.705% [-3.6667 x LIBOR01M+2,475], 8/15/352		221,423		310,861
Series 3857, Cl. GL, 3.00%, 5/15/40		7,506		7,640
Series 3917, Cl. BA, 4.00%, 6/15/38		188,764		199,769
Series 4221, Cl. HJ, 1.50%, 7/15/23		274,981		273,299
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2035, Cl. PE, 68.839%, 3/15/284		11,088		1,886
Series 2049, Cl. PL, 99.999%, 4/15/284		61,041		10,742
Series 2074, Cl. S, 99.999%, 7/17/284		39,500		3,719
Series 2079, Cl. S, 99.999%, 7/17/284		76,939		8,703
Series 2177, Cl. SB, 99.999%, 8/15/294		59,083		10,836
Series 2526, Cl. SE, 73.471%, 6/15/294		107,831		19,157
Series 2682, Cl. TQ, 99.999%, 10/15/334		463,669		82,837
Series 2795, Cl. SH, 70.669%, 3/15/244		552,233		41,505
Series 2920, Cl. S, 99.999%, 1/15/354		798,990		143,910
Series 2981, Cl. BS, 99.999%, 5/15/354		955,112		176,857
Series 3004, Cl. SB, 99.999%, 7/15/354		1,105,057		135,078
Series 3397, Cl. GS, 9.197%, 12/15/374		263,216		57,379
Series 3424, Cl. EI, 0.00%, 4/15/384,5		83,871		10,447
Series 3450, Cl. BI, 18.895%, 5/15/384		407,936		79,291
Series 3606, Cl. SN, 16.24%, 12/15/394		193,371		31,729
Federal National Mortgage Assn. Grantor Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-T10, Cl. IO, 99.999%, 12/25/414		22,737,699		260,376
Series 2001-T3, Cl. IO, 0.00%, 11/25/404,5		4,113,690		42,659
Federal National Mortgage Assn. Pool:
4.50%, 12/1/20		9,237		9,526
5.00%, 3/1/21-12/1/21		2,698		2,782
5.50%, 1/1/22-5/1/36		316,620		351,108
6.50%, 12/1/29-1/1/34		1,750,825		1,960,246
7.00%, 9/1/21-4/1/34		2,802,572		3,215,999
7.50%, 2/1/27-3/1/33		1,507,969		1,750,843
8.50%, 7/1/32		4,775		4,826
9.50%, 3/15/21		1,501		1,516
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 221, Cl. 2, 99.999%, 5/25/234		56,801		5,256

24        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 247, Cl. 2, 99.999%, 10/25/234	$	28,442	$	2,733
Series 252, Cl. 2, 99.999%, 11/25/234		6,810		680
Series 254, Cl. 2, 99.999%, 1/25/244		22,568		2,409
Series 301, Cl. 2, 25.559%, 4/25/294		92,575		16,747
Series 303, Cl. IO, 99.999%, 11/25/294		98,644		20,915
Series 313, Cl. 2, 99.999%, 6/25/314		802,359		152,451
Series 319, Cl. 2, 17.484%, 2/25/324		277,363		52,605
Series 321, Cl. 2, 37.496%, 4/25/324		508,457		97,093
Series 324, Cl. 2, 99.999%, 7/25/324		201,513		37,825
Series 328, Cl. 2, 0.00%, 12/25/324,5		179,695		34,963
Series 331, Cl. 5, 99.999%, 2/25/334		422,018		72,520
Series 332, Cl. 2, 0.00%, 3/25/334,5		834,633		158,305
Series 334, Cl. 10, 15.534%, 2/25/334		344,621		67,276
Series 334, Cl. 12, 99.999%, 3/25/334		495,950		93,488
Series 339, Cl. 7, 0.00%, 11/25/334,5		1,017,070		192,019
Series 345, Cl. 9, 0.00%, 1/25/344,5		300,012		53,192
Series 351, Cl. 10, 0.00%, 4/25/344,5		126,951		23,327
Series 351, Cl. 8, 0.00%, 4/25/344,5		231,680		43,044
Series 356, Cl. 10, 0.00%, 6/25/354,5		164,820		27,432
Series 356, Cl. 12, 0.00%, 2/25/354,5		80,019		13,830
Series 362, Cl. 13, 0.00%, 8/25/354,5		11,577		2,245
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1996-35, Cl. Z, 7.00%, 7/25/26		22,322		24,486
Series 1997-45, Cl. CD, 8.00%, 7/18/27		261,077		300,022
Series 1998-58, Cl. PC, 6.50%, 10/25/28		152,383		169,639
Series 1999-14, Cl. MB, 6.50%, 4/25/29		7,455		8,167
Series 1999-54, Cl. LH, 6.50%, 11/25/29		280,491		312,168
Series 2001-19, Cl. Z, 6.00%, 5/25/31		116,108		128,633
Series 2001-65, Cl. F, 2.423% [LIBOR01M+60], 11/25/312		205,936		208,204
Series 2001-80, Cl. ZB, 6.00%, 1/25/32		223,213		249,208
Series 2002-21, Cl. PE, 6.50%, 4/25/32		273,570		312,752
Series 2002-29, Cl. F, 2.823% [LIBOR01M+100], 4/25/322		113,113		116,211
Series 2002-64, Cl. FJ, 2.823% [LIBOR01M+100], 4/25/322		34,766		35,718
Series 2002-68, Cl. FH, 2.378% [LIBOR01M+50], 10/18/322		72,527		73,048
Series 2002-81, Cl. FM, 2.323% [LIBOR01M+50], 12/25/322		132,090		131,098
Series 2002-84, Cl. FB, 2.823% [LIBOR01M+100], 12/25/322		21,940		22,539
Series 2003-11, Cl. FA, 2.823% [LIBOR01M+100], 9/25/322		29,940		30,757
Series 2003-116, Cl. FA, 2.223% [LIBOR01M+40], 11/25/332		73,755		72,963
Series 2005-71, Cl. DB, 4.50%, 8/25/25		380,655		389,762
Series 2006-11, Cl. PS, 17.883% [-3.6667 x LIBOR01M+2,456.67], 3/25/362		252,154		385,076
Series 2006-46, Cl. SW, 17.516% [-3.6665 x LIBOR01M+2,419.92], 6/25/362		311,229		466,919
Series 2009-113, Cl. DB, 3.00%, 12/25/20		3,375		3,370
Series 2009-36, Cl. FA, 2.763% [LIBOR01M+94], 6/25/372		122,791		125,910
Series 2010-43, Cl. KG, 3.00%, 1/25/21		3,145		3,149
Series 2011-122, Cl. EC, 1.50%, 1/25/20		777		776
Series 2011-15, Cl. DA, 4.00%, 3/25/41		137,422		143,774

25        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series2011-3, Cl. EL, 3.00%, 5/25/20	$	1,250	$	1,248
Series2011-3, Cl. KA, 5.00%, 4/25/40		448,630		470,805
Series2011-6, Cl. BA, 2.75%, 6/25/20		1,051		1,053
Series2011-82, Cl. AD, 4.00%, 8/25/26		18,538		18,632
Series2012-20, Cl. FD, 2.223% [LIBOR01M+40], 3/25/422		777,431		778,642
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest- Only Stripped Mtg.-Backed Security:
Series2001-61, Cl. SH, 58.271%, 11/18/314		233,747		43,469
Series2001-63, Cl. SD, 45.715%, 12/18/314		6,372		1,059
Series2001-68, Cl. SC, 99.999%, 11/25/314		4,809		924
Series2001-81, Cl. S, 65.745%, 1/25/324		61,334		10,910
Series2002-28, Cl. SA, 53.264%, 4/25/324		56,946		10,546
Series2002-38, Cl. SO, 99.999%, 4/25/324		70,371		12,406
Series2002-39, Cl. SD, 75.387%, 3/18/324		109,486		22,879
Series2002-48, Cl. S, 56.159%, 7/25/324		80,642		16,305
Series2002-52, Cl. SL, 48.866%, 9/25/324		54,288		10,376
Series2002-53, Cl. SK, 92.109%, 4/25/324		68,249		14,559
Series2002-56, Cl. SN, 57.399%, 7/25/324		110,597		22,363
Series2002-65, Cl. SC, 67.44%, 6/25/264		186,081		25,677
Series2002-77, Cl. IS, 73.497%, 12/18/324		119,890		24,328
Series2002-77, Cl. SH, 52.167%, 12/18/324		80,937		14,078
Series2002-89, Cl. S, 99.999%, 1/25/334		581,754		126,253
Series2002-9, Cl. MS, 49.632%, 3/25/324		91,507		18,483
Series2003-13, Cl. IO, 65.766%, 3/25/334		505,908		109,980
Series2003-26, Cl. DI, 60.597%, 4/25/334		292,357		71,651
Series2003-26, Cl. IK, 68.84%, 4/25/334		51,235		11,841
Series2003-33, Cl. SP, 99.999%, 5/25/334		273,790		60,430
Series2003-4, Cl. S, 34.969%, 2/25/334		129,540		27,617
Series2003-46, Cl. IH, 0.00%, 6/25/234,5		28,185		1,931
Series2004-56, Cl. SE, 17.924%, 10/25/334		297,030		59,396
Series2005-14, Cl. SE, 54.356%, 3/25/354		190,590		29,784
Series2005-40, Cl. SA, 99.999%, 5/25/354		1,114,930		197,768
Series2005-40, Cl. SB, 99.999%, 5/25/354		499,464		69,855
Series2005-52, Cl. JH, 34.49%, 5/25/354		599,259		87,304
Series2006-90, Cl. SX, 99.999%, 9/25/364		1,232,666		245,196
Series2007-88, Cl. XI, 0.00%, 6/25/374,5		1,657,731		326,196
Series2008-55, Cl. SA, 0.00%, 7/25/384,5		64,222		7,850
Series2009-8, Cl. BS, 0.00%, 2/25/244,5		2,489		149
Series2010-95, Cl. DI, 0.00%, 11/25/204,5		4,118		50
Series2011-96, Cl. SA, 10.272%, 10/25/414		300,128		53,554
Series2012-134, Cl. SA, 1.05%, 12/25/424		965,268		178,832
Series2012-40, Cl. PI, 24.701%, 4/25/414		2,314,446		228,618
Federal National Mortgage Assn., Stripped Mtg.-Backed Security, Series 302, Cl. 2, 6.00%, 5/1/29		2,586		410
Federal National Mortgage Assn., TBA:
2.50%, 11/1/346		10,185,000		10,295,603
3.00%,11/1/33-11/1/486		50,045,000		50,925,962

26        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal National Mortgage Assn., TBA: (Continued) 3.50%, 11/1/486	$	94,460,000	$	96,998,613
4.50%, 11/1/496		193,530,000		203,554,380
FREMF Mortgage Trust:
Series2012-K20, Cl. C, 3.87%, 5/25/451,7		12,875,000		13,315,001
Series2013-K25, Cl. C, 3.619%, 11/25/451,7		1,975,000		2,024,285
Series2013-K26, Cl. C, 3.598%, 12/25/451,7		335,000		343,604
Series2013-K28, Cl. C, 3.49%, 6/25/461,7		7,865,000		8,060,200
Series2013-K29, Cl. C, 3.481%, 5/25/461,7		4,700,000		4,842,570
Series 2014-K715, Cl. C, 4.117%, 2/25/461,7		25,000		25,514
Series2015-K44, Cl. B, 3.681%, 1/25/481,7		7,345,000		7,637,823
Series2015-K45, Cl. B, 3.59%, 4/25/481,7		13,050,000		13,633,666
Series2016-K54, Cl. C, 4.051%, 4/25/481,7		4,190,000		4,411,729
Series2017-K62, Cl. B, 3.874%, 1/25/501,7		840,000		890,229
Series 2017-K724, Cl. B, 3.485%, 11/25/231,7		4,465,000		4,616,220
Government National Mortgage Assn. I Pool:
7.00%,1/15/28-8/15/28		254,327		267,185
8.00%,1/15/28-9/15/28		200,378		211,343
Government National Mortgage Assn. II Pool:
3.25% [H15T1Y+150], 7/20/272		1,717		1,775
7.00%, 1/20/30		42,425		48,971
Government National Mortgage Assn. II Pool, TBA, 3.50%, 11/1/496		29,940,000		31,069,767
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, Series2011-52, Cl. HS, 19.779%, 4/16/414		1,432,523		229,967
Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
Series1992-2, Cl. IO, 0.00%, 9/15/224,5		1,068,052		1
Series1995-2B, Cl. 2IO, 99.999%, 6/15/254		154,731		2,254
Series1995-3, Cl. 1IO, 0.00%, 9/15/254,5		5,069,726		505
			478,603,250
CMOs—1.0%
Collateralized Mortgage Obligations—1.0%
Bear Stearns ARM Trust, Series2006-1, Cl. A1, 3.842% [H15T1Y+225], 2/25/362		34,988		36,122
COMM Mortgage Trust, Series 2014-CR20, Cl. ASB, 3.305%, 11/10/47		474,994		489,270
Federal Home Loan Mortgage Corp., Multifamily Structured Pass Through Certificates, Series K735, Cl. X1, 0.00%, 5/25/264,5		7,173,311		399,074
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series K093, Cl. X1, 0.00%, 5/25/294,5		45,863,108		3,556,138
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 3010, Cl. WB, 4.50%, 7/15/20		172		172
Series 3848, Cl. WL, 4.00%, 4/15/40		280,211		285,568
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2922, Cl. SE, 24.485%, 2/15/354		51,803		8,474
Series 2981, Cl. AS, 2.767%, 5/15/354		348,669		50,619

27        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Collateralized Mortgage Obligations (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series2005-12, Cl. SC, 34.811%, 3/25/354	$	23,441	$	3,811
FREMF Mortgage Trust:
Series2013-K27, Cl. C, 3.496%, 1/25/461,7		4,187,000		4,320,548
Series 2016-K723, Cl. C, 3.58%, 11/25/231,7		1,885,000		1,921,098
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security,Series 2007-17, Cl. AI, 44.889%, 4/16/374		818,363		130,222
JP Morgan Chase Commercial Mortgage Securities Trust, Series2014-C20, Cl. AS, 4.043%, 7/15/47		1,685,000		1,795,205
Structured Agency Credit Risk Debt Nts.:
Series2013-DN2, Cl. M2, 6.073% [US0001M+425], 11/25/232		2,051,449		2,214,183
Series2014-DN1, Cl. M3, 6.323% [US0001M+450], 2/25/242		2,085,000		2,266,091
Series2014-DN2, Cl. M3, 5.423% [US0001M+360], 4/25/242		2,160,000		2,282,131
Series2014-DN3, Cl. M3, 5.823% [US0001M+400], 8/25/242		4,617,039		4,873,792
Series2014-HQ2, Cl. M3, 5.573% [US0001M+375], 9/25/242		2,495,000		2,696,689
Series 2015-HQA2, Cl. M2, 4.623% [US0001M+280], 5/25/282		349,316		351,369
Wells Fargo Mortgage-Backed Securities Trust:
Series2005-AR1, Cl. 1A1, 5.08%, 2/25/357		1,227,861		1,280,909
Series2006-AR2, Cl. 2A3, 4.929%, 3/25/367		1,827,173		1,881,080
WF-RBS Commercial Mortgage Trust, Series2013-C14, Cl. AS, 3.488%, 6/15/46		1,800,000		1,868,789
				32,711,354
Non-Agency—9.1%
Adjustable-Rate Mortgages—9.1%
Alba plc, Series2007-1, Cl. F, 4.033% [BP0003M+325], 3/17/391,2		1,354,179		1,689,201
Benchmark Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates,Series 2018-B1, Cl. XA, 10.797%, 1/15/514		13,192,638		459,143
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0.00%, 6/22/241,4,5,8		41,675		682
CD Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates,Series 2017-CD6, Cl. XA, 12.532%, 11/13/504		5,468,761		294,923
CHL Mortgage Pass-Through Trust:
Series2005-17, Cl. 1A8, 5.50%, 9/25/35		1,039,752		1,048,050
Series2005-J4, Cl. A7, 5.50%, 11/25/35		917,630		925,825
Citigroup Commercial Mortgage Trust, Series 2014-GC21, Cl. AAB, 3.477%, 5/10/47		662,745		684,062
Citigroup Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates,Series 2017-C4, Cl. XA, 11.921%, 10/12/504		15,428,270		1,011,323
Citigroup Mortgage Loan Trust, Inc.:
Series2005-2, Cl. 1A3, 4.923%, 5/25/357		1,118,171		1,148,845
Series2006-AR1, Cl. 1A1, 4.63% [H15T1Y+240], 10/25/352		279,580		281,747
Series2009-8, Cl. 7A2, 4.929%, 3/25/361,7		14,026,840		14,183,144

28        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
Citigroup Mortgage Loan Trust, Inc.: (Continued)
Series2014-8, Cl. 1A2, 2.136% [US0001M+29], 7/20/361,2	$	1,601,901	$	1,599,148
COMM Mortgage Trust:
Series 2014-CR21, Cl. AM, 3.987%, 12/10/47		70,000		75,307
Series 2014-LC15, Cl. AM, 4.198%, 4/10/47		690,000		737,281
Series 2014-UBS6, Cl. AM, 4.048%, 12/10/47		4,690,000		5,000,420
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series2012-CR5, Cl. XA, 20.516%, 12/10/454		6,956,845		284,209
Connecticut Avenue Securities:
Series2014-C03, Cl. 1M2, 4.823% [US0001M+300], 7/25/242		1,973,218		2,073,548
Series2016-C05, Cl. 2M2, 6.273% [US0001M+445], 1/25/292		3,880,545		4,087,701
Series2017-C01, Cl. 1M2, 5.373% [US0001M+355], 7/25/292		11,610,000		12,166,549
Series2017-C06, Cl. 1M1, 2.573% [US0001M+75], 2/25/302		118,440		118,453
Series2017-C07, Cl. 1M2, 4.223% [US0001M+240], 5/25/302		1,540,000		1,564,695
Series2018-C02, Cl. 2M1, 2.473% [US0001M+65], 8/25/302		146,991		146,995
Series2018-C06, Cl. 2M2, 3.923% [US0001M+210], 3/25/312		6,720,000		6,746,383
Connecticut Avenue Securities Trust:
Series2018-R07, Cl. 1M2, 4.223% [US0001M+240], 4/25/311,2		8,090,000		8,161,134
Series2019-R02, Cl. 1M2, 4.123% [US0001M+230], 8/25/311,2		3,797,000		3,824,419
Series2019-R03, Cl. 1M2, 3.973% [US0001M+215], 9/25/311,2		3,475,111		3,490,624
Deutsche Mortgage Securities, Inc., Series2013-RS1, Cl. 1A2, 2.066% [US0001M+22], 7/22/361,2		613,106		607,555
Eurosail2006-2bl plc, Series2006-2X, Cl. E1C, 4.031% [BP0003M+325], 12/15/441,2		5,550,000		6,275,079
Federal Home Loan Mortgage Corp., STACR Trust, Series 2019-HRP1, Cl. M2, 3.223% [US0001M+140], 2/25/491,2		1,705,000		1,706,207
Gemgarto2018-1 plc SER2018-1 CL E V/R, 3.031%, 9/16/65		6,523,475		8,202,086
GS Mortgage Securities Trust:
Series 2013-GC12, Cl. AAB, 2.678%, 6/10/46		180,580		182,136
Series 2013-GC16, Cl. AS, 4.649%, 11/10/46		390,000		425,504
Series 2014-GC18, Cl. AAB, 3.648%, 1/10/47		531,352		547,814
GSR Mortgage Loan Trust, Series2005-AR4, Cl. 6A1, 4.658%, 7/25/357		171,154		176,033
Hawksmoor Mortgage Funding2019-1 plc SER2019-1X CL B V/R, 0.00%, 5/25/533		26,230,000		34,115,367
Hawksmoor Mortgage Funding2019-1 plc SER2019-1X CL C V/R, 0.00%, 5/25/533		12,312,000		16,021,567
HomeBanc Mortgage Trust, Series2005-3, Cl. A2, 2.133% [US0001M+31], 7/25/352		27,564		27,713
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Cl. AS, 3.216%, 4/15/46		425,000		436,337
JP Morgan Mortgage Trust, Series2007-A1, Cl. 5A1, 4.581%, 7/25/357		125,060		128,540

29        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
JPMBB Commercial Mortgage Securities Trust:
Series2014-C18, Cl. A3, 3.578%, 2/15/47	$	308,172	$	312,442
Series2014-C24, Cl. B, 4.116%, 11/15/477		1,655,000		1,741,663
Series2014-C25, Cl. AS, 4.065%, 11/15/47		2,980,000		3,199,470
Lehman Structured Securities Corp., Series2002-GE1, Cl. A, 0.00%, 7/26/241,7		36,316		24,034
Morgan Stanley Bank of America Merrill Lynch Trust:
Series2013-C9, Cl. AS, 3.456%, 5/15/46		1,565,000		1,624,824
Series2014-C14, Cl. B, 4.745%, 2/15/477		680,000		734,469
Morgan Stanley Capital I, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series2017-HR2, Cl. XA, 10.526%, 12/15/504		4,976,598		263,304
Morgan StanleyRe-Remic Trust, Series2012-R3, Cl. 1B, 3.524%, 11/26/361,7		11,360,846		11,093,508
Morgan Stanley Resecuritization Trust, Series2013-R9, Cl. 3A, 4.027%, 6/26/461,7		7,770		7,795
Multifamily Connecticut Avenue Securities Trust, Series2019-01, Cl. M10, 5.05% [US0001M+325], 10/15/491,2		320,000		330,846
Paragon Mortgages No 13 plc, Series 13X, Cl. A1, 1.007% [BP0003M+24], 1/15/391,2		30,120,702		36,803,697
RALI Trust, Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		49,414		45,286
Residential Asset Securitization Trust, Series 2005-A6CB, Cl. A7, 6.00%, 6/25/35		4,056,803		3,867,994
Stratton Mortgage Funding2019-1 plc, Series2019-1, Cl. A, 0.00% [SONIA3M IR+120], 5/25/511,2,3		14,000,000		18,130,565
Structured Agency Credit Risk Debt Nts.:
Series 2016-DNA1, Cl. M2, 4.723% [US0001M+290], 7/25/282		418,308		420,913
Series 2016-DNA2, Cl. M3, 6.473% [US0001M+465], 10/25/282		2,427,448		2,603,969
Series 2016-DNA3, Cl. M3, 6.823% [US0001M+500], 12/25/282		7,155,000		7,722,505
Series 2016-DNA4, Cl. M3, 5.623% [US0001M+380], 3/25/292		13,920,000		14,804,571
Series 2016-HQA3, Cl. M3, 5.673% [US0001M+385], 3/25/292		9,805,000		10,347,280
Series 2016-HQA4, Cl. M3, 5.723% [US0001M+390], 4/25/292		9,480,000		10,113,458
Series 2017-DNA1, Cl. M2, 5.073% [US0001M+325], 7/25/292		5,390,000		5,656,099
Series 2018-DNA1, Cl. M2, 3.623% [US0001M+180], 7/25/302		3,110,000		3,112,013
Towd Point Mortgage Funding 2019-Granite4 plc:
2.58%, 10/20/51		11,300,000		14,660,508
Series 2019-GR4X, Cl. B, 2.195% [BP0003M+140], 10/20/511,2		7,480,000		9,682,077
UBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass- Through Certificates,Series 2017-C5, Cl. XA, 0.00%, 11/15/504,5		9,719,621		570,785
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR10, Cl. A7, 4.197%, 10/25/337		76,098		77,791

30        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
Wells Fargo Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series2017-C42, Cl. XA, 10.477%, 12/15/504		$	6,537,841	$	396,706
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR15, Cl. 1A2, 4.775%, 9/25/357			312,516		313,140
Series 2005-AR15, Cl. 1A6, 4.775%, 9/25/357			3,090,982		3,097,152
Series2005-AR4, Cl. 2A2, 5.079%, 4/25/357			71,840		73,340
WF-RBS Commercial Mortgage Trust:
Series2014-C20, Cl. AS, 4.176%, 5/15/47			1,455,000		1,560,300
Series 2014-LC14, Cl. AS, 4.351%, 3/15/477			1,135,000		1,223,347
WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series2011-C3, Cl. XA, 0.00%, 3/15/441,4,5			12,184,727		189,323
					305,460,923
Total Mortgage-Backed Obligations (Cost $800,571,728)					816,775,527
U.S. Government Obligations—5.9%
United States Treasury Inflation-Protected Securities, 1.00%, 2/15/469			21,484,846		23,779,329
United States Treasury Inflation-Protected Securities, 1.00%, 2/15/499,10			155,798,964		174,463,376
Total U.S. Government Obligations (Cost $179,489,160)					198,242,705
Foreign Government Obligations—23.5%
Angola—0.2%
Republic of Angola, 9.375% Sr. Unsec. Nts., 5/8/481			5,495,000		5,825,249
Argentina—0.9%
Argentine Republic:
Unsec. Nts., 7/29/2011	ARS		503,100,000		5,438,509
0.202% Unsec. Nts., 10/29/2011	ARS		1,223,958,176		10,626,330
5.625% Sr. Unsec. Nts., 1/26/22			5,355,000		2,297,349
6.875% Sr. Unsec. Nts., 1/26/27			7,790,000		3,096,603
7.50% Sr. Unsec. Nts., 4/22/26			15,105,000		6,457,538
9.80% Unsec. Nts., 5/28/2011	ARS		135,400,000		1,525,498
18.20% Unsec. Nts., 10/3/21	ARS		25,715,000		154,848
					29,596,675
Austria—0.5%
Republic of Austria, 1.50% Sr. Unsec. Nts., 11/2/861	EUR		11,435,000		17,502,715
Brazil—0.5%
Federative Republic of Brazil:
6.00% Nts., 5/15/459	BRL		10,550,000		12,424,166
6.00% Nts., 8/15/509	BRL		2,100,000		2,566,394
10.00% Nts., 1/1/29	BRL		10,500,000		3,233,589
					18,224,149
Colombia—0.4%
Republic of Colombia:
Series B, 6.25% Bonds, 11/26/25	COP		21,300,000,000		6,555,653

31        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Colombia (Continued)
Republic of Colombia: (Continued)
Series B, 10.00% Bonds, 7/24/24	COP		14,854,000,000	$	5,281,093
					11,836,746
Cyprus—0.2%
Republic of Cyprus, 2.75% Sr. Unsec. Nts., 5/3/491	EUR		4,225,000		6,174,923
Dominican Republic—0.3%
Dominican Republic:
6.40% Sr. Unsec. Nts., 6/5/491			3,490,000		3,786,685
7.50% Sr. Unsec. Nts., 5/6/211			6,980,000		7,285,445
					11,072,130
Ecuador—0.3%
Republic of Ecuador:
8.875% Sr. Unsec. Nts., 10/23/271			1,875,000		1,752,422
9.50% Sr. Unsec. Nts., 3/27/301			6,385,000		6,164,570
10.75% Sr. Unsec. Nts., 1/31/291			1,680,000		1,703,117
					9,620,109
Egypt—2.0%
Arab Republic of Egypt:
4.75% Sr. Unsec. Nts., 4/16/261	EUR		4,800,000		5,502,480
5.577% Sr. Unsec. Nts., 2/21/231			6,950,000		7,143,321
6.125% Sr. Unsec. Nts., 1/31/221			10,150,000		10,517,897
8.50% Sr. Unsec. Nts., 1/31/471			3,570,000		3,767,692
8.70% Sr. Unsec. Nts., 3/1/491			6,047,000		6,497,411
16.00% Bonds, 6/11/22	EGP		375,200,000		24,092,693
18.15% Unsec. Nts., 12/11/21	EGP		90,000,000		5,968,789
Series 3YR, 16.00% Unsec. Nts., 12/12/20	EGP		72,000,000		4,496,494
					67,986,777
El Salvador—0.1%
Republic of El Salvador, 7.125% Sr. Unsec. Nts., 1/20/501			3,381,500		3,443,212
Fiji—0.1%
Republic of Fiji, 6.625% Sr. Unsec. Nts., 10/2/201			3,726,000		3,735,315
France—0.8%
French Republic, 1.75% Bonds, 6/25/391	EUR		19,136,991		26,884,639
Greece—2.7%
Hellenic Republic:
Bonds, 10/15/427	EUR		76,770,000		336,065
3.875% Sr. Unsec. Nts., 3/12/291	EUR		21,000,000		29,042,608
3.90% Bonds, 1/30/331	EUR		26,609,000		37,747,564
4.00% Bonds, 1/30/371	EUR		16,100,000		23,369,847
					90,496,084

32        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
India—2.0%
Export-Import Bank of India:
7.35% Sr. Unsec. Nts., 5/18/22	INR		180,000,000	$	2,594,841
8.00% Sr. Unsec. Nts., 5/27/21	INR		720,000,000		10,352,884
Republic of India:
7.17% Sr. Unsec. Nts., 1/8/28	INR		900,000,000		13,100,809
7.59% Sr. Unsec. Nts., 1/11/26	INR		1,400,000,000		20,747,425
7.72% Sr. Unsec. Nts., 5/25/25	INR		35,000,000		522,073
8.20% Sr. Unsec. Nts., 9/24/25	INR		849,400,000		12,970,371
8.24% Sr. Unsec. Nts., 2/15/27	INR		400,000,000		6,127,929
					66,416,332
Indonesia—2.2%
Perusahaan Penerbit SBSN Indonesia III:
4.35% Sr. Unsec. Nts., 9/10/241			1,330,000		1,429,750
4.55% Sr. Unsec. Nts., 3/29/261			2,005,000		2,190,463
Republic of Indonesia:
3.85% Sr. Unsec. Nts., 7/18/271			1,075,000		1,142,428
4.125% Sr. Unsec. Nts., 1/15/251			1,260,000		1,344,233
8.125% Sr. Unsec. Nts., 5/15/24	IDR		179,000,000,000		13,628,713
8.25% Sr. Unsec. Nts., 5/15/29	IDR		70,900,000,000		5,504,309
Series FR56, 8.375% Sr. Unsec. Nts., 9/15/26	IDR		260,905,000,000		20,353,055
Series FR59, 7.00% Sr. Unsec. Nts., 5/15/27	IDR		45,000,000,000		3,257,106
Series FR64, 6.125% Sr. Unsec. Nts., 5/15/28	IDR		40,000,000,000		2,726,057
Series FR74, 7.50% Sr. Unsec. Nts., 8/15/32	IDR		287,520,000,000		20,780,045
					72,356,159
Italy—1.5%
Republic of Italy, 2.80% Bonds, 3/1/671	EUR		39,570,000		51,099,032
Ivory Coast—0.2%
Republic of Cote d’Ivoire:
5.25% Sr. Unsec. Nts., 3/22/301	EUR		5,125,000		5,678,359
6.875% Sr. Unsec. Nts., 10/17/401	EUR		2,450,000		2,792,477
					8,470,836
Kenya—0.2%
Republic of Kenya:
6.875% Sr. Unsec. Nts., 6/24/241			3,750,000		3,992,280
8.25% Sr. Unsec. Nts., 2/28/481			1,400,000		1,472,166
					5,464,446
Mexico—1.3%
United Mexican States:
Series M, 5.75% Bonds, 3/5/26	MXN		172,455,000		8,541,124
Series M20, 8.50% Sr. Unsec. Nts., 5/31/29	MXN		613,300,000		35,751,310
					44,292,434

33        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
New Zealand—0.3%
New Zealand, 1.50% Sr. Unsec. Nts., 5/15/31	NZD		16,795,000	$	10,813,651
Oman—0.3%
Sultanate of Oman:
3.875% Sr. Unsec. Nts., 3/8/221			7,045,000		7,069,509
6.75% Sr. Unsec. Nts., 1/17/481			4,885,000		4,597,518
					11,667,027
Panama—0.2%
Republic of Panama, 3.75% Sr. Unsec. Nts., 4/17/261			5,150,000		5,376,600
Paraguay—0.2%
Republic of Paraguay, 4.625% Sr. Unsec. Nts., 1/25/231			6,950,000		7,344,482
Russia—1.1%
Russian Federation:
4.875% Sr. Unsec. Nts., 9/16/231			6,950,000		7,612,085
7.25% Bonds, 5/10/34	RUB		1,312,500,000		21,737,178
7.70%, 3/23/33	RUB		375,000,000		6,441,684
					35,790,947
Senegal—0.4%
Republic of Senegal:
6.25% Sr. Unsec. Nts., 7/30/241			3,750,000		4,105,688
6.75% Sr. Unsec. Nts., 3/13/481			9,175,000		9,029,466
					13,135,154
South Africa—2.2%
Republic of South Africa:
5.875% Sr. Unsec. Nts., 5/30/22			3,495,000		3,764,954
Series 2023, 7.75% Sr. Unsec. Nts., 2/28/23	ZAR		62,500,000		4,163,289
Series 2030, 8.00% Sr. Unsec. Nts., 1/31/30	ZAR		207,900,000		12,664,164
Series 2037, 8.50% Sr. Unsec. Nts., 1/31/37	ZAR		264,900,000		15,466,579
Series 2048, 8.75% Sr. Unsec. Nts., 2/28/48	ZAR		230,000,000		13,260,713
Series R186, 10.50% Sr. Unsec. Nts., 12/21/26	ZAR		290,825,000		21,132,712
Series R214, 6.50% Sr. Unsec. Nts., 2/28/41	ZAR		60,000,000		2,753,913
					73,206,324
Sri Lanka—0.8%
Democratic Socialist Republic of Sri Lanka:
5.75% Sr. Unsec. Nts., 4/18/231			3,610,000		3,622,497
5.875% Sr. Unsec. Nts., 7/25/221			3,370,000		3,413,709
6.25% Sr. Unsec. Nts., 10/4/201			7,520,000		7,651,600
6.25% Sr. Unsec. Nts., 7/27/211			6,990,000		7,119,315
6.35% Sr. Unsec. Nts., 6/28/241			2,790,000		2,838,709
7.85% Sr. Unsec. Nts., 3/14/291			2,085,000		2,162,921
					26,808,751

34        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Supranational—0.1%
European Bank for Reconstruction & Development, 6.85% Sr. Unsec. Nts., 6/21/21	IDR		20,200,000,000	$	1,452,458
International Finance Corp., 16.721% Sr. Unsec. Nts., 2/15/291,11	TRY		10,300,000		686,568
					2,139,026
Thailand—0.5%
Kingdom of Thailand, 2.125% Sr. Unsec. Nts., 12/17/26	THB		490,000,000		16,901,389
Turkey—0.6%
Republic of Turkey:
8.50% Bonds, 9/14/22	TRY		39,500,000		6,314,749
10.70% Bonds, 2/17/21	TRY		54,955,000		9,491,987
12.40% Bonds, 3/8/28	TRY		33,500,000		5,853,601
					21,660,337
Ukraine—0.3%
Ukraine, 7.75% Sr. Unsec. Nts., 9/1/261			9,160,000		9,865,219
United Arab Emirates—0.1%
United Arab Emirates, 3.125% Sr. Unsec. Nts., 9/30/491			3,465,000		3,343,344
Total Foreign Government Obligations (Cost $834,228,658)					788,550,213
Corporate Loans—0.3%
Albertson’s LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B7, 4.536% [LIBOR12+275], 11/17/2512,13			301,733		303,572
American Greetings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.286% [LIBOR12+450], 4/6/2412,13			1,302,607		1,270,042
Caesars Growth Properties Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.536% [LIBOR4+275], 12/23/2412,13			1,675,736		1,653,390
Claire’s Stores, Inc., Sr. Sec. Credit Facilities Term Loan, 9.188% [LIBOR4+725], 10/12/3812,13			97,198		174,956
Dun & Bradstreet Corp. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.804% [LIBOR12+500], 2/6/2612,13			1,043,000		1,047,235
iHeartCommunications, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 6.032% [LIBOR12+400], 5/1/2612,13			492,578		494,886
Murray Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 9.354% [LIBOR4+725], 10/17/2212,13			1,264,153		416,304
Neiman Marcus Group Ltd. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 1.00% PIK Rate, 7.490% Cash Rate, [LIBOR12+650], 10/25/236,12,13,14			1,994		1,469
PetSmart, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.93% [LIBOR12+400], 3/11/2212,13			1,165,202		1,138,740
Scientific Games International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B5, 4.536% [LIBOR6+275], 8/14/246,12,13			1,615,220		1,599,189

35        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Corporate Loans (Continued)
Windstream Services LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B6, 9.75% [PRIME4+500], 3/29/2112,13,15	$	382,540	$	388,039
Total Corporate Loans (Cost $9,096,059)				8,487,822
Corporate Bonds and Notes—32.0%
Consumer Discretionary—5.9%
Auto Components—0.2%
American Axle & Manufacturing, Inc., 6.25% Sr. Unsec. Nts., 4/1/25		1,383,000		1,339,782
Dana Financing Luxembourg Sarl, 6.50% Sr. Unsec. Nts., 6/1/261		784,000		827,120
Dana, Inc., 5.50% Sr. Unsec. Nts., 12/15/24		1,245,000		1,283,906
Delphi Technologies plc, 5.00% Sr. Unsec. Nts., 10/1/251		1,305,000		1,135,350
Goodyear Tire & Rubber Co. (The), 5.00% Sr. Unsec. Nts., 5/31/26		606,000		628,725
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.:
6.25% Sr. Sec. Nts., 5/15/261		373,000		395,268
8.50% Sr. Unsec. Nts., 5/15/271		804,000		810,030
Tenneco, Inc., 5.375% Sr. Unsec. Nts., 12/15/24		1,801,000		1,593,885
				8,014,066
Automobiles—0.6%
Ford Motor Credit Co. LLC:
5.113% Sr. Unsec. Nts., 5/3/29		2,500,000		2,533,706
5.584% Sr. Unsec. Nts., 3/18/24		3,490,000		3,722,925
5.75% Sr. Unsec. Nts., 2/1/21		3,540,000		3,664,995
General Motors Financial Co., Inc.:
4.20% Sr. Unsec. Nts., 11/6/21		3,540,000		3,659,199
5.10% Sr. Unsec. Nts., 1/17/24		3,490,000		3,772,120
JB Poindexter & Co., Inc., 7.125% Sr. Unsec. Nts., 4/15/261		2,637,000		2,762,257
				20,115,202
Distributors—0.1%
Core & Main Holdings LP, 9.375% PIK Rate, 8.625% Cash Rate, 8.625% Sr. Unsec. Nts., 9/15/241,14		3,525,000		3,520,594
LKQ Corp., 4.75% Sr. Unsec. Nts., 5/15/23		458,000		468,158
				3,988,752
Diversified Consumer Services—0.1%
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.125% Sr. Sec. Nts., 7/31/261		2,370,000		2,464,800
Service Corp. International, 4.625% Sr. Unsec. Nts., 12/15/27		405,000		424,744
				2,889,544
Entertainment—0.3%
AMC Entertainment Holdings, Inc.:
5.75% Sr. Sub. Nts., 6/15/25		652,000		621,910
5.875% Sr. Sub. Nts., 11/15/26		1,981,000		1,815,091

36        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Entertainment (Continued)
Netflix, Inc.:
5.375% Sr. Unsec. Nts., 11/15/291	$	780,000	$	823,875
5.75% Sr. Unsec. Nts., 3/1/24		1,418,000		1,566,234
5.875% Sr. Unsec. Nts., 11/15/28		4,902,000		5,410,583
				10,237,693
Hotels, Restaurants & Leisure—1.6%
1011778 B.C. ULC/New Red Finance, Inc.:
4.25% Sr. Sec. Nts., 5/15/241		829,000		852,834
5.00% Sec. Nts., 10/15/251		2,454,000		2,533,755
Aramark Services, Inc.:
4.75% Sr. Unsec. Nts., 6/1/26		549,000		564,784
5.00% Sr. Unsec. Nts., 4/1/251		3,490,000		3,642,687
5.00% Sr. Unsec. Nts., 2/1/281		653,000		684,834
Boyd Gaming Corp.:
6.00% Sr. Unsec. Nts., 8/15/26		1,615,000		1,717,956
6.375% Sr. Unsec. Nts., 4/1/26		259,000		276,159
CEC Entertainment, Inc., 8.00% Sr. Unsec. Nts., 2/15/22		548,000		513,750
Diamond Resorts International, Inc., 7.75% Sr. Sec. Nts., 9/1/231		382,000		396,722
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50% Sr. Sec. Nts., 2/15/231		389,000		411,368
International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/221		7,025,000		7,428,938
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC:
4.75% Sr. Unsec. Nts., 6/1/271		428,000		448,330
5.25% Sr. Unsec. Nts., 6/1/261		1,002,000		1,062,120
Marriott Ownership Resorts, Inc., 4.75% Sr. Unsec. Nts., 1/15/281		3,034,000		3,110,760
Melco Resorts Finance Ltd.:
4.875% Sr. Unsec. Nts., 6/6/251		1,750,000		1,795,133
5.625% Sr. Unsec. Nts., 7/17/271		675,000		705,691
MGM China Holdings Ltd.:
5.375% Sr. Unsec. Nts., 5/15/241		3,495,000		3,669,750
5.875% Sr. Unsec. Nts., 5/15/261		3,200,000		3,392,000
MGM Resorts International:
4.625% Sr. Unsec. Nts., 9/1/26		1,290,000		1,357,725
5.75% Sr. Unsec. Nts., 6/15/25		538,000		599,870
6.00% Sr. Unsec. Nts., 3/15/23		3,276,000		3,621,028
6.625% Sr. Unsec. Nts., 12/15/21		423,000		459,484
Party City Holdings, Inc., 6.625% Sr. Unsec. Nts., 8/1/261		645,000		625,650
Penn National Gaming, Inc., 5.625% Sr. Unsec. Nts., 1/15/271		817,000		845,595
Viking Cruises Ltd., 5.875% Sr. Unsec. Nts., 9/15/271		449,000		478,185
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
5.25% Sr. Unsec. Nts., 5/15/271		1,075,000		1,122,031
5.50% Sr. Unsec. Nts., 3/1/251		1,395,000		1,485,675
Wynn Macau Ltd.:
4.875% Sr. Unsec. Nts., 10/1/241		7,297,000		7,367,781
5.50% Sr. Unsec. Nts., 10/1/271		164,000		169,176

37        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Hotels, Restaurants & Leisure (Continued)
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 5.125% Sr. Unsec. Nts., 10/1/291	$	1,020,000	$	1,067,813
				52,407,584
Household Durables—0.7%
Beazer Homes USA, Inc., 6.75% Sr. Unsec. Nts., 3/15/25		1,508,000		1,566,435
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC, 7.50% Sr. Sec. Nts., 5/1/251		690,000		604,612
Lennar Corp.:
4.50% Sr. Unsec. Nts., 4/30/24		419,000		444,140
4.75% Sr. Unsec. Nts., 4/1/21	��	7,075,000		7,261,073
4.75% Sr. Unsec. Nts., 5/30/25		1,067,000		1,147,025
5.00% Sr. Unsec. Nts., 6/15/27		1,645,000		1,782,769
5.25% Sr. Unsec. Nts., 6/1/26		705,000		778,144
Meritage Homes Corp., 5.125% Sr. Unsec. Nts., 6/6/27		1,458,000		1,574,640
Spectrum Brands, Inc., 5.00% Sr. Unsec. Nts., 10/1/291		2,230,000		2,285,750
Taylor Morrison Communities, Inc., 5.75% Sr. Unsec. Nts., 1/15/281		1,179,000		1,307,216
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.875% Sr. Unsec. Nts., 4/15/231		3,232,000		3,506,720
William Lyon Homes, Inc., 5.875% Sr. Unsec. Nts., 1/31/25		868,000		887,530
				23,146,054
Leisure Equipment & Products—0.0%
Mattel, Inc., 6.75% Sr. Unsec. Nts., 12/31/251		1,217,000		1,276,329
Media—1.6%
Affinion Group, Inc., 14% PIK Rate, 12.50% Cash Rate, 12.50% Sr. Unsec. Nts., 11/10/221,14		2,717,163		1,603,126
Altice Financing SA:
6.625% Sr. Sec. Nts., 2/15/231		243,000		250,217
7.50% Sr. Sec. Nts., 5/15/261		891,000		948,915
AMC Networks, Inc.:
4.75% Sr. Unsec. Nts., 8/1/25		659,000		668,061
5.00% Sr. Unsec. Nts., 4/1/24		2,504,000		2,556,734
Belo Corp., 7.75% Sr. Unsec. Nts., 6/1/27		898,000		1,041,680
Cable Onda SA, 4.50% Sr. Unsec. Nts., 1/30/301		730,000		741,147
Cablevision Systems Corp., 5.875% Sr. Unsec. Nts., 9/15/22		411,000		444,394
CCO Holdings LLC/CCO Holdings Capital Corp.:
4.00% Sr. Unsec. Nts., 3/1/231		411,000		419,220
5.00% Sr. Unsec. Nts., 2/1/281		749,000		785,514
5.125% Sr. Unsec. Nts., 5/1/231		632,000		648,590
5.125% Sr. Unsec. Nts., 5/1/271		1,091,000		1,152,369
5.375% Sr. Unsec. Nts., 5/1/251		245,000		254,800
5.75% Sr. Unsec. Nts., 2/15/261		3,250,000		3,440,125
5.875% Sr. Unsec. Nts., 4/1/241		376,000		392,920
5.875% Sr. Unsec. Nts., 5/1/271		245,000		260,312
Clear Channel Commuications, Inc., 9.00% Sr. Nts., 12/15/198,15,16		4,005,000		—

38        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Media (Continued)
CSC Holdings LLC:
5.25% Sr. Unsec. Nts., 6/1/24	$	761,000	$	821,880
5.375% Sr. Unsec. Nts., 7/15/231		402,000		413,047
5.50% Sr. Unsec. Nts., 5/15/261		525,000		554,531
5.50% Sr. Unsec. Nts., 4/15/271		1,676,000		1,780,767
6.50% Sr. Unsec. Nts., 2/1/291		1,618,000		1,815,194
6.625% Sr. Unsec. Nts., 10/15/251		956,000		1,020,530
10.875% Sr. Unsec. Nts., 10/15/251		778,000		879,401
Cumulus Media New Holdings, Inc., 6.75% Sr. Sec. Nts., 7/1/261		1,308,000		1,389,750
Diamond Sports Group LLC/Diamond Sports Finance Co.:
5.375% Sr. Sec. Nts., 8/15/261		3,482,000		3,643,042
6.625% Sr. Unsec. Nts., 8/15/271		1,489,000		1,537,392
DISH DBS Corp., 5.875% Sr. Unsec. Nts., 11/15/24		3,090,000		3,109,313
Gray Television, Inc.:
5.125% Sr. Unsec. Nts., 10/15/241		607,000		630,521
5.875% Sr. Unsec. Nts., 7/15/261		581,000		612,240
iHeartCommunications, Inc., 6.375% Sr. Sec. Nts., 5/1/26		214,227		231,633
Lamar Media Corp., 5.75% Sr. Unsec. Nts., 2/1/26		780,000		828,750
MDC Partners, Inc., 6.50% Sr. Unsec. Nts., 5/1/241		420,000		403,725
Meredith Corp., 6.875% Sr. Unsec. Nts., 2/1/26		1,656,000		1,715,169
Sinclair Television Group, Inc., 5.625% Sr. Unsec. Nts., 8/1/241		1,001,000		1,033,533
Sirius XM Radio, Inc.:
4.625% Sr. Unsec. Nts., 7/15/241		1,330,000		1,393,175
5.375% Sr. Unsec. Nts., 7/15/261		1,780,000		1,884,575
5.50% Sr. Unsec. Nts., 7/1/291		1,280,000		1,386,400
TEGNA, Inc., 5.50% Sr. Unsec. Nts., 9/15/241		609,000		628,601
Telenet Finance Luxembourg Notes Sarl, 5.50% Sr. Sec. Nts., 3/1/281		2,125,000		2,270,563
UPC Holding BV, 5.50% Sr. Sec. Nts., 1/15/281		2,000,000		2,045,000
Virgin Media Secured Finance plc:
5.50% Sr. Sec. Nts., 8/15/261		1,951,000		2,055,866
5.50% Sr. Sec. Nts., 5/15/291		317,000		337,605
VTR Finance BV, 6.875% Sr. Sec. Nts., 1/15/241		2,222,000		2,283,105
Ziggo BV, 5.50% Sr. Sec. Nts., 1/15/271		1,039,000		1,097,423
				53,410,855
Multiline Retail—0.1%
Michaels Stores, Inc., 8.00% Sr. Unsec. Nts., 7/15/271		1,776,000		1,759,927
Specialty Retail—0.3%
eG Global Finance plc, 8.50% Sr. Sec. Nts., 10/30/251		688,000		724,120
L Brands, Inc.:
5.25% Sr. Unsec. Nts., 2/1/28		326,000		303,180
6.875% Sr. Unsec. Nts., 11/1/35		2,294,000		1,961,370
7.50% Sr. Unsec. Nts., 6/15/29		1,360,000		1,352,792
Lithia Motors, Inc., 5.25% Sr. Unsec. Nts., 8/1/251		1,953,000		2,053,091
Penske Automotive Group, Inc., 5.50% Sr. Sub. Nts., 5/15/26		2,186,000		2,292,568
PetSmart, Inc., 5.875% Sr. Sec. Nts., 6/1/251		746,000		738,540

39        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Specialty Retail (Continued)
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.875% Sr. Unsec. Nts., 3/1/27	$	1,048,000	$	1,089,920
				10,515,581
Textiles, Apparel & Luxury Goods—0.3%
Hanesbrands, Inc.:
4.625% Sr. Unsec. Nts., 5/15/241		4,435,000		4,684,247
4.875% Sr. Unsec. Nts., 5/15/261		2,397,000		2,546,812
William Carter Co. (The), 5.625% Sr. Unsec. Nts., 3/15/271		2,122,000		2,270,540
				9,501,599
Consumer Staples—0.8%
Beverages—0.3%
Coca-Cola Icecek AS, 4.215% Sr. Unsec. Nts., 9/19/241		7,030,000		7,046,942
Simmons Foods, Inc., 5.75% Sec. Nts., 11/1/241		1,294,000		1,271,355
				8,318,297
Food & Staples Retailing—0.1%
Albertsons Cos LLC/Safeway, Inc./New Albertsons LP/ Albertson’s LLC, 5.875% Sr. Unsec. Nts., 2/15/281		695,000		747,994
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC:
5.75% Sr. Unsec. Nts., 3/15/25		396,000		411,721
7.50% Sr. Unsec. Nts., 3/15/261		690,000		770,212
Ingles Markets, Inc., 5.75% Sr. Unsec. Nts., 6/15/23		791,000		809,786
US Foods, Inc., 5.875% Sr. Unsec. Nts., 6/15/241		1,722,000		1,780,118
				4,519,831
Food Products—0.2%
Darling Ingredients, Inc., 5.25% Sr. Unsec. Nts., 4/15/271		322,000		339,307
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.50% Sr. Unsec. Nts., 1/15/301		1,448,000		1,563,840
Lamb Weston Holdings, Inc., 4.625% Sr. Unsec. Nts., 11/1/241		695,000		734,094
Pilgrim’s Pride Corp.:
5.75% Sr. Unsec. Nts., 3/15/251		664,000		690,560
5.875% Sr. Unsec. Nts., 9/30/271		1,682,000		1,808,604
Simmons Foods, Inc., 7.75% Sr. Sec. Nts., 1/15/241		324,000		351,945
TreeHouse Foods, Inc., 6.00% Sr. Unsec. Nts., 2/15/241		1,972,000		2,050,880
				7,539,230
Household Products—0.2%
Controladora Mabe SA de CV, 5.60% Sr. Unsec. Nts., 10/23/281		5,215,000		5,750,842
Energizer Holdings, Inc.:
6.375% Sr. Unsec. Nts., 7/15/261		264,000		282,163
7.75% Sr. Unsec. Nts., 1/15/271		949,000		1,053,390
Spectrum Brands, Inc., 6.125% Sr. Unsec. Nts., 12/15/24		695,000		721,931
				7,808,326

40        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Personal Products—0.0%
First Quality Finance Co., Inc., 5.00% Sr. Unsec. Nts., 7/1/251	$	641,000	$	665,166
Energy—4.0%
Energy Equipment & Services—0.1%
ADES International Holding plc, 8.625% Sr. Sec. Nts., 4/24/241		1,300,000		1,340,625
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75% Sr. Unsec. Nts., 1/15/281		1,822,000		1,361,945
Basic Energy Services, Inc., 10.75% Sr. Sec. Nts., 10/15/231		529,000		383,525
CSI Compressco LP/CSI Compressco Finance, Inc., 7.50% Sr. Sec. Nts., 4/1/251		481,000		468,975
Ensign Drilling, Inc., 9.25% Sr. Unsec. Nts., 4/15/241		402,000		342,705
McDermott Technology Americas, Inc./McDermott Technology US, Inc., 10.625% Sr. Unsec. Nts., 5/1/241		3,530,000		688,350
Precision Drilling Corp., 7.125% Sr. Unsec. Nts., 1/15/261		456,000		396,720
Tervita Escrow Corp., 7.625% Sec. Nts., 12/1/211		405,000		400,950
				5,383,795
Oil, Gas & Consumable Fuels—3.9%
Antero Resources Corp.:
5.125% Sr. Unsec. Nts., 12/1/22		296,000		223,110
5.375% Sr. Unsec. Nts., 11/1/21		695,000		623,762
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00% Sr. Unsec. Nts., 4/1/221		1,035,000		984,595
Callon Petroleum Co., 6.375% Sr. Unsec. Nts., 7/1/26		1,799,000		1,686,562
Calumet Specialty Products Partners LP/Calumet Finance Corp., 7.625% Sr. Unsec. Nts., 1/15/22		1,591,000		1,559,180
Carrizo Oil & Gas, Inc.:
6.25% Sr. Unsec. Nts., 4/15/23		160,000		149,600
8.25% Sr. Unsec. Nts., 7/15/25		324,000		309,420
CITGO Petroleum Corp., 6.25% Sr. Sec. Nts., 8/15/221		195,000		197,681
CNX Resources Corp., 5.875% Sr. Unsec. Nts., 4/15/22		323,000		316,944
Comstock Resources, Inc., 9.75% Sr. Unsec. Nts., 8/15/26		459,000		364,905
Cosan Ltd., 5.50% Sr. Unsec. Nts., 9/20/291		4,070,000		4,235,852
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
5.625% Sr. Unsec. Nts., 5/1/271		1,321,000		1,334,236
5.75% Sr. Unsec. Nts., 4/1/25		185,000		191,937
6.25% Sr. Unsec. Nts., 4/1/23		211,000		215,684
DCP Midstream Operating LP:
4.75% Sr. Unsec. Nts., 9/30/211		695,000		710,637
5.125% Sr. Unsec. Nts., 5/15/29		1,902,000		1,937,663
Energy Transfer Operating LP:
6.25% [US0003M+402.8] Jr. Sub. Perpetual Bonds2,17		834,000		776,888
7.50% Sr. Unsec. Nts., 10/15/20		710,000		745,137
EnLink Midstream LLC, 5.375% Sr. Unsec. Nts., 6/1/29		160,000		142,400
EnLink Midstream Partners LP:
4.40% Sr. Unsec. Nts., 4/1/24		160,000		150,600
4.85% Sr. Unsec. Nts., 7/15/26		1,779,000		1,634,456
5.60% Sr. Unsec. Nts., 4/1/44		1,689,000		1,304,753

41        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Eterna Capital Pte Ltd., 7.5% PIK Rate, 7.50% Sr. Sec. Nts., 12/11/221,14		$	3,182,367	$	2,606,392
Eterna Capital Pte Ltd., 8% PIK Rate, 8.00% Sr. Sec. Nts., 12/11/2214			4,118,525		2,450,439
Genesis Energy LP/Genesis Energy Finance Corp.:
6.25% Sr. Unsec. Nts., 5/15/26			1,208,000		1,123,440
6.50% Sr. Unsec. Nts., 10/1/25			620,000		591,325
6.75% Sr. Unsec. Nts., 8/1/22			285,000		287,494
Golden Nugget, Inc., 8.75% Sr. Sub. Nts., 10/1/251			1,323,000		1,395,765
Gulfport Energy Corp.:
6.00% Sr. Unsec. Nts., 10/15/24			1,050,000		679,875
6.375% Sr. Unsec. Nts., 5/15/25			324,000		197,640
6.625% Sr. Unsec. Nts., 5/1/23			1,670,000		1,256,675
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.625% Sr. Unsec. Nts., 2/15/261			2,011,000		2,114,064
HighPoint Operating Corp., 8.75% Sr. Unsec. Nts., 6/15/25			216,000		193,320
Hilcorp Energy I LP/Hilcorp Finance Co., 5.75% Sr. Unsec. Nts., 10/1/251			315,000		282,713
Holly Energy Partners LP/Holly Energy Finance Corp., 6.00% Sr. Unsec. Nts., 8/1/241			710,000		742,838
Indigo Natural Resources LLC, 6.875% Sr. Unsec. Nts., 2/15/261			465,000		425,475
KazTransGas JSC, 4.375% Sr. Unsec. Nts., 9/26/271			4,645,000		4,884,403
Kinder Morgan Energy Partners LP, 3.45% Sr. Unsec. Nts., 2/15/23			3,545,000		3,666,038
Murphy Oil USA, Inc., 5.625% Sr. Unsec. Nts., 5/1/27			1,656,000		1,785,527
Murray Energy Corp., 3% PIK Rate, 9% Cash Rate, 12.00% Sec. Nts., 4/15/241,14,15			5,744,632		53,856
Nabors Industries, Inc., 5.75% Sr. Unsec. Nts., 2/1/25			685,000		513,956
NGL Energy Partners LP/NGL Energy Finance Corp.:
6.125% Sr. Unsec. Nts., 3/1/25			1,087,000		1,010,910
7.50% Sr. Unsec. Nts., 11/1/23			338,000		338,429
NuStar Logistics LP:
4.80% Sr. Unsec. Nts., 9/1/20			695,000		703,875
6.00% Sr. Unsec. Nts., 6/1/26			2,349,000		2,522,121
Oasis Petroleum, Inc., 6.875% Sr. Unsec. Nts., 1/15/23			1,400,000		1,218,000
Occidental Petroleum Corp., 2.70% Sr. Unsec. Nts., 8/15/22			2,100,000		2,123,118
Oil India International Pte Ltd., 4.00% Sr. Unsec. Nts., 4/21/271			4,881,000		5,066,602
Parkland Fuel Corp., 6.00% Sr. Unsec. Nts., 4/1/261			2,449,000		2,598,267
PBF Holding Co. LLC/PBF Finance Corp.:
7.00% Sr. Unsec. Nts., 11/15/23			435,000		450,225
7.25% Sr. Unsec. Nts., 6/15/25			488,000		511,790
Pertamina Persero PT, 4.70% Sr. Unsec. Nts., 7/30/491			1,510,000		1,580,762
Petrobras Global Finance BV:
6.85% Sr. Unsec. Nts., 6/5/15			520,000		599,300
6.90% Sr. Unsec. Nts., 3/19/49			3,145,000		3,661,724
Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 4/16/261	EUR		3,560,000		4,015,493

42        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Petroleos Mexicanos: (Continued) 4.50% Sr. Unsec. Nts., 1/23/26		$	7,000,000	$	6,942,250
7.69% Sr. Unsec. Nts., 1/23/501			5,209,000		5,692,916
Puma International Financing SA, 5.00% Sr. Unsec. Nts., 1/24/261			2,600,000		2,502,956
QEP Resources, Inc.:
5.625% Sr. Unsec. Nts., 3/1/26			2,450,000		2,217,250
6.875% Sr. Unsec. Nts., 3/1/21			695,000		699,344
Reliance Industries Ltd., 7.00% Unsec. Nts., 8/31/22	INR		540,000,000		7,768,578
SemGroup Corp./Rose Rock Finance Corp.:
5.625% Sr. Unsec. Nts., 7/15/22			308,000		312,934
5.625% Sr. Unsec. Nts., 11/15/23			745,000		765,488
Southern Gas Corridor CJSC, 6.875% Sr. Unsec. Nts., 3/24/261			7,215,000		8,426,081
Southwestern Energy Co.:
6.20% Sr. Unsec. Nts., 1/23/25			162,000		143,370
7.50% Sr. Unsec. Nts., 4/1/26			1,415,000		1,248,865
SRC Energy, Inc., 6.25% Sr. Unsec. Nts., 12/1/25			443,000		416,331
State Oil Co. of the Azerbaijan Republic, 4.75% Sr. Unsec. Nts., 3/13/231			3,475,000		3,629,151
Sunoco LP/Sunoco Finance Corp.:
4.875% Sr. Unsec. Nts., 1/15/23			409,000		420,759
5.50% Sr. Unsec. Nts., 2/15/26			217,000		224,888
5.875% Sr. Unsec. Nts., 3/15/28			2,104,000		2,214,502
6.00% Sr. Unsec. Nts., 4/15/27			322,000		338,905
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.00% Sr. Unsec. Nts., 1/15/28			1,067,000		1,061,665
5.125% Sr. Unsec. Nts., 2/1/25			1,692,000		1,742,794
5.25% Sr. Unsec. Nts., 5/1/23			2,005,000		2,017,531
5.875% Sr. Unsec. Nts., 4/15/26			3,328,000		3,486,413
6.50% Sr. Unsec. Nts., 7/15/271			319,000		342,134
Terraform Global Operating LLC, 6.125% Sr. Unsec. Nts., 3/1/261			976,000		1,000,400
Transcanada Trust, 5.875% [US0003M+464] Jr. Sub. Nts., 8/15/762			3,545,000		3,851,713
Whiting Petroleum Corp.:
5.75% Sr. Unsec. Nts., 3/15/21			296,000		279,720
6.625% Sr. Unsec. Nts., 1/15/26			1,105,000		690,625
WPX Energy, Inc., 8.25% Sr. Unsec. Nts., 8/1/23			205,000		229,600
					130,115,016
Financials—9.8%
Capital Markets—1.3%
Credit Suisse Group AG, 7.50% [USSW5+459.8] Jr. Sub. Perpetual Bonds1,2,17			10,330,000		11,478,903
MSCI, Inc., 5.75% Sr. Unsec. Nts., 8/15/251			1,701,000		1,792,429
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25% Sec. Nts., 5/15/231			2,031,000		2,140,420
Standard Life Aberdeen plc, 4.25%, 6/30/28			5,625,000		5,819,766

43        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Capital Markets (Continued)
UBS Group Funding Switzerland AG:
6.875% [USISDA05+549.65] Jr. Sub. Perpetual Bonds1,2,17		$	11,105,000	$	11,561,271
7.00% [USSW5+486.6] Jr. Sub. Perpetual Bonds1,2,17			5,245,000		5,862,357
7.125% [USSW5+588.3] Jr. Sub. Perpetual Bonds1,2,17			5,426,000		5,717,794
					44,372,940
Commercial Banks—4.5%
Banca Monte dei Paschi di Siena SpA, 5.375% [EUSA5+500.5] Sub. Nts., 1/18/281,2	EUR		3,750,000		3,264,636
Banco Bilbao Vizcaya Argentaria SA:
6.00% [EUSA5+603.9] Jr. Sub. Perpetual Bonds1,2,17	EUR		2,860,000		3,454,042
8.875% [EUSA5+917.7] Jr. Sub. Perpetual Bonds1,2,17	EUR		4,305,000		5,294,323
Banco Comercial Portugues SA:
4.50% [EUSA5+426.7] Sub. Nts., 12/7/271,2	EUR		1,700,000		1,976,700
9.25% [EUSA5+941.4] Jr. Sub. Perpetual Bonds1,2,17	EUR		2,947,000		3,572,687
Banco do Brasil SA (Cayman), 4.75% Sr. Unsec. Nts., 3/20/241			2,562,000		2,688,178
Banco Santander SA, 6.75% [EUSA5+680.3] Jr. Sub. Perpetual Bonds1,2,17	EUR		10,710,000		13,019,901
Banco Votorantim SA, 4.50% Sr. Unsec. Nts., 9/24/241			3,500,000		3,613,400
Bank of China Ltd., 5.00% Sub. Nts., 11/13/241			3,535,000		3,858,217
Bankinter SA, 8.625% [EUSA5+886.7] Jr. Sub. Perpetual Bonds1,2,17	EUR		3,255,000		4,042,922
Barclays plc:
2.00% [EUSA5+190] Sub. Nts., 2/7/281,2	EUR		3,495,000		3,933,913
6.375% [GUKG5+601.6] Jr. Sub. Perpetual Bonds1,2,3,17	GBP		3,000,000		4,061,423
7.875% [USSW5+677.2] Jr. Sub. Perpetual Bonds1,2,17			3,140,000		3,357,646
BBVA Bancomer SA, 5.875% [H15T5Y+430.8] Sub. Nts., 9/13/341,2			5,200,000		5,296,200
BNP Paribas SA:
6.625% [USSW5+414.9] Jr. Sub. Perpetual Bonds1,2,17			2,835,000		3,021,302
7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds1,2,17			2,720,000		2,856,952
7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds1,2,17			6,835,000		7,179,142
CaixaBank SA, 6.75% [EUSA5+649.8] Jr. Sub. Perpetual Bonds1,2,17	EUR		5,270,000		6,496,193
CIT Group, Inc.:
4.125% Sr. Unsec. Nts., 3/9/21			1,150,000		1,178,750
5.00% Sr. Unsec. Nts., 8/15/22			350,000		372,949
5.25% Sr. Unsec. Nts., 3/7/25			690,000		761,588
Cooperatieve Rabobank UA, 6.625% [EUSA5+669.7] Jr. Sub. Perpetual Bonds1,2,17	EUR		7,085,000		8,620,657
Credit Agricole SA:
6.875% [USSW5+431.9] Jr. Sub. Perpetual Bonds1,2,17			1,725,000		1,877,171
7.875% [USSW5+489.8] Jr. Sub. Perpetual Bonds1,2,17			3,540,000		4,000,051
Credit Suisse AG, 6.50% Sub. Nts., 8/8/231			7,080,000		7,893,924
Global Bank Corp., 5.25% [US0003M+330] Sr. Unsec. Nts., 4/16/291,2			4,810,000		5,155,118
HSBC Holdings plc:
5.25% [EUSA5+438.3] Jr. Sub. Perpetual Bonds1,2,17	EUR		2,510,000		3,023,305
6.00% [EUSA5+533.8] Jr. Sub. Perpetual Bonds1,2,17	EUR		2,995,000		3,804,565

44        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Commercial Banks (Continued)
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.375% Sr. Unsec. Nts., 12/15/25		$	569,000	$	598,873
Lions Gate Capital Holdings LLC, 6.375% Sr. Unsec. Nts., 2/1/241			690,000		664,712
Lloyds Bank plc, 7.50% Sr. Unsec. Nts., 4/2/321,7			7,175,000		6,167,377
Novo Banco SA, 8.50% [EUSA5+823.3] Sub. Nts., 7/6/281,2	EUR		1,745,000		2,080,136
Skandinaviska Enskilda Banken AB, 5.75% [USSW5+385] Jr. Sub. Perpetual Bonds1,2,17			1,500,000		1,518,729
Societe Generale SA, 7.375% [USSW5+623.8] Jr. Sub. Perpetual Bonds1,2,17			11,225,000		11,842,375
Standard Chartered plc, 7.75% [USSW5+572.3] Jr. Sub. Perpetual Bonds1,2,17			8,745,000		9,527,371
					150,075,428
Consumer Finance—0.5%
Ally Financial, Inc.:
5.125% Sr. Unsec. Nts., 9/30/24			2,369,000		2,608,766
5.75% Sub. Nts., 11/20/25			2,288,000		2,556,840
8.00% Sr. Unsec. Nts., 11/1/31			1,099,000		1,541,347
Navient Corp.:
5.875% Sr. Unsec. Nts., 10/25/24			913,000		938,107
6.125% Sr. Unsec. Nts., 3/25/24			1,247,000		1,309,724
6.50% Sr. Unsec. Nts., 6/15/22			659,000		706,778
6.625% Sr. Unsec. Nts., 7/26/21			682,000		722,920
6.75% Sr. Unsec. Nts., 6/25/25			863,000		912,364
6.75% Sr. Unsec. Nts., 6/15/26			486,000		509,085
Springleaf Finance Corp.:
6.875% Sr. Unsec. Nts., 3/15/25			1,874,000		2,126,990
7.125% Sr. Unsec. Nts., 3/15/26			2,346,000		2,684,704
					16,617,625
Diversified Financial Services—1.0%
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 12/22/248,15			1,186,225		—
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45%, 3/13/348,9,15	MXN		17,961,653		—
Docuformas SAPI de CV, 10.25% Sr. Unsec. Nts., 7/24/241			835,000		848,777
eG Global Finance plc, 6.25% Sr. Sec. Nts., 10/30/251	EUR		600,000		692,372
Greenko Mauritius Ltd., 6.25% Sr. Unsec. Nts., 2/21/231			3,500,000		3,560,446
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
5.875% Sr. Unsec. Nts., 2/1/22			416,000		420,680
6.25% Sr. Unsec. Nts., 5/15/261			405,000		430,313
JP Morgan/Hipotecaria su Casita, 6.47%, 8/26/351	MXN		20,232,960		116,393
Lions Gate Capital Holdings LLC, 5.875% Sr. Unsec. Nts., 11/1/241			873,000		827,168
National Bank for Agriculture & Rural Development, 8.39% Sr. Unsec. Nts., 7/19/21	INR		145,000,000		2,099,325
Power Finance Corp. Ltd.:
7.27% Sr. Unsec. Nts., 12/22/21	INR		360,000,000		5,091,418
7.42% Sr. Unsec. Nts., 6/26/20	INR		107,000,000		1,517,108

45        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Diversified Financial Services (Continued)
Power Finance Corp. Ltd.: (Continued) 7.50% Sr. Unsec. Nts., 8/16/21	INR		360,000,000	$	5,108,567
Quicken Loans, Inc.:
5.25% Sr. Unsec. Nts., 1/15/281			425,000		439,875
5.75% Sr. Unsec. Nts., 5/1/251			401,000		414,826
Rural Electrification Corp. Ltd.:
7.24% Sr. Unsec. Nts., 10/21/21	INR		360,000,000		5,097,764
7.60% Sr. Unsec. Nts., 4/17/21	INR		350,000,000		4,980,624
Swiss Insured Brazil Power Finance Sarl, 9.85% Sr. Sec. Nts., 7/16/321	BRL		12,250,000		3,550,835
					35,196,491
Insurance—0.6%
AXA SA, 3.875% [EUSA11+325] Jr. Sub. Perpetual Bonds1,2,17	EUR		2,695,000		3,406,097
Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.375% [EUR003M+577] Jr. Sub. Perpetual Bonds1,2,17	EUR		5,900,000		7,720,203
La Mondiale SAM, 5.05% [EUSA5+505] Jr. Sub. Perpetual Bonds1,2,17	EUR		2,475,000		3,186,757
NN Group NV, 4.375% [EUR003M+390] Jr. Sub. Perpetual Bonds1,2,17	EUR		3,535,000		4,349,263
VIVAT NV, 6.25% [USSW5+417.4] Jr. Sub. Perpetual Bonds1,2,17			3,535,000		3,545,906
					22,208,226
Real Estate Investment Trusts (REITs)—0.5%
CoreCivic, Inc.:
4.625% Sr. Unsec. Nts., 5/1/23			281,000		264,491
5.00% Sr. Unsec. Nts., 10/15/22			160,000		159,200
Equinix, Inc., 5.875% Sr. Unsec. Nts., 1/15/26			2,155,000		2,294,428
GLP Capital LP/GLP Financing II, Inc., 5.375% Sr. Unsec. Nts., 11/1/23			1,617,000		1,762,449
Iron Mountain US Holdings, Inc., 5.375% Sr. Unsec. Nts., 6/1/261			2,515,000		2,621,888
Iron Mountain, Inc.:
4.875% Sr. Unsec. Nts., 9/15/271			488,000		505,080
4.875% Sr. Unsec. Nts., 9/15/291			1,043,000		1,070,379
iStar, Inc., 4.75% Sr. Unsec. Nts., 10/1/24			2,527,000		2,612,286
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc.:
5.625% Sr. Unsec. Nts., 5/1/24			1,039,000		1,148,095
5.75% Sr. Unsec. Nts., 2/1/271			319,000		360,869
MPT Operating Partnership LP/MPT Finance Corp.:
4.625% Sr. Unsec. Nts., 8/1/29			2,695,000		2,816,315
5.00% Sr. Unsec. Nts., 10/15/27			238,000		251,685
6.375% Sr. Unsec. Nts., 3/1/24			250,000		261,250
SBA Communications Corp., 4.00% Sr. Unsec. Nts., 10/1/22			812,000		832,422
					16,960,837

46        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Real Estate Management & Development—1.3%
Agile Group Holdings Ltd., 9.00% Sr. Sec. Nts., 5/21/201		$	6,610,000	$	6,752,231
China Aoyuan Group Ltd., 7.50% Sr. Sec. Nts., 5/10/211			1,499,000		1,544,104
CIFI Holdings Group Co. Ltd.:
6.375% Sr. Unsec. Nts., 5/2/201			3,495,000		3,528,203
7.625% Sr. Unsec. Nts., 3/2/211			9,746,000		10,091,983
Consus Real Estate AG, 9.625% Sr. Sec. Nts., 5/15/241	EUR		1,810,000		1,907,564
Country Garden Holdings Co. Ltd., 7.50% Sr. Sec. Nts., 3/9/201			3,915,000		3,971,572
Logan Property Holdings Co. Ltd., 6.875% Sr. Unsec. Nts., 4/24/211			760,000		781,660
Times China Holdings Ltd.:
6.25% Sr. Sec. Nts., 1/23/201			1,230,000		1,235,972
7.85% Sr. Sec. Nts., 6/4/211			11,518,000		11,869,299
Yuzhou Properties Co. Ltd., 6.375% Sr. Sec. Nts., 3/6/211			1,499,000		1,511,741
					43,194,329
Thrifts & Mortgage Finance—0.1%
LIC Housing Finance Ltd., 7.45% Sr. Sec. Nts., 10/17/22	INR		180,000,000		2,558,910
Health Care—1.3%
Health Care Equipment & Supplies—0.0%
Teleflex, Inc., 4.875% Sr. Unsec. Nts., 6/1/26			1,697,000		1,787,683
Health Care Providers & Services—1.0%
Acadia Healthcare Co., Inc.:
5.625% Sr. Unsec. Nts., 2/15/23			259,000		264,180
6.50% Sr. Unsec. Nts., 3/1/24			338,000		351,520
Centene Corp.:
4.75% Sr. Unsec. Nts., 5/15/22			763,000		782,075
5.375% Sr. Unsec. Nts., 6/1/261			2,422,000		2,569,742
6.125% Sr. Unsec. Nts., 2/15/24			650,000		676,611
Encompass Health Corp., 5.75% Sr. Unsec. Nts., 11/1/24			262,000		265,439
Hadrian Merger Sub, Inc., 8.50% Sr. Unsec. Nts., 5/1/261			2,030,000		2,002,087
HCA, Inc.:
4.125% Sr. Sec. Nts., 6/15/29			2,045,000		2,171,803
5.375% Sr. Unsec. Nts., 2/1/25			1,745,000		1,921,681
5.375% Sr. Unsec. Nts., 9/1/26			2,775,000		3,031,688
5.50% Sr. Sec. Nts., 6/15/47			1,000,000		1,140,112
5.625% Sr. Unsec. Nts., 9/1/28			1,446,000		1,628,557
5.875% Sr. Unsec. Nts., 2/15/26			324,000		365,310
7.50% Sr. Unsec. Nts., 2/15/22			1,221,000		1,357,752
MPH Acquisition Holdings LLC, 7.125% Sr. Unsec. Nts., 6/1/241			2,234,000		2,094,375
Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22			5,295,000		5,656,440
Tenet Healthcare Corp.:
5.125% Sr. Sec. Nts., 11/1/271			3,375,000		3,522,589
6.25% Sec. Nts., 2/1/271			741,000		783,608

47        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Health Care Providers & Services (Continued)
WellCare Health Plans, Inc., 5.375% Sr. Unsec. Nts., 8/15/261	$	1,698,000	$	1,810,493
				32,396,062
Life Sciences Tools & Services—0.1%
Charles River Laboratories International, Inc., 4.25% Sr. Unsec. Nts., 5/1/281		1,932,000		1,973,248
Pharmaceuticals—0.2%
Bausch Health Americas, Inc., 8.50% Sr. Unsec. Nts., 1/31/271		817,000		921,168
Bausch Health Cos., Inc.:
5.50% Sr. Sec. Nts., 11/1/251		1,675,000		1,756,673
5.75% Sr. Sec. Nts., 8/15/271		695,000		756,464
7.00% Sr. Sec. Nts., 3/15/241		1,535,000		1,609,716
Par Pharmaceutical, Inc., 7.50% Sr. Sec. Nts., 4/1/271		1,403,000		1,336,357
				6,380,378
Industrials—2.4%
Aerospace & Defense—0.2%
Bombardier, Inc.:
7.50% Sr. Unsec. Nts., 3/15/251		664,000		637,440
7.875% Sr. Unsec. Nts., 4/15/271		643,000		609,242
TransDigm, Inc.:
6.25% Sr. Sec. Nts., 3/15/261		690,000		740,888
6.375% Sr. Sub. Nts., 6/15/26		2,028,000		2,129,400
6.50% Sr. Sub. Nts., 7/15/24		1,420,000		1,471,475
Triumph Group, Inc., 7.75% Sr. Unsec. Nts., 8/15/25		1,777,000		1,781,443
				7,369,888
Air Freight & Couriers—0.2%
Algeco Global Finance plc, 8.00% Sr. Sec. Nts., 2/15/231		326,000		322,740
Allison Transmission, Inc., 5.875% Sr. Unsec. Nts., 6/1/291		322,000		347,760
Mexico City Airport Trust, 3.875% Sr. Sec. Nts., 4/30/281		1,400,000		1,406,300
Rumo Luxembourg Sarl, 5.875% Sr. Unsec. Nts., 1/18/251		3,475,000		3,694,359
XPO Logistics, Inc.:
6.125% Sr. Unsec. Nts., 9/1/231		1,390,000		1,435,175
6.75% Sr. Unsec. Nts., 8/15/241		643,000		696,048
				7,902,382
Airlines—0.2%
American Airlines Group, Inc.:
4.625% Sr. Unsec. Nts., 3/1/201		756,000		762,615
5.00% Sr. Unsec. Nts., 6/1/221		1,261,000		1,316,169
Gol Finance SA, 7.00% Sr. Unsec. Nts., 1/31/251		1,240,000		1,274,100
United Continental Holdings, Inc.:
4.25% Sr. Unsec. Nts., 10/1/22		988,000		1,021,562
4.875% Sr. Unsec. Nts., 1/15/25		791,000		832,211
				5,206,657

48        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Building Products—0.2%
Advanced Drainage Systems, Inc., 5.00% Sr. Sec. Nts., 9/30/271	$	384,000	$	393,600
Builders FirstSource, Inc., 6.75% Sr. Sec. Nts., 6/1/271		170,000		185,300
Standard Industries, Inc.:
5.00% Sr. Unsec. Nts., 2/15/271		497,000		519,986
5.375% Sr. Unsec. Nts., 11/15/241		1,032,000		1,064,302
6.00% Sr. Unsec. Nts., 10/15/251		2,294,000		2,420,170
William Lyon Homes, Inc., 6.00% Sr. Unsec. Nts., 9/1/23		1,405,000		1,461,200
				6,044,558
Commercial Services & Supplies—0.4%
ACCO Brands Corp., 5.25% Sr. Unsec. Nts., 12/15/241		1,261,000		1,311,440
ADT Security Corp. (The), 6.25% Sr. Sec. Nts., 10/15/21		1,892,000		2,031,535
Brink’s Co. (The), 4.625% Sr. Unsec. Nts., 10/15/271		2,556,000		2,594,340
GWB-CR Security Corp., 9.50% Sr. Unsec. Nts., 11/1/271		902,000		929,060
Murphy Oil USA, Inc., 4.75% Sr. Unsec. Nts., 9/15/29		1,109,000		1,160,291
Prime Security Services Borrower LLC / Prime Finance, Inc., 5.75% Sr. Sec. Nts., 4/15/261		1,256,000		1,291,325
Resideo Funding, Inc., 6.125% Sr. Unsec. Nts., 11/1/261		627,000		633,270
RR Donnelley & Sons Co., 7.875% Sr. Unsec. Nts., 3/15/21		426,000		443,040
Waste Pro USA, Inc., 5.50% Sr. Unsec. Nts., 2/15/261		1,244,000		1,290,650
West Corp., 5.375% Sr. Unsec. Nts., 7/15/221		1,815,000		1,724,250
				13,409,201
Construction & Engineering—0.2%
AECOM, 5.125% Sr. Unsec. Nts., 3/15/27		1,420,000		1,504,774
GMR Hyderabad International Airport Ltd., 5.375% Sr. Sec. Nts., 4/10/241		3,475,000		3,594,583
				5,099,357
Electrical Equipment—0.1%
EnerSys, 5.00% Sr. Unsec. Nts., 4/30/231		2,217,000		2,297,366
Sensata Technologies BV, 5.625% Sr. Unsec. Nts., 11/1/241		708,000		780,570
				3,077,936
Industrial Conglomerates—0.0%
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.75% Sr. Unsec. Nts., 2/1/24		641,000		670,646
Machinery—0.4%
Allison Transmission, Inc., 5.00% Sr. Unsec. Nts., 10/1/241		1,455,000		1,495,012
Amsted Industries, Inc., 5.625% Sr. Unsec. Nts., 7/1/271		680,000		719,100
Cleaver-Brooks, Inc., 7.875% Sr. Sec. Nts., 3/1/231		2,706,000		2,563,935
Colfax Corp.:
6.00% Sr. Unsec. Nts., 2/15/241		638,000		680,268
6.375% Sr. Unsec. Nts., 2/15/261		319,000		346,115
EnPro Industries, Inc., 5.75% Sr. Unsec. Nts., 10/15/26		2,623,000		2,780,380
IHS Netherlands Holdco BV, 8.00% Sr. Unsec. Nts., 9/18/271		2,000,000		2,095,000

49        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount			Value
Machinery (Continued)
Titan International, Inc., 6.50% Sr. Sec. Nts., 11/30/23		$	2,478,000		$	2,038,155
						12,717,965
Road & Rail—0.2%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.75% Sr. Unsec. Nts., 7/15/271			1,475,000			1,510,031
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/351			1,255,000			1,415,025
Kenan Advantage Group, Inc. (The), 7.875% Sr. Unsec. Nts., 7/31/231			1,878,000			1,706,633
United Rentals North America, Inc., 5.25% Sr. Unsec. Nts., 1/15/30			1,447,000			1,526,585
						6,158,274
Trading Companies & Distributors—0.3%
AerCap Global Aviation Trust, 6.50% [US0003M+430] Jr. Sub. Nts., 6/15/451,2			1,623,000			1,787,329
BMC East LLC, 5.50% Sr. Sec. Nts., 10/1/241			1,730,000			1,805,687
Herc Holdings, Inc., 5.50% Sr. Unsec. Nts., 7/15/271			1,277,000			1,328,080
United Rentals North America, Inc.:
4.875% Sr. Unsec. Nts., 1/15/28			811,000			840,399
5.875% Sr. Unsec. Nts., 9/15/26			2,700,000			2,875,500
6.50% Sr. Unsec. Nts., 12/15/26			1,380,000			1,499,025
						10,136,020
Transportation Infrastructure—0.0%
Jasa Marga Persero Tbk PT, 7.50% Sr. Unsec. Nts., 12/11/201	IDR		24,180,000,000			1,700,890
Information Technology—0.7%
Communications Equipment—0.1%
Hughes Satellite Systems Corp.:
5.25% Sr. Sec. Nts., 8/1/26			585,000			628,875
6.625% Sr. Unsec. Nts., 8/1/26			1,190,000			1,291,150
						1,920,025
Electronic Equipment, Instruments, & Components—0.1%
Itron, Inc., 5.00% Sr. Unsec. Nts., 1/15/261			1,480,000			1,535,500
MTS Systems Corp., 5.75% Sr. Unsec. Nts., 8/15/271			1,360,000			1,428,000
				��
						2,963,500
IT Services—0.0%
Harland Clarke Holdings Corp.:
6.875% Sr. Sec. Nts., 3/1/201			658,000			648,130
8.375% Sr. Sec. Nts., 8/15/221			464,000			372,360
						1,020,490
Semiconductors & Semiconductor Equipment—0.1%
Micron Technology, Inc., 4.663% Sr. Unsec. Nts., 2/15/30			1,958,000			2,059,034

50        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Software—0.0%
Camelot Finance SA, 4.50% Sr. Sec. Nts., 11/1/261		$	583,000	$	590,521
Technology Hardware, Storage & Peripherals—0.4%
Dell International LLC/EMC Corp.:
4.42% Sr. Sec. Nts., 6/15/211			7,084,000		7,319,747
7.125% Sr. Unsec. Nts., 6/15/241			1,720,000		1,825,780
EMC Corp., 2.65% Sr. Unsec. Nts., 6/1/20			560,000		560,700
Everi Payments, Inc., 7.50% Sr. Unsec. Nts., 12/15/251			981,000		1,036,181
Western Digital Corp., 4.75% Sr. Unsec. Nts., 2/15/26			3,948,000		4,029,428
					14,771,836
Materials—4.0%
Chemicals—1.2%
Ashland LLC:
4.75% Sr. Unsec. Nts., 8/15/22			690,000		725,362
6.875% Sr. Unsec. Nts., 5/15/43			396,000		453,420
Blue Cube Spinco LLC, 9.75% Sr. Unsec. Nts., 10/15/23			319,000		348,507
Braskem Netherlands Finance BV:
4.50% Sr. Unsec. Nts., 1/31/301			1,095,000		1,086,787
5.875% Sr. Unsec. Nts., 1/31/501,6			4,290,000		4,270,695
Celanese US Holdings LLC, 5.875% Sr. Unsec. Nts., 6/15/21			3,441,000		3,635,420
CF Industries, Inc., 3.40% Sr. Sec. Nts., 12/1/211			6,265,000		6,373,289
Chemours Co. (The), 6.625% Sr. Unsec. Nts., 5/15/23			411,000		410,355
Element Solutions, Inc., 5.875% Sr. Unsec. Nts., 12/1/251			1,406,000		1,474,764
ENN Clean Energy International Investment Ltd., 7.50% Sr. Unsec. Nts., 2/27/211			3,750,000		3,901,875
Koppers, Inc., 6.00% Sr. Unsec. Nts., 2/15/251			1,637,000		1,640,209
OCP SA, 4.50% Sr. Unsec. Nts., 10/22/251			3,735,000		3,961,326
Olin Corp.:
5.00% Sr. Unsec. Nts., 2/1/30			333,000		329,254
5.125% Sr. Unsec. Nts., 9/15/27			312,000		322,561
5.625% Sr. Unsec. Nts., 8/1/29			2,710,000		2,820,487
Rain CII Carbon LLC/CII Carbon Corp., 7.25% Sec. Nts., 4/1/251			409,000		399,797
Sociedad Quimica y Minera de Chile SA, 4.25% Sr. Unsec. Nts., 5/7/291			1,805,000		1,913,751
Starfruit Finco BV/Starfruit US Holdco LLC, 6.50% Sr. Unsec. Nts., 10/1/261	EUR		3,545,000		3,991,853
Unigel Luxembourg SA, 8.75% Sr. Unsec. Nts., 10/1/261			2,850,000		2,867,813
					40,927,525
Construction Materials—0.2%
Cemex Finance LLC, 6.00% Sr. Sec. Nts., 4/1/241			3,475,000		3,569,868
InterCement Financial Operations BV, 5.75% Sr. Unsec. Nts., 7/17/241			1,915,000		1,417,119
					4,986,987

51        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Containers & Packaging—0.5%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.:
4.125% Sr. Sec. Nts., 8/15/261	$	1,350,000	$	1,368,157
4.25% Sr. Sec. Nts., 9/15/221		282,000		286,230
4.625% Sr. Sec. Nts., 5/15/231		160,000		163,920
6.00% Sr. Unsec. Nts., 2/15/251		1,101,000		1,158,802
Ball Corp., 4.375% Sr. Unsec. Nts., 12/15/20		4,150,000		4,235,594
Berry Global, Inc., 4.875% Sr. Sec. Nts., 7/15/261		1,227,000		1,292,951
Flex Acquisition Co., Inc.:
6.875% Sr. Unsec. Nts., 1/15/251		814,000		767,195
7.875% Sr. Unsec. Nts., 7/15/261		648,000		610,740
Graphic Packaging International LLC:
4.75% Sr. Unsec. Nts., 4/15/21		3,540,000		3,656,156
4.875% Sr. Unsec. Nts., 11/15/22		615,000		647,288
Greif, Inc., 6.50% Sr. Unsec. Nts., 3/1/271		399,000		429,923
Mauser Packaging Solutions Holding Co., 5.50% Sr. Sec. Nts., 4/15/241		405,000		418,163
OI European Group BV, 4.00% Sr. Unsec. Nts., 3/15/231		1,420,000		1,423,550
Owens-Brockway Glass Container, Inc., 5.00% Sr. Unsec. Nts., 1/15/221		629,000		651,801
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, 5.125% Sr. Sec. Nts., 7/15/231		872,000		896,808
Trivium Packaging Finance BV, 5.50% Sr. Sec. Nts., 8/15/261		335,000		352,169
				18,359,447
Metals & Mining—1.6%
ArcelorMittal, 6.125% Sr. Unsec. Nts., 6/1/25		3,490,000		3,974,613
Celtic Resources Holdings DAC, 4.125% Sr. Unsec. Nts., 10/9/241		7,000,000		7,038,538
Corp. Nacional del Cobre de Chile, 3.00% Sr. Unsec. Nts., 9/30/291		2,775,000		2,771,354
CSN Resources SA, 7.625% Sr. Unsec. Nts., 2/13/231		2,790,000		2,891,486
Evraz plc, 5.375% Sr. Unsec. Nts., 3/20/231		5,215,000		5,579,007
First Quantum Minerals Ltd.:
7.00% Sr. Unsec. Nts., 2/15/211		182,000		183,251
7.25% Sr. Unsec. Nts., 4/1/231		3,674,000		3,703,851
FMG Resources August 2006 Pty Ltd., 4.75% Sr. Unsec. Nts., 5/15/221		322,000		332,867
Freeport-McMoRan, Inc.:
3.55% Sr. Unsec. Nts., 3/1/22		398,000		403,473
4.55% Sr. Unsec. Nts., 11/14/24		285,000		297,113
5.40% Sr. Unsec. Nts., 11/14/34		7,200,000		7,065,000
5.45% Sr. Unsec. Nts., 3/15/43		287,000		268,345
Hudbay Minerals, Inc., 7.625% Sr. Unsec. Nts., 1/15/251		1,535,000		1,570,497
Industrias Penoles SAB de CV, 5.65% Sr. Unsec. Nts., 9/12/491		2,200,000		2,268,750
JSW Steel Ltd.:
4.75% Sr. Unsec. Nts., 11/12/191		2,370,000		2,370,474
5.25% Sr. Unsec. Nts., 4/13/221		3,600,000		3,664,748
Metinvest BV, 7.75% Sr. Unsec. Nts., 10/17/291		2,680,000		2,657,890

52        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Metals & Mining (Continued)
Southern Copper Corp., 7.50% Sr. Unsec. Nts., 7/27/35	$	1,270,000	$	1,711,871
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50% Sr. Unsec. Nts., 6/15/251		3,590,000		3,069,450
Taseko Mines Ltd., 8.75% Sr. Sec. Nts., 6/15/221		2,457,000		2,174,445
				53,997,023
Paper & Forest Products—0.5%
Boise Cascade Co., 5.625% Sr. Unsec. Nts., 9/1/241		1,598,000		1,669,910
Louisiana-Pacific Corp., 4.875% Sr. Unsec. Nts., 9/15/24		2,579,000		2,662,817
Mercer International, Inc.:
5.50% Sr. Unsec. Nts., 1/15/26		1,056,000		1,017,118
6.50% Sr. Unsec. Nts., 2/1/24		1,736,000		1,794,590
Norbord, Inc., 5.75% Sr. Sec. Nts., 7/15/271		2,565,000		2,661,188
Suzano Austria GmbH, 5.00% Sr. Unsec. Nts., 1/15/30		6,965,000		7,182,656
				16,988,279
Telecommunication Services—1.6%
Diversified Telecommunication Services—1.3%
Altice France SA:
7.375% Sr. Sec. Nts., 5/1/261		1,157,000		1,241,860
8.125% Sr. Sec. Nts., 2/1/271		645,000		716,756
Axtel SAB de CV, 6.375% Sr. Unsec. Nts., 11/14/241		3,550,000		3,718,802
CenturyLink, Inc.:
5.625% Sr. Unsec. Nts., 4/1/25		995,000		1,051,018
Series S, 6.45% Sr. Unsec. Nts., 6/15/21		1,235,000		1,302,925
Series Y, 7.50% Sr. Unsec. Nts., 4/1/24		1,815,000		2,064,562
Cincinnati Bell, Inc., 8.00% Sr. Unsec. Nts., 10/15/251		1,280,000		1,148,800
CommScope, Inc., 6.00% Sr. Sec. Nts., 3/1/261		3,280,000		3,386,600
Frontier Communications Corp.:
10.50% Sr. Unsec. Nts., 9/15/22		4,321,000		2,041,673
11.00% Sr. Unsec. Nts., 9/15/25		1,243,000		587,318
GTH Finance BV, 7.25% Sr. Unsec. Nts., 4/26/231		5,250,000		5,877,449
HTA Group Ltd., 9.125% Sr. Unsec. Nts., 3/8/221		3,925,000		4,102,724
iHeartCommunications, Inc., 5.25% Sr. Sec. Nts., 8/15/271		1,345,000		1,390,999
Inmarsat Finance plc, 4.875% Sr. Unsec. Nts., 5/15/221		560,000		568,400
Level 3 Financing, Inc.:
5.25% Sr. Unsec. Nts., 3/15/26		2,850,000		2,981,813
5.375% Sr. Unsec. Nts., 5/1/25		1,989,000		2,061,101
Oi SA, 10% Cash Rate or 4% PIK Rate and 8% Cash Rate, 10.00% Sr. Unsec. Nts., 7/27/2514		2,144,000		1,948,360
Qwest Corp., 6.875% Sr. Unsec. Nts., 9/15/33		831,000		837,025
Telecom Italia Capital SA, 7.20% Sr. Unsec. Nts., 7/18/36		2,982,000		3,488,940
Telecom Italia SpA, 5.303% Sr. Unsec. Nts., 5/30/241		1,045,000		1,122,069
Zayo Group LLC/Zayo Capital, Inc., 6.00% Sr. Unsec. Nts., 4/1/23		1,004,000		1,037,644
				42,676,838
Wireless Telecommunication Services—0.3%
Bharti Airtel Ltd., 4.375% Sr. Unsec. Nts., 6/10/251		5,060,000		5,097,283

53        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Wireless Telecommunication Services (Continued)
Intelsat Jackson Holdings SA, 8.50% Sr. Unsec. Nts., 10/15/241	$	1,524,000	$	1,538,767
T-Mobile USA, Inc.:
4.00% Sr. Unsec. Nts., 4/15/22		863,000		892,955
4.75% Sr. Unsec. Nts., 2/1/28		1,226,000		1,296,495
5.125% Sr. Unsec. Nts., 4/15/25		384,000		400,435
6.00% Sr. Unsec. Nts., 4/15/24		671,000		697,840
				9,923,775
Utilities—1.5%
Electric Utilities—0.5%
DPL, Inc., 4.35% Sr. Unsec. Nts., 4/15/291		803,000		802,799
Empresa de Transmision Electrica SA, 5.125% Sr. Unsec. Nts., 5/2/491		1,810,000		2,079,237
Eskom Holdings SOC Ltd., 6.75% Sr. Unsec. Nts., 8/6/231		3,500,000		3,604,244
Perusahaan Listrik Negara PT, 4.125% Sr. Unsec. Nts., 5/15/271		6,955,000		7,288,214
Rockpoint Gas Storage Canada Ltd., 7.00% Sr. Sec. Nts., 3/31/231		435,000		436,087
Talen Energy Supply LLC, 7.25% Sr. Sec. Nts., 5/15/271		393,000		393,983
TerraForm Power Operating LLC, 5.00% Sr. Unsec. Nts., 1/31/281		134,000		142,000
Vistra Operations Co. LLC:
5.00% Sr. Unsec. Nts., 7/31/271		1,360,000		1,411,000
5.50% Sr. Unsec. Nts., 9/1/261		362,000		383,438
5.625% Sr. Unsec. Nts., 2/15/271		645,000		686,119
				17,227,121
Gas Utilities—0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.:
5.50% Sr. Unsec. Nts., 5/20/25		648,000		698,285
5.875% Sr. Unsec. Nts., 8/20/26		1,875,000		2,085,938
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50% Sr. Unsec. Nts., 4/15/261		440,000		422,272
Superior Plus LP/Superior General Partner, Inc., 7.00% Sr. Unsec. Nts., 7/15/261		1,416,000		1,529,280
				4,735,775
Independent Power and Renewable Electricity Producers—0.8%
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad Itabo SA, 7.95% Sr. Unsec. Nts., 5/11/261		1,230,000		1,316,112
AES Corp.:
4.00% Sr. Unsec. Nts., 3/15/21		700,000		713,125
6.00% Sr. Unsec. Nts., 5/15/26		423,000		453,266
AES Gener SA, 6.35% [H15T5Y+491.7] Jr. Sub. Nts., 10/7/791,2		1,750,000		1,760,150
Azure Power Energy Ltd., 5.50% Sr. Sec. Nts., 11/3/221		3,485,000		3,534,923

54        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Independent Power and Renewable Electricity Producers (Continued)
Azure Power Solar Energy Pvt Ltd., 5.65% Sr. Sec. Nts., 12/24/241	$	1,400,000	$	1,409,450
Calpine Corp.:
5.25% Sr. Sec. Nts., 6/1/261		1,036,000		1,081,325
5.75% Sr. Unsec. Nts., 1/15/25		243,000		249,986
5.875% Sr. Sec. Nts., 1/15/241		326,000		333,987
Clearway Energy Operating LLC, 5.75% Sr. Unsec. Nts., 10/15/25		319,000		328,570
Inkia Energy Ltd., 5.875% Sr. Unsec. Nts., 11/9/271		4,145,000		4,310,841
Listrindo Capital BV, 4.95% Sr. Unsec. Nts., 9/14/261		5,215,000		5,303,655
NRG Energy, Inc.:
5.25% Sr. Unsec. Nts., 6/15/291		2,371,000		2,551,789
6.625% Sr. Unsec. Nts., 1/15/27		2,342,000		2,546,925
SMC Global Power Holdings Corp., 5.95% Jr. Sub. Perpetual Bonds3,6,17		1,750,000		1,770,781
				27,664,885
Multi-Utilities—0.0%
TerraForm Power Operating LLC, 4.25% Sr. Unsec. Nts., 1/31/231		446,000		461,610
Total Corporate Bonds and Notes (Cost $1,079,432,961)				1,076,103,449
	Shares
Preferred Stock—0.0%
Claire’s Holdings LLC, 0.00%, Series A18(Cost $97,198)		170		29,750
Common Stocks—0.0%
Claire’s Holdings LLC18		614		399,100
Clear Channel Outdoor Holdings, Inc., Cl. A18		153,942		358,685
Hexion Holdings Corp., Cl. B18		64,100		647,410
JSC Astana Finance, GDR (Cost $0, Acquisition Date 6/5/15)1,8,18		1,681,847		—
Quicksilver Resources, Inc.8,18		12,760,000		—
Sabine Oil & Gas Holdings, Inc.		2,510		150,600
Total Common Stocks (Cost $15,951,361)				1,555,795
	Units
Rights, Warrants and Certificates—0.0%
Agro Holdings, Inc. Wts., Exp. 4/10/248,18		2,297		—
Sabine Oil Tranche 1 Wts., Strike Price $4.49, Exp. 8/11/2618		7,821		89,941
Sabine Oil Tranche 2 Wts., Strike Price $2.72, Exp. 8/11/2618		1,643		27,110
Total Rights, Warrants and Certificates (Cost $1,051,289)				117,051
	Principal Amount
Structured Securities—0.5%
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.003% Sr. Sec. Nts., 4/30/251,11		1,977,466		1,904,846
3.054% Sr. Sec. Nts., 4/30/251,11		2,519,596		2,427,067
3.098% Sr. Sec. Nts., 4/30/251,11		2,175,268		2,095,384
3.131% Sr. Sec. Nts., 4/30/251,11		1,944,415		1,873,008
3.179% Sr. Sec. Nts., 4/30/251,11		2,420,954		2,332,047

55        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Structured Securities (Continued)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds: (Continued)
3.23% Sr. Sec. Nts., 4/30/251,11		$	2,763,152	$	2,661,679
3.265% Sr. Sec. Nts., 4/30/251,11			2,207,435		2,126,370
3.346% Sr. Sec. Nts., 4/30/251,11			2,074,895		1,998,696
Morgan Stanley, Russian Federation Total Return Linked
Bonds, Series 007, Cl. VR, 5.00%, 8/22/34	RUB		77,409,829		185,283
Total Structured Securities (Cost $18,268,445)					17,604,380
Short-Term Notes—0.4%
Arab Republic of Egypt Treasury Bills, 17.01%, 5/5/2011	EGP		146,400,000		8,476,311
Argentine Republic Treasury Bills, 5.043%, 5/29/2011	ARS		349,300,000		3,394,831
Total Short-Term Notes (Cost $16,859,846)					11,871,142

	Exercise Price		Expiration Date		Notional Amount (000’s)		Contracts (000’s)
Exchange-Traded Options Purchased—0.1%
								USD
						USD
S&P 500 Index Put	USD	2,675.000		3/20/20		134,285		1		1,631,500
								USD
S&P 500 Index Put	USD	2,625.000		2/21/20		USD 69,563		0	19	495,550
Total Exchange-Traded Options Purchased (Cost $6,008,743)										2,127,050

	Counterparty	Exercise Price	Expiration Date	Notional Amount (000’s)
Over-the-Counter Options Purchased—0.5%
					BRL
BRL Currency Put	GSCO-OT	BRL     3.432	3/27/20	BRL 3,540	3,540	144,625
					BRL
BRL Currency Put	GSCO-OT	BRL     3.350	12/6/19	BRL 1,414	1,414	1
					BRL
BRL Currency Put	GSCO-OT	BRL     3.400	12/10/19	BRL 1,414	1,414	31
					BRL
BRL Currency Call	CITNA-B	BRL     3.861	11/18/19	BRL 135,118	135,118	29,941
					BRL
BRL Currency Put	GSCO-OT	BRL     3.430	3/30/20	BRL 3,543	3,543	147,951
					BRL
BRL Currency Put	GSCO-OT	BRL     3.430	3/30/20	BRL 3,543	3,543	147,951
					EUR
EUR Currency Put	BOA	PLN     4.250	11/20/19	EUR 140,000	140,000	241,011
					EUR
EUR Currency Put	MSCO	NOK     9.757	8/20/20	EUR 105,000	105,000	427,413

56        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Counterparty		Exercise Price	Expiration Date	Notional Amount (000’s)	Contracts (000’s)	Value
Over-the-Counter Options Purchased (Continued)
						EUR
EUR Currency Put	JPM	NOK	8.900	8/26/21	EUR 8,750	8,750	$                    589,410
						EUR
EUR Currency Call	GSCOI	SGD	1.395	12/31/19	EUR 70,000	70,000	27,030
						EUR
EUR Currency Put	BOA	SEK	9.250	4/29/20	EUR 7,200	7,200	628
						EUR
EUR Currency Put	JPM	CLP	699.000	1/17/20	EUR 75,000	75,000	155,373
						EUR
EUR Currency Put	SCB	IDR	14400.000	10/22/20	EUR 75,000	75,000	1,358,301
						EUR
EUR Currency Put	GSCOI	IDR	14435.000	10/22/20	EUR 56,250	56,250	1,079,144
						EUR
EUR Currency Put	JPM	IDR	14420.000	10/26/20	EUR 37,500	37,500	704,970
						EUR
EUR Currency Put	JPM	BRL	3.970	1/24/20	EUR 37,500	37,500	628,372
						EUR
EUR Currency Put	GSCO-OT	INR	74.875	8/5/20	EUR 3,500	3,500	659,218
						EUR
EUR Currency Put	JPM	ZAR	15.720	1/23/20	EUR 34,900	34,900	88,159
						EUR
EUR Currency Put	GSCOI	MXN	19.626	10/30/20	EUR 75,000	75,000	2,257,500
						EUR
EUR Currency Put	GSCO-OT	NOK	8.648	1/6/21	EUR 8,850	8,850	83,056
						EUR
EUR Currency Put	GSCO-OT	NOK	8.360	1/6/21	EUR 8,850	8,850	18,548
						EUR
EUR Currency Put	BOA	INR	72.500	10/27/20	EUR 75,000	75,000	1,067,609
						INR
INR Currency Put	GSCO-OT	INR	65.600	5/6/20	INR 5,220	5,220	101,709
						INR
INR Currency Put	JPM	INR	66.092	4/29/20	INR 3,500	3,500	86,983
						KRW
KRW Currency Call	GSCO-OT	KRW	1159.700	1/17/20	KRW 40,450,000	40,450,000	280,318

57        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Counterparty		Exercise Price	Expiration Date	Notional Amount (000’s)	Contracts (000’s)	Value
Over-the-Counter Options Purchased (Continued)
						MXN
MXN Currency Put	JPM	MXN	19.655	11/26/19	MXN 330,204	330,204	$                    60,008
						MXN
MXN Currency Call	JPM	MXN	19.655	11/26/19	MXN 330,204	330,204	364,321
						MXN
MXN Currency Call	JPM	MXN	19.375	6/2/20	MXN 673,200	673,200	685,923
						MXN
MXN Currency Call	BOA	MXN	18.553	1/14/20	MXN 1,312,540	1,312,540	153,095
						MXN
MXN Currency Call	CITNA-B	MXN	19.350	6/2/20	MXN 672,300	672,300	667,090
						PHP
PHP Currency Call	GSCO-OT	PHP	51.000	11/11/19	PHP 890,000	890,000	102,617
						RUB
RUB Currency Put	GSCO-OT	RUB	58.500	8/4/20	RUB 3,850	3,850	676,236
						RUB
RUB Currency Put	GSCO-OT	RUB	57.300	3/30/20	RUB 7,086	7,086	193,452
						RUB
RUB Currency Call	JPM	RUB	70.000	2/25/21	RUB 3,714,800	3,714,800	3,768,182
						RUB
RUB Currency Put	JPM	RUB	59.000	8/5/20	RUB 3,850	3,850	822,325
						RUB
RUB Currency Call	GSCO-OT	RUB	60.000	12/18/19	RUB 3,974,300	3,974,300	1,908
						ZAR
ZAR Currency Call	GSCO-OT	ZAR	13.613	1/27/20	ZAR 240,801	240,801	17,680
						ZAR
ZAR Currency Call	GSCO-OT	ZAR	14.500	7/23/20	ZAR 531,300	531,300	688,474
TotalOver-the-Counter Options Purchased (Cost $34,849,797)							18,526,563

	Counterparty	Buy /Sell  Protection	Reference Asset	Fixed Rate	Expiration Date	Notional Amount (000’s)
Over-the-Counter Credit Default Swaptions Purchased—0.0%
Credit Default Swap maturing 6/20/24 Call	JPM	Sell	iTraxx Europe Crossover Series 31 Version 1	3.00%	12/18/19	EUR 105,000	367,869

58        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Counterparty	Buy /Sell  Protection	Reference Asset	Fixed Rate	Expiration Date	Notional Amount (000’s)	Value
Over-the-Counter Credit Default Swaptions Purchased (Continued)
Credit Default Swap maturing 1/15/20 Put	CITNA-B	Sell	Markit CDX North America High Yield Index, Series 33, Version 1	5.00	1/15/20	USD 51,000	466,378
TotalOver-the-Counter Credit Default Swaptions Purchased (Cost $1,786,937)							834,247

	Counterparty	Pay/Receive Floating Rate	Floating Rate	Fixed  Rate			Expiration Date		Notional Amount (000’s)
Over-the-Counter Interest Rate Swaptions Purchased—0.2%
Interest Rate Swap maturing 1/9/20 Call	GSCOI	Pay	Three- Month USD BBA LIBOR		1.600	%		1/9/20	USD 534,300	$	1,747,166
Interest Rate Swap maturing 11/14/19 Put	JPM	Receive	Three- Month USD BBA LIBOR		1.865			11/14/19	USD 42,000		178,811
Interest Rate Swap maturing 3/27/20 Put	MSCO	Receive	Six-Month EUR EURIBOR		0.434			3/27/20	EUR 43,600		104,733
Interest Rate Swap Maturing 3/29/21 Put	JPM	Receive	Six-Month EUR EURIBOR		1.122			3/29/21	EUR 353,800		44,881
Interest Rate Swap Maturing 3/30/20 Put	BOA	Receive	Three- Month CAD BA CDOR		2.588			3/30/20	CAD 472,000		74,540
Interest Rate Swap Maturing 4/12/21 Put	JPM	Receive	Six-Month EUR EURIBOR		0.615			4/12/21	EUR 353,750		6,766
Interest Rate Swap Maturing 4/6/21 Put	JPM	Receive	Six-Month EUR EURIBOR		0.608			4/6/21	EUR 354,000		6,546
Interest Rate Swap maturing 8/16/24 Put	JPM	Receive	Six-Month EUR EURIBOR		2.098			8/16/24	EUR 70,000		1,136,373

59        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Pay/Receive					Notional
		Floating	Floating	Fixed	Expiration		Amount
	Counterparty	Rate	Rate	Rate	Date		(000’s)	Value
Over-the-Counter Interest Rate Swaptions Purchased (Continued)
Interest Rate Swap maturing 8/17/20 Put	MSCO	Receive	Three- Month USD BBA LIBOR	1.695%		8/17/20	USD 121,500	$            2,142,789
Interest Rate Swap maturing 8/17/20 Put	GSCOI	Receive	Three- Month USD BBA LIBOR	2.500		8/17/20	USD 175,000	1,253,465
Interest Rate Swap maturing 8/26/20 Put	MSCO	Receive	Three- Month USD BBA LIBOR	2.500		8/26/20	USD 175,000	378,607
Interest Rate Swap maturing 8/28/20 Put	GSCOI	Pay	Three- Month KRW CD	2.000		8/28/20	KRW 84,000,000	200,227
TotalOver-the-Counter Interest Rate Swaptions Purchased (Cost $10,184,586)								7,274,904

	Shares
Investment Companies—16.3%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%20		428,982,245		428,982,245
Invesco Oppenheimer Master Event-Linked Bond Fund21		4,409,321		70,479,468
Invesco Oppenheimer Ultra-Short Duration Fund21		9,392,309		46,961,543
OFI Carlyle Private Credit Fund, Cl. I21		164,371		1,530,295
Total Investment Companies (Cost $559,809,791)				547,953,551
Total Investments, at Value (Cost $3,760,466,308)		109.7	%	3,688,538,439
Net Other Assets (Liabilities)		(9.7	)	(326,947,738	)
Net Assets		100.0	% $	3  ,361,590,701

Footnotesto Consolidated Schedule of Investments

1. 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, 2019 was $1,430,307,250, which represented 42.55% of the Fund’s Net Assets.

2. Represents the current interest rate for a variable or increasing rate security, which may be fixed for a predetermined period. The interest rate is, or will be as of an established date, determined as [Referenced Rate + Basis-point spread].

3. All or a portion of this security is owned by the subsidiary.

4. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $12,559,833 or 0.37% of the Fund’s net assets at period end.

5. Interest rate is less than 0.0005%.

60        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Consolidated Schedule of Investments (continued)

6. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 1 of the accompanying Consolidated Notes.

7. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

8. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Consolidated Notes.

9. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

10. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $10,897,278. See Note 1 of the accompanying Consolidated Notes.

11. Zero coupon bond reflects effective yield on the original acquisition date.

12. Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (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.

13. Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

14. Interest or dividend ispaid-in-kind, when applicable.

15. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate.

16. Security received as the result of issuer reorganization.

17. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

18.Non-income producing security.

19. Number of contracts are less than 500.

20. The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the7-day SEC standardized yield as of October 31, 2019.

21. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares September 30, 2019		Gross Additions		Gross Reductions		Shares October 31, 2019
Investment Company
Invesco Oppenheimer Limited-Term Bond Fund		4,077,028		10,555		4,087,583		—
Invesco Oppenheimer Master Event-Linked Bond Fund		4,436,854		—		27,533		4,409,321
Invesco Oppenheimer Ultra-Short Duration Fund, Cl. Y		9,375,659		16,650		—		9,392,309
OFI Carlyle Private Credit Fund, Cl. I		328,742		—		164,371		164,371

61        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Footnotes to Consolidated Schedule of Investments (continued)

	Value		Income			Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Investment Company
Invesco Oppenheimer Limited-Term Bond Fund	$	—	$	22,679		$	522,028		$	(522,028	)
Invesco Oppenheimer Master Event-Linked Bond Fund		70,479,468		439,248	a,b		(128,585	)a		412,772	a
Invesco Oppenheimer Ultra-Short Duration Fund, Cl. Y		46,961,543		88,203			—			—
OFI Carlyle Private Credit Fund, Cl. I		1,530,295		—			(70,680	)		(13,337	)
Total	$	118,971,306	$	550,130		$	322,763		$	(122,593	)

a. Represents the amount allocated to the fund from Invesco Oppenheimer Master Event-Linked Bond Fund.

b.Net of expenses allocated to the fund from Invesco Oppenheimer Master Event-Linked Bond Fund.

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings	Value		Percent
United States	$	2,120,113,018		57.5	%
United Kingdom		197,015,155		5.3
India		130,852,652		3.5
Indonesia		95,723,955		2.6
Greece		90,496,084		2.5
Mexico		85,849,462		2.3
South Africa		77,604,881		2.1
Egypt		76,463,089		2.1
France		73,933,306		2.0
Brazil		64,305,687		1.7
Italy		58,974,677		1.6
Russia		52,894,787		1.4
China		49,651,470		1.3
Switzerland		42,514,249		1.2
Argentina		32,991,506		0.9
Spain		32,307,380		0.9
Turkey		28,707,279		0.8
Sri Lanka		26,808,751		0.7
Netherlands		24,002,270		0.7
Ireland		22,183,536		0.6
Canada		21,879,337		0.6
Austria		17,502,715		0.5
Thailand		16,901,389		0.5
Luxembourg		14,990,496		0.4
Macau		14,598,707		0.4
Panama		13,352,102		0.4
Colombia		13,251,771		0.4
Senegal		13,135,154		0.4
Ukraine		12,523,109		0.3
Dominican Republic		12,388,242		0.3
Azerbaijan		12,055,232		0.3

62        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Geographic Holdings (Continued)	Value		Percent
Oman	$	11,667,027		0.3	%
New Zealand		10,813,651		0.3
Ecuador		9,620,109		0.3
Chile		8,883,733		0.2
Ivory Coast		8,470,836		0.2
Portugal		7,629,523		0.2
Paraguay		7,344,482		0.2
United Arab Emirates		7,148,769		0.2
Cyprus		6,174,923		0.2
Peru		6,022,713		0.2
Angola		5,825,250		0.2
Kenya		5,464,446		0.1
Kazakhstan		4,884,403		0.1
Germany		4,719,272		0.1
Mauritius		4,102,724		0.1
Morocco		3,961,326		0.1
Zambia		3,887,103		0.1
Fiji		3,735,315		0.1
El Salvador		3,443,212		0.1
Singapore		2,529,986		0.1
Hong Kong		2,500,824		0.1
Belgium		2,270,563		0.1
Supranational		2,139,026		0.1
Nigeria		2,095,000		0.1
Philippines		1,873,398		0.0
Eurozone		1,667,168		0.0
Sweden		1,519,357		0.0
Norway		1,118,428		0.0
South Korea		480,545		0.0
Australia		332,868		0.0
Poland		241,011		0.0
Total	$	3,688,538,439		100.0	%

Forward Currency Exchange Contracts as of October 31, 2019
Counterparty	Settlement Month(s)			Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BAC		05/2020	CLP		1,578,600	USD		2,305	$	—	$	(165,282	)
BAC		11/2019	EUR		69,965	USD		78,201		—		(75,489	)
BAC		12/2019	MYR		2,190	USD		519		6,120		—
BAC		11/2019	NOK		44,500	USD		5,005		—		(165,231	)
BAC		11/2019	USD		45,090	NZD		71,000		—		(446,281	)
BAC		12/2019	ZAR		120,580	USD		7,786		145,344		—
BNP		11/2019	EUR		6,300	USD		6,959		75,560		—
BOA		11/2019 - 01/2020	EUR		92,740	USD		102,167		1,525,098		(85,456	)
BOA		01/2020	IDR		188,850,000	USD		13,208		82,577		—
BOA		11/2019 - 01/2020	JPY		2,096,000	USD		19,771		—		(293,736	)
BOA		12/2019	KRW		7,520,050	USD		6,175		256,478		—
BOA		11/2019 - 01/2020	NOK		80,000	USD		8,892		—		(190,611	)
BOA		01/2020	NZD		9,000	USD		5,705		74,184		—
BOA		11/2019 - 01/2020	SEK		775,200	USD		80,242		776,915		(491,928	)

63        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)			Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BOA		12/2019	TRY		30,550	USD		5,233	$	47,105	$	—
BOA		11/2019	USD		474	CAD		625		—		(872	)
BOA		11/2019 - 01/2020	USD		163,087	EUR		146,710		303,680		(1,385,637	)
BOA		01/2020	USD		33,980	GBP		27,380		—		(1,588,385	)
BOA		11/2019	USD		9,760	JPY		1,048,000		45,665		—
BOA		11/2019	USD		4,389	NOK		40,000		38,873		—
BOA		11/2019	USD		39,374	SEK		387,600		—		(807,625	)
BOA		12/2019 - 03/2020	USD		10,308	TRY		61,100		—		(129,277	)
BOA		03/2020	USD		15,319	ZAR		237,120		—		(105,187	)
BOA		03/2020	ZAR		474,240	USD		31,832		101,543		(1,102,109	)
CITNA-B		11/2019	BRL		361,697	USD		87,381		2,847,745		(40,926	)
CITNA-B		11/2019 - 01/2020	CAD		1,250	USD		943		6,654		—
CITNA-B		05/2020	CLP		5,156,400	USD		7,528		—		(540,160	)
CITNA-B		12/2019	COP		82,083,935	USD		23,770		474,690		—
CITNA-B		11/2019 - 01/2020	EUR		210,450	USD		232,127		2,930,477		(33,125	)
CITNA-B		11/2019	GBP		54,875	USD		68,182		2,940,876		—
CITNA-B		12/2019	MXN		804,459	USD		40,405		1,126,482		—
CITNA-B		11/2019 - 01/2020	NOK		854,500	USD		94,477		—		(1,530,639	)
CITNA-B		12/2019	RUB		2,266,200	USD		34,378		735,237		—
CITNA-B		11/2019	USD		89,162	BRL		361,697		103,226		(1,129,062	)
CITNA-B		11/2019	USD		469	CAD		625		—		(5,148	)
CITNA-B		11/2019 - 12/2019	USD		20,113	CLP		14,347,162		753,399		—
CITNA-B		12/2019	USD		13,180	COP		45,513,700		—		(263,205	)
CITNA-B		11/2019 - 01/2020	USD		443,337	EUR		398,410		471,604		(3,076,662	)
CITNA-B		11/2019 - 01/2020	USD		139,779	GBP		112,880		—		(6,697,216	)
CITNA-B		12/2019 - 03/2020	USD		80,392	MXN		1,608,919		—		(2,117,817	)
CITNA-B		11/2019	USD		46,837	NOK		427,250		372,555		—
CITNA-B		12/2019	USD		336	PEN		1,140		—		(4,667	)
CITNA-B		12/2019	USD		30,329	RUB		1,985,100		13,550		(441,248	)
CITNA-B		12/2019	USD		16,731	THB		515,050		—		(334,973	)
CITNA-B		12/2019	USD		20,825	TRY		121,260		—		(133,109	)
DEU		11/2019	USD		7,407	GBP		6,000		—		(370,052	)
GSCO-OT		03/2021	BRL		95,000	USD		22,903		62,284		—
GSCO-OT		11/2019	CAD		625	USD		472		2,321		—
GSCO-OT		11/2019	CLP		12,539,600	USD		17,606		—		(685,928	)
GSCO-OT		11/2019 - 01/2021	EUR		168,186	USD		194,305		810,285		(4,823,144	)
GSCO-OT		05/2020	INR		3,598,746	USD		49,590		—		(101,235	)
GSCO-OT		02/2021	RUB		1,589,400	USD		23,350		101,376		—
GSCO-OT		02/2020 - 03/2020	TRY		85,120	USD		14,292		117,557		—
GSCO-OT		03/2021	USD		78,466	BRL		321,838		104,563		(722,984	)
GSCO-OT		11/2019	USD		474	CAD		625		—		(965	)
GSCO-OT		11/2019 - 05/2020	USD		29,014	CLP		20,036,765		1,909,084		—
GSCO-OT		11/2019 - 05/2020	USD		89,434	EUR		80,496		438,020		(1,198,828	)
GSCO-OT		10/2020	USD		27,400	IDR		402,095,000		52,276		—
GSCO-OT		05/2020 - 08/2020	USD		83,765	INR		6,127,731		149,427		(296,207	)
GSCO-OT		01/2021	USD		69,698	NOK		585,800		6,100,835		—
GSCO-OT		12/2019	USD		23,231	RUB		1,519,700		20,719		(335,403	)
GSCO-OT		02/2020	USD		8,007	TRY		49,560		—		(399,800	)

64        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)			Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
GSCO-OT		01/2020 - 03/2020	USD		47,740	ZAR		730,840	$	191,058	$	(76,615	)
GSCO-OT		01/2020 - 03/2020	ZAR		520,120	USD		33,853		87,356		(6,890	)
HSBC		11/2019	EUR		3,165	USD		3,528		6,246		—
HSBC		11/2019	NOK		45,000	USD		5,062		—		(168,219	)
HSBC		11/2019	USD		43,833	EUR		38,945		352,047		(3,952	)
HSBC		11/2019	USD		9,923	JPY		1,048,000		208,761		—
JPM		11/2019 - 04/2020	BRL		773,044	USD		191,782		660,788		(103,226	)
JPM		11/2019 - 05/2020	CLP		10,715,465	USD		14,980		—		(506,368	)
JPM		11/2019 - 08/2021	EUR		274,034	USD		305,798		2,641,227		(157,803	)
JPM		11/2019 - 01/2020	GBP		32,315	USD		39,771		2,126,501		—
JPM		12/2019	HUF		16,000	USD		53		1,314		—
JPM		12/2019	IDR		399,523,000	USD		27,495		737,220		—
JPM		12/2019 - 08/2020	INR		3,934,624	USD		53,632		463,042		—
JPM		11/2019 - 01/2020	JPY		5,400,000	USD		50,552		—		(458,364	)
JPM		03/2020	MXN		83,913	USD		4,295		—		(20,786	)
JPM		01/2020	NZD		45,550	USD		28,939		313,297		(2,629	)
JPM		12/2019 - 03/2020	PLN		1,880	USD		483		9,676		—
JPM		12/2019	RUB		1,589,400	USD		24,625		—		(3,815	)
JPM		12/2019	THB		515,050	USD		16,873		192,468		—
JPM		12/2019 - 03/2020	TRY		242,520	USD		40,500		928,506		—
JPM		11/2019 - 12/2019	USD		115,481	BRL		464,387		40,927		(305,108	)
JPM		12/2019	USD		11,219	CLP		8,137,165		234,115		—
JPM		11/2019 - 08/2020	USD		285,061	EUR		256,750		448,142		(3,304,426	)
JPM		11/2019 - 01/2020	USD		67,516	GBP		55,150		—		(4,046,366	)
JPM		12/2019 - 03/2020	USD		109	HUF		32,000		984		(1,316	)
JPM		12/2019 - 01/2020	USD		93,000	IDR		1,346,970,000		—		(2,127,670	)
JPM		12/2019	USD		103,733	INR		7,469,800		—		(815,996	)
JPM		11/2019	USD		41,589	JPY		4,462,367		229,610		—
JPM		08/2021	USD		42,144	NOK		378,550		1,146,517		—
JPM		12/2019	USD		239	PLN		940		—		(6,966	)
JPM		12/2019 - 02/2021	USD		51,808	RUB		3,435,330		140,047		(140,417	)
JPM		12/2019 - 03/2020	USD		33,613	THB		1,030,100		—		(541,676	)
JPM		12/2019 - 03/2020	USD		61,312	TRY		363,780		—		(1,074,478	)
JPM		12/2019 - 03/2020	USD		150,114	ZAR		2,315,390		70,683		(1,371,494	)
JPM		12/2019 - 03/2020	ZAR		1,305,070	USD		85,740		121,552		(94,816	)
MOS		05/2020	CLP		2,586,700	USD		3,764		—		(258,743	)
RBC		11/2019 - 01/2020	EUR		114,420	USD		126,288		1,617,798		(71,851	)
RBC		11/2019 - 01/2020	GBP		7,400	USD		9,208		394,538		—
RBC		11/2019 - 01/2020	JPY		3,760,000	USD		35,498		—		(559,083	)
RBC		11/2019 - 01/2020	USD		219,344	EUR		196,625		823,907		(1,559,441	)
RBC		11/2019	USD		4,561	GBP		3,700		—		(234,333	)
RBC		11/2019	USD		17,600	JPY		1,880,000		173,914		—
Total Unrealized Appreciation and Depreciation									$	40,486,625	$	(50,338,456	)

65        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Futures Contracts as of October 31, 2019
Description	Buy/Sell		Expiration Date		Number of Contracts		Notional Amount (000’s)		Value		Unrealized Appreciation/ (Depreciation)
Euro BUXL		Sell		12/6/19		256		EUR 61,268	$	59,947,107	$	1,320,766
Euro-BTP		Sell		12/6/19		1,272		EUR 204,927		204,954,040		(27,191	)
United States Treasury Long Bonds		Buy		12/19/19		9		USD 1,490		1,452,375		(37,140	)
United States Treasury Long Bonds		Sell		12/19/19		741		USD 122,376		119,578,875		2,797,232
United States Treasury Nts., 10 yr.		Buy		12/19/19		1,260		USD 163,449		164,174,063		725,027
United States Treasury Nts., 10 yr.		Sell		12/19/19		48		USD 6,335		6,254,250		81,083
United States Treasury Nts., 2 yr.		Sell		12/31/19		2,254		USD 486,801		485,965,921		835,055
United States Treasury Nts., 5 yr.		Buy		12/31/19		373		USD 44,749		44,462,766		(286,164	)
United States Ultra Bonds		Buy		12/19/19		324		USD 63,091		61,479,000		(1,611,650	)
											$	3,797,018

Exchange-Traded Options Written at October 31, 2019

Description

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

S&P 500 Index Put

USD 2,400.000

3/20/20

USD (1)

USD 120,480

$

2,059,686

$

(597,380)

S&P 500 Index Put

USD 2,350.000

2/21/20

USD (0)1

USD 62,275

627,232

(160,325)

Total Exchange-Traded Options Written

$

2,686,918

$

(757,705)

Over-the-Counter Options Written at October 31, 2019

Description

Counterparty

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

BRL Currency Put1

CITNA-B

BRL 4.239

11/18/19

BRL (148,348)

BRL 148,348

$

390,010

$

(25,645)

BRL Currency Put

GSCO-OT

BRL 4.500

12/6/19

BRL (1,414)

BRL 1,414

250,561

(14,546)

BRL Currency Put1

GSCO-OT

BRL 4.500

12/10/19

BRL (1,414)

BRL 1,414

294,112

(17,313)

BRL Currency Put2

GSCO-OT

BRL 4.500

3/30/20

BRL (3,543)

BRL 3,543

619,316

(396,307)

BRL Currency Put2

GSCO-OT

BRL 4.500

3/30/20

BRL (3,543)

BRL 3,543

619,317

(396,307)

66        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Options Written (Continued)

Description

Counterarty

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

BRL Currency Put2

GSCO-OT

BRL 4.500

3/27/20

BRL (3,540)

BRL 3,540

$

617,376

$

(390,801)

BRL Currency Put3

GSCO-OT

BRL 4.230

3/4/21

BRL (149,900)

BRL 149,900

1,679,022

(1,752,454)

BRL Currency Put

JPM

BRL 4.250

3/4/21

BRL (150,600)

BRL 150,600

1,589,273

(1,695,197)

CLP Currency Put4

GSCO-OT

CLP 700.000

5/11/20

CLP (24,360,000)

CLP 24,360,000

890,880

(2,068,651)

EUR Currency Call

BOA

ZAR 20.000

8/5/20

EUR (3,500)

EUR 3,500

763,768

(486,005)

EUR Currency Call

BOA

INR 77.550

10/27/20

EUR (75,000)

EUR 75,000

818,250

(853,662)

EUR Currency Put

BOA

INR 69.300

10/27/20

EUR (75,000)

EUR 75,000

342,750

(259,965)

EUR Currency Call

BOA

RUB 73.090

12/20/19

EUR (34,900)

EUR 34,900

416,416

(307,432)

EUR Currency Put

GSCOI

TRY 5.500

10/12/20

EUR (26,250)

EUR 26,250

307,335

(370,620)

EUR Currency Put

GSCOI

MXN 18.205

10/30/20

EUR (75,000)

EUR 75,000

587,400

(587,400)

EUR Currency Call

GSCOI

IDR 15640.000

10/22/20

EUR (56,250)

EUR 56,250

725,625

(688,533)

EUR Currency Put

GSCOI

IDR 13685.000

10/22/20

EUR (56,250)

EUR 56,250

320,625

(265,876)

EUR Currency Call

GSCOI

RUB 72.860

12/16/19

EUR (62,600)

EUR 62,600

696,924

(553,680)

EUR Currency Call

GSCOI

MXN 22.036

10/30/20

EUR (75,000)

EUR 75,000

1,449,675

(1,449,675)

EUR Currency Call

GSCOI

TRY 7.750

10/12/20

EUR (26,250)

EUR 26,250

964,870

(529,170)

EUR Currency Call

GSCO-OT

INR 90.000

8/5/20

EUR (3,500)

EUR 3,500

684,103

(506,541)

EUR Currency Call5

GSCO-OT

NOK 11.000

1/6/21

EUR (7,075)

EUR 7,075

1,417,482

(2,057,072)

EUR Currency Call

GSCO-OT

ZAR 20.000

8/4/20

EUR (3,500)

EUR 3,500

549,827

(489,727)

67        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Continued

Over-the-Counter Options Written (Continued)

Description

Counterparty

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

EUR Currency Call

GSCO-OT

INR 90.000

5/6/20

EUR (5,220)

EUR 5,220

$

916,901

$

(351,238)

EUR Currency Call

JPM

ZAR 17.290

1/23/20

EUR (34,900)

EUR 34,900

642,073

(832,383)

EUR Currency Put

JPM

ZAR 14.760

1/23/20

EUR (34,900)

EUR 34,900

241,264

(8,711)

EUR Currency Call

JPM

NOK 11.000

8/26/21

EUR (4,375)

EUR 4,375

1,302,085

(1,757,967)

EUR Currency Put

JPM

BRL 3.790

1/24/20

EUR (37,500)

EUR 37,500

173,625

(154,443)

EUR Currency Call

JPM

IDR 15625.000

10/26/20

EUR (37,500)

EUR 37,500

490,687

(472,940)

EUR Currency Put

JPM

IDR 13660.000

10/26/20

EUR (37,500)

EUR 37,500

212,250

(171,157)

EUR Currency Call

JPM

BRL 4.230

1/24/20

EUR (37,500)

EUR 37,500

394,875

(331,190)

EUR Currency Put

JPM

MXN 18.265

6/2/20

EUR (37,500)

EUR 37,500

206,250

(167,436)

EUR Currency Call

JPM

MXN 21.170

6/2/20

EUR (37,500)

EUR 37,500

540,000

(492,995)

EUR Currency Put

JPM

CLP 675.000

1/17/20

EUR (75,000)

EUR 75,000

270,000

(32,992)

EUR Currency Put

JPM

CLP 733.000

1/17/20

EUR (75,000)

EUR 75,000

577,500

(1,737,527)

EUR Currency Call6

JPM

INR 90.000

4/29/20

EUR (3,500)

EUR 3,500

556,686

(220,511)

EUR Currency Call

MSCO

NOK 10.758

8/20/20

EUR (105,000)

EUR 105,000

1,243,520

(1,572,847)

EUR Currency Call

MSCO

BRL 5.250

8/24/21

EUR (26,200)

EUR 26,200

1,472,448

(1,337,265)

EUR Currency Put

SCB

IDR 13700.000

10/22/20

EUR (75,000)

EUR 75,000

444,375

(365,184)

EUR Currency Call

SCB

IDR 15600.000

10/22/20

EUR (75,000)

EUR 75,000

961,575

(947,736)

IDR Currency Put

GSCO-OT

IDR 15360.000

6/18/20

USD (1,137,000,000)

USD 1,137,000,000

1,598,906

(523,020)

68        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Options Written (Continued)

Description

Counterparty

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

KRW Currency Call

GSCO-OT

KRW 1122.350

1/17/20

KRW (39,100,000)

KRW 39,100,000

$

119,807

$

(38,318)

KRW Currency Put

GSCO-OT

KRW 1213.250

1/17/20

KRW (42,000,000)

KRW 42,000,000

246,478

(81,480)

MXN Currency Put

BOA

MXN 22.363

1/14/20

MXN (1,582,090)

MXN 1,582,090

1,599,246

(38,809)

MXN Currency Put

CITNA-B

MXN 22.940

6/2/20

MXN (797,000)

MXN 797,000

757,519

(169,474)

MXN Currency Put

JPM

MXN 20.240

5/27/20

MXN (425,040)

MXN 425,040

924,840

(492,634)

MXN Currency Call

JPM

MXN 20.240

5/27/20

MXN (425,040)

MXN 425,040

924,840

(930,289)

RUB Currency Call

CITNA-B

RUB 63.040

12/16/19

RUB (1,972,200)

RUB 1,972,200

279,530

(87,369)

RUB Currency Call

JPM

RUB 60.000

2/25/21

RUB (3,184,100)

RUB 3,184,100

578,180

(438,896)

RUB Currency Put

JPM

RUB 80.000

2/25/21

RUB (4,245,500)

RUB 4,245,500

2,365,858

(821,419)

THB Currency Put

SCB

THB 31.500

12/20/19

THB (2,196,300)

THB 2,196,300

396,101

(23,984)

ZAR Currency Put

GSCO-OT

ZAR 16.000

7/23/20

ZAR (781,700)

ZAR 781,700

1,422,401

(2,047,335)

ZAR Currency Put

GSCO-OT

ZAR 16.208

1/27/20

ZAR (286,705)

ZAR 286,705

518,413

(183,096)

TotalOver-the-Counter Options Written

$

39,373,150

$

(32,993,224)

1.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 3.6 BRL per 1 USD.

2.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 3.7 BRL per 1 USD.

3.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 3.61 BRL per 1 USD.

4.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 650 CLP per 1 USD.

5.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 9.40 NOK per 1 EUR.

6. Upper Barrier Level: 90 INR/EUR Lower Barrier Level: 75 INR/EUR If at any time during the Event Period, the Spot Exchange Rate, in accordance with the Barrier Event Rate Source B, is equal to or less than the Lower Barrier Level this Transaction will automatically terminate without any payment obligation on the part of either party (except in respect of the Premium). Provided aKnock-Out event has not occurred, if at the Expiration Time on the Expiration Date: (i) the Spot Exchange Rate, in accordance with the Barrier Event Rate Source A, is equal to or greater than the Upper Barrier Level, this Transaction will be automatically exercised and the Seller shall pay the Settlement Amount to the Buyer on the Settlement Date. (ii) the Spot Exchange Rate, in accordance with the Barrier Event Rate Source A, is not equal to or greater than the Upper Barrier Level, this Transaction shall expire without any payment obligation on the part of either party (except in respect of the Premium) at the Expiration Time on the Expiration Date. If a

69        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Knock-Out event has occurred, notwithstanding the above, this Transaction will automatically terminate without any payment obligation on the part of either party (except in respect of the Premium).

Centrally Cleared Credit Default Swaps at October 31, 2019
Reference Asset	Buy/Sell Protection		Fixed Rate			Maturity Date		Notional Amount (000’s)		Premiums Received/(Paid)			Value			Unrealized Appreciation/ (Depreciation)
Brazilian Government International		Sell		1.000	%		6/20/22		USD 7,500	$	464,303		$	73,288		$	537,591
CDX.EM.31		Buy		1.000			6/20/24		USD 21,450		(969,151	)		840,698			(128,453	)
CDX.NA.HY.33		Buy		5.000			12/20/24		USD 189,350		11,454,449			(14,567,673	)		(3,113,224	)
Colombia Government International		Buy		1.000			12/20/24		USD 7,000		20,678			(70,467	)		(49,789	)
Indonesia Government International		Buy		1.000			12/20/24		USD 7,000		32,526			(88,983	)		(56,457	)
Turkey Government International Bond		Buy		1.000			12/20/24		USD 7,500		(890,025	)		790,357			(99,668	)
Total Centrally Cleared Credit Default Swaps										$	10,112,780		$	(13,022,780	)	$	(2,910,000	)

Over-the-Counter Credit Default Swaps at October 31, 2019
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)			Premiums Received/(Paid)			Value			Unrealized Appreciation/ (Depreciation)
iTraxx Europe Crossover Series 28(20-35%)		JPM		Sell		5.000		12/20/22		EUR	10,000	$	(1,549,814	)	$	890,646		$	(659,168	)
Hellenic Republic		BAC		Sell		1.000		6/20/25		USD	3,586		596,602			(119,881	)		476,721
Hellenic Republic		BAC		Sell		1.000		6/20/25		USD	8,966		1,343,371			(299,736	)		1,043,635
Hellenic Republic		BAC		Sell		1.000		12/20/25		USD	8,350		1,298,472			(341,125	)		957,347
Hellenic Republic		BAC		Sell		1.000		12/20/19		USD	6,000		90,026			12,040			102,066
Hellenic Republic		GSCOI		Sell		1.000		6/20/25		USD	3,590		566,429			(120,015	)		446,414
Hellenic Republic Government Bond		BAC		Sell		1.000		6/20/24		USD	6,000		413,483			(112,025	)		301,458
Hellenic Republic Government Bond		BAC		Sell		1.000		6/20/26		USD 14,000			1,616,439			(671,993	)		944,446
Hellenic Republic Government Bond		BAC		Sell		1.000		6/20/29		USD	8,750		1,683,593			(743,726	)		939,867
Hellenic Republic Government Bond		BAC		Sell		1.000		6/20/26		USD 13,250			1,652,965			(635,993	)		1,016,972
Hellenic Republic Government Bond		BOA		Sell		1.000		6/20/26		USD	7,000		849,356			(335,996	)		513,360
Hellenic Republic Government Bond		BOA		Sell		1.000		6/20/24		USD	3,500		286,767			(65,348	)		221,419
Intesa Sanpaolo S.p.A.		JPM		Sell		5.000		12/20/22		EUR 35,000			(5,717,660	)		5,826,301			108,641
iTraxx Europe Crossover Series 24 Version 1		JPM		Sell		5.000		12/20/20		EUR	7,100		(513,179	)		305,970			(207,209	)

70        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Credit Default Swaps (Continued)
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)			Premiums Received/(Paid)			Value		Unrealized Appreciation/ (Depreciation)
Lloyds Banking Group plc		JPM		Buy		1.000%		6/20/24		EUR	1,750	$	(76,780	)	$	13,284	$	(63,496	)
Oriental Republic of Uruguay		BOA		Sell		1.000		12/20/21		USD	7,501		135,567			56,432		191,999
Royal Bank Of Scotland Group plc		JPM		Buy		1.000		6/20/24		EUR	1,750		(88,150	)		19,777		(68,373	)
TotalOver-the-Counter Credit Default Swaps												$	2,587,487		$	3,678,612	$	6,266,099

Centrally Cleared Interest Rate Swaps at October 31, 2019
Counterparty	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)			Value			Unrealized Appreciation/ (Depreciation)
BAC		Receive		Six-Month EUR EURIBOR		1.123%		3/8/28		EUR 5,775		—			(719,580	)		(719,580	)
BOA		Pay		BZDIOVRA		6.630		1/2/25		BRL 39,200		—			294,563			294,563
BOA		Receive		BBSW6M		1.655		7/16/29		AUD 26,000		—			(659,342	)		(659,342	)
CITNA-B		Pay		COOVIBR		5.200		8/1/29		COP 30,347,000		—			(93,986	)		(93,986	)
CITNA-B		Pay		COOVIBR		5.220		8/12/29		COP 14,450,000		—			(40,439	)		(40,439	)
CITNA-B		Pay		COOVIBR		5.560		8/26/26		COP 29,197,000		—			305,823			305,823
CITNA-B		Receive		Three-Month USD BBA LIBOR		1.535		1/3/30		USD 56,245		—			322,599			322,599
CITNA-B		Receive		Three-Month USD BBA LIBOR		1.475		1/7/30		USD 56,035		—			630,444			630,444
CITNA-B		Pay		Three-Month USD BBA LIBOR		1.395		1/7/22		USD 267,610		—			(564,638	)		(564,638	)
CITNA-B		Pay		Three-Month USD BBA LIBOR		1.476		1/3/22		USD 267,505		—			(155,105	)		(155,105	)
CITNA-B		Pay		CDOR03		1.803		10/1/21		CAD 117,950		(1,637	)		(24,240	)		(25,877	)
CITNA-B		Pay		CDOR03		1.848		10/11/21		CAD 350,000		—			291,033			291,033
CITNA-B		Pay		CDOR03		1.840		10/11/21		CAD 350,000		—			271,627			271,627
CITNA-B		Receive		Three-Month USD BBA LIBOR		1.693		1/17/30		USD 56,500		—			(496,992	)		(496,992	)
CITNA-B		Pay		CDOR03		1.880		10/17/21		CAD 505,500		—			445,900			445,900
CITNA-B		Pay		Six-Month HUF BUBOR		2.205		3/8/28		HUF 1,925,000		—			690,567			690,567
CITNA-B		Pay		CDOR03		1.917		10/24/29		CAD 106,500		—			630,799			630,799
CITNA-B		Receive		CDOR03		1.740		10/1/29		CAD 24,850		473			166,899			167,372
CITNA-B		Pay		CDOR03		1.953		10/25/29		CAD 54,375		—			457,466			457,466
DEU		Pay		MXN TIIE BANXICO		7.340		7/24/29		MXN 92,200		—			256,260			256,260
DEU		Pay		Three-Month ZAR JIBAR SAFEX		7.675		2/21/22		ZAR 73,535		—			105,182			105,182
DEU		Pay		MXN TIIE BANXICO		8.120		5/5/21		MXN 1,131,020		—			1,309,257			1,309,257

71        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Centrally Cleared Interest Rate Swaps (Continued)
Counterparty	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
DEU		Pay		MXN TIIE BANXICO		8.525%		1/15/24		MXN 169,550	$	—	$	734,044		$	734,044
DEU		Pay		JIBA3M		8.420		8/29/28		ZAR 156,300		—		543,768			543,768
GSCOI		Receive		CPURNSA		1.873		7/25/24		USD 122,000		—		(1,887,536	)		(1,887,536	)
GSCOI		Receive		CPURNSA		1.869		7/22/24		USD 113,000		—		(1,567,161	)		(1,567,161	)
GSCOI		Pay		MXN TIIE BANXICO		8.620		12/26/28		MXN 86,300		—		651,653			651,653
GSCOI		Pay		MXN TIIE BANXICO		7.845		12/7/23		MXN 333,700		—		976,950			976,950
GSCOI		Pay		BZDI		6.825		1/4/21		BRL 32,300		—		223,956			223,956
GSCOI		Receive		WIBR6M		2.095		5/30/24		PLN 35,000		—		(154,565	)		(154,565	)
GSCOI		Receive		CPURNSA		1.883		7/19/24		USD 113,000		—		(1,807,399	)		(1,807,399	)
GSCOI		Pay		MXN TIIE BANXICO		7.200		7/27/22		MXN 443,400		—		501,761			501,761
GSCOI		Receive		Three-Month USD BBA LIBOR		1.666		8/7/29		USD 3,760		—		(19,652	)		(19,652	)
HSBC		Pay		MXN TIIE BANXICO		7.210		7/17/24		MXN 316,295		—		604,406			604,406
JPM		Pay		MXN TIIE BANXICO		6.765		10/11/29		MXN 97,500		—		48,447			48,447
JPM		Pay		COOVIBR		4.890		10/17/20		COP 113,100,000		—		211,463			211,463
JPM		Pay		MXN TIIE BANXICO		8.750		10/29/20		MXN 1,561,000		—		1,472,822			1,472,822
JPM		Pay		Three-Month ZAR JIBAR SAFEX		7.930		11/27/22		ZAR 45,000		—		96,266			96,266
JPM		Receive		MXN TIIE BANXICO		6.975		10/22/20		MXN 740,625		—		(17,064	)		(17,064	)
JPM		Pay		MXN TIIE BANXICO		6.520		9/29/22		MXN 252,000		—		69,473			69,473
JPM		Pay		MXN TIIE BANXICO		6.710		9/23/21		MXN 358,750		—		74,410			74,410
JPM		Receive		Three-Month USD BBA LIBOR		1.747		11/14/49		USD 29,500		—		261,317			261,317
JPM		Pay		Three-Month USD BBA LIBOR		1.460		11/14/21		USD 357,000		—		(587,643	)		(587,643	)
JPM		Pay		MXN TIIE BANXICO		7.810		12/7/23		MXN 403,200		—		1,153,148			1,153,148
JPM		Pay		BZDIOVRA		6.528		1/2/24		BRL 45,400		—		331,321			331,321
JPM		Pay		BZDIOVRA		7.060		7/1/22		BRL 1,067,100		—		1,031,587			1,031,587
JPM		Pay		BZDI		2.280		1/4/27		BRL 106,000		—		3,073,294			3,073,294
JPM		Pay		MXN TIIE BANXICO		6.395		10/21/24		MXN 825,000		—		125,121			125,121
MSCO		Receive		CPURNSA		1.856		7/30/24		USD 153,750		—		(2,034,011	)		(2,034,011	)
SIB		Pay		BZDI		8.415		1/2/25		BRL 95,000		—		2,327,032			2,327,032
SIB		Pay		MXN TIIE BANXICO		7.880		6/9/22		MXN 382,300		—		739,047			739,047
Total Centrally Cleared Interest Rate Swaps												$     (1,164)	$	10,600,352		$	10,599,188

72        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Interest Rate Swaps at October 31, 2019
Counterparty	Pay/Receive Floating Rate		Floating Rate	Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
BOA		Pay	Six-Month INR FBIL MIBOR OIS Compound		6.330%		1/31/22		INR 590,000	$	—	$	261,568		$	261,568
BOA		Receive	Six-Month INR FBIL MIBOR OIS Compound		5.740		5/16/21		INR 2,643,000		—		(437,249	)		(437,249	)
BOA		Receive	INR FBIL MIBOR OIS Compound		5.670		5/27/21		INR 2,600,000		—		(343,955	)		(343,955	)
GSCOI		Pay	MOSKP3		8.270		5/23/24		RUB 230,000		—		299,264			299,264
GSCOI		Pay	MOSKP3		8.360		6/24/29		RUB 301,575		—		584,116			584,116
GSCOI		Pay	MOSKP3		6.580		10/25/21		RUB 6,510,000		—		(24,858	)		(24,858	)
SCB		Receive	Six-Month INR FBIL MIBOR OIS Compound		6.438		1/10/24		INR 600,000		—		(477,739	)		(477,739	)
TotalOver-the-Counter Interest Rate Swaps										$	—	$	(138,853	)	$	(138,853	)

Over-the-Counter Credit Default Swaptions Written at October 31, 2019
Description	Counterparty		Buy/Sell Protection		Reference Asset	Fixed Rate		Expiration Date		Notional Amount (000’s)			Premiums Received		Value
Credit Default Swap maturing 6/20/24 Put		JPM		Buy	iTraxx Europe Crossover Series 31 Version 1		5.000%		12/18/19		EUR	105,000	$	1,045,028	$	(546,672	)
Credit Default Swap maturing 6/20/24 Call		JPM		Sell	iTraxx Europe Crossover Series 31 Version 1		5.000		12/18/19		EUR	105,000		638,628		(51,787	)
Credit Default Swap maturing 6/20/24 Call		JPM		Sell	iTraxx Europe Crossover Series 31 Version 1		5.000		12/18/19		EUR	105,000		197,394		(1,641	)
Credit Default Swap maturing 6/20/24 Put		JPM		Buy	CDX. NA.HY.33. V1		5.000		11/20/19		USD	99,389		337,923		(59,122	)
Credit Default Swap maturing 6/20/24 Put		JPM		Buy	CDX. NA.HY.33. V1		5.000		12/18/19		USD	75,000		262,500		(207,305	)
Credit Default Swap maturing 6/20/24 Put		JPM		Buy	CDX. NA.HY.33. V1		5.000		12/18/19		USD	112,500		483,750		(390,558	)

73        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Over-the-Counter Credit Default Swaptions Written (Continued)
Description	Counterparty		Buy/Sell Protection		Reference Asset	Fixed Rate		Expiration Date		Notional Amount (000’s)			Premiums Received		Value
Credit Default Swap maturing 1/15/20 Put		CITNA-B		Sell	Markit CDX North America High Yield Index, Series 33, Version 1		5.0%		1/15/20		USD	51,000	$	169,575	$	(193,194	)
TotalOver-the-Counter Credit Default Swaptions Written													$	3,134,798	$	(1,450,279	)

Over-the-Counter Interest Rate Swaptions Written at October 31, 2019
Description	Counterparty		Pay/Receive Floating Rate		Floating Rate	Fixed Rate		Expiration Date		Notional Amount (000’s)			Premiums Received		Value
Interest Rate Swap maturing 4/24/20 Call		BOA		Pay	Three- Month USD BBA LIBOR		1.%		4/24/20		USD	112,500	$	607,725	$	(738,838	)
Interest Rate Swap maturing 4/24/20 Put		BOA		Receive	Three- Month USD BBA LIBOR		1.725		4/24/20		USD	112,500		607,725		(404,110	)
Interest Rate Swap maturing 4/24/20 Call		JPM		Pay	Three- Month USD BBA LIBOR		1.340		4/24/20		USD	450,000		2,520,000		(3,073,991	)
Interest Rate Swap maturing 4/24/20 Put		JPM		Receive	Three- Month USD BBA LIBOR		1.661		4/24/20		USD	337,500		837,000		(611,442	)
Interest Rate Swap maturing 4/24/20 Put		JPM		Receive	Three- Month USD BBA LIBOR		1.740		4/24/20		USD	450,000		2,295,000		(1,530,450	)
Interest Rate Swap maturing 4/24/20 Call		JPM		Pay	Three- Month USD BBA LIBOR		1.361		4/24/20		USD	337,500		833,625		(986,057	)
Interest Rate Swap maturing 4/24/20 Put		MSCO		Receive	Three- Month USD BBA LIBOR		1.667		4/24/20		USD	225,000		558,000		(398,684	)
Interest Rate Swap maturing 4/24/20 Call		MSCO		Pay	Three- Month USD BBA LIBOR		1.368		4/24/20		USD	225,000		558,000		(667,431	)
Interest Rate Swap maturing 6/15/20 Put		GSCOI		Receive	Three- Month RUB MOSPRIME NFEA		8.080		6/15/20		RUB	582,700		181,226		(75,499	)

74        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Interest Rate Swaptions Written (Continued)
Description	Counterparty		Pay/Receive Floating Rate		Floating Rate	Fixed Rate		Expiration Date		Notional Amount (000’s)			Premiums Received		Value
Interest Rate Swap maturing 1/9/20 Call		GSCOI		Pay	Three- Month USD BBA LIBOR		1.600%		1/9/20		USD	232,500	$	1,243,875	$	(2,232,535	)
Interest Rate Swap maturing 11/14/19 Put		JPM		Receive	Three- Month USD BBA LIBOR		1.630		11/14/19		USD	222,000		670,189		(77,922	)
Interest Rate Swap maturing 8/17/20 Put		MSCO		Receive	Three- Month USD BBA LIBOR		1.530		8/17/20		USD	520,000		1,908,065		(1,829,214	)
Interest Rate Swap maturing 3/27/20 Call		MSCO		Pay	Six- Month EUR EURIBOR		0.000		3/27/20		EUR	43,500		414,117		(68,596	)
TotalOver-the-Counter Interest Rate Swaptions Written													$	13,234,547	$	(12,694,769	)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BNP	BNP Paribas
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MSCO	Morgan Stanley Capital Services, Inc.
RBC	RBC Dominion Securities
SCB	Standard Chartered Bank
SIB	Banco Santander SA
Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
COP	Colombian Peso
EGP	Egyptian Pounds
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won

75        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Currency abbreviations indicate amounts reporting in currencies (Continued)
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
TRY	New Turkish Lira
ZAR	South African Rand
Definitions
BA CDOR	Canada Bankers Acceptances Deposit Offering Rate
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BBSW6M	ASX Australian Bank Bill Short Term Rate 6 Month Mid
BP0003M	ICE LIBOR GBP 3 Month
BTP	Italian Treasury Bonds
BUBOR	Budapest Interbank Offered Rate
BUXL	German Federal Obligation
BZDI	Brazil Interbank Deposit Rate
BZDIOVRA	Brazil Ceptip DI Interbank Deposit Rate
CD	Certificate of Deposit
CDOR03	Canada Bankers Acceptance 3 Months
CDX.EM.31	Markit CDX Emerging Markets Index
CDX.NA.HY.33	Markit CDX North American High Yield
COOVIBR	Colombia IBR Overnight Nominal Interbank Reference Rate
CPURNSA	US Consumer Price Index Urban Consumers
EUR003M	EURIBOR 3 Month ACT/360
EURIBOR	Euro Interbank Offered Rate
EUSA5	EUR Swap Annual 5 Year
EUSA11	EUR Swap Annual 11 Year
FBIL	Financial Benchmarks India Private Ltd.
GDR	Global Depositary Receipts
GUKG5	UK Government Bonds 5 Year Note Generic Bid Yield
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
iTraxx Europe
Crossover Series 24
Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
iTraxx Europe
Crossover Series 28 Credit Default Swap Trading Index for a Specific Basket of Securities
iTraxx Europe
Crossover Series 31
Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
JIBA3M	South Africa Johannesburg Interbank Agreed Rate 3 Month
JIBAR SAFEX	South Africa Johannesburg Interbank Agreed Rate/Futures Exchange

76        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Definitions (Continued)
LIBOR01M	ICE LIBOR USD 1 Month
LIBOR4	London Interbank Offered Rate-Quarterly
LIBOR6	London Interbank OfferedRate-Bi-Monthly
LIBOR12	London Interbank Offered Rate-Monthly
MIBOR	Mumbai Interbank Offered Rate
MOSKP3	National Finance Assoc. Moscow Prime Offered 3 Month Rate
MOSPRIME NFEA	Moscow Prime Offered Rate
MSCI	Morgan Stanley Capital International
OIS	Overnight Index Swap
PRIME4	United States Prime Rate-Quarterly
S&P	Standard & Poor’s
SONIA3M	Sterling Overnight Index Average
TIIE	Interbank Equilibrium Interest Rate
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month
USISDA05	USD ICE Swap Rate 11:00am NY 5 Year
USSW5	USD Swap Semi 30/360 5 Year
WIBR6M	GBP Benchmark WIBOR PLN 6 month

See accompanying Notes to Consolidated Financial Statements.

77        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSSeptember 30, 2019

	Principal Amount		Value
Asset-Backed Securities—5.0%
American Credit Acceptance Receivables Trust:
Series2017-4, Cl. C, 2.94%, 1/10/241	$	988,051	$	989,825
Series2017-4, Cl. D, 3.57%, 1/10/241		1,747,000		1,769,607
Series2018-3, Cl. D, 4.14%, 10/15/241		690,000		707,123
Series2019-2, Cl. D, 3.41%, 6/12/251		3,925,000		3,984,265
Series2019-3, Cl. C, 2.76%, 9/12/251		4,270,000		4,297,092
AmeriCredit Automobile Receivables Trust:
Series2017-2, Cl. D, 3.42%, 4/18/23		2,270,000		2,316,451
Series2017-4, Cl. D, 3.08%, 12/18/23		985,000		1,004,480
Series2019-2, Cl. C, 2.74%, 4/18/25		2,705,000		2,732,458
Series2019-2, Cl. D, 2.99%, 6/18/25		7,510,000		7,640,301
Series2019-3, Cl. D, 2.58%, 9/18/25		3,605,000		3,615,120
Capital Auto Receivables Asset Trust, Series2017-1, Cl. D, 3.15%, 2/20/251		290,000		294,012
CarMax Auto Owner Trust:
Series2015-3, Cl. D, 3.27%, 3/15/22		1,805,000		1,807,133
Series2016-1, Cl. D, 3.11%, 8/15/22		1,370,000		1,373,294
Series2017-1, Cl. D, 3.43%, 7/17/23		1,775,000		1,800,025
Series2017-4, Cl. D, 3.30%, 5/15/24		750,000		761,120
Series2018-1, Cl. D, 3.37%, 7/15/24		510,000		519,030
Series2019-3, Cl. D, 2.85%, 1/15/26		2,285,000		2,308,484
CCG Receivables Trust:
Series2017-1, Cl. B, 2.75%, 11/14/231		1,725,000		1,727,463
Series2018-1, Cl. B, 3.09%, 6/16/251		615,000		621,716
Series2018-1, Cl. C, 3.42%, 6/16/251		175,000		177,469
Series2019-1, Cl. B, 3.22%, 9/14/261		335,000		343,858
Series2019-1, Cl. C, 3.57%, 9/14/261		80,000		81,942
CIG Auto Receivables Trust, Series2017-1A, Cl. A, 2.71%, 5/15/231		194,240		194,458
CNH Equipment Trust, Series2017-C, Cl. B, 2.54%, 5/15/25		495,000		500,835
CPS Auto Receivables Trust, Series2018-A, Cl. B, 2.77%, 4/18/221		975,000		976,706
CPS Auto Trust, Series2017-A, Cl. B, 2.68%, 5/17/211		19,287		19,288
Credit Acceptance Auto Loan Trust:
Series2017-3A, Cl. C, 3.48%, 10/15/261		1,505,000		1,528,660
Series2018-1A, Cl. B, 3.60%, 4/15/271		2,520,000		2,573,739
Series2018-1A, Cl. C, 3.77%, 6/15/271		2,535,000		2,591,408
Series2019-1A, Cl. B, 3.75%, 4/17/281		200,000		207,080
Series2019-1A, Cl. C, 3.94%, 6/15/281		1,240,000		1,286,142
CWHEQ Revolving Home Equity Loan Trust:
Series2005-G, Cl. 2A, 2.258% [US0001M+23], 12/15/352		44,835		44,259
Series2006-H, Cl. 2A1A, 2.178% [US0001M+15], 11/15/362		42,923		34,157
Dell Equipment Finance Trust:
Series2017-2, Cl. B, 2.47%, 10/24/221		500,000		500,675
Series2019-1, Cl. C, 3.14%, 3/22/241		650,000		661,130
Drive Auto Receivables Trust:
Series2018-1, Cl. D, 3.81%, 5/15/24		1,000,000		1,018,596
Series2018-3, Cl. D, 4.30%, 9/16/24		440,000		452,365
Series2019-3, Cl. C, 2.90%, 8/15/25		5,145,000		5,197,711

78        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Asset-Backed Securities (Continued)
Drive Auto Receivables Trust: (Continued)
Series2019-3, Cl. D, 3.18%, 10/15/26		$	5,820,000	$	5,924,846
DT Auto Owner Trust:
Series2016-4A, Cl. E, 6.49%, 9/15/231			555,000		572,306
Series2017-1A, Cl. D, 3.55%, 11/15/221			1,120,000		1,127,581
Series2017-1A, Cl. E, 5.79%, 2/15/241			1,160,000		1,205,338
Series2017-2A, Cl. D, 3.89%, 1/15/231			1,330,000		1,340,477
Series2017-3A, Cl. E, 5.60%, 8/15/241			3,105,000		3,240,129
Series2017-4A, Cl. D, 3.47%, 7/17/231			1,410,000		1,420,846
Series2017-4A, Cl. E, 5.15%, 11/15/241			4,525,000		4,675,493
Series2019-2A, Cl. D, 3.48%, 2/18/251			655,000		669,820
Series2019-3A, Cl. D, 2.96%, 4/15/251			1,995,000		2,009,673
Element Rail Leasing I LLC, Series2014-1A, Cl. A1, 2.299%, 4/19/441			298,770		298,810
Exeter Automobile Receivables Trust:
Series2018-1A, Cl. B, 2.75%, 4/15/221			617,465		617,926
Series2019-1A, Cl. D, 4.13%, 12/16/241			5,000,000		5,196,454
Series2019-2A, Cl. C, 3.30%, 3/15/241			9,023,000		9,184,387
Flagship Credit Auto Trust, Series2016-1, Cl. C, 6.22%, 6/15/221			2,725,000		2,816,122
GLS Auto Receivables Trust, Series2018-1A, Cl. A, 2.82%, 7/15/221			934,763		937,443
GM Financial Automobile Leasing Trust, Series2017-3, Cl. C, 2.73%, 9/20/21			850,000		850,946
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 2.118% [US0001M+10], 8/25/362			3,650,039		1,729,483
Navistar Financial Dealer Note Master Owner Trust II:
Series2019-1, Cl. C, 2.968% [US0001M+95], 5/25/241,2			605,000		605,823
Series2019-1, Cl. D, 3.468% [US0001M+145], 5/25/241,2			580,000		579,869
Prestige Auto Receivables Trust, Series2019-1A, Cl. C, 2.70%, 10/15/241			3,250,000		3,282,619
Prosil Acquisition SA SER 1 CL A V/R, 1.622%, 10/31/393	EUR		6,980,000		7,558,617
Santander Drive Auto Receivables Trust:
Series2017-1, Cl. E, 5.05%, 7/15/241			2,460,000		2,536,502
Series2017-3, Cl. D, 3.20%, 11/15/23			2,030,000		2,056,120
Series2018-1, Cl. D, 3.32%, 3/15/24			750,000		759,649
Series2018-2, Cl. D, 3.88%, 2/15/24			370,000		376,924
Series2019-2, Cl. D, 3.22%, 7/15/25			380,000		387,857
Series2019-3, Cl. D, 2.68%, 10/15/25			4,445,000		4,466,932
Santander Retail Auto Lease Trust:
Series2019-A, Cl. C, 3.30%, 5/22/231			6,210,000		6,337,757
Series2019-B, Cl. C, 2.77%, 8/21/231			3,250,000		3,270,789
SLM Student Loan Trust, Series2004-5X, Cl. A6, 0.027% [EUR003M+40], 10/25/391,2	EUR		24,210,543		25,749,644
United Auto Credit Securitization Trust:
Series2018-1, Cl. C, 3.05%, 9/10/211			803,420		803,879
Series2019-1, Cl. C, 3.16%, 8/12/241			290,000		291,685
Veros Automobile Receivables Trust, Series2017-1, Cl. A, 2.84%, 4/17/231			43,218		43,215

79        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Asset-Backed Securities (Continued)
Westlake Automobile Receivables Trust:
Series2017-2A, Cl. E, 4.63%, 7/15/241	$	1,845,000	$	1,884,994
Series2018-1A, Cl. D, 3.41%, 5/15/231		2,075,000		2,096,638
Series2019-2A, Cl. C, 2.84%, 7/15/241		5,770,000		5,820,674
Total Asset-Backed Securities (Cost $172,604,830)				171,387,744
Mortgage-Backed Obligations—23.2%
Agency—14.2%
U.S. Agency Securities—14.2%
Chase Funding Trust, Series2003-2, Cl. 2A2, 2.578% [US0001M+56], 2/25/332		15,989		15,687
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34		362,858		397,143
5.50%, 9/1/39		764,870		859,608
6.00%,10/1/22-7/1/24		219,790		242,964
6.50%,2/1/22-6/1/35		327,511		368,612
7.00%,8/1/21-3/1/35		469,219		528,662
7.50%,1/1/32-2/1/32		970,772		1,123,000
8.50%, 8/1/31		31,929		36,679
10.00%, 5/1/20		37		37
Federal Home Loan Mortgage Corp. Non Gold Pool, 10.50%, 5/1/20		1,036		1,041
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 99.407%, 4/1/274		79,964		12,610
Series 192, Cl. IO, 99.999%, 2/1/284		33,119		5,001
Series 205, Cl. IO, 70.616%, 9/1/294		206,872		39,585
Series 206, Cl. IO, 0.00%, 12/15/294,5		95,331		19,497
Series 207, Cl. IO, 0.00%, 4/1/304,5		81,472		15,850
Series 214, Cl. IO, 0.00%, 6/1/314,5		62,461		12,155
Series 243, Cl. 6, 18.787%, 12/15/324		181,517		30,310
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series K734, Cl. X1, 0.00%, 2/25/264,5		4,063,565		147,509
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360, Cl. PZ, 7.50%, 9/15/22		514,769		541,808
Series 151, Cl. F, 9.00%, 5/15/21		76		76
Series 1590, Cl. IA, 3.078% [LIBOR01M+105], 10/15/232		363,453		368,612
Series 1674, Cl. Z, 6.75%, 2/15/24		15,980		16,990
Series 2034, Cl. Z, 6.50%, 2/15/28		4,767		5,268
Series 2042, Cl. N, 6.50%, 3/15/28		5,141		5,645
Series 2043, Cl. ZP, 6.50%, 4/15/28		547,057		614,353
Series 2053, Cl. Z, 6.50%, 4/15/28		4,324		4,874
Series 2116, Cl. ZA, 6.00%, 1/15/29		269,460		300,319
Series 2122, Cl. F, 2.478% [LIBOR01M+45], 2/15/292		14,170		13,829
Series 2279, Cl. PK, 6.50%, 1/15/31		8,616		9,595
Series 2326, Cl. ZP, 6.50%, 6/15/31		67,218		75,036
Series 2344, Cl. FP, 2.978% [LIBOR01M+95], 8/15/312		189,608		194,292
Series 2368, Cl. PR, 6.50%, 10/15/31		10,032		11,467
Series 2401, Cl. FA, 2.678% [LIBOR01M+65], 7/15/292		22,620		22,867
Series 2412, Cl. GF, 2.978% [LIBOR01M+95], 2/15/322		222,138		227,749

80        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2427, Cl. ZM, 6.50%, 3/15/32	$	366,119	$	410,188
Series 2451, Cl. FD, 3.028% [LIBOR01M+100], 3/15/322		108,859		111,808
Series 2461, Cl. PZ, 6.50%, 6/15/32		42,287		47,631
Series 2464, Cl. FI, 3.028% [LIBOR01M+100], 2/15/322		105,497		108,374
Series 2470, Cl. AF, 3.028% [LIBOR01M+100], 3/15/322		175,635		180,392
Series 2470, Cl. LF, 3.028% [LIBOR01M+100], 2/15/322		107,894		110,836
Series 2475, Cl. FB, 3.028% [LIBOR01M+100], 2/15/322		147,768		151,797
Series 2517, Cl. GF, 3.028% [LIBOR01M+100], 2/15/322		89,209		91,641
Series 2551, Cl. LF, 2.528% [LIBOR01M+50], 1/15/332		13,183		13,282
Series 2635, Cl. AG, 3.50%, 5/15/32		143,939		149,108
Series 2676, Cl. KY, 5.00%, 9/15/23		179,404		186,296
Series 3025, Cl. SJ, 17.316%[-3.67 x LIBOR01M+2,475], 8/15/352		225,614		314,965
Series 3857, Cl. GL, 3.00%, 5/15/40		7,676		7,801
Series 3917, Cl. BA, 4.00%, 6/15/38		200,651		212,218
Series 4221, Cl. HJ, 1.50%, 7/15/23		284,350		281,882
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2035, Cl. PE, 67.688%, 3/15/284		11,400		1,949
Series 2049, Cl. PL, 99.999%, 4/15/284		62,948		11,129
Series 2074, Cl. S, 99.999%, 7/17/284		41,047		3,864
Series 2079, Cl. S, 99.999%, 7/17/284		78,959		8,969
Series 2177, Cl. SB, 99.999%, 8/15/294		60,161		11,072
Series 2526, Cl. SE, 70.01%, 6/15/294		109,400		19,217
Series 2682, Cl. TQ, 99.999%, 10/15/334		467,697		82,221
Series 2795, Cl. SH, 67.284%, 3/15/244		568,387		42,616
Series 2920, Cl. S, 99.999%, 1/15/354		807,762		145,912
Series 2981, Cl. BS, 99.999%, 5/15/354		963,062		179,127
Series 3004, Cl. SB, 99.999%, 7/15/354		1,128,697		136,705
Series 3397, Cl. GS, 7.486%, 12/15/374		264,004		58,212
Series 3424, Cl. EI, 0.00%, 4/15/384,5		84,091		10,533
Series 3450, Cl. BI, 17.338%, 5/15/384		411,252		79,232
Series 3606, Cl. SN, 15.901%, 12/15/394		199,438		32,988
Federal National Mortgage Assn. Grantor Trust, Interest-Only Stripped Mtg.-Backed Security:
Series2001-T10, Cl. IO, 99.999%, 12/25/414		22,955,727		263,123
Series2001-T3, Cl. IO, 99.999%, 11/25/404		4,331,848		46,003
Federal National Mortgage Assn. Pool:
4.50%, 12/1/20		13,482		13,888
5.00%,3/1/21-12/1/21		2,932		3,025
5.50%,1/1/22-5/1/36		322,642		358,667
6.50%,12/1/29-1/1/34		1,786,425		2,000,130
7.00%,9/1/21-4/1/34		2,928,576		3,366,037
7.50%,2/1/27-3/1/33		1,521,435		1,766,653
8.50%, 7/1/32		4,867		4,918
9.50%, 3/15/21		1,861		1,880
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 221, Cl. 2, 99.999%, 5/25/234		58,604		5,532

81        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 247, Cl. 2, 99.999%, 10/25/234	$	29,575	$	2,898
Series 252, Cl. 2, 99.999%, 11/25/234		7,034		717
Series 254, Cl. 2, 99.999%, 1/25/244		23,227		2,521
Series 301, Cl. 2, 23.596%, 4/25/294		94,260		17,093
Series 303, Cl. IO, 99.999%, 11/25/294		100,587		21,562
Series 313, Cl. 2, 99.999%, 6/25/314		820,221		157,887
Series 319, Cl. 2, 15.659%, 2/25/324		281,833		53,261
Series 321, Cl. 2, 35.215%, 4/25/324		512,399		97,378
Series 324, Cl. 2, 99.999%, 7/25/324		209,592		39,016
Series 328, Cl. 2, 0.00%, 12/25/324,5		182,434		35,141
Series 331, Cl. 5, 99.999%, 2/25/334		429,513		73,009
Series 332, Cl. 2, 0.00%, 3/25/334,5		844,526		159,244
Series 334, Cl. 10, 14.446%, 2/25/334		347,717		67,182
Series 334, Cl. 12, 99.999%, 3/25/334		504,829		94,152
Series 339, Cl. 7, 0.00%, 11/25/334,5		1,030,806		190,446
Series 345, Cl. 9, 0.00%, 1/25/344,5		305,691		53,256
Series 351, Cl. 10, 0.00%, 4/25/344,5		129,379		23,442
Series 351, Cl. 8, 0.00%, 4/25/344,5		236,287		43,401
Series 356, Cl. 10, 0.00%, 6/25/354,5		167,844		27,496
Series 356, Cl. 12, 0.00%, 2/25/354,5		81,557		13,897
Series 362, Cl. 13, 0.00%, 8/25/354,5		11,754		2,245
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series1996-35, Cl. Z, 7.00%, 7/25/26		22,631		24,811
Series1997-45, Cl. CD, 8.00%, 7/18/27		263,953		303,280
Series1998-58, Cl. PC, 6.50%, 10/25/28		154,308		171,689
Series1999-14, Cl. MB, 6.50%, 4/25/29		7,565		8,295
Series1999-54, Cl. LH, 6.50%, 11/25/29		286,093		318,249
Series2001-19, Cl. Z, 6.00%, 5/25/31		117,055		129,756
Series2001-65, Cl. F, 2.618% [LIBOR01M+60], 11/25/312		208,235		210,536
Series2001-80, Cl. ZB, 6.00%, 1/25/32		226,047		252,595
Series2002-21, Cl. PE, 6.50%, 4/25/32		278,206		317,869
Series2002-29, Cl. F, 3.018% [LIBOR01M+100], 4/25/322		114,354		117,486
Series2002-64, Cl. FJ, 3.018% [LIBOR01M+100], 4/25/322		35,148		36,110
Series2002-68, Cl. FH, 2.541% [LIBOR01M+50], 10/18/322		73,337		73,867
Series2002-81, Cl. FM, 2.518% [LIBOR01M+50], 12/25/322		134,901		133,901
Series2002-84, Cl. FB, 3.018% [LIBOR01M+100], 12/25/322		22,407		23,018
Series2003-11, Cl. FA, 3.018% [LIBOR01M+100], 9/25/322		30,577		31,411
Series2003-116, Cl. FA, 2.418% [LIBOR01M+40], 11/25/332		75,028		74,229
Series2005-31, Cl. PB, 5.50%, 4/25/35		2,865,000		3,215,605
Series2005-71, Cl. DB, 4.50%, 8/25/25		393,602		402,306
Series2006-11, Cl. PS, 17.166%[-3.67 x LIBOR01M+2,456.67], 3/25/362		253,613		386,664
Series2006-46, Cl. SW, 16.799%[-3.67 x LIBOR01M+2,419.92], 6/25/362		313,989		470,067
Series2008-75, Cl. DB, 4.50%, 9/25/23		1		1
Series2009-113, Cl. DB, 3.00%, 12/25/20		4,213		4,205
Series2009-36, Cl. FA, 2.958% [LIBOR01M+94], 6/25/372		123,426		126,548
Series2010-43, Cl. KG, 3.00%, 1/25/21		3,642		3,644

82        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series2011-122, Cl. EC, 1.50%, 1/25/20	$	1,341	$	1,338
Series2011-15, Cl. DA, 4.00%, 3/25/41		137,819		144,025
Series2011-3, Cl. EL, 3.00%, 5/25/20		1,794		1,791
Series2011-3, Cl. KA, 5.00%, 4/25/40		463,680		486,604
Series2011-6, Cl. BA, 2.75%, 6/25/20		1,427		1,429
Series2011-82, Cl. AD, 4.00%, 8/25/26		20,465		20,541
Series2012-20, Cl. FD, 2.418% [LIBOR01M+40], 3/25/422		781,428		782,632
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest- Only Stripped Mtg.-Backed Security:
Series2001-61, Cl. SH, 53.903%, 11/18/314		236,357		43,697
Series2001-63, Cl. SD, 42.842%, 12/18/314		6,485		1,069
Series2001-68, Cl. SC, 99.999%, 11/25/314		4,878		931
Series2001-81, Cl. S, 61.36%, 1/25/324		62,700		11,159
Series2002-28, Cl. SA, 48.356%, 4/25/324		57,387		10,485
Series2002-38, Cl. SO, 99.999%, 4/25/324		71,450		12,523
Series2002-39, Cl. SD, 70.946%, 3/18/324		111,165		23,073
Series2002-48, Cl. S, 54.182%, 7/25/324		83,875		16,200
Series2002-52, Cl. SL, 44.332%, 9/25/324		54,709		10,316
Series2002-53, Cl. SK, 86.528%, 4/25/324		69,295		14,679
Series2002-56, Cl. SN, 55.399%, 7/25/324		115,031		22,220
Series2002-65, Cl. SC, 62.99%, 6/25/264		190,195		26,184
Series2002-77, Cl. IS, 69.402%, 12/18/324		121,729		24,603
Series2002-77, Cl. SH, 49.093%, 12/18/324		82,410		14,254
Series2002-89, Cl. S, 99.999%, 1/25/334		588,083		126,788
Series2002-9, Cl. MS, 45.621%, 3/25/324		92,981		18,611
Series2003-13, Cl. IO, 64.259%, 3/25/334		515,739		112,048
Series2003-26, Cl. DI, 58.226%, 4/25/334		299,156		73,630
Series2003-26, Cl. IK, 66.279%, 4/25/334		52,426		12,170
Series2003-33, Cl. SP, 99.999%, 5/25/334		277,157		60,860
Series2003-4, Cl. S, 31.91%, 2/25/334		131,515		27,842
Series2003-46, Cl. IH, 0.00%, 6/25/234,5		29,249		2,045
Series2004-56, Cl. SE, 15.958%, 10/25/334		301,841		59,816
Series2005-14, Cl. SE, 49.983%, 3/25/354		192,752		30,005
Series2005-40, Cl. SA, 99.999%, 5/25/354		1,128,021		199,756
Series2005-40, Cl. SB, 99.999%, 5/25/354		506,112		70,681
Series2005-52, Cl. JH, 32.172%, 5/25/354		609,748		89,241
Series2006-90, Cl. SX, 99.999%, 9/25/364		1,241,991		247,902
Series2007-88, Cl. XI, 0.00%, 6/25/374,5		1,695,438		355,904
Series2008-55, Cl. SA, 0.00%, 7/25/384,5		64,379		7,258
Series2009-8, Cl. BS, 0.00%, 2/25/244,5		2,613		156
Series2010-95, Cl. DI, 0.00%, 11/25/204,5		4,833		65
Series2011-96, Cl. SA, 8.869%, 10/25/414		304,805		53,781
Series2012-134, Cl. SA, 0.448%, 12/25/424		984,027		179,369
Series2012-40, Cl. PI, 24.78%, 4/25/414		2,353,001		229,126
Federal National Mortgage Assn., Stripped Mtg.-Backed Security, Series 302, Cl. 2, 6.00%, 5/1/29		2,586		415

83        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal National Mortgage Assn., TBA:
2.50%, 10/1/486	$	10,185,000	$	10,273,522
3.00%,10/1/34-10/1/486		50,045,000		50,873,073
3.50%, 10/1/496		94,460,000		96,921,125
4.50%, 10/1/496		193,530,000		203,675,477
FREMF Mortgage Trust:
Series2012-K20, Cl. C, 4.006%, 5/25/451,7		12,875,000		13,275,285
Series2013-K25, Cl. C, 3.744%, 11/25/451,7		1,975,000		2,036,996
Series2013-K26, Cl. C, 3.721%, 12/25/451,7		335,000		343,083
Series2013-K28, Cl. C, 3.609%, 6/25/461,7		7,865,000		8,111,695
Series2013-K29, Cl. C, 3.601%, 5/25/461,7		4,700,000		4,852,386
Series 2013-K713, Cl. C, 3.261%, 4/25/461,7		420,000		420,545
Series 2014-K714, Cl. C, 3.986%, 1/25/471,7		200,000		202,625
Series 2014-K715, Cl. C, 4.258%, 2/25/461,7		25,000		25,419
Series2015-K44, Cl. B, 3.807%, 1/25/481,7		7,345,000		7,624,585
Series2015-K45, Cl. B, 3.713%, 4/25/481,7		13,050,000		13,578,133
Series2016-K54, Cl. C, 4.189%, 4/25/481,7		4,190,000		4,413,480
Series2017-K62, Cl. B, 4.004%, 1/25/501,7		840,000		888,821
Series 2017-K724, Cl. B, 3.599%, 11/25/231,7		4,465,000		4,583,448
Government National Mortgage Assn. I Pool:
7.00%,1/15/28-8/15/28		257,162		269,990
8.00%,1/15/28-9/15/28		202,212		213,171
Government National Mortgage Assn. II Pool:
3.75% [H15T1Y+150], 7/20/272		1,753		1,814
7.00%, 1/20/30		42,765		49,347
Government National Mortgage Assn. II Pool, TBA, 3.50%, 10/1/486		24,120,000		24,993,408
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, Series2011-52, Cl. HS, 19.164%, 4/16/414		1,462,377		232,587
Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
Series1992-2, Cl. IO, 0.332%, 9/15/224		1,112,570		1
Series1995-2B, Cl. 2IO, 99.999%, 6/15/254		158,806		2,336
Series1995-3, Cl. 1IO, 0.00%, 9/15/254,5		5,200,365		656
				476,802,167
CMOs—1.0%
Collateralized Mortgage Obligations—1.0%
Bear Stearns ARM Trust, Series2006-1, Cl. A1, 4.91% [H15T1Y+225], 2/25/362		36,537		37,598
COMM Mortgage Trust, Series 2014-CR20, Cl. ASB, 3.305%, 11/10/47		475,000		489,160
Federal Home Loan Mortgage Corp., Multifamily Structured Pass Through Certificates, Series K735, Cl. X1, 0.00%, 5/25/264,5		7,173,910		404,708
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series K093, Cl. X1, 0.00%, 5/25/294,5		45,870,131		3,590,420
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 3010, Cl. WB, 4.50%, 7/15/20		225		225
Series 3848, Cl. WL, 4.00%, 4/15/40		284,840		289,936

84        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Collateralized Mortgage Obligations (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit MulticlassPass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2922, Cl. SE, 23.262%, 2/15/354	$	52,727	$	8,606
Series 2981, Cl. AS, 2.658%, 5/15/354		360,932		52,407
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series2005-12, Cl. SC, 31.938%, 3/25/354		23,759		3,846
FREMF Mortgage Trust, Series2013-K27, Cl. C, 3.615%, 1/25/461,7		4,187,000		4,314,228
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, Series2007-17, Cl. AI, 42.856%, 4/16/374		828,284		130,400
JP Morgan Chase Commercial Mortgage Securities Trust:
Series2013-C10, Cl. AS, 3.372%, 12/15/47		2,345,000		2,417,066
Series2014-C20, Cl. AS, 4.043%, 7/15/47		1,685,000		1,791,997
Structured Agency Credit Risk Debt Nts.:
Series2013-DN2, Cl. M2, 6.268% [US0001M+425], 11/25/232		2,078,378		2,238,136
Series2014-DN1, Cl. M3, 6.518% [US0001M+450], 2/25/242		2,085,000		2,269,596
Series2014-DN2, Cl. M3, 5.618% [US0001M+360], 4/25/242		2,160,000		2,293,225
Series2014-DN3, Cl. M3, 6.018% [US0001M+400], 8/25/242		4,726,012		4,998,103
Series2014-HQ2, Cl. M3, 5.768% [US0001M+375], 9/25/242		2,495,000		2,704,126
Series 2015-HQA2, Cl. M2, 4.818% [US0001M+280], 5/25/282		398,861		401,566
Wells Fargo Mortgage-Backed Securities Trust:
Series2005-AR1, Cl. 1A1, 5.084%, 2/25/357		1,251,955		1,303,022
Series2006-AR2, Cl. 2A3, 4.991%, 3/25/367		1,866,845		1,916,158
WF-RBS Commercial Mortgage Trust, Series2013-C14, Cl. AS, 3.488%, 6/15/46		1,800,000		1,868,426
				33,522,955
Non-Agency—8.0%
Adjustable-Rate Mortgages—8.0%
Alba plc, Series2007-1, Cl. F, 4.033% [BP0003M+325], 3/17/391,2		1,281,763		1,519,790
BCAP LLC Trust, Series2011-R11, Cl. 18A5, 4.69% [H15T1Y+210], 9/26/351,2		593		594
Benchmark Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series2018-B1, Cl. XA, 14.698%, 1/15/514		13,196,249		465,136
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0.00%, 6/22/241,4,5,8		43,689		715
CD Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series2017-CD6, Cl. XA, 14.97%, 11/13/504		5,473,570		299,211
CHL Mortgage Pass-Through Trust:
Series2005-17, Cl. 1A8, 5.50%, 9/25/35		1,043,680		1,050,278
Series2005-J4, Cl. A7, 5.50%, 11/25/35		976,758		987,686
Citigroup Commercial Mortgage Trust, Series 2014-GC21, Cl. AAB, 3.477%, 5/10/47		672,785		693,973

85        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
Citigroup Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series2017-C4, Cl. XA, 14.047%, 10/12/504	$	15,437,663	$	1,021,135
Citigroup Mortgage Loan Trust, Inc.:
Series2005-2, Cl. 1A3, 4.948%, 5/25/357		1,157,602		1,185,576
Series2006-AR1, Cl. 1A1, 4.97% [H15T1Y+240], 10/25/352		294,657		296,099
Series2009-8, Cl. 7A2, 4.991%, 3/25/361,7		14,332,310		14,435,492
Series2014-8, Cl. 1A2, 2.334% [US0001M+29], 7/20/361,2		1,635,000		1,631,656
COMM Mortgage Trust:
Series2013-CR6, Cl. AM, 3.147%, 3/10/461		2,825,000		2,901,590
Series 2014-CR21, Cl. AM, 3.987%, 12/10/47		70,000		75,311
Series 2014-LC15, Cl. AM, 4.198%, 4/10/47		690,000		737,810
Series 2014-UBS6, Cl. AM, 4.048%, 12/10/47		4,690,000		5,004,568
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series2012-CR5, Cl. XA, 22.865%, 12/10/454		6,974,623		293,343
Connecticut Avenue Securities:
Series2014-C03, Cl. 1M2, 5.018% [US0001M+300], 7/25/242		2,002,505		2,104,093
Series2016-C05, Cl. 2M2, 6.468% [US0001M+445], 1/25/292		4,116,376		4,228,719
Series2017-C01, Cl. 1M2, 5.568% [US0001M+355], 7/25/292		11,610,000		12,213,715
Series2017-C06, Cl. 1M1, 2.768% [US0001M+75], 2/25/302		154,977		155,005
Series2017-C07, Cl. 1M2, 4.418% [US0001M+240], 5/25/302		1,540,000		1,560,024
Series2018-C02, Cl. 2M1, 2.668% [US0001M+65], 8/25/302		238,327		238,347
Series2018-C06, Cl. 2M2, 4.118% [US0001M+210], 3/25/312		6,720,000		6,769,440
Connecticut Avenue Securities Trust:
Series2018-R07, Cl. 1M2, 4.418% [US0001M+240], 4/25/311,2		8,090,000		8,174,560
Series2019-R02, Cl. 1M2, 4.318% [US0001M+230], 8/25/311,2		3,797,000		3,821,258
Series2019-R03, Cl. 1M2, 4.168% [US0001M+215], 9/25/311,2		3,475,111		3,495,876
Deutsche Mortgage Securities, Inc., Series2013-RS1, Cl. 1A2, 2.264% [US0001M+22], 7/22/361,2		638,213		631,321
Eurosail2006-2bl plc, Series2006-2X, Cl. E1C, 4.031% [BP0003M+325], 12/15/441,2		5,150,000		5,538,393
Federal Home Loan Mortgage Corp., STACR Trust, Series 2019-HRP1, Cl. M2, 3.418% [US0001M+140], 2/25/491,2		1,705,000		1,707,239
Gemgarto2018-1 plc SER2018-1 CL E V/R, 3.031%, 9/16/65		6,123,569		7,310,238
GS Mortgage Securities Trust:
Series 2013-GC12, Cl. AAB, 2.678%, 6/10/46		185,091		186,039
Series 2013-GC16, Cl. AS, 4.649%, 11/10/46		390,000		425,834
Series 2014-GC18, Cl. AAB, 3.648%, 1/10/47		541,620		558,148
GSR Mortgage Loan Trust, Series2005-AR4, Cl. 6A1, 4.643%, 7/25/357		171,675		176,162
Hawksmoor Mortgage Funding2019-1 plc SER2019-1X CL B V/R:
0.00%, 5/25/533,7		35,842,000		44,237,521

86        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
HomeBanc Mortgage Trust, Series2005-3, Cl. A2, 2.328% [US0001M+31], 7/25/352	$	28,808	$	28,922
JP Morgan Chase Commercial Mortgage Securities Trust:
Series2013-C16, Cl. AS, 4.517%, 12/15/46		2,395,000		2,591,262
Series 2013-LC11, Cl. AS, 3.216%, 4/15/46		425,000		435,272
JP Morgan Mortgage Trust, Series2007-A1, Cl. 5A1, 4.627%, 7/25/357		126,276		129,448
JPMBB Commercial Mortgage Securities Trust:
Series2014-C18, Cl. A3, 3.578%, 2/15/47		308,172		312,520
Series2014-C24, Cl. B, 4.116%, 11/15/477		1,655,000		1,743,554
Series2014-C25, Cl. AS, 4.065%, 11/15/47		2,980,000		3,190,918
Lehman Structured Securities Corp., Series2002-GE1, Cl. A, 0.00%, 7/26/241,7,8		37,090		24,777
Marble Arch Residential Securitisation No 4 plc, Series 4X, Cl. E1C, 4.679% [BP0003M+390], 3/20/401,2		4,220,000		5,037,549
Morgan Stanley Bank of America Merrill Lynch Trust:
Series2013-C9, Cl. AS, 3.456%, 5/15/46		1,565,000		1,625,053
Series2014-C14, Cl. B, 4.91%, 2/15/477		680,000		739,962
Morgan Stanley Capital I, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series2017-HR2, Cl. XA, 13.142%, 12/15/504		4,978,138		266,476
Morgan StanleyRe-Remic Trust, Series2012-R3, Cl. 1B, 3.601%, 11/26/361,7		11,552,207		11,266,286
Morgan Stanley Resecuritization Trust, Series2013-R9, Cl. 3A, 4.052%, 6/26/461,7		11,678		11,726
RALI Trust, Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		49,772		45,615
Residential Asset Securitization Trust, Series 2005-A6CB, Cl. A7, 6.00%, 6/25/35		4,118,061		3,810,621
Stratton Mortgage Funding2019-1 plc, Series2019-1, Cl. A, 0.00% [SONIA3M IR+120], 12/10/501,2,3		14,000,000		17,220,688
Structured Agency Credit Risk Debt Nts.:
Series 2016-DNA1, Cl. M2, 5.045% [US0001M+290], 7/25/282		488,496		491,904
Series 2016-DNA2, Cl. M3, 6.668% [US0001M+465], 10/25/282		2,460,000		2,638,792
Series 2016-DNA3, Cl. M3, 7.018% [US0001M+500], 12/25/282		7,155,000		7,760,221
Series 2016-DNA4, Cl. M3, 5.818% [US0001M+380], 3/25/292		13,920,000		14,762,419
Series 2016-HQA3, Cl. M3, 5.868% [US0001M+385], 3/25/292		9,805,000		10,407,515
Series 2016-HQA4, Cl. M3, 5.918% [US0001M+390], 4/25/292		9,480,000		10,127,603
Series 2017-DNA1, Cl. M2, 5.268% [US0001M+325], 7/25/292		5,390,000		5,656,904
Series 2017-HQA2, Cl. M1, 2.818% [US0001M+80], 12/25/292		608,554		608,836
Series 2018-DNA1, Cl. M2, 3.818% [US0001M+180], 7/25/302		3,110,000		3,113,443
Towd Point Mortgage Funding 2019-Granite4 plc:
2.23%, 10/20/51		7,080,000		8,716,896
2.58%, 10/20/51		10,600,000		13,058,110

87        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
UBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series2017-C5, Cl. XA, 14.70%, 11/15/504		$	9,726,206	$	578,669
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR10, Cl. A7, 4.416%, 10/25/337			76,431		78,032
Wells Fargo Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series2017-C42, Cl. XA, 12.88%, 12/15/504			6,540,627		401,406
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR15, Cl. 1A2, 4.774%, 9/25/357			320,950		320,406
Series 2005-AR15, Cl. 1A6, 4.774%, 9/25/357			3,174,391		3,169,012
Series2005-AR4, Cl. 2A2, 5.088%, 4/25/357			74,069		75,512
WF-RBS Commercial Mortgage Trust:
Series2014-C20, Cl. AS, 4.176%, 5/15/47			1,455,000		1,560,932
Series 2014-LC14, Cl. AS, 4.351%, 3/15/477			1,135,000		1,223,934
WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series2011-C3, Cl. XA, 29.195%, 3/15/441,4			12,224,600		203,449
					269,566,539
Total Mortgage-Backed Obligations (Cost $770,008,767)					779,891,661
U.S. Government Obligations—6.0%
United States Treasury Inflation-Protected Securities, 1.00%, 2/15/499,10			155,806,604		176,510,213
United States Treasury Inflation-Protected Securities, 1.00%, 2/15/469			21,485,838		23,999,461
Total U.S. Government Obligations (Cost $192,042,210)					200,509,674
Foreign Government Obligations—23.6%
Angola—0.2%
Republic of Angola, 9.375% Sr. Unsec. Nts., 5/8/481			5,495,000		5,807,688
Argentina—0.8%
Argentine Republic:
0.000% Unsec. Nts., 7/29/2011	ARS		503,100,000		4,500,074
0.202% Unsec. Nts., 10/29/2011	ARS		1,223,958,176		9,128,136
5.625% Sr. Unsec. Nts., 1/26/22			5,355,000		2,329,479
6.875% Sr. Unsec. Nts., 1/26/27			7,790,000		3,293,300
7.50% Sr. Unsec. Nts., 4/22/26			15,105,000		6,740,757
9.80% Unsec. Nts., 5/28/2011	ARS		135,400,000		1,295,470
18.20% Unsec. Nts., 10/3/21	ARS		25,715,000		129,196
					27,416,412
Austria—0.5%
Republic of Austria, 1.50% Sr. Unsec. Nts., 11/2/861	EUR		10,935,000		17,639,008
Bahrain—0.1%
Kingdom of Bahrain, 5.625% Sr. Unsec. Nts., 9/30/311			3,120,000		3,153,075
Brazil—0.5%
Federative Republic of Brazil:
6.00% Nts., 5/15/459	BRL		10,550,000		11,554,421

88        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Brazil (Continued)
Federative Republic of Brazil: (Continued)
6.00% Nts., 8/15/509	BRL		2,100,000	$	2,376,136
10.00% Nts., 1/1/29	BRL		10,500,000		3,018,520
					16,949,077
Colombia—0.3%
Republic of Colombia:
Series B, 6.25% Bonds, 11/26/25	COP		21,300,000,000		6,395,478
Series B, 10.00% Bonds, 7/24/24	COP		14,854,000,000		5,155,558
					11,551,036
Costa Rica—0.0%
Republic of Costa Rica, 5.625% Sr. Unsec. Nts., 4/30/431			1,015,000		885,851
Cyprus—0.2%
Republic of Cyprus, 2.75% Sr. Unsec. Nts., 5/3/491	EUR		4,225,000		6,086,811
Dominican Republic—0.3%
Dominican Republic:
6.40% Sr. Unsec. Nts., 6/5/491			3,490,000		3,725,610
7.50% Sr. Unsec. Nts., 5/6/211			6,980,000		7,302,825
					11,028,435
Ecuador—0.3%
Republic of Ecuador:
9.50% Sr. Unsec. Nts., 3/27/301			6,385,000		6,485,040
10.75% Sr. Unsec. Nts., 1/31/291			1,680,000		1,819,667
					8,304,707
Egypt—1.9%
Arab Republic of Egypt:
4.75% Sr. Unsec. Nts., 4/16/261	EUR		4,800,000		5,378,730
5.577% Sr. Unsec. Nts., 2/21/231			6,950,000		7,111,817
6.125% Sr. Unsec. Nts., 1/31/221			7,150,000		7,384,663
8.50% Sr. Unsec. Nts., 1/31/471			3,570,000		3,791,294
8.70% Sr. Unsec. Nts., 3/1/491			6,047,000		6,520,087
16.00% Bonds, 6/11/22	EGP		375,200,000		24,005,705
18.15% Unsec. Nts., 12/11/21	EGP		90,000,000		5,863,175
Series 3YR, 16.00% Unsec. Nts., 12/12/20	EGP		72,000,000		4,499,294
					64,554,765
El Salvador—0.1%
Republic of El Salvador, 7.125% Sr. Unsec. Nts., 1/20/501			3,381,500		3,453,357
Fiji—0.1%
Republic of Fiji, 6.625% Sr. Unsec. Nts., 10/2/201			3,726,000		3,725,999

89        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
France—0.8%
French Republic, 1.75% Bonds, 6/25/391	EUR		18,650,000	$	26,365,607
Greece—1.7%
Hellenic Republic:
Bonds, 10/15/427	EUR		76,770,000		343,069
1.875% Bonds, 7/23/261	EUR		11,845,000		13,592,840
3.90% Bonds, 1/30/331	EUR		26,609,000		36,297,444
4.00% Bonds, 1/30/371	EUR		3,850,000		5,382,268
					55,615,621
India—2.0%
Export-Import Bank of India:
7.35% Sr. Unsec. Nts., 5/18/22	INR		180,000,000		2,581,589
8.00% Sr. Unsec. Nts., 5/27/21	INR		720,000,000		10,333,795
Republic of India:
7.17% Sr. Unsec. Nts., 1/8/28	INR		900,000,000		13,012,049
7.59% Sr. Unsec. Nts., 1/11/26	INR		1,400,000,000		20,709,422
7.72% Sr. Unsec. Nts., 5/25/25	INR		35,000,000		520,046
8.20% Sr. Unsec. Nts., 9/24/25	INR		849,400,000		12,911,616
8.24% Sr. Unsec. Nts., 2/15/27	INR		400,000,000		6,098,941
					66,167,458
Indonesia—2.1%
Perusahaan Penerbit SBSN Indonesia III:
4.35% Sr. Unsec. Nts., 9/10/241			1,330,000		1,429,750
4.55% Sr. Unsec. Nts., 3/29/261			2,005,000		2,192,467
Republic of Indonesia:
3.85% Sr. Unsec. Nts., 7/18/271			1,075,000		1,137,302
4.125% Sr. Unsec. Nts., 1/15/251			1,260,000		1,343,907
8.125% Sr. Unsec. Nts., 5/15/24	IDR		179,000,000,000		13,349,024
8.25% Sr. Unsec. Nts., 5/15/29	IDR		70,900,000,000		5,343,498
Series FR56, 8.375% Sr. Unsec. Nts., 9/15/26	IDR		260,905,000,000		19,736,880
Series FR59, 7.00% Sr. Unsec. Nts., 5/15/27	IDR		45,000,000,000		3,155,041
Series FR64, 6.125% Sr. Unsec. Nts., 5/15/28	IDR		40,000,000,000		2,616,132
Series FR74, 7.50% Sr. Unsec. Nts., 8/15/32	IDR		287,520,000,000		20,129,438
					70,433,439
Italy—2.4%
Republic of Italy:
2.80% Bonds, 3/1/671	EUR		39,570,000		51,383,755
2.95% Bonds, 9/1/381	EUR		21,470,000		28,758,647
					80,142,402
Ivory Coast—0.3%
Republic of Cote d’Ivoire:
5.125% Sr. Unsec. Nts., 6/15/251	EUR		3,495,000		4,078,793
5.25% Sr. Unsec. Nts., 3/22/301	EUR		5,125,000		5,625,794
					9,704,587

90        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Kenya—0.0%
Republic of Kenya, 8.25% Sr. Unsec. Nts., 2/28/481		$	1,400,000	$	1,433,533
Malaysia—0.1%
Federation of Malaysia, 4.127% Sr. Unsec. Nts., 4/15/32	MYR		17,400,000		4,378,862
Mexico—1.3%
United Mexican States:
Series M, 5.75% Bonds, 3/5/26	MXN		172,455,000		8,279,920
Series M20, 8.50% Sr. Unsec. Nts., 5/31/29	MXN		613,300,000		34,621,273
					42,901,193
New Zealand—1.3%
New Zealand, 1.50% Sr. Unsec. Nts., 5/15/31	NZD		70,000,000		45,178,779
Oman—0.4%
Sultanate of Oman:
3.875% Sr. Unsec. Nts., 3/8/221			7,045,000		7,034,045
6.75% Sr. Unsec. Nts., 1/17/481			6,700,000		6,339,875
					13,373,920
Panama—0.2%
Republic of Panama, 3.75% Sr. Unsec. Nts., 4/17/261			5,150,000		5,446,125
Paraguay—0.2%
Republic of Paraguay, 4.625% Sr. Unsec. Nts., 1/25/231			6,950,000		7,327,107
Peru—0.0%
Republic of Peru, 5.40% Sr. Unsec. Nts., 8/12/341	PEN		1,045,000		331,140
Russia—0.2%
Russian Federation, 4.875% Sr. Unsec. Nts., 9/16/231			6,950,000		7,600,909
Senegal—0.3%
Republic of Senegal, 6.75% Sr. Unsec. Nts., 3/13/481			9,175,000		8,865,674
South Africa—2.2%
Republic of South Africa:
5.875% Sr. Unsec. Nts., 5/30/22			3,495,000		3,746,203
Series 2023, 7.75% Sr. Unsec. Nts., 2/28/23	ZAR		62,500,000		4,165,772
Series 2030, 8.00% Sr. Unsec. Nts., 1/31/30	ZAR		207,900,000		12,824,552
Series 2037, 8.50% Sr. Unsec. Nts., 1/31/37	ZAR		264,900,000		15,716,099
Series 2048, 8.75% Sr. Unsec. Nts., 2/28/48	ZAR		230,000,000		13,434,259
Series R186, 10.50% Sr. Unsec. Nts., 12/21/26	ZAR		290,825,000		21,445,583
Series R214, 6.50% Sr. Unsec. Nts., 2/28/41	ZAR		60,000,000		2,787,653
					74,120,121
Spain—0.4%
Kingdom of Spain, 0.60% Nts., 10/31/291	EUR		11,380,000		12,974,247

91        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Sri Lanka—0.8%
Democratic Socialist Republic of Sri Lanka:
5.75% Sr. Unsec. Nts., 4/18/231		$	3,610,000	$	3,588,503
5.875% Sr. Unsec. Nts., 7/25/221			3,370,000		3,391,872
6.25% Sr. Unsec. Nts., 10/4/201			7,520,000		7,640,316
6.25% Sr. Unsec. Nts., 7/27/211			6,990,000		7,105,135
6.35% Sr. Unsec. Nts., 6/28/241			2,790,000		2,799,932
7.85% Sr. Unsec. Nts., 3/14/291			2,800,000		2,821,170
					27,346,928
Supranational—0.1%
European Bank for Reconstruction & Development, 6.85% Sr.
Unsec. Nts., 6/21/21	IDR		20,200,000,000		1,434,491
International Finance Corp., 16.721% Sr. Unsec. Nts., 2/15/291,11	TRY		10,300,000		603,700
					2,038,191
Thailand—0.5%
Kingdom of Thailand, 2.125% Sr. Unsec. Nts., 12/17/26	THB		490,000,000		16,776,449
Turkey—0.6%
Republic of Turkey:
8.50% Bonds, 9/14/22	TRY		39,500,000		6,223,681
10.70% Bonds, 2/17/21	TRY		54,955,000		9,434,898
12.40% Bonds, 3/8/28	TRY		33,500,000		5,718,789
					21,377,368
Ukraine—0.3%
Ukraine, 7.75% Sr. Unsec. Nts., 9/1/261			9,160,000		9,581,296
United Arab Emirates—0.1%
United Arab Emirates, 3.125% Sr. Unsec. Nts., 9/30/491			3,465,000		3,365,381
Total Foreign Government Obligations (Cost $844,246,066)					793,402,558
Corporate Loans—0.3%
Albertson’s LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B7, 4.794% [LIBOR12+275], 11/17/2512,13			301,733		303,923
Aleris International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.794% [LIBOR12+475], 2/27/236,12,13			642,211		644,057
American Greetings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.544% [LIBOR12+450], 4/6/2412,13			1,302,607		1,295,547
Caesars Growth Properties Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.794% [LIBOR4+275], 12/23/2412,13			1,675,736		1,666,628
Claire’s Stores, Inc., Sr. Sec. Credit Facilities Term Loan, 9.569% [LIBOR4+725], 10/12/3812,13			97,198		179,816
Dun & Bradstreet Corp. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.145% [LIBOR12+500], 2/6/2612,13			1,043,000		1,050,729
iHeartCommunications, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 6.10% [LIBOR12+400], 5/1/2612,13			492,578		496,356

92        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Corporate Loans (Continued)
KIK Custom Products, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.256% [LIBOR12+400], 5/15/2312,13	$	638,000	$	606,897
Murray Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 9.354% [LIBOR4+725], 10/17/2212,13		1,260,959		493,035
Neiman Marcus Group Ltd. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 1.00% PIK Rate, 7.557% Cash Rate, [LIBOR12+650], 10/25/2312,13,14		533,061		408,903
PetSmart, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.04% [LIBOR12+400], 3/11/2212,13		1,165,202		1,138,927
Scientific Games International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B5, 4.794% [LIBOR6+275], 8/14/246,12,13		1,615,211		1,603,913
Windstream Services LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B6, 10.00% [PRIME4+500], 3/29/216,12,13,15		382,540		389,753
Total Corporate Loans (Cost $10,821,795)				10,278,484
Corporate Bonds and Notes—32.8%
Consumer Discretionary—5.6%
Auto Components—0.1%
American Axle & Manufacturing, Inc., 6.25% Sr. Unsec. Nts., 4/1/25		1,383,000		1,343,239
Dana Financing Luxembourg Sarl, 6.50% Sr. Unsec. Nts., 6/1/261		784,000		831,040
Delphi Technologies plc, 5.00% Sr. Unsec. Nts., 10/1/251		695,000		618,550
Goodyear Tire & Rubber Co. (The), 5.00% Sr. Unsec. Nts., 5/31/26		606,000		615,726
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.:
6.25% Sr. Sec. Nts., 5/15/261		373,000		393,515
8.50% Sr. Unsec. Nts., 5/15/271		804,000		816,060
				4,618,130
Automobiles—0.4%
Ford Motor Credit Co. LLC:
5.584% Sr. Unsec. Nts., 3/18/24		3,490,000		3,714,369
5.75% Sr. Unsec. Nts., 2/1/21		3,540,000		3,660,596
General Motors Financial Co., Inc.:
4.20% Sr. Unsec. Nts., 11/6/21		3,540,000		3,653,115
5.10% Sr. Unsec. Nts., 1/17/24		3,490,000		3,754,925
Tesla, Inc., 5.30% Sr. Unsec. Nts., 8/15/251		459,000		413,674
				15,196,679
Distributors—0.1%
Core & Main Holdings LP, 9.375% PIK Rate, 8.625% Cash Rate Sr. Unsec. Nts., 9/15/241,14		3,525,000		3,564,656
LKQ Corp., 4.75% Sr. Unsec. Nts., 5/15/23		458,000		466,015
				4,030,671
Diversified Consumer Services—0.1%
Cengage Learning, Inc., 9.50% Sr. Unsec. Nts., 6/15/241		200,000		184,000

93        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Diversified Consumer Services (Continued)
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.125% Sr. Sec. Nts., 7/31/261	$	2,370,000	$	2,452,950
Service Corp. International, 4.625% Sr. Unsec. Nts., 12/15/27		405,000		422,719
				3,059,669
Entertainment—0.1%
AMC Entertainment Holdings, Inc.:
5.75% Sr. Sub. Nts., 6/15/25		652,000		623,899
5.875% Sr. Sub. Nts., 11/15/26		700,000		639,392
Cinemark USA, Inc., 4.875% Sr. Unsec. Nts., 6/1/23		583,000		593,203
Live Nation Entertainment, Inc., 5.625% Sr. Unsec. Nts., 3/15/261		564,000		601,365
Netflix, Inc.:
5.375% Sr. Unsec. Nts., 11/15/291		780,000		813,150
5.875% Sr. Unsec. Nts., 11/15/28		700,000		762,160
				4,033,169
Hotels, Restaurants & Leisure—1.8%
1011778 B.C. ULC/New Red Finance, Inc.:
4.25% Sr. Sec. Nts., 5/15/241		829,000		854,873
5.00% Sec. Nts., 10/15/251		3,555,000		3,681,203
Aramark Services, Inc.:
4.75% Sr. Unsec. Nts., 6/1/26		549,000		566,842
5.00% Sr. Unsec. Nts., 4/1/251		3,490,000		3,612,150
5.00% Sr. Unsec. Nts., 2/1/281		653,000		679,120
Boyd Gaming Corp.:
6.00% Sr. Unsec. Nts., 8/15/26		1,615,000		1,709,732
6.375% Sr. Unsec. Nts., 4/1/26		259,000		275,511
CEC Entertainment, Inc., 8.00% Sr. Unsec. Nts., 2/15/22		548,000		521,970
Cedar Fair LP, 5.25% Sr. Unsec. Nts., 7/15/291		995,000		1,068,381
Diamond Resorts International, Inc.:
7.75% Sr. Sec. Nts., 9/1/231		382,000		394,892
10.75% Sr. Unsec. Nts., 9/1/241		266,000		275,310
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50% Sr. Sec. Nts., 2/15/231		389,000		416,230
Eldorado Resorts, Inc.:
6.00% Sr. Unsec. Nts., 4/1/25		429,000		453,667
6.00% Sr. Unsec. Nts., 9/15/26		481,000		529,100
Golden Nugget, Inc., 6.75% Sr. Unsec. Nts., 10/15/241		1,587,000		1,630,642
Hilton Domestic Operating Co., Inc., 4.25% Sr. Unsec. Nts., 9/1/24		606,000		618,877
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.125% Sr. Unsec. Nts., 12/1/24		803,000		857,202
International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/221		8,000,000		8,482,140
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC:
4.75% Sr. Unsec. Nts., 6/1/271		428,000		446,725
5.25% Sr. Unsec. Nts., 6/1/261		1,002,000		1,063,122

94        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Hotels, Restaurants & Leisure (Continued)
Marriott Ownership Resorts, Inc., 4.75% Sr. Unsec. Nts., 1/15/281,6	$	3,034,000	$	3,071,925
Melco Resorts Finance Ltd.:
4.875% Sr. Unsec. Nts., 6/6/251		1,750,000		1,774,678
5.625% Sr. Unsec. Nts., 7/17/271		675,000		702,237
MGM China Holdings Ltd.:
5.375% Sr. Unsec. Nts., 5/15/241		3,495,000		3,634,800
5.875% Sr. Unsec. Nts., 5/15/261		3,200,000		3,360,000
MGM Resorts International:
5.75% Sr. Unsec. Nts., 6/15/25		538,000		595,162
6.00% Sr. Unsec. Nts., 3/15/23		731,000		807,170
6.625% Sr. Unsec. Nts., 12/15/21		423,000		459,801
Party City Holdings, Inc., 6.625% Sr. Unsec. Nts., 8/1/261		645,000		640,163
Penn National Gaming, Inc., 5.625% Sr. Unsec. Nts., 1/15/271		817,000		845,595
Sabre GLBL, Inc., 5.25% Sr. Sec. Nts., 11/15/231		943,000		973,648
Scientific Games International, Inc.:
8.25% Sr. Unsec. Nts., 3/15/261		643,000		686,403
10.00% Sr. Unsec. Nts., 12/1/22		1,008,000		1,052,100
Six Flags Entertainment Corp., 4.875% Sr. Unsec. Nts., 7/31/241		673,000		698,238
Viking Cruises Ltd., 5.875% Sr. Unsec. Nts., 9/15/271		449,000		476,883
Wyndham Hotels & Resorts, Inc., 5.375% Sr. Unsec. Nts., 4/15/261		1,280,000		1,347,200
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
5.25% Sr. Unsec. Nts., 5/15/271		1,075,000		1,105,906
5.50% Sr. Unsec. Nts., 3/1/251		1,395,000		1,468,238
Wynn Macau Ltd.:
4.875% Sr. Unsec. Nts., 10/1/241		7,297,000		7,287,879
5.50% Sr. Unsec. Nts., 10/1/271		164,000		166,460
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 5.125% Sr. Unsec. Nts., 10/1/291		1,020,000		1,070,771
				60,362,946
Household Durables—0.9%
Avon International Operations, Inc., 7.875% Sr. Sec. Nts., 8/15/221		2,225,000		2,327,283
Beazer Homes USA, Inc.:
5.875% Sr. Unsec. Nts., 10/15/27		885,000		863,981
6.75% Sr. Unsec. Nts., 3/15/25		2,795,000		2,861,381
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.125% Sr. Unsec. Nts., 7/1/221		402,000		409,278
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC, 7.50% Sr. Sec. Nts., 5/1/251		690,000		622,725
Lennar Corp.:
4.50% Sr. Unsec. Nts., 4/30/24		419,000		442,464
4.75% Sr. Unsec. Nts., 4/1/21		7,075,000		7,243,031
4.75% Sr. Unsec. Nts., 5/30/25		1,067,000		1,144,358
5.00% Sr. Unsec. Nts., 6/15/27		481,000		516,474
5.25% Sr. Unsec. Nts., 6/1/26		705,000		764,925

95        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Household Durables (Continued)
LGI Homes, Inc., 6.875% Sr. Unsec. Nts., 7/15/261	$	322,000	$	336,490
M/I Homes, Inc., 5.625% Sr. Unsec. Nts., 8/1/25		988,000		1,022,580
Mattamy Group Corp., 6.875% Sr. Unsec. Nts., 12/15/231		511,000		533,995
MDC Holdings, Inc., 6.00% Sr. Unsec. Nts., 1/15/43		3,035,000		3,148,812
PulteGroup, Inc., 5.50% Sr. Unsec. Nts., 3/1/26		986,000		1,080,902
Spectrum Brands, Inc., 5.00% Sr. Unsec. Nts., 10/1/291		2,230,000		2,274,600
Taylor Morrison Communities, Inc., 5.75% Sr. Unsec. Nts., 1/15/281		675,000		734,063
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.875% Sr. Unsec. Nts., 4/15/231		1,345,000		1,442,513
William Lyon Homes, Inc., 5.875% Sr. Unsec. Nts., 1/31/25		868,000		881,020
				28,650,875
Internet & Catalog Retail—0.0%
GrubHub Holdings, Inc., 5.50% Sr. Unsec. Nts., 7/1/271		1,360,000		1,390,600
Leisure Equipment & Products—0.1%
Mattel, Inc.:
4.35% Sr. Unsec. Nts., 10/1/20		580,000		585,800
6.75% Sr. Unsec. Nts., 12/31/251		1,787,000		1,869,095
				2,454,895
Media—1.5%
Affinion Group, Inc., 14% PIK Rate, 12.50% Cash Rate, Sr. Unsec. Nts., 11/10/221,14		2,717,163		1,793,328
Altice Financing SA:
6.625% Sr. Sec. Nts., 2/15/231		243,000		249,986
7.50% Sr. Sec. Nts., 5/15/261		891,000		948,906
Altice Finco SA, 8.125% Sec. Nts., 1/15/241		881,000		914,037
Altice Luxembourg SA:
7.625% Sr. Unsec. Nts., 2/15/251		322,000		336,892
7.75% Sr. Unsec. Nts., 5/15/221		200,000		204,750
10.50% Sr. Sec. Nts., 5/15/271		601,000		678,829
AMC Networks, Inc.:
4.75% Sr. Unsec. Nts., 8/1/25		659,000		682,065
5.00% Sr. Unsec. Nts., 4/1/24		700,000		722,750
Belo Corp., 7.75% Sr. Unsec. Nts., 6/1/27		898,000		1,039,435
Block Communications, Inc., 6.875% Sr. Unsec. Nts., 2/15/251		578,000		605,455
Cablevision Systems Corp., 5.875% Sr. Unsec. Nts., 9/15/22		411,000		443,880
CCO Holdings LLC/CCO Holdings Capital Corp.:
4.00% Sr. Unsec. Nts., 3/1/231		411,000		418,706
5.00% Sr. Unsec. Nts., 2/1/281		749,000		776,151
5.125% Sr. Unsec. Nts., 5/1/231		632,000		649,215
5.125% Sr. Unsec. Nts., 5/1/271		1,091,000		1,141,459
5.375% Sr. Unsec. Nts., 5/1/251		245,000		254,800
5.75% Sr. Unsec. Nts., 2/15/261		3,250,000		3,436,875
5.875% Sr. Unsec. Nts., 4/1/241		376,000		393,281
5.875% Sr. Unsec. Nts., 5/1/271		245,000		259,700

96        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Media (Continued)
Clear Channel Communications, Inc., 9.00% Sr. Nts., 12/15/198,15,16	$	4,005,000	$	—
CSC Holdings LLC:
5.25% Sr. Unsec. Nts., 6/1/24		761,000		819,977
5.375% Sr. Unsec. Nts., 7/15/231		402,000		413,557
5.50% Sr. Unsec. Nts., 5/15/261		525,000		553,823
5.50% Sr. Unsec. Nts., 4/15/271		625,000		662,431
6.50% Sr. Unsec. Nts., 2/1/291		690,000		768,212
10.875% Sr. Unsec. Nts., 10/15/251		778,000		882,505
Cumulus Media New Holdings, Inc., 6.75% Sr. Sec. Nts., 7/1/261		680,000		714,850
Diamond Sports Group LLC/Diamond Sports Finance Co.:
5.375% Sr. Sec. Nts., 8/15/261		3,640,000		3,785,600
6.625% Sr. Unsec. Nts., 8/15/271		1,625,000		1,687,644
DISH DBS Corp.:
5.125% Sr. Unsec. Nts., 5/1/20		695,000		704,556
5.875% Sr. Unsec. Nts., 7/15/22		561,000		585,544
5.875% Sr. Unsec. Nts., 11/15/24		5,025,000		4,999,875
6.75% Sr. Unsec. Nts., 6/1/21		322,000		339,646
7.75% Sr. Unsec. Nts., 7/1/26		715,000		730,373
Gray Television, Inc.:
5.125% Sr. Unsec. Nts., 10/15/241		607,000		630,521
5.875% Sr. Unsec. Nts., 7/15/261		581,000		605,693
iHeartCommunications, Inc.:
6.375% Sr. Sec. Nts., 5/1/26		214,227		232,436
8.375% Sr. Unsec. Nts., 5/1/27		671,037		728,075
Lamar Media Corp., 5.75% Sr. Unsec. Nts., 2/1/26		780,000		827,580
MDC Partners, Inc., 6.50% Sr. Unsec. Nts., 5/1/241		420,000		384,825
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00% Sr. Unsec. Nts., 8/15/271		170,000		178,925
Sinclair Television Group, Inc., 5.625% Sr. Unsec. Nts., 8/1/241		1,001,000		1,032,281
Sirius XM Radio, Inc.:
4.625% Sr. Unsec. Nts., 7/15/241		1,330,000		1,382,309
5.375% Sr. Unsec. Nts., 7/15/261		1,780,000		1,875,426
5.50% Sr. Unsec. Nts., 7/1/291		1,280,000		1,369,600
TEGNA, Inc., 5.50% Sr. Unsec. Nts., 9/15/241		609,000		630,315
Telenet Finance Luxembourg Notes Sarl, 5.50% Sr. Sec. Nts., 3/1/281		2,125,000		2,236,563
Univision Communications, Inc.:
5.125% Sr. Sec. Nts., 5/15/231		425,000		426,062
5.125% Sr. Sec. Nts., 2/15/251		797,000		779,068
Virgin Media Secured Finance plc:
5.50% Sr. Sec. Nts., 8/15/261		791,000		831,776
5.50% Sr. Sec. Nts., 5/15/291		317,000		331,265
Ziggo BV, 5.50% Sr. Sec. Nts., 1/15/271		1,039,000		1,088,353
				49,170,166

97        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Multiline Retail—0.0%
Michaels Stores, Inc., 8.00% Sr. Unsec. Nts., 7/15/271	$	1,325,000	$	1,331,625
Specialty Retail—0.3%
GameStop Corp., 6.75% Sr. Unsec. Nts., 3/15/211		1,360,000		1,336,200
L Brands, Inc.:
5.25% Sr. Unsec. Nts., 2/1/28		326,000		304,125
6.875% Sr. Unsec. Nts., 11/1/35		1,921,000		1,677,994
7.50% Sr. Unsec. Nts., 6/15/29		1,360,000		1,356,600
Lithia Motors, Inc., 5.25% Sr. Unsec. Nts., 8/1/251		1,425,000		1,490,906
PetSmart, Inc., 5.875% Sr. Sec. Nts., 6/1/251		746,000		746,000
Sonic Automotive, Inc., 6.125% Sr. Sub. Nts., 3/15/27		833,000		850,701
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.875% Sr. Unsec. Nts., 3/1/27		833,000		855,508
				8,618,034
Textiles, Apparel & Luxury Goods—0.2%
Hanesbrands, Inc.:
4.625% Sr. Unsec. Nts., 5/15/241		4,435,000		4,695,601
4.875% Sr. Unsec. Nts., 5/15/261		980,000		1,040,270
William Carter Co. (The), 5.625% Sr. Unsec. Nts., 3/15/271		695,000		746,256
				6,482,127
Consumer Staples—1.1%
Beverages—0.2%
Coca-Cola Icecek AS, 4.215% Sr. Unsec. Nts., 9/19/241		7,030,000		7,014,372
Simmons Foods, Inc., 5.75% Sec. Nts., 11/1/241		1,294,000		1,268,120
				8,282,492
Food & Staples Retailing—0.2%
Albertsons Cos LLC/Safeway, Inc./New Albertsons LP/ Albertson’s LLC, 5.875% Sr. Unsec. Nts., 2/15/281		3,030,000		3,214,648
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC:
5.75% Sr. Unsec. Nts., 3/15/25		396,000		409,860
7.50% Sr. Unsec. Nts., 3/15/261		690,000		771,075
Fresh Market, Inc. (The), 9.75% Sr. Sec. Nts., 5/1/231		884,000		517,140
Ingles Markets, Inc., 5.75% Sr. Unsec. Nts., 6/15/23		791,000		809,787
				5,722,510
Food Products—0.5%
Darling Ingredients, Inc., 5.25% Sr. Unsec. Nts., 4/15/271		322,000		339,307
JBS Investments II GmbH, 7.00% Sr. Unsec. Nts., 1/15/261		1,040,000		1,124,750
JBS USA LUX SA/JBS USA Finance, Inc., 6.75% Sr. Unsec. Nts., 2/15/281		1,400,000		1,555,750
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.:
5.50% Sr. Unsec. Nts., 1/15/301		2,695,000		2,863,383
6.50% Sr. Unsec. Nts., 4/15/291		1,390,000		1,546,375
Lamb Weston Holdings, Inc., 4.625% Sr. Unsec. Nts., 11/1/241		695,000		734,893
NBM US Holdings, Inc., 6.625% Sr. Unsec. Nts., 8/6/291		5,075,000		5,208,219

98        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Food Products (Continued)
Pilgrim’s Pride Corp.:
5.75% Sr. Unsec. Nts., 3/15/251	$	664,000	$	688,900
5.875% Sr. Unsec. Nts., 9/30/271		328,000		353,502
Post Holdings, Inc.:
5.00% Sr. Unsec. Nts., 8/15/261		655,000		681,757
5.75% Sr. Unsec. Nts., 3/1/271		988,000		1,052,418
Simmons Foods, Inc., 7.75% Sr. Sec. Nts., 1/15/241		324,000		352,350
				16,501,604
Household Products—0.2%
Controladora Mabe SA de CV, 5.60% Sr. Unsec. Nts., 10/23/281		5,215,000		5,632,252
Energizer Holdings, Inc., 6.375% Sr. Unsec. Nts., 7/15/261		264,000		283,441
Spectrum Brands, Inc., 6.125% Sr. Unsec. Nts., 12/15/24		695,000		724,711
				6,640,404
Personal Products—0.0%
First Quality Finance Co., Inc., 5.00% Sr. Unsec. Nts., 7/1/251		641,000		663,435
Energy—4.6%
Energy Equipment & Services—0.3%
ADES International Holding plc, 8.625% Sr. Sec. Nts., 4/24/241		1,300,000		1,298,375
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75% Sr. Unsec. Nts., 1/15/281		1,350,000		1,127,250
Basic Energy Services, Inc., 10.75% Sr. Sec. Nts., 10/15/231		529,000		388,815
CSI Compressco LP/CSI Compressco Finance, Inc.:
7.25% Sr. Unsec. Nts., 8/15/22		345,000		313,812
7.50% Sr. Sec. Nts., 4/1/251		481,000		474,987
Ensign Drilling, Inc., 9.25% Sr. Unsec. Nts., 4/15/241		402,000		376,875
Exterran Energy Solutions LP/EES Finance Corp., 8.125% Sr. Unsec. Nts., 5/1/25		720,000		720,900
McDermott Technology Americas, Inc./McDermott Technology US, Inc., 10.625% Sr. Unsec. Nts., 5/1/241		3,530,000		856,025
Precision Drilling Corp., 7.125% Sr. Unsec. Nts., 1/15/261		456,000		424,080
Rowan Cos., Inc., 7.375% Sr. Unsec. Nts., 6/15/25		570,000		339,150
Tervita Escrow Corp., 7.625% Sec. Nts., 12/1/211		405,000		413,606
Transocean Pontus Ltd., 6.125% Sr. Sec. Nts., 8/1/251		307,050		313,191
Transocean Poseidon Ltd., 6.875% Sr. Sec. Nts., 2/1/271		160,000		165,600
Transocean Sentry Ltd., 5.375% Sr. Sec. Nts., 5/15/231		611,000		612,528
Transocean, Inc., 9.00% Sr. Unsec. Nts., 7/15/231		837,000		871,526
USA Compression Partners LP/USA Compression Finance Corp.:
6.875% Sr. Unsec. Nts., 4/1/26		486,000		506,655
6.875% Sr. Unsec. Nts., 9/1/271		481,000		499,038
Valaris plc:
5.20% Sr. Unsec. Nts., 3/15/25		481,000		264,550
7.75% Sr. Unsec. Nts., 2/1/26		164,000		88,593
				10,055,556

99        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Oil, Gas & Consumable Fuels—4.3%
Aker BP ASA, 4.75% Sr. Unsec. Nts., 6/15/241	$	680,000	$	711,960
Antero Resources Corp.:
5.125% Sr. Unsec. Nts., 12/1/22		296,000		261,220
5.375% Sr. Unsec. Nts., 11/1/21		695,000		675,019
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00% Sr. Unsec. Nts., 4/1/221		1,785,000		1,793,389
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.625% Sr. Unsec. Nts., 7/15/261		803,000		796,977
Calfrac Holdings LP, 8.50% Sr. Unsec. Nts., 6/15/261		503,000		226,350
California Resources Corp.:
5.00% Sr. Unsec. Nts., 1/15/20		1,035,000		962,550
8.00% Sec. Nts., 12/15/221		781,000		390,500
Callon Petroleum Co., 6.375% Sr. Unsec. Nts., 7/1/26		2,478,000		2,430,546
Calumet Specialty Products Partners LP/Calumet Finance Corp.:
6.50% Sr. Unsec. Nts., 4/15/21		442,000		442,851
7.625% Sr. Unsec. Nts., 1/15/22		1,591,000		1,543,270
Carrizo Oil & Gas, Inc.:
6.25% Sr. Unsec. Nts., 4/15/23		160,000		152,400
8.25% Sr. Unsec. Nts., 7/15/25		324,000		319,010
Centennial Resource Production LLC:
5.375% Sr. Unsec. Nts., 1/15/261		160,000		153,600
6.875% Sr. Unsec. Nts., 4/1/271		2,332,000		2,337,830
Cheniere Corpus Christi Holdings LLC:
5.125% Sr. Sec. Nts., 6/30/27		662,000		726,545
7.00% Sr. Sec. Nts., 6/30/24		777,000		894,521
Chesapeake Energy Corp.:
7.00% Sr. Unsec. Nts., 10/1/24		194,000		139,922
7.50% Sr. Unsec. Nts., 10/1/26		268,000		183,580
8.00% Sr. Unsec. Nts., 3/15/261		297,000		204,930
8.00% Sr. Unsec. Nts., 6/15/27		450,000		304,875
CITGO Petroleum Corp., 6.25% Sr. Sec. Nts., 8/15/221		195,000		197,925
CNX Resources Corp., 5.875% Sr. Unsec. Nts., 4/15/22		323,000		311,695
Comstock Resources, Inc., 9.75% Sr. Unsec. Nts., 8/15/26		459,000		385,560
Cosan Ltd., 5.50% Sr. Unsec. Nts., 9/20/291		4,070,000		4,180,907
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
5.625% Sr. Unsec. Nts., 5/1/271		1,321,000		1,351,964
5.75% Sr. Unsec. Nts., 4/1/25		185,000		191,012
6.25% Sr. Unsec. Nts., 4/1/23		211,000		217,594
CrownRock LP/CrownRock Finance, Inc., 5.625% Sr. Unsec. Nts., 10/15/251		805,000		813,034
DCP Midstream Operating LP:
4.75% Sr. Unsec. Nts., 9/30/211		695,000		714,112
5.125% Sr. Unsec. Nts., 5/15/29		315,000		321,300
Denbury Resources, Inc.:
9.00% Sec. Nts., 5/15/211		627,000		584,677
9.25% Sec. Nts., 3/31/221		403,000		354,640
Energy Transfer Operating LP, 7.50% Sr. Unsec. Nts., 10/15/20		710,000		746,315
EnLink Midstream LLC, 5.375% Sr. Unsec. Nts., 6/1/29		160,000		153,200

100        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
EnLink Midstream Partners LP:
4.40% Sr. Unsec. Nts., 4/1/24	$	160,000	$	154,688
5.60% Sr. Unsec. Nts., 4/1/44		280,000		230,300
Enviva Partners LP/Enviva Partners Finance Corp., 8.50% Sr. Unsec. Nts., 11/1/21		1,174,000		1,204,817
EP Energy LLC/Everest Acquisition Finance, Inc.:
7.75% Sr. Sec. Nts., 5/15/261		1,018,000		768,590
8.00% Sr. Sec. Nts., 11/29/241		2,082,000		806,775
Eterna Capital Pte Ltd., 7.5% PIK Rate, 0.00% Cash Rate, Sr. Sec. Nts., 12/11/221,14		3,365,052		3,167,350
Eterna Capital Pte Ltd., 8% PIK Rate, 0.00 Cash Rate, Sr. Sec. Nts., 12/11/2214		4,032,500		2,907,433
Genesis Energy LP/Genesis Energy Finance Corp.:
6.25% Sr. Unsec. Nts., 5/15/26		1,208,000		1,168,740
6.50% Sr. Unsec. Nts., 10/1/25		620,000		606,825
6.75% Sr. Unsec. Nts., 8/1/22		285,000		290,230
Golden Nugget, Inc., 8.75% Sr. Sub. Nts., 10/1/251		1,323,000		1,382,535
Gulfport Energy Corp.:
6.00% Sr. Unsec. Nts., 10/15/24		1,050,000		764,767
6.375% Sr. Unsec. Nts., 5/15/25		324,000		231,660
6.625% Sr. Unsec. Nts., 5/1/23		3,135,000		2,460,975
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.625% Sr. Unsec. Nts., 2/15/261		405,000		425,250
HighPoint Operating Corp., 8.75% Sr. Unsec. Nts., 6/15/25		216,000		194,400
Hilcorp Energy I LP/Hilcorp Finance Co., 5.75% Sr. Unsec. Nts., 10/1/251		315,000		294,525
Holly Energy Partners LP/Holly Energy Finance Corp., 6.00% Sr. Unsec. Nts., 8/1/241		710,000		744,612
Indigo Natural Resources LLC, 6.875% Sr. Unsec. Nts., 2/15/261		465,000		421,406
KazTransGas JSC, 4.375% Sr. Unsec. Nts., 9/26/271		4,645,000		4,878,500
Kinder Morgan Energy Partners LP, 3.45% Sr. Unsec. Nts., 2/15/23		3,545,000		3,658,419
Laredo Petroleum, Inc.:
5.625% Sr. Unsec. Nts., 1/15/22		685,000		647,325
6.25% Sr. Unsec. Nts., 3/15/23		132,000		116,490
MEG Energy Corp.:
6.50% Sec. Nts., 1/15/251		803,000		822,071
7.00% Sr. Unsec. Nts., 3/31/241		192,000		186,240
Murray Energy Corp., 3% PIK Rate, 9% Cash Rate, Sec. Nts., 4/15/241,14		5,744,632		71,808
MV24 Capital BV, 6.748% Sr. Sec. Nts., 6/1/341		2,155,000		2,228,378
Nabors Industries, Inc., 5.75% Sr. Unsec. Nts., 2/1/25		685,000		510,325
Newfield Exploration Co., 5.625% Sr. Unsec. Nts., 7/1/24		730,000		806,558
NGL Energy Partners LP/NGL Energy Finance Corp.:
6.125% Sr. Unsec. Nts., 3/1/25		1,087,000		1,040,803
7.50% Sr. Unsec. Nts., 11/1/23		338,000		346,028
NGPL PipeCo LLC:
4.375% Sr. Unsec. Nts., 8/15/221		640,000		663,859

101        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
NGPL PipeCo LLC: (Continued) 4.875% Sr. Unsec. Nts., 8/15/271		$	457,000	$	490,714
NuStar Logistics LP:
4.80% Sr. Unsec. Nts., 9/1/20			695,000		709,769
6.00% Sr. Unsec. Nts., 6/1/26			680,000		737,664
Oasis Petroleum, Inc., 6.875% Sr. Unsec. Nts., 1/15/23			2,940,000		2,704,800
Occidental Petroleum Corp., 2.70% Sr. Unsec. Nts., 8/15/22			2,100,000		2,119,250
Parkland Fuel Corp., 6.00% Sr. Unsec. Nts., 4/1/261			700,000		742,000
Parsley Energy LLC/Parsley Finance Corp., 5.625% Sr. Unsec. Nts., 10/15/271			1,065,000		1,104,938
PBF Holding Co. LLC/PBF Finance Corp.:
7.00% Sr. Unsec. Nts., 11/15/23			435,000		450,772
7.25% Sr. Unsec. Nts., 6/15/25			488,000		507,520
PBF Logistics LP/PBF Logistics Finance Corp., 6.875% Sr. Unsec. Nts., 5/15/23			474,000		489,699
PDC Energy, Inc., 5.75% Sr. Unsec. Nts., 5/15/26			657,000		648,853
Peabody Energy Corp.:
6.00% Sr. Sec. Nts., 3/31/221			366,000		369,660
6.375% Sr. Sec. Nts., 3/31/251			648,000		641,928
Pertamina Persero PT, 3.65% Sr. Unsec. Nts., 7/30/291			3,490,000		3,590,347
Petrobras Global Finance BV:
6.85% Sr. Unsec. Nts., 6/5/15			520,000		595,504
6.90% Sr. Unsec. Nts., 3/19/49			3,145,000		3,613,605
Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 4/16/261	EUR		3,560,000		3,902,898
6.49% Sr. Unsec. Nts., 1/23/271			2,115,000		2,207,320
6.84% Sr. Unsec. Nts., 1/23/301			4,929,000		5,106,198
7.69% Sr. Unsec. Nts., 1/23/501			5,209,000		5,444,968
Puma International Financing SA, 5.00% Sr. Unsec. Nts., 1/24/261			2,600,000		2,463,356
QEP Resources, Inc.:
5.625% Sr. Unsec. Nts., 3/1/26			2,450,000		2,119,250
6.875% Sr. Unsec. Nts., 3/1/21			695,000		693,263
Range Resources Corp.:
5.00% Sr. Unsec. Nts., 3/15/23			322,000		282,555
5.75% Sr. Unsec. Nts., 6/1/21			695,000		693,263
Reliance Industries Ltd.:
6.78% Unsec. Nts., 9/16/20	INR		180,000,000		2,554,674
7.00% Unsec. Nts., 8/31/22	INR		540,000,000		7,737,291
Sanchez Energy Corp.:
6.125% Sr. Unsec. Nts., 1/15/23			807,000		54,473
7.25% Sr. Sec. Nts., 2/15/231			322,000		233,450
7.75% Sr. Unsec. Nts., 6/15/21			1,169,000		75,985
SemGroup Corp./Rose Rock Finance Corp.:
5.625% Sr. Unsec. Nts., 7/15/22			308,000		314,163
5.625% Sr. Unsec. Nts., 11/15/23			745,000		766,419
SM Energy Co.:
6.625% Sr. Unsec. Nts., 1/15/27			2,775,000		2,400,375
6.75% Sr. Unsec. Nts., 9/15/26			427,000		375,760

102        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Southern Gas Corridor CJSC, 6.875% Sr. Unsec. Nts., 3/24/261		$	7,215,000	$	8,387,221
Southwestern Energy Co.:
6.20% Sr. Unsec. Nts., 1/23/25			162,000		144,180
7.50% Sr. Unsec. Nts., 4/1/26			1,415,000		1,238,125
SRC Energy, Inc., 6.25% Sr. Unsec. Nts., 12/1/25			443,000		440,776
State Oil Co. of the Azerbaijan Republic, 4.75% Sr. Unsec. Nts., 3/13/231			3,475,000		3,614,459
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75% Sr. Unsec. Nts., 4/15/25			1,124,000		954,501
Sunoco LP/Sunoco Finance Corp.:
4.875% Sr. Unsec. Nts., 1/15/23			409,000		420,759
5.50% Sr. Unsec. Nts., 2/15/26			217,000		227,019
5.875% Sr. Unsec. Nts., 3/15/28			491,000		522,301
6.00% Sr. Unsec. Nts., 4/15/27			322,000		342,125
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.:
5.50% Sr. Unsec. Nts., 9/15/241			699,000		699,000
5.50% Sr. Unsec. Nts., 1/15/281			291,000		285,878
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.00% Sr. Unsec. Nts., 1/15/28			453,000		459,251
5.875% Sr. Unsec. Nts., 4/15/26			1,400,000		1,484,000
6.50% Sr. Unsec. Nts., 7/15/271			319,000		348,855
Terraform Global Operating LLC, 6.125% Sr. Unsec. Nts., 3/1/261			976,000		1,005,280
Transcanada Trust, 5.875% [US0003M+464] Jr. Sub. Nts., 8/15/762			3,545,000		3,755,502
Transocean, Inc., 7.50% Sr. Unsec. Nts., 1/15/261			328,000		292,740
Whiting Petroleum Corp.:
5.75% Sr. Unsec. Nts., 3/15/21			296,000		283,799
6.625% Sr. Unsec. Nts., 1/15/26			2,305,000		1,567,400
WPX Energy, Inc., 8.25% Sr. Unsec. Nts., 8/1/23			205,000		231,650
					144,025,967
Financials—10.0%
Capital Markets—1.2%
Credit Suisse Group AG:
7.50% [USSW5+460] Jr. Sub. Perpetual Bonds1,2,17			2,440,000		2,609,494
7.50% [USSW5+459.8] Jr. Sub. Perpetual Bonds1,2,17			10,330,000		11,441,033
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25% Sec. Nts., 5/15/231			2,031,000		2,138,999
UBS Group Funding Switzerland AG:
6.875% [USISDA05+549.65] Jr. Sub. Perpetual Bonds1,2,17			11,105,000		11,549,866
7.00% [USSW5+486.6] Jr. Sub. Perpetual Bonds1,2,17			5,245,000		5,767,192
7.125% [USSW5+588.3] Jr. Sub. Perpetual Bonds1,2,17			5,426,000		5,704,083
					39,210,667
Commercial Banks—4.8%
Banca Monte dei Paschi di Siena SpA, 5.375% [EUSA5+500.5] Sub. Nts., 1/18/281,2	EUR		5,405,000		4,286,081

103        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Commercial Banks (Continued)
Banco Bilbao Vizcaya Argentaria SA:
6.00% [EUSA5+603.9] Jr. Sub. Perpetual Bonds1,2,17	EUR		4,060,000	$	4,759,746
8.875% [EUSA5+917.7] Jr. Sub. Perpetual Bonds1,2,17	EUR		4,305,000		5,198,104
Banco Comercial Portugues SA:
4.50% [EUSA5+426.7] Sub. Nts., 12/7/271,2	EUR		1,700,000		1,926,511
9.25% [EUSA5+941.4] Jr. Sub. Perpetual Bonds1,2,17	EUR		1,747,000		2,071,298
Banco do Brasil SA (Cayman):
3.875% Sr. Unsec. Nts., 10/10/22			3,650,000		3,727,599
4.75% Sr. Unsec. Nts., 3/20/241			2,562,000		2,691,381
Banco Mercantil del Norte SA (Grand Cayman), 7.625% [H15T10Y+535.3] Jr. Sub. Perpetual Bonds1,2,17			969,000		992,023
Banco Santander SA:
5.25% [EUSA5+499.9] Jr. Sub. Perpetual Bonds1,2,17	EUR		2,600,000		2,931,117
6.75% [EUSA5+680.3] Jr. Sub. Perpetual Bonds1,2,17	EUR		10,710,000		12,708,582
Banco Votorantim SA, 4.50% Sr. Unsec. Nts., 9/24/241			3,500,000		3,602,813
Bangkok Bank PCL (Hong Kong), 3.733% [H15T5Y+190] Sub. Nts., 9/25/341,2			3,500,000		3,558,505
Bank of China Ltd., 5.00% Sub. Nts., 11/13/241			3,535,000		3,853,934
Bankinter SA, 8.625% [EUSA5+886.7] Jr. Sub. Perpetual Bonds1,2,17	EUR		3,255,000		3,962,275
Barclays plc:
2.00% [EUSA5+190] Sub. Nts., 2/7/281,2	EUR		3,495,000		3,782,289
7.875% [USSW5+677.2] Jr. Sub. Perpetual Bonds1,2,17			3,140,000		3,328,733
8.00% [H15T5Y+567.2] Jr. Sub. Perpetual Bonds2,17			3,480,000		3,703,468
BBVA Bancomer SA, 5.875% [H15T5Y+430.8] Sub. Nts., 9/13/341,2			5,200,000		5,180,500
BNP Paribas SA:
6.625% [USSW5+414.9] Jr. Sub. Perpetual Bonds1,2,17			2,835,000		2,989,408
7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds1,2,17			2,720,000		2,867,152
7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds1,2,17			6,835,000		7,204,774
CaixaBank SA, 6.75% [EUSA5+649.8] Jr. Sub. Perpetual Bonds1,2,17	EUR		4,270,000		5,121,799
CIT Group, Inc.:
4.125% Sr. Unsec. Nts., 3/9/21			1,150,000		1,173,000
5.00% Sr. Unsec. Nts., 8/15/22			350,000		371,665
5.25% Sr. Unsec. Nts., 3/7/25			690,000		754,653
Commerzbank AG, 7.00% [USSW5+522.8] Jr. Sub. Perpetual Bonds1,2,17			3,600,000		3,715,830
Cooperatieve Rabobank UA, 6.625% [EUSA5+669.7] Jr. Sub. Perpetual Bonds1,2,17	EUR		7,085,000		8,434,175
Credit Agricole SA:
6.875% [USSW5+431.9] Jr. Sub. Perpetual Bonds1,2,17			1,725,000		1,855,608
7.875% [USSW5+489.8] Jr. Sub. Perpetual Bonds1,2,17			3,540,000		3,958,163
Credit Suisse AG, 6.50% Sub. Nts., 8/8/231			7,080,000		7,901,733
Global Bank Corp., 5.25% [US0003M+330] Sr. Unsec. Nts., 4/16/291,2			4,810,000		5,108,220
HSBC Holdings plc:
5.25% [EUSA5+438.3] Jr. Sub. Perpetual Bonds1,2,17	EUR		2,510,000		2,947,797
6.00% [EUSA5+533.8] Jr. Sub. Perpetual Bonds1,2,17	EUR		2,995,000		3,719,177

104        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Commercial Banks (Continued)
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.375% Sr. Unsec. Nts., 12/15/25		$	569,000	$	599,733
Lions Gate Capital Holdings LLC, 6.375% Sr. Unsec. Nts., 2/1/241			690,000		731,317
Lloyds Bank plc, 7.50% Sr. Unsec. Nts., 4/2/321,7			7,175,000		5,948,730
Novo Banco SA, 8.50% [EUSA5+823.3] Sub. Nts., 7/6/281,2	EUR		1,745,000		2,043,360
Societe Generale SA, 7.375% [USSW5+623.8] Jr. Sub. Perpetual Bonds1,2,17			11,225,000		11,837,885
Standard Chartered plc, 7.75% [USSW5+572.3] Jr. Sub. Perpetual Bonds1,2,17			8,745,000		9,456,275
					161,005,413
Consumer Finance—0.4%
Ally Financial, Inc.:
3.875% Sr. Unsec. Nts., 5/21/24			830,000		860,959
4.625% Sr. Unsec. Nts., 5/19/22			555,000		577,200
4.625% Sr. Unsec. Nts., 3/30/25			692,000		747,360
5.125% Sr. Unsec. Nts., 9/30/24			555,000		606,337
5.75% Sub. Nts., 11/20/25			1,158,000		1,301,326
8.00% Sr. Unsec. Nts., 11/1/31			527,000		731,212
Navient Corp.:
5.875% Sr. Unsec. Nts., 10/25/24			913,000		924,413
6.50% Sr. Unsec. Nts., 6/15/22			659,000		703,483
6.625% Sr. Unsec. Nts., 7/26/21			682,000		717,805
6.75% Sr. Unsec. Nts., 6/25/25			863,000		892,126
6.75% Sr. Unsec. Nts., 6/15/26			486,000		498,296
Springleaf Finance Corp.:
6.125% Sr. Unsec. Nts., 5/15/22			867,000		932,025
6.125% Sr. Unsec. Nts., 3/15/24			641,000		691,479
6.625% Sr. Unsec. Nts., 1/15/28			993,000		1,070,255
6.875% Sr. Unsec. Nts., 3/15/25			643,000		710,113
7.125% Sr. Unsec. Nts., 3/15/26			962,000		1,068,974
8.25% Sr. Unsec. Nts., 12/15/20			753,000		801,945
					13,835,308
Diversified Financial Services—1.1%
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 12/22/248,15			1,186,225		—
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45%, 3/13/348,9,15	MXN		17,961,653		—
Docuformas SAPI de CV, 10.25% Sr. Unsec. Nts., 7/24/241			835,000		826,191
Freedom Mortgage Corp.:
8.125% Sr. Unsec. Nts., 11/15/241			493,000		456,025
8.25% Sr. Unsec. Nts., 4/15/251			891,000		821,947
Greenko Mauritius Ltd., 6.25% Sr. Unsec. Nts., 2/21/231			3,500,000		3,551,087
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
5.875% Sr. Unsec. Nts., 2/1/22			416,000		421,460
6.25% Sr. Unsec. Nts., 5/15/261			405,000		425,250
JP Morgan/Hipotecaria su Casita, 6.47%, 8/26/351	MXN		20,232,960		112,895

105        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Diversified Financial Services (Continued)
Lions Gate Capital Holdings LLC, 5.875% Sr. Unsec. Nts., 11/1/241		$	873,000	$	901,372
National Bank for Agriculture & Rural Development, 8.39% Sr. Unsec. Nts., 7/19/21	INR		145,000,000		2,095,408
PetSmart, Inc., 7.125% Sr. Unsec. Nts., 3/15/231			695,000		656,775
Power Finance Corp. Ltd.:
7.27% Sr. Unsec. Nts., 12/22/21	INR		360,000,000		5,071,226
7.42% Sr. Unsec. Nts., 6/26/20	INR		107,000,000		1,515,820
7.50% Sr. Unsec. Nts., 8/16/21	INR		360,000,000		5,093,042
Quicken Loans, Inc.:
5.25% Sr. Unsec. Nts., 1/15/281			425,000		440,194
5.75% Sr. Unsec. Nts., 5/1/251			401,000		415,536
Rio Oil Finance Trust Series2014-1, 9.25% Sr. Sec. Nts., 7/6/241			414,324		464,047
Rural Electrification Corp. Ltd.:
7.24% Sr. Unsec. Nts., 10/21/21	INR		360,000,000		5,078,813
7.60% Sr. Unsec. Nts., 4/17/21	INR		350,000,000		4,968,974
Swiss Insured Brazil Power Finance Sarl, 9.85% Sr. Sec. Nts., 7/16/321	BRL		12,250,000		3,346,310
Venator Finance Sarl/Venator Materials LLC, 5.75% Sr. Unsec. Nts., 7/15/251			697,000		590,707
					37,253,079
Insurance—0.5%
AXA SA, 3.875% [EUSA11+325] Jr. Sub. Perpetual Bonds1,2,17	EUR		2,695,000		3,310,100
Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.375% [EUR003M+577] Jr. Sub. Perpetual Bonds1,2,17	EUR		3,500,000		4,458,119
Fidelity & Guaranty Life Holdings, Inc., 5.50% Sr. Unsec. Nts., 5/1/251			621,000		669,127
NN Group NV, 4.375% [EUR003M+390] Jr. Sub. Perpetual Bonds1,2,17	EUR		3,535,000		4,226,230
VIVAT NV, 6.25% [USSW5+417.4] Jr. Sub. Perpetual Bonds1,2,17			3,535,000		3,550,282
					16,213,858
Real Estate Investment Trusts (REITs)—0.7%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75% Sr. Sec. Nts., 5/15/261			615,000		644,981
CoreCivic, Inc.:
4.625% Sr. Unsec. Nts., 5/1/23			281,000		273,663
5.00% Sr. Unsec. Nts., 10/15/22			160,000		160,200
Equinix, Inc.:
5.375% Sr. Unsec. Nts., 5/15/27			824,000		890,435
5.875% Sr. Unsec. Nts., 1/15/26			2,155,000		2,298,114
GLP Capital LP/GLP Financing II, Inc., 5.375% Sr. Unsec. Nts., 11/1/23			481,000		522,121
Iron Mountain US Holdings, Inc., 5.375% Sr. Unsec. Nts., 6/1/261			2,515,000		2,603,025

106        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Real Estate Investment Trusts (REITs) (Continued)
Iron Mountain, Inc.:
4.875% Sr. Unsec. Nts., 9/15/271		$	488,000	$	501,508
4.875% Sr. Unsec. Nts., 9/15/291			1,043,000		1,061,565
iStar, Inc.:
4.75% Sr. Unsec. Nts., 10/1/24			3,303,000		3,364,931
5.25% Sr. Unsec. Nts., 9/15/22			988,000		1,011,465
6.00% Sr. Unsec. Nts., 4/1/22			1,314,000		1,356,179
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc.:
5.625% Sr. Unsec. Nts., 5/1/24			1,039,000		1,142,900
5.75% Sr. Unsec. Nts., 2/1/271			319,000		358,572
MPT Operating Partnership LP/MPT Finance Corp.:
4.625% Sr. Unsec. Nts., 8/1/29			2,695,000		2,780,903
5.00% Sr. Unsec. Nts., 10/15/27			238,000		249,900
6.375% Sr. Unsec. Nts., 3/1/24			250,000		262,385
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875% Sr. Unsec. Nts., 3/15/25			588,000		608,580
SBA Communications Corp., 4.00% Sr. Unsec. Nts., 10/1/22			812,000		832,300
Starwood Property Trust, Inc.:
4.75% Sr. Unsec. Nts., 3/15/25			819,000		849,139
5.00% Sr. Unsec. Nts., 12/15/21			805,000		839,213
					22,612,079
Real Estate Management & Development—1.2%
Agile Group Holdings Ltd., 9.00% Sr. Sec. Nts., 5/21/201			6,610,000		6,749,215
China Aoyuan Group Ltd., 7.50% Sr. Sec. Nts., 5/10/211			1,499,000		1,532,658
CIFI Holdings Group Co. Ltd.:
6.375% Sr. Unsec. Nts., 5/2/201			3,495,000		3,521,212
7.625% Sr. Unsec. Nts., 3/2/211			9,746,000		10,062,513
Country Garden Holdings Co. Ltd., 7.50% Sr. Sec. Nts., 3/9/201			3,915,000		3,975,683
Forestar Group, Inc., 8.00% Sr. Unsec. Nts., 4/15/241			695,000		754,075
Greystar Real Estate Partners LLC, 5.75% Sr. Sec. Nts., 12/1/251			802,000		827,062
Times China Holdings Ltd.:
6.25% Sr. Sec. Nts., 1/23/201			1,230,000		1,234,405
7.85% Sr. Sec. Nts., 6/4/211			11,518,000		11,817,450
Yuzhou Properties Co. Ltd., 6.375% Sr. Sec. Nts., 3/6/211			1,499,000		1,500,464
					41,974,737
Thrifts & Mortgage Finance—0.1%
LIC Housing Finance Ltd., 7.45% Sr. Sec. Nts., 10/17/22	INR		180,000,000		2,546,888
Nationstar Mortgage Holdings, Inc., 8.125% Sr. Unsec. Nts., 7/15/231			526,000		549,670
Radian Group, Inc., 4.50% Sr. Unsec. Nts., 10/1/24			606,000		628,725
					3,725,283
Health Care—1.4%
Health Care Equipment & Supplies—0.0%
Hill-Rom Holdings, Inc., 5.75% Sr. Unsec. Nts., 9/1/231			616,000		633,987

107        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Health Care Equipment & Supplies (Continued)
Hologic, Inc., 4.375% Sr. Unsec. Nts., 10/15/251	$	497,000	$	511,910
				1,145,897
Health Care Providers & Services—1.0%
Acadia Healthcare Co., Inc.:
5.625% Sr. Unsec. Nts., 2/15/23		259,000		265,151
6.50% Sr. Unsec. Nts., 3/1/24		338,000		353,210
Centene Corp.:
4.75% Sr. Unsec. Nts., 5/15/22		763,000		781,274
5.375% Sr. Unsec. Nts., 6/1/261		1,945,000		2,042,250
6.125% Sr. Unsec. Nts., 2/15/24		650,000		678,568
CHS/Community Health Systems, Inc.:
6.25% Sr. Sec. Nts., 3/31/23		1,416,000		1,411,894
6.875% Sr. Unsec. Nts., 2/1/22		423,000		323,066
8.00% Sr. Sec. Nts., 3/15/261		643,000		643,000
DaVita, Inc.:
5.00% Sr. Unsec. Nts., 5/1/25		324,000		324,000
5.125% Sr. Unsec. Nts., 7/15/24		1,487,000		1,514,881
Encompass Health Corp., 5.75% Sr. Unsec. Nts., 11/1/24		262,000		265,720
HCA, Inc.:
4.125% Sr. Sec. Nts., 6/15/29		2,045,000		2,145,438
5.375% Sr. Unsec. Nts., 2/1/25		1,745,000		1,910,775
5.375% Sr. Unsec. Nts., 9/1/26		2,775,000		3,055,830
5.50% Sr. Sec. Nts., 6/15/47		1,000,000		1,132,240
5.625% Sr. Unsec. Nts., 9/1/28		1,446,000		1,614,893
5.875% Sr. Unsec. Nts., 2/15/26		324,000		363,042
7.50% Sr. Unsec. Nts., 2/15/22		1,221,000		1,356,287
MPH Acquisition Holdings LLC, 7.125% Sr. Unsec. Nts., 6/1/241		930,000		861,413
Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22		5,295,000		5,650,462
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75% Sr. Unsec. Nts., 12/1/261		737,000		790,359
Tenet Healthcare Corp.:
5.125% Sr. Sec. Nts., 11/1/271		3,375,000		3,491,775
6.25% Sec. Nts., 2/1/271		319,000		332,127
6.75% Sr. Unsec. Nts., 6/15/23		1,328,000		1,399,619
8.125% Sr. Unsec. Nts., 4/1/22		805,000		874,431
				33,581,705
Pharmaceuticals—0.4%
Bausch Health Americas, Inc., 8.50% Sr. Unsec. Nts., 1/31/271		817,000		918,962
Bausch Health Cos., Inc.:
5.50% Sr. Sec. Nts., 11/1/251		1,675,000		1,758,918
5.75% Sr. Sec. Nts., 8/15/271		695,000		752,914
6.125% Sr. Unsec. Nts., 4/15/251		708,000		736,320
7.00% Sr. Sec. Nts., 3/15/241		1,535,000		1,617,061
7.00% Sr. Unsec. Nts., 1/15/281		301,000		324,960
7.25% Sr. Unsec. Nts., 5/30/291		301,000		329,535
9.00% Sr. Unsec. Nts., 12/15/251		1,152,000		1,297,440

108        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Pharmaceuticals (Continued)		��
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 5.875% Sr. Sec. Nts., 10/15/241	$	710,000	$	631,900
Par Pharmaceutical, Inc., 7.50% Sr. Sec. Nts., 4/1/271		1,875,000		1,710,937
Prestige Brands, Inc., 6.375% Sr. Unsec. Nts., 3/1/241		845,000		883,025
Teva Pharmaceutical Finance Co. BV, 3.65% Sr. Unsec. Nts., 11/10/21		423,000		392,861
Teva Pharmaceutical Finance Netherlands III BV:
3.15% Sr. Unsec. Nts., 10/1/26		270,000		189,675
6.00% Sr. Unsec. Nts., 4/15/24		951,000		823,209
				12,367,717
Industrials—2.3%
Aerospace & Defense—0.3%
Arconic, Inc.:
5.125% Sr. Unsec. Nts., 10/1/24		657,000		700,175
5.40% Sr. Unsec. Nts., 4/15/21		590,000		610,582
6.15% Sr. Unsec. Nts., 8/15/20		695,000		716,566
Bombardier, Inc.:
6.00% Sr. Unsec. Nts., 10/15/221		497,000		498,864
7.50% Sr. Unsec. Nts., 12/1/241		969,000		974,814
7.50% Sr. Unsec. Nts., 3/15/251		664,000		665,660
7.875% Sr. Unsec. Nts., 4/15/271		643,000		641,939
Embraer Netherlands Finance BV, 5.40% Sr. Unsec. Nts., 2/1/27		1,391,000		1,578,799
TransDigm, Inc.:
6.25% Sr. Sec. Nts., 3/15/261		690,000		742,612
6.375% Sr. Sub. Nts., 6/15/26		1,590,000		1,677,450
6.50% Sr. Sub. Nts., 7/15/24		1,420,000		1,469,700
Triumph Group, Inc., 5.25% Sr. Unsec. Nts., 6/1/22		590,000		589,764
				10,866,925
Air Freight & Couriers—0.2%
Algeco Global Finance plc, 8.00% Sr. Sec. Nts., 2/15/231		326,000		326,913
Allison Transmission, Inc., 5.875% Sr. Unsec. Nts., 6/1/291		322,000		350,175
Rumo Luxembourg Sarl, 5.875% Sr. Unsec. Nts., 1/18/251		3,475,000		3,672,675
XPO Logistics, Inc.:
6.125% Sr. Unsec. Nts., 9/1/231		1,390,000		1,438,650
6.75% Sr. Unsec. Nts., 8/15/241		643,000		697,655
				6,486,068
Airlines—0.1%
American Airlines Group, Inc.:
4.625% Sr. Unsec. Nts., 3/1/201		756,000		763,560
5.00% Sr. Unsec. Nts., 6/1/221		1,261,000		1,310,936
Gol Finance SA, 7.00% Sr. Unsec. Nts., 1/31/251		1,240,000		1,215,200
United Continental Holdings, Inc.:
4.25% Sr. Unsec. Nts., 10/1/22		988,000		1,023,123

109        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Airlines (Continued)
United Continental Holdings, Inc.: (Continued)
4.875% Sr. Unsec. Nts., 1/15/25	$	791,000	$	834,189
				5,147,008
Building Products—0.2%
Advanced Drainage Systems, Inc., 5.00% Sr. Sec. Nts., 9/30/271		384,000		390,236
Builders FirstSource, Inc., 6.75% Sr. Sec. Nts., 6/1/271		170,000		184,025
Cornerstone Building Brands, Inc., 8.00% Sr. Unsec. Nts., 4/15/261		659,000		650,762
Masonite International Corp., 5.375% Sr. Unsec. Nts., 2/1/281		2,015,000		2,108,194
Standard Industries, Inc.:
5.375% Sr. Unsec. Nts., 11/15/241		1,032,000		1,066,830
6.00% Sr. Unsec. Nts., 10/15/251		812,000		855,410
William Lyon Homes, Inc., 6.00% Sr. Unsec. Nts., 9/1/23		1,405,000		1,468,225
				6,723,682
Commercial Services & Supplies—0.3%
ACCO Brands Corp., 5.25% Sr. Unsec. Nts., 12/15/241		1,261,000		1,308,287
ADT Security Corp. (The), 6.25% Sr. Sec. Nts., 10/15/21		1,040,000		1,112,800
Brink’s Co. (The), 4.625% Sr. Unsec. Nts., 10/15/271		2,080,000		2,096,926
Clean Harbors, Inc., 4.875% Sr. Unsec. Nts., 7/15/271		665,000		695,756
Covanta Holding Corp.:
5.875% Sr. Unsec. Nts., 7/1/25		385,000		402,806
6.00% Sr. Unsec. Nts., 1/1/27		599,000		633,442
Murphy Oil USA, Inc., 4.75% Sr. Unsec. Nts., 9/15/29		1,109,000		1,136,725
Resideo Funding, Inc., 6.125% Sr. Unsec. Nts., 11/1/261		627,000		663,053
RR Donnelley & Sons Co., 7.875% Sr. Unsec. Nts., 3/15/21		939,000		974,213
West Corp.:
5.375% Sr. Unsec. Nts., 7/15/221		1,815,000		1,735,594
8.50% Sr. Unsec. Nts., 10/15/251		484,000		391,435
				11,151,037
Construction & Engineering—0.2%
AECOM, 5.125% Sr. Unsec. Nts., 3/15/27		1,420,000		1,498,100
GMR Hyderabad International Airport Ltd., 5.375% Sr. Sec. Nts., 4/10/241		3,475,000		3,577,648
New Enterprise Stone & Lime Co., Inc., 6.25% Sr. Sec. Nts., 3/15/261		405,000		415,125
Zekelman Industries, Inc., 9.875% Sr. Sec. Nts., 6/15/231		144,000		151,830
				5,642,703
Electrical Equipment—0.1%
Sensata Technologies BV, 5.625% Sr. Unsec. Nts., 11/1/241		708,000		773,490
Vertiv Group Corp., 9.25% Sr. Unsec. Nts., 10/15/241		738,000		714,938
Vertiv Intermediate Holding Corp., 13% PIK Rate, 12% Cash Rate, Sr. Unsec. Nts., 2/15/221,14		641,000		577,701
				2,066,129

110        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Industrial Conglomerates—0.1%
Ahern Rentals, Inc., 7.375% Sec. Nts., 5/15/231	$	715,000	$	612,218
Brand Industrial Services, Inc., 8.50% Sr. Unsec. Nts., 7/15/251		694,000		662,770
CVR Refining LLC/Coffeyville Finance, Inc., 6.50% Sr. Unsec. Nts., 11/1/22		1,272,000		1,289,490
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.75% Sr. Unsec. Nts., 2/1/24		641,000		669,044
				3,233,522
Machinery—0.2%
Allison Transmission, Inc., 5.00% Sr. Unsec. Nts., 10/1/241		1,455,000		1,489,556
Amsted Industries, Inc., 5.625% Sr. Unsec. Nts., 7/1/271		680,000		719,100
Colfax Corp.:
6.00% Sr. Unsec. Nts., 2/15/241		638,000		677,620
6.375% Sr. Unsec. Nts., 2/15/261		319,000		343,623
IHS Netherlands Holdco BV, 8.00% Sr. Unsec. Nts., 9/18/271		2,000,000		2,047,500
JB Poindexter & Co., Inc., 7.125% Sr. Unsec. Nts., 4/15/261		1,215,000		1,263,600
				6,540,999
Professional Services—0.0%
Nielsen Finance LLC/Nielsen Finance Co., 5.00% Sr. Unsec. Nts., 4/15/221		829,000		835,466
Road & Rail—0.3%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.75% Sr. Unsec. Nts., 7/15/271		1,005,000		1,039,371
DAE Funding LLC:
4.00% Sr. Unsec. Nts., 8/1/201		328,000		330,870
4.50% Sr. Unsec. Nts., 8/1/221		629,000		640,007
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/351		1,255,000		1,430,700
Kenan Advantage Group, Inc. (The), 7.875% Sr. Unsec. Nts., 7/31/231		619,000		557,100
Rumo Luxembourg Sarl, 7.375% Sr. Unsec. Nts., 2/9/241		3,475,000		3,748,691
Uber Technologies, Inc.:
7.50% Sr. Unsec. Nts., 11/1/231		319,000		322,190
8.00% Sr. Unsec. Nts., 11/1/261		319,000		323,785
United Rentals North America, Inc., 5.25% Sr. Unsec. Nts., 1/15/30		695,000		731,057
				9,123,771
Trading Companies & Distributors—0.3%
Fly Leasing Ltd., 5.25% Sr. Unsec. Nts., 10/15/24		618,000		639,630
Fortress Transportation & Infrastructure Investors LLC, 6.75% Sr. Unsec. Nts., 3/15/221		690,000		722,775
H&E Equipment Services, Inc., 5.625% Sr. Unsec. Nts., 9/1/25		1,950,000		2,014,643
United Rentals North America, Inc.:
4.875% Sr. Unsec. Nts., 1/15/28		811,000		846,481
5.875% Sr. Unsec. Nts., 9/15/26		2,700,000		2,889,135

111        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Trading Companies & Distributors (Continued)
United Rentals North America, Inc.: (Continued) 6.50% Sr. Unsec. Nts., 12/15/26		$	1,380,000	$	1,508,685
					8,621,349
Transportation Infrastructure—0.0%
Jasa Marga Persero Tbk PT, 7.50% Sr. Unsec. Nts., 12/11/201	IDR		24,180,000,000		1,673,151
Information Technology—1.0%
Communications Equipment—0.1%
CommScope Technologies LLC, 6.00% Sr. Unsec. Nts., 6/15/251			2,560,000		2,323,200
Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., 9.875% Sr. Sec. Nts., 5/1/241			695,000		745,387
Hughes Satellite Systems Corp.:
5.25% Sr. Sec. Nts., 8/1/26			585,000		628,144
6.625% Sr. Unsec. Nts., 8/1/26			590,000		641,896
Plantronics, Inc., 5.50% Sr. Unsec. Nts., 5/31/231			636,000		639,180
ViaSat, Inc.:
5.625% Sr. Unsec. Nts., 9/15/251			328,000		332,100
5.625% Sr. Sec. Nts., 4/15/271			481,000		506,253
					5,816,160
Electronic Equipment, Instruments, & Components—0.1%
CDW LLC/CDW Finance Corp., 5.00% Sr. Unsec. Nts., 9/1/23			518,000		531,416
MTS Systems Corp., 5.75% Sr. Unsec. Nts., 8/15/271			1,360,000		1,417,800
TTM Technologies, Inc., 5.625% Sr. Unsec. Nts., 10/1/251			823,000		825,058
					2,774,274
IT Services—0.1%
Exela Intermediate LLC/Exela Finance, Inc., 10.00% Sr. Sec. Nts., 7/15/231			817,000		459,563
Gartner, Inc., 5.125% Sr. Unsec. Nts., 4/1/251			999,000		1,047,701
Harland Clarke Holdings Corp.:
6.875% Sr. Sec. Nts., 3/1/201			658,000		651,420
8.375% Sr. Sec. Nts., 8/15/221			464,000		382,800
VeriSign, Inc., 4.75% Sr. Unsec. Nts., 7/15/27			516,000		542,445
					3,083,929
Semiconductors & Semiconductor Equipment—0.1%
Micron Technology, Inc., 4.663% Sr. Unsec. Nts., 2/15/30			1,345,000		1,403,668
Qorvo, Inc., 5.50% Sr. Unsec. Nts., 7/15/26			1,012,000		1,071,455
Versum Materials, Inc., 5.50% Sr. Unsec. Nts., 9/30/241			335,000		357,613
					2,832,736
Software—0.2%
Banff Merger Sub, Inc., 9.75% Sr. Unsec. Nts., 9/1/261			879,000		843,401
Informatica LLC, 7.125% Sr. Unsec. Nts., 7/15/231			1,002,000		1,022,040
j2 Cloud Services LLC/j2 Global Co.-Obligor, Inc., 6.00% Sr. Unsec. Nts., 7/15/251			990,000		1,049,004

112        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Software (Continued)
Symantec Corp.:
4.20% Sr. Unsec. Nts., 9/15/20	$	610,000	$	617,774
5.00% Sr. Unsec. Nts., 4/15/251		641,000		648,558
TIBCO Software, Inc., 11.375% Sr. Unsec. Nts., 12/1/211		752,000		785,135
Veritas US, Inc./Veritas Bermuda Ltd., 7.50% Sr. Sec. Nts., 2/1/231		1,053,000		1,046,095
				6,012,007
Technology Hardware, Storage & Peripherals—0.4%
Dell International LLC/EMC Corp.:
4.42% Sr. Sec. Nts., 6/15/211		7,084,000		7,306,137
7.125% Sr. Unsec. Nts., 6/15/241		1,720,000		1,817,610
EMC Corp., 2.65% Sr. Unsec. Nts., 6/1/20		560,000		560,262
Everi Payments, Inc., 7.50% Sr. Unsec. Nts., 12/15/251		981,000		1,036,181
NCR Corp., 6.375% Sr. Unsec. Nts., 12/15/23		571,000		588,130
Western Digital Corp., 4.75% Sr. Unsec. Nts., 2/15/26		864,000		891,000
Xerox Corp., 2.80% Sr. Unsec. Nts., 5/15/20		645,000		646,103
				12,845,423
Materials—3.8%
Chemicals—1.1%
Ashland LLC:
4.75% Sr. Unsec. Nts., 8/15/22		690,000		725,362
6.875% Sr. Unsec. Nts., 5/15/43		396,000		456,390
Blue Cube Spinco LLC, 9.75% Sr. Unsec. Nts., 10/15/23		319,000		348,507
Celanese US Holdings LLC, 5.875% Sr. Unsec. Nts., 6/15/21		3,441,000		3,633,774
CF Industries, Inc.:
3.40% Sr. Sec. Nts., 12/1/211		6,265,000		6,376,933
5.15% Sr. Unsec. Nts., 3/15/34		423,000		442,564
5.375% Sr. Unsec. Nts., 3/15/44		266,000		269,199
Chemours Co. (The), 6.625% Sr. Unsec. Nts., 5/15/23		411,000		407,404
CVR Partners LP/CVR Nitrogen Finance Corp., 9.25% Sec. Nts., 6/15/231		500,000		523,125
Element Solutions, Inc., 5.875% Sr. Unsec. Nts., 12/1/251		388,000		408,021
Koppers, Inc., 6.00% Sr. Unsec. Nts., 2/15/251		413,000		415,325
NOVA Chemicals Corp.:
4.875% Sr. Unsec. Nts., 6/1/241		715,000		737,951
5.25% Sr. Unsec. Nts., 8/1/231		420,000		426,300
OCP SA, 4.50% Sr. Unsec. Nts., 10/22/251		3,735,000		3,935,756
Olin Corp.:
5.00% Sr. Unsec. Nts., 2/1/30		333,000		334,782
5.125% Sr. Unsec. Nts., 9/15/27		312,000		320,580
5.625% Sr. Unsec. Nts., 8/1/29		1,685,000		1,757,118
Orbia Advance Corp. SAB de CV, 4.875% Sr. Unsec. Nts., 9/19/221		3,545,000		3,722,285
PQ Corp.:
5.75% Sr. Unsec. Nts., 12/15/251		328,000		339,480
6.75% Sr. Sec. Nts., 11/15/221		690,000		716,737

113        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Chemicals (Continued)
Rain CII Carbon LLC/CII Carbon Corp., 7.25% Sec. Nts., 4/1/251		$	409,000	$	392,640
Sociedad Quimica y Minera de Chile SA, 4.25% Sr. Unsec. Nts., 5/7/291			1,805,000		1,926,386
Starfruit Finco BV/Starfruit US Holdco LLC:
6.50% Sr. Unsec. Nts., 10/1/261	EUR		3,545,000		3,954,249
8.00% Sr. Unsec. Nts., 10/1/261			599,000		600,498
Tronox Finance plc, 5.75% Sr. Unsec. Nts., 10/1/251			657,000		624,643
Tronox, Inc., 6.50% Sr. Unsec. Nts., 4/15/261			402,000		384,915
Unigel Luxembourg SA, 8.75% Sr. Unsec. Nts., 10/1/261			2,850,000		2,850,000
WR Grace & Co.-Conn, 5.125% Sr. Unsec. Nts., 10/1/211			595,000		621,091
					37,652,015
Construction Materials—0.2%
Cemex Finance LLC, 6.00% Sr. Sec. Nts., 4/1/241			3,475,000		3,575,775
CIMPOR Financial Operations BV, 5.75% Sr. Unsec. Nts., 7/17/241			3,350,000		2,520,875
					6,096,650
Containers & Packaging—0.8%
ARD Finance SA, 7.875% PIK Rate, 7.875% Cash Rate, Sr. Sec. Nts., 9/15/2314			645,000		667,575
ARD Securities Finance Sarl, 3% PIK Rate, 8.75% Cash Rate, Sr. Sec. Nts., 1/31/231,14			1,115,144		1,159,750
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.:
4.125% Sr. Sec. Nts., 8/15/261			1,350,000		1,361,812
4.25% Sr. Sec. Nts., 9/15/221			282,000		286,365
4.625% Sr. Sec. Nts., 5/15/231			160,000		164,200
6.00% Sr. Unsec. Nts., 2/15/251			1,101,000		1,153,958
Ball Corp., 4.375% Sr. Unsec. Nts., 12/15/20			4,150,000		4,245,491
Berry Global, Inc., 4.875% Sr. Sec. Nts., 7/15/261			393,000		407,207
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr. Unsec. Nts., 1/15/23			613,000		645,182
Flex Acquisition Co., Inc.:
6.875% Sr. Unsec. Nts., 1/15/251			219,000		200,845
7.875% Sr. Unsec. Nts., 7/15/261			648,000		596,160
Graphic Packaging International LLC:
4.75% Sr. Unsec. Nts., 4/15/21			3,540,000		3,668,325
4.875% Sr. Unsec. Nts., 11/15/22			615,000		644,213
Greif, Inc., 6.50% Sr. Unsec. Nts., 3/1/271			399,000		424,137
Intertape Polymer Group, Inc., 7.00% Sr. Unsec. Nts., 10/15/261			638,000		666,710
LABL Escrow Issuer LLC, 6.75% Sr. Sec. Nts., 7/15/261			665,000		692,847
Mauser Packaging Solutions Holding Co.:
5.50% Sr. Sec. Nts., 4/15/241			405,000		419,094
7.25% Sr. Unsec. Nts., 4/15/251			645,000		612,137
OI European Group BV, 4.00% Sr. Unsec. Nts., 3/15/231			1,420,000		1,432,425
Owens-Brockway Glass Container, Inc., 5.00% Sr. Unsec. Nts., 1/15/221			629,000		651,141

114        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Containers & Packaging (Continued)
Plastipak Holdings, Inc., 6.25% Sr. Unsec. Nts., 10/15/251	$	1,122,000	$	939,675
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA:
5.125% Sr. Sec. Nts., 7/15/231		872,000		894,890
7.00% Sr. Unsec. Nts., 7/15/241		948,000		984,143
Sealed Air Corp.:
4.875% Sr. Unsec. Nts., 12/1/221		666,000		701,798
6.875% Sr. Unsec. Nts., 7/15/331		326,000		383,050
Trivium Packaging Finance BV:
5.50% Sr. Sec. Nts., 8/15/261		335,000		352,990
8.50% Sr. Unsec. Nts., 8/15/271		335,000		363,056
				24,719,176
Metals & Mining—1.3%
Alcoa Nederland Holding BV:
6.125% Sr. Unsec. Nts., 5/15/281		518,000		552,913
6.75% Sr. Unsec. Nts., 9/30/241		328,000		345,630
7.00% Sr. Unsec. Nts., 9/30/261		319,000		347,720
Aleris International, Inc., 10.75% Sec. Nts., 7/15/231		324,000		341,820
Allegheny Technologies, Inc.:
5.95% Sr. Unsec. Nts., 1/15/21		695,000		713,678
7.875% Sr. Unsec. Nts., 8/15/23		322,000		350,503
ArcelorMittal:
6.125% Sr. Unsec. Nts., 6/1/25		3,490,000		3,930,538
6.75% Sr. Unsec. Nts., 3/1/41		315,000		374,639
7.00% Sr. Unsec. Nts., 10/15/39		345,000		418,709
Cleveland-Cliffs, Inc.:
5.75% Sr. Unsec. Nts., 3/1/25		361,000		355,585
5.875% Sr. Unsec. Nts., 6/1/271		578,000		548,869
Corp. Nacional del Cobre de Chile, 3.00% Sr. Unsec. Nts., 9/30/291		2,775,000		2,768,395
CSN Resources SA, 7.625% Sr. Unsec. Nts., 2/13/231		2,790,000		2,919,037
Evraz plc, 5.375% Sr. Unsec. Nts., 3/20/231		5,215,000		5,557,834
First Quantum Minerals Ltd.:
7.00% Sr. Unsec. Nts., 2/15/211		182,000		183,820
7.25% Sr. Unsec. Nts., 4/1/231		3,674,000		3,637,260
FMG Resources August 2006 Pty Ltd., 4.75% Sr. Unsec. Nts., 5/15/221		322,000		331,660
Freeport-McMoRan, Inc.:
3.55% Sr. Unsec. Nts., 3/1/22		398,000		399,990
4.55% Sr. Unsec. Nts., 11/14/24		285,000		292,781
5.40% Sr. Unsec. Nts., 11/14/34		1,455,000		1,389,525
5.45% Sr. Unsec. Nts., 3/15/43		287,000		259,844
Hudbay Minerals, Inc., 7.625% Sr. Unsec. Nts., 1/15/251		940,000		957,625
IAMGOLD Corp., 7.00% Sr. Unsec. Nts., 4/15/251		510,000		536,775
Industrias Penoles SAB de CV, 5.65% Sr. Unsec. Nts., 9/12/491		2,200,000		2,281,840
JSW Steel Ltd.:
4.75% Sr. Unsec. Nts., 11/12/191		2,370,000		2,372,685
5.25% Sr. Unsec. Nts., 4/13/221		3,600,000		3,650,302
5.95% Sr. Unsec. Nts., 4/18/241		2,130,000		2,202,390

115        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Metals & Mining (Continued)
Kinross Gold Corp., 4.50% Sr. Unsec. Nts., 7/15/27	$	467,000	$	490,924
Southern Copper Corp., 7.50% Sr. Unsec. Nts., 7/27/35		1,270,000		1,704,975
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50% Sr. Unsec. Nts., 6/15/251		3,590,000		3,208,563
				43,426,829
Paper & Forest Products—0.4%
Boise Cascade Co., 5.625% Sr. Unsec. Nts., 9/1/241		1,598,000		1,659,922
Louisiana-Pacific Corp., 4.875% Sr. Unsec. Nts., 9/15/24		2,579,000		2,669,265
Mercer International, Inc.:
5.50% Sr. Unsec. Nts., 1/15/26		655,000		632,894
6.50% Sr. Unsec. Nts., 2/1/24		315,000		324,056
Norbord, Inc., 5.75% Sr. Sec. Nts., 7/15/271		1,841,000		1,891,628
Suzano Austria GmbH, 5.00% Sr. Unsec. Nts., 1/15/30		6,965,000		6,995,994
				14,173,759
Telecommunication Services—1.7%
Diversified Telecommunication Services—1.1%
Altice France SA:
7.375% Sr. Sec. Nts., 5/1/261		1,157,000		1,244,886
8.125% Sr. Sec. Nts., 2/1/271		645,000		713,531
Axtel SAB de CV, 6.375% Sr. Unsec. Nts., 11/14/241		3,550,000		3,665,410
CenturyLink, Inc.:
5.625% Sr. Unsec. Nts., 4/1/25		995,000		1,034,800
Series S, 6.45% Sr. Unsec. Nts., 6/15/21		1,235,000		1,299,837
Series Y, 7.50% Sr. Unsec. Nts., 4/1/24		1,815,000		2,034,343
Cincinnati Bell, Inc., 8.00% Sr. Unsec. Nts., 10/15/251		710,000		628,705
CommScope, Inc., 6.00% Sr. Sec. Nts., 3/1/261		3,280,000		3,410,544
Frontier Communications Corp.:
10.50% Sr. Unsec. Nts., 9/15/22		4,321,000		2,001,163
11.00% Sr. Unsec. Nts., 9/15/25		1,243,000		567,896
GCI LLC, 6.625% Sr. Unsec. Nts., 6/15/241		340,000		367,625
GTH Finance BV, 7.25% Sr. Unsec. Nts., 4/26/231		5,250,000		5,867,936
HTA Group Ltd., 9.125% Sr. Unsec. Nts., 3/8/221		3,925,000		4,102,724
iHeartCommunications, Inc., 5.25% Sr. Sec. Nts., 8/15/271		1,345,000		1,402,163
Inmarsat Finance plc, 4.875% Sr. Unsec. Nts., 5/15/221		560,000		569,626
Level 3 Financing, Inc., 5.25% Sr. Unsec. Nts., 3/15/26		2,850,000		2,970,698
Oi SA, 10% Cash Rate or 4% PIK Rate and 8% Cash Rate, Sr. Unsec. Nts., 7/27/2514		2,144,000		1,972,694
Qwest Corp., 6.875% Sr. Unsec. Nts., 9/15/33		831,000		832,332
Telecom Italia SpA, 5.303% Sr. Unsec. Nts., 5/30/241		1,045,000		1,130,899
Zayo Group LLC/Zayo Capital, Inc., 6.00% Sr. Unsec. Nts., 4/1/23		1,004,000		1,035,375
				36,853,187
Wireless Telecommunication Services—0.6%
Bharti Airtel Ltd., 4.375% Sr. Unsec. Nts., 6/10/251		655,000		678,525
Intelsat Connect Finance SA, 9.50% Sr. Unsec. Nts., 2/15/231		1,750,000		1,626,957

116        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Wireless Telecommunication Services (Continued)
Intelsat Jackson Holdings SA:
5.50% Sr. Unsec. Nts., 8/1/23	$	2,790,000	$	2,616,741
8.50% Sr. Unsec. Nts., 10/15/241		1,524,000		1,538,768
9.75% Sr. Unsec. Nts., 7/15/251		1,004,000		1,053,698
Intelsat Luxembourg SA, 7.75% Sr. Unsec. Nts., 6/1/21		1,078,000		1,029,490
Sprint Communications, Inc.:
6.00% Sr. Unsec. Nts., 11/15/22		1,616,000		1,721,040
7.00% Sr. Unsec. Nts., 3/1/201		2,100,000		2,139,375
Sprint Corp.:
7.625% Sr. Unsec. Nts., 3/1/26		972,000		1,075,275
7.875% Sr. Unsec. Nts., 9/15/23		2,519,000		2,773,318
T-Mobile USA, Inc.:
4.00% Sr. Unsec. Nts., 4/15/22		863,000		886,732
5.125% Sr. Unsec. Nts., 4/15/25		384,000		398,880
6.00% Sr. Unsec. Nts., 4/15/24		671,000		697,840
Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.875% Sr. Sec. Nts., 5/1/221		643,000		615,673
Windstream Services LLC/Windstream Finance Corp., 8.625% Sr. Sec. Nts., 10/31/251,15		601,000		614,523
				19,466,835
Utilities—1.3%
Electric Utilities—0.5%
DPL, Inc., 4.35% Sr. Unsec. Nts., 4/15/291		430,000		425,327
Empresa de Transmision Electrica SA, 5.125% Sr. Unsec. Nts., 5/2/491		1,810,000		2,089,419
Eskom Holdings SOC Ltd., 7.125% Sr. Unsec. Nts., 2/11/251		3,500,000		3,612,094
Perusahaan Listrik Negara PT, 4.125% Sr. Unsec. Nts., 5/15/271		6,955,000		7,358,875
Rockpoint Gas Storage Canada Ltd., 7.00% Sr. Sec. Nts., 3/31/231		435,000		439,350
Talen Energy Supply LLC, 7.25% Sr. Sec. Nts., 5/15/271		393,000		401,371
TerraForm Power Operating LLC, 5.00% Sr. Unsec. Nts., 1/31/281		134,000		140,030
Vistra Operations Co. LLC:
5.00% Sr. Unsec. Nts., 7/31/271		1,360,000		1,403,765
5.50% Sr. Unsec. Nts., 9/1/261		362,000		379,629
5.625% Sr. Unsec. Nts., 2/15/271		645,000		681,075
				16,930,935
Gas Utilities—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp., 5.50% Sr. Unsec. Nts., 5/20/25		648,000		699,030
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50% Sr. Unsec. Nts., 4/15/261		440,000		443,080
Superior Plus LP/Superior General Partner, Inc., 7.00% Sr. Unsec. Nts., 7/15/261		324,000		343,447
				1,485,557

117        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Independent Power and Renewable Electricity Producers—0.7%
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25% Sr. Sec. Nts., 12/10/241	$	3,695,000	$	3,867,372
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad Itabo SA, 7.95% Sr. Unsec. Nts., 5/11/261		1,230,000		1,314,562
AES Corp.:
4.00% Sr. Unsec. Nts., 3/15/21		700,000		714,875
6.00% Sr. Unsec. Nts., 5/15/26		423,000		450,495
Azure Power Energy Ltd., 5.50% Sr. Sec. Nts., 11/3/221		3,485,000		3,533,414
Azure Power Solar Energy Pvt Ltd., 5.65% Sr. Sec. Nts., 12/24/241		1,400,000		1,405,950
Calpine Corp.:
5.25% Sr. Sec. Nts., 6/1/261		1,036,000		1,076,145
5.75% Sr. Unsec. Nts., 1/15/25		243,000		249,986
5.875% Sr. Sec. Nts., 1/15/241		326,000		334,150
Clearway Energy Operating LLC, 5.75% Sr. Unsec. Nts., 10/15/251		319,000		336,944
Inkia Energy Ltd., 5.875% Sr. Unsec. Nts., 11/9/271		4,145,000		4,316,023
Listrindo Capital BV, 4.95% Sr. Unsec. Nts., 9/14/261		5,215,000		5,304,959
NRG Energy, Inc.:
6.625% Sr. Unsec. Nts., 1/15/27		824,000		895,770
7.25% Sr. Unsec. Nts., 5/15/26		578,000		635,222
				24,435,867
Multi-Utilities—0.0%
TerraForm Power Operating LLC, 4.25% Sr. Unsec. Nts., 1/31/231		446,000		457,150
Total Corporate Bonds and Notes (Cost $1,109,437,763)				1,101,391,596
	Shares
Preferred Stock—0.0%
Claire’s Holdings LLC, 0.00%, Series A18(Cost $97,198)		170		29,750
Common Stocks—0.1%
Claire’s Holdings LLC18		614		383,750
Clear Channel Outdoor Holdings, Inc., Cl. A18		153,942		387,934
Hexion Holdings Corp., Cl. B18		64,100		721,125
JSC Astana Finance, GDR (Cost $0, Acquisition Date 6/5/15)1,8,18		1,681,847		—
Quicksilver Resources, Inc.8,18		12,760,000		—
Sabine Oil & Gas Holdings, Inc.		2,510		131,775
Total Common Stocks (Cost $15,951,361)				1,624,584
	Units
Rights, Warrants and Certificates—0.0%
Affinion Group Wts., Exp. 11/10/228,18		26,104		—
Sabine Oil Tranche 1 Wts., Strike Price $4.49, Exp. 8/11/268,18		7,821		82,120
Sabine Oil Tranche 2 Wts., Strike Price $2.72, Exp. 8/11/268,18		1,643		20,538
Total Rights, Warrants and Certificates (Cost $1,590,968)				102,658

118        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Structured Securities—0.6%
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.003% Sr. Sec. Nts., 4/30/251,11		$	2,157,236	$	2,079,794
3.054% Sr. Sec. Nts., 4/30/251,11			2,748,651		2,649,977
3.098% Sr. Sec. Nts., 4/30/251,11			2,373,020		2,287,831
3.131% Sr. Sec. Nts., 4/30/251,11			2,121,180		2,045,032
3.179% Sr. Sec. Nts., 4/30/251,11			2,641,041		2,546,231
3.23% Sr. Sec. Nts., 4/30/251,11			3,014,348		2,906,136
3.265% Sr. Sec. Nts., 4/30/251,11			2,408,111		2,321,663
3.346% Sr. Sec. Nts., 4/30/251,11			2,263,521		2,182,264
Morgan Stanley, Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5.00%, 8/22/348	RUB		78,147,214		175,129
Total Structured Securities (Cost $19,685,921)					19,194,057
Short-Term Notes—0.3%
Arab Republic of Egypt Treasury Bills, 17.01%, 5/5/2011	EGP		146,400,000		8,307,280
Argentine Republic Treasury Bills, 5.043%, 5/29/2011	ARS		349,300,000		2,690,354
Total Short-Term Notes (Cost $16,433,718)					10,997,634

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Exchange-Traded Options Purchased—0.1%

USD

USD

S&P 500 Index Put

USD

2,675.000

3/20/20

134,285

1

2,748,450

USD

S&P 500 Index Put

USD

2,625.000

2/21/20

USD 69,563

0

19

1,000,375

Total Exchange-Traded Options Purchased (Cost $6,008,743)

3,748,825

Counterparty

Exercise Price

Expiration Date

Notional Amount (000’s)

Over-the-Counter Options Purchased—0.5%

BRL

BRL Currency

Put

GSCO-OT

BRL

3.430

3/30/20

BRL 3,543

3,543

88,161

BRL

BRL Currency

Call

JPM

BRL

3.918

11/19/19

BRL 137,130

137,130

72,513

BRL

BRL Currency

Put

GSCO-OT

BRL

3.430

3/30/20

BRL 3,543

3,543

88,161

BRL

BRL Currency

Put

GSCO-OT

BRL

3.432

3/27/20

BRL 3,540

3,540

86,201

BRL

BRL Currency

Call

CITNA-B

BRL

3.861

11/18/19

BRL 135,118

135,118

35,517

BRL

BRL Currency

Put

GSCO-OT

BRL

3.350

12/6/19

BRL 1,414

1,414

85

119        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Counterparty

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Value

Over-the-Counter Options Purchased (Continued)

BRL

BRL Currency

Call20

JPM

BRL

3.200

10/17/19

BRL 3,586

3,586

$

—

BRL

BRL Currency

Put

GSCO-OT

BRL

3.400

12/10/19

BRL 1,414

1,414

395

CLP

CLP Currency

CLP

Call

JPM

CLP

677.500

10/21/19

47,000,000

47,000,000

470

EUR

EUR Currency

Put18

GSCO-OT

NOK

8.648

1/6/21

EUR 8,850

8,850

301,435

EUR

EUR Currency

Put

SCB

IDR

15760.000

1/17/20

EUR 26,160

26,160

413,782

EUR

EUR Currency

Put

JPM

NOK

8.900

8/26/21

EUR 8,750

8,750

1,301,978

EUR

EUR Currency

EUR

Call

CITNA-B

USD

1.178

10/3/19

212,400

212,400

—

EUR

EUR Currency

Put

JPM

ZAR

15.720

1/23/20

EUR 34,900

34,900

247,302

EUR

EUR Currency

Put

GSCO-OT

INR

74.875

8/5/20

EUR 3,500

3,500

1,773,110

EUR

EUR Currency

Put

BOA

SEK

9.250

4/29/20

EUR 7,200

7,200

3,401

EUR

EUR Currency

EUR

Call

BOA

USD

1.170

10/31/19

212,400

212,400

1,128

EUR

EUR Currency

EUR

Put

BOA

PLN

4.250

11/20/19

140,000

140,000

59,816

EUR

EUR Currency

EUR

Put

MSCO

NOK

9.757

8/20/20

105,000

105,000

1,098,369

EUR

EUR Currency

Put

GSCO-OT

NOK

8.360

1/6/21

EUR 8,850

8,850

84,469

EUR

Euro-Bund

EUR

Futures Put

MOS

EUR

170.000

10/25/19

142,630

1

27,434

IDR

IDR Currency

IDR

Call

JPM

IDR

13885.000

1/20/20

484,534,000

484,534,000

96,907

INR

INR Currency

Put

JPM

INR

66.092

4/29/20

INR 3,500

3,500

285,333

120        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Counterparty

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Value

Over-the-Counter Options Purchased (Continued)

INR

INR Currency

Put

GSCO-OT

INR

65.600

5/6/20

INR 5,220

5,220

$

322,178

KRW

KRW

KRW

Currency Call

GSCO-OT

KRW

1159.700

1/17/20

40,450,000

40,450,000

161,800

MXN

MXN

MXN

Currency Call

GSCO-OT

MXN

19.558

7/21/20

665,441

665,441

568,420

MXN

MXN

MXN

Currency Call

JPM

MXN

19.655

11/26/19

330,204

330,204

144,755

MXN

MXN

MXN

Currency Call

JPM

MXN

19.375

6/2/20

673,200

673,200

436,752

MXN

MXN

MXN

Currency Put

JPM

MXN

19.655

11/26/19

330,204

330,204

372,335

MXN

MXN

MXN

Currency Call

BOA

MXN

18.553

1/14/20

1,312,540

1,312,540

104,124

MXN

MXN

Currency

Call21

CITNA-B

MXN

18.000

10/23/19

MXN 1,750

1,750

911

MXN

MXN

MXN

Currency Call

CITNA-B

MXN

19.350

6/2/20

672,300

672,300

424,907

MXN

MXN

MXN

Currency Call

CITNA-B

MXN

19.380

8/5/20

169,575

169,575

127,203

PHP

PHP Currency

PHP

Call

GSCO-OT

PHP

51.000

11/11/19

890,000

890,000

25,454

RUB

RUB Currency

RUB

Call

GSCO-OT

RUB

60.000

12/18/19

3,974,300

3,974,300

15,778

RUB

RUB Currency

Put

GSCO-OT

RUB

58.500

8/4/20

RUB 3,850

3,850

689,024

RUB

RUB Currency

Put

GSCO-OT

RUB

57.300

3/30/20

RUB 7,086

7,086

298,964

RUB

RUB Currency

RUB

Call

JPM

RUB

70.000

2/25/21

��

3,714,800

3,714,800

3,286,929

RUB

RUB Currency

Put

JPM

RUB

59.000

8/5/20

RUB 3,850

3,850

817,232

USD

S&P 500

Index Put

BOA

USD

2632.590

2/21/20

USD 69,764

0

21

1,066,848

121        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Counterparty

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Value

Over-the-Counter Options Purchased (Continued)

SGD

SGD Currency

Put

GSCO-OT

CNY

5.050

10/21/19

SGD 52,000

52,000

$

10,701

ZAR

ZAR Currency

ZAR

Call

GSCO-OT

ZAR

14.500

7/23/20

531,300

531,300

751,657

ZAR

ZAR Currency

ZAR

Call

GSCO-OT

ZAR

13.613

1/27/20

240,801

240,801

35,891

TotalOver-the-Counter Options Purchased (Cost $31,885,490)

15,727,830

Counterparty

Buy /Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount (000’s)

Over-the-Counter Credit Default Swaptions Purchased—0.1%

Credit Default Swap maturing 6/20/24 Call

JPM

Sell

iTraxx Europe Crossover Series 31 Version 1

3.00

%

12/18/19

EUR 105,000

793,836

Credit Default Swap maturing 6/20/24 Put

JPM

Buy

iTraxx Europe Crossover Series 31 Version 1

3.00

12/18/19

EUR 105,000

1,309,306

TotalOver-the-Counter Credit Default Swaptions Purchased (Cost $2,809,965)

2,103,142

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.2%

Interest Rate Swap maturing 1/9/20 Call

GSCOI

Pay

Three- Month USD BBA LIBOR

1.600

1/9/20

USD 534,300

1,943,719

Interest Rate Swap maturing 11/14/19 Put

JPM

Receive

Three- Month USD BBA LIBOR

1.865

11/14/19

USD 42,000

502,729

Interest Rate Swap maturing 3/27/20 Put

MSCO

Receive

Six-Month EUR EURIBOR

0.434

3/27/20

EUR 43,600

54,744

Interest Rate Swap Maturing 3/29/21 Put

JPM

Receive

Six-Month EUR EURIBOR

1.122

3/29/21

EUR 353,800

32,855

122        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Value

Over-the-Counter Interest Rate Swaptions Purchased (Continued)

Interest Rate Swap Maturing 3/30/20 Put

BOA

Receive

Three- Month CAD BA CDOR

2.588%

3/30/20

CAD 472,000

$

448,266

Interest Rate Swap Maturing 4/12/21 Put

JPM

Receive

Six-Month EUR EURIBOR

0.615

4/12/21

EUR 353,750

6,732

Interest Rate Swap Maturing 4/6/21 Put

JPM

Receive

Six-Month EUR EURIBOR

0.608

4/6/21

EUR 354,000

6,563

Interest Rate Swap maturing 8/16/24 Put

JPM

Receive

Six-Month EUR EURIBOR

2.098

8/16/24

EUR 70,000

1,014,309

Interest Rate Swap maturing 8/17/20 Put

MSCO

Receive

Three- Month USD BBA LIBOR

1.695

8/17/20

USD 121,500

2,161,588

Interest Rate Swap maturing 8/17/20 Put

GSCOI

Receive

Three- Month USD BBA LIBOR

2.500

8/17/20

USD 175,000

1,366,710

Interest Rate Swap maturing 8/26/20 Put

MSCO

Receive

Three- Month USD BBA LIBOR

2.500

8/26/20

USD 175,000

370,139

Interest Rate Swap maturing 8/28/20 Put

GSCOI

Receive

Three- Month KRW CD

2.000

8/28/20

KRW 84,000,000

139,454

TotalOver-the-Counter Interest Rate Swaptions Purchased (Cost $10,184,586)

8,047,808

	Shares
Investment Companies—16.8%
Invesco Government & Agency Portfolio, Institutional Class, 1.83%22		426,545,351		426,545,351
Invesco Oppenheimer Limited-Term Bond Fund23		4,077,028		18,632,020
Invesco Oppenheimer Master Event-Linked Bond Fund23		4,436,854		70,194,574
Invesco Oppenheimer Ultra-Short Duration Fund23		9,375,659		46,878,296
OFI Carlyle Private Credit Fund, Cl. I23		328,742		3,154,469
Total Investment Companies (Cost $577,138,357)				565,404,710
Total Investments, at Value (Cost $3,780,947,738)		109.6%		3,683,842,715
Net Other Assets (Liabilities)		(9.6)		(322,198,063	)
Net Assets		100.0%	$	3,361,644,652

123        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Footnotes to Consolidated Schedule of Investments

1. 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 September 30, 2019 was $1,400,757,347, which represented 41.67% of the Fund’s Net Assets.

2. Represents the current interest rate for a variable or increasing rate security, which may be fixed for a predetermined period. The interest rate is, or will be as of an established date, determined as [Referenced Rate + Basis-point spread].

3. All or a portion of this security is owned by the subsidiary.

4. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $12,740,119 or 0.38% of the Fund’s net assets at period end.

5. Interest rate is less than 0.0005%.

6. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 1 of the accompanying Consolidated Notes.

7. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

8. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Consolidated Notes.

9. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

10. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $28,161,121. See Note 1 of the accompanying Consolidated Notes.

11. Zero coupon bond reflects effective yield on the original acquisition date.

12. Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (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.

13. Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

14. Interest or dividend is paid-in-kind, when applicable.

15. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate.

16. Security received as the result of issuer reorganization.

17. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

18. Non-income producing security.

19. Number of contracts are less than 500.

20. One-Touch Binary option becomes eligible for exercise if at any time spot rates are less than or equal to 3.2 BRL per 1 USD.

21. One-Touch Binary option becomes eligible for exercise if at any time spot rates are less than or equal to 18 MXN per 1 USD.

124        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Consolidated Schedule of Investments (continued)

22. 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 September 30, 2019.

23. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares September 30, 2018		Gross Additions			Gross Reductions			Shares September 30, 2019
Investment Company
Invesco Oppenheimer Limited-Term Bond Fund		—		4,077,028			—			4,077,028
Invesco Oppenheimer Master Event-Linked Bond Fund		4,789,523		57,699			410,368			4,436,854
Invesco Oppenheimer Master Loan Fund		31,598,009		72			31,598,081			—
Invesco Oppenheimer Ultra-Short Duration Fund		9,155,142		220,517			—			9,375,659
OFI Carlyle Private Credit Fund		—		328,742			—			328,742
	Value		Income			Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Investment Company
Invesco Oppenheimer Limited-Term Bond Fund	$	18,632,020	$	487,029		$	—		$	522,028
Invesco Oppenheimer Master Event-Linked Bond Fund		70,194,574		5,481,441	a,b		(2,839,045	)a		(2,589,913	)a
Invesco Oppenheimer Master Loan Fund		—		10,824,074	c,d		(14,113,576	)c		82,634	c
Invesco Oppenheimer Ultra-Short Duration Fund		46,878,296		1,183,126			—			393
OFI Carlyle Private Credit Fund		3,154,469		185,794			—			(65,650	)
Total	$	138,859,359	$	18,161,464		$	(16,952,621	)	$	(2,050,508	)

a. Represents the amount allocated to the fund from Invesco Oppenheimer Master Event-Linked Fund.

b. Net of expenses allocated to the Fund from Invesco Oppenheimer Master Event-Linked Fund.

c. Represents the amount allocated to the fund from Invesco Oppenheimer Master Loan Fund.

d. Net of expenses allocated to the Fund from Invesco Oppenheimer Master Loan Fund.

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings	Value			Percent
United States		$	2,154,928,967		58.5	%
United Kingdom			139,912,518		3.8
India			130,049,586		3.5
Indonesia			94,946,241		2.6
Mexico			87,731,155		2.4
Italy			85,559,381		2.3
South Africa			78,767,066		2.1
Brazil			74,452,839		2.0
Egypt			72,862,045		2.0

125        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Geographic Holdings (Continued)	Value			Percent
France		$	66,805,232		1.8	%
Greece			55,615,621		1.5
Spain			47,655,871		1.3
New Zealand			45,794,451		1.2
Switzerland			44,973,402		1.2
China			44,870,259		1.2
Argentina			30,106,766		0.8
Turkey			28,391,740		0.8
Sri Lanka			27,346,928		0.7
Luxembourg			25,308,882		0.7
Russia			24,309,734		0.7
Canada			23,052,033		0.6
Ireland			22,624,894		0.6
Netherlands			22,569,832		0.6
Thailand			20,334,954		0.6
Austria			17,639,008		0.5
Macau			14,449,139		0.4
Oman			13,373,920		0.4
Colombia			12,981,736		0.4
Panama			12,643,764		0.3
Dominican Republic			12,342,997		0.3
Azerbaijan			12,001,680		0.3
Ivory Coast			9,704,587		0.3
Ukraine			9,581,296		0.3
Senegal			8,865,674		0.2
Ecuador			8,304,707		0.2
United Arab Emirates			8,087,584		0.2
Paraguay			7,327,107		0.2
Peru			6,352,138		0.2
Cyprus			6,086,811		0.2
Portugal			6,041,169		0.2
Angola			5,807,688		0.2
Kazakhstan			4,878,500		0.1
Germany			4,700,214		0.1
Chile			4,695,252		0.1
Malaysia			4,378,861		0.1
Mauritius			4,102,724		0.1
Morocco			3,935,756		0.1
Zambia			3,821,080		0.1
Fiji			3,725,999		0.1
Norway			3,498,211		0.1
El Salvador			3,453,357		0.1
Eurozone			3,218,345		0.1
Bahrain			3,153,075		0.1
Hong Kong			2,487,615		0.1
Singapore			2,463,356		0.1
Belgium			2,236,563		0.1
Nigeria			2,047,500		0.1
Supranational			2,038,191		0.1
Kenya			1,433,533		0.0

126        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Geographic Holdings (Continued)	Value			Percent
Israel		$	1,405,746		0.0	%
Costa Rica			885,851		0.0
Australia			331,660		0.0
South Korea			301,253		0.0
Poland			59,816		0.0
Philippines			25,454		0.0
Sweden			3,401		0.0
Total		$	3,683,842,715		100.0	%

Forward Currency Exchange Contracts as of September 30, 2019
Counterparty	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BAC		05/2020	CLP	1,578,600	USD	2,305	$	—	$	(128,024	)
BAC		10/2019 - 11/2019	EUR	85,115	USD	94,964		—		(1,898,226	)
BAC		10/2019	KRW	19,970,700	USD	16,653		42,463		—
BAC		12/2019	MYR	2,190	USD	519		2,411		—
BAC		11/2019	NOK	44,500	USD	5,005		—		(109,407	)
BAC		10/2019	USD	16,770	KRW	19,970,700		73,997		—
BAC		11/2019	USD	45,090	NZD	71,000		576,328		—
BAC		12/2019	ZAR	120,580	USD	7,786		95,041		—
BNP		11/2019	EUR	6,300	USD	6,959		—		(65,992	)
BOA		11/2019	EUR	21,680	USD	24,140		—		(418,785	)
BOA		01/2020	IDR	188,850,000	USD	13,208		—		(88,230	)
BOA		11/2019	JPY	1,048,000	USD	9,957		—		(231,450	)
BOA		12/2019	KRW	7,520,050	USD	6,175		109,885		—
BOA		11/2019	NOK	40,000	USD	4,499		—		(99,004	)
BOA		11/2019	SEK	387,600	USD	40,674		—		(1,166,773	)
BOA		10/2019	USD	600	ARS	35,400		—		(2,235	)
BOA		11/2019	USD	474	CAD	625		1,545		—
BOA		11/2019	USD	85,860	EUR	76,660		1,981,831		—
BOA		03/2020	ZAR	237,120	USD	16,526		—		(1,196,376	)
CITNA-B		10/2019 - 11/2019	BRL	620,704	USD	148,453		782,811		—
CITNA-B		05/2020	CLP	5,156,400	USD	7,528		—		(418,456	)
CITNA-B		12/2019	COP	82,083,935	USD	23,770		—		(269,684	)
CITNA-B		11/2019	EUR	11,800	USD	13,166		—		(254,690	)
CITNA-B		11/2019	NOK	427,250	USD	47,607		—		(606,889	)
CITNA-B		12/2019	RUB	1,133,100	USD	17,176		112,669		—
CITNA-B		10/2019	TRY	21,500	USD	3,610		176,723		—
CITNA-B		10/2019 - 11/2019	USD	110,988	BRL	464,387		—		(718,751	)
CITNA-B		11/2019 - 12/2019	USD	20,113	CLP	14,347,162		412,222		—
CITNA-B		12/2019	USD	13,180	COP	45,513,700		149,534		—
CITNA-B		11/2019	USD	223,343	EUR	199,760		4,773,223		—
CITNA-B		11/2019	USD	67,385	GBP	54,875		—		(225,377	)
CITNA-B		12/2019	USD	40,556	MXN	804,459		296,543		—
CITNA-B		12/2019	USD	336	PEN	1,140		—		(1,442	)
CITNA-B		12/2019	USD	13,127	RUB	852,000		169,953		(38,929	)
CITNA-B		12/2019	USD	16,731	THB	515,050		—		(135,183	)
CITNA-B		10/2019 - 12/2019	USD	28,940	TRY	173,310		—		(1,163,344	)
DEU		11/2019	USD	7,407	GBP	6,000		14,035		—
GSCO-OT		03/2021	BRL	95,000	USD	22,903		—		(932,302	)

127        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)			Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
GSCO-OT		11/2019	CLP		12,539,600	USD	17,606	$	—	$	(387,574	)
GSCO-OT		10/2019 -01/2021	EUR		202,316	USD	233,063		—		(8,606,051	)
GSCO-OT		05/2020	INR		3,598,746	USD	49,590		—		(80,276	)
GSCO-OT		10/2019	KRW		49,635,000	USD	41,877		—		(381,560	)
GSCO-OT		02/2021	RUB		1,589,400	USD	23,350		—		(326,449	)
GSCO-OT		10/2019 - 02/2020	TRY		202,460	USD	33,705		1,609,452		—
GSCO-OT		03/2020 - 03/2021	USD		78,466	BRL	321,838		2,497,587		—
GSCO-OT		11/2019	USD		474	CAD	625		1,452		—
GSCO-OT		11/2019 - 05/2020	USD		29,014	CLP	20,036,765		1,434,617		—
GSCO-OT		10/2019 - 05/2020	USD		111,313	EUR	100,026		1,744,080		—
GSCO-OT		05/2020 - 08/2020	USD		83,765	INR	6,127,731		128,467		(288,505	)
GSCO-OT		10/2019	USD		41,390	KRW	49,635,000		—		(105,538	)
GSCO-OT		01/2021	USD		69,698	NOK	585,800		5,258,555		—
GSCO-OT		12/2019	USD		23,231	RUB	1,519,700		142,310		(95,874	)
GSCO-OT		10/2019 - 02/2020	USD		25,263	TRY	166,900		—		(4,036,227	)
GSCO-OT		01/2020 - 03/2020	USD		34,125	ZAR	520,120		400,251		—
GSCO-OT		01/2020 - 03/2020	ZAR		309,400	USD	20,220		—		(118,174	)
HSBC		11/2019	EUR		3,165	USD	3,528		—		(64,866	)
HSBC		11/2019	NOK		45,000	USD	5,062		—		(111,768	)
HSBC		11/2019	USD		43,833	EUR	38,945		1,223,249		—
HSBC		11/2019	USD		9,923	JPY	1,048,000		197,569		—
JPM		10/2019 - 04/2020	BRL		818,717	USD	201,912		139,285		(5,406,747	)
JPM		05/2020	CLP		2,578,300	USD	3,764		—		(209,099	)
JPM		11/2019 - 08/2021	EUR		196,740	USD	219,315		—		(2,043,756	)
JPM		12/2019	IDR		399,523,000	USD	27,495		403,151		—
JPM		12/2019 - 08/2020	INR		3,934,624	USD	53,632		484,434		—
JPM		11/2019	JPY		4,462,367	USD	41,789		—		(382,210	)
JPM		12/2019	PLN		940	USD	243		—		(8,580	)
JPM		12/2019	RUB		1,589,400	USD	24,625		—		(381,491	)
JPM		10/2019	USD		162,404	BRL	666,377		2,246,820		(224,658	)
JPM		11/2019 - 08/2020	USD		189,257	EUR	170,260		2,163,381		—
JPM		11/2019	USD		33,636	GBP	27,575		—		(338,990	)
JPM		12/2019	USD		55	HUF	16,000		3,095		—
JPM		12/2019 - 01/2020	USD		93,000	IDR	1,346,970,000		86,805		(1,075,285	)
JPM		12/2019	USD		103,733	INR	7,469,800		—		(971,041	)
JPM		11/2019	USD		32,873	JPY	3,524,733		167,956		—
JPM		08/2021	USD		42,144	NOK	378,550		549,774		—
JPM		02/2021	USD		23,311	RUB	1,589,400		287,408		—
JPM		12/2019	USD		71,548	ZAR	1,108,570		—		(909,023	)
JPM		12/2019	ZAR		98,250	USD	6,341		80,565		—
MOS		05/2020	CLP		2,586,700	USD	3,764		—		(197,691	)
RBC		11/2019	EUR		10,935	USD	12,282		—		(317,544	)
RBC		11/2019	GBP		3,700	USD	4,634		—		(75,258	)
RBC		11/2019	JPY		1,880,000	USD	17,801		—		(355,151	)
RBC		11/2019	USD		113,941	EUR	101,305		3,100,226		—
SCB		10/2019	KRW		29,664,300	USD	24,737		63,075		—
SCB		10/2019	USD		24,471	KRW	29,664,300		—		(328,359	)
Total Unrealized Appreciation and Depreciation								$	34,184,778	$	(37,997,294	)

128        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Futures Contracts as of September 30, 2019
Description	Buy/Sell		Expiration Date		Number of Contracts		Notional Amount (000’s)		Value		Unrealized Appreciation/ (Depreciation)
Euro BUXL		Sell		12/6/19		251		EUR 59,232	$	59,503,094	$	(270,888	)
Euro-BTP		Sell		12/6/19		1,272		EUR 200,269		202,194,964		(1,925,963	)
United States Treasury Long Bonds		Buy		12/19/19		9		USD 1,490		1,460,813		(28,703	)
United States Treasury Long Bonds		Sell		12/19/19		752		USD 124,198		122,059,000		2,139,059
United States Treasury Nts., 10 yr.		Buy		12/19/19		320		USD 42,082		41,700,000		(381,816	)
United States Treasury Nts., 10 yr.		Sell		12/19/19		48		USD 6,335		6,255,000		80,333
United States Treasury Nts., 2 yr.		Sell		12/31/19		2,225		USD 480,547		479,487,500		1,059,916
United States Treasury Nts., 5 yr.		Buy		12/31/19		373		USD 44,749		44,442,367		(306,562	)
United States Ultra Bonds		Buy		12/19/19		324		USD 63,091		62,177,625		(913,025	)
											$	(547,649	)

Exchange-Traded Options Written at September 30, 2019
Description	Exercise Price		Expiration Date		Number of Contracts (000’s)		Notional Amount (000’s)		Premiums Received		Value
S&P 500 Index Put		USD 2,400.000		3/20/20		USD (1)		USD 120,480	$	2,059,686	$	(1,129,500	)
S&P 500 Index Put		USD 2,350.000		2/21/20		USD (0)1		USD 62,275		627,232		(360,400	)
Total Exchange-Traded Options Written									$	2,686,918	$	(1,489,900	)

Over-the-Counter Options Written at September 30, 2019

Description

Counterparty

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

BRL

BRL

BRL Currency Put

CITNA-B

4.239

11/18/19

(148,348)

BRL 148,348

$

390,010

$

(429,248)

BRL

BRL

BRL Currency Put1

GSCO-OT

4.500

12/6/19

(1,414)

BRL 1,414

250,561

(138,306)

BRL

BRL

BRL Currency Put2

GSCO-OT

4.500

3/30/20

(3,543)

BRL 3,543

619,316

(725,376)

BRL

BRL

BRL Currency Put3

GSCO-OT

4.500

3/27/20

(3,540)

BRL 3,540

617,376

(721,337)

BRL

BRL

BRL Currency Put4

GSCO-OT

4.230

3/4/21

(149,900)

BRL 149,900

1,679,022

(2,465,029)

129        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Over-the-Counter Options Written (Continued)

Description

Counterparty

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

BRL

BRL

BRL Currency Put5

GSCO-OT

4.500

3/30/20

(3,543)

BRL 3,543

$

619,316

$

(725,377)

BRL

BRL

BRL Currency Put6

GSCO-OT

4.500

12/10/19

(1,414)

BRL 1,414

294,112

(144,805)

BRL

BRL

BRL Currency Put7

JPM

4.250

3/4/21

(150,600)

BRL 150,600

1,589,273

(2,400,501)

BRL

BRL

BRL Currency Put

JPM

4.306

11/19/19

(150,710)

BRL 150,710

403,200

(293,185)

COD

BRL

BRL Currency Put

MSCO

3305.000

10/9/19

(115,280,750)

BRL 115,280,750

410,895

(1,766,101)

CLP

CLP

CLP Currency Put8

GSCO-OT

700.000

5/11/20

(24,360,000)

CLP 24,360,000

890,880

(1,677,430)

CLP

CLP

CLP Currency Put

JPM

707.450

10/21/19

(49,345,000)

CLP 49,345,000

498,717

(2,104,564)

CLP

CLP

CLP Currency Call

JPM

657.050

10/21/19

(46,000,000)

CLP 46,000,000

213,530

—

ZAR

EUR

EUR Currency Call

BOA

20.000

8/5/20

(3,500)

EUR 3,500

763,768

(675,534)

USD

EUR

EUR Currency Call

BOA

1.150

10/31/19

(70,800)

EUR 70,800

249,389

(2,339)

RUB

EUR

EUR Currency Call

BOA

73.090

12/20/19

(34,900)

EUR 34,900

416,416

(517,334)

USD

EUR

EUR Currency Call

CITNA-B

1.155

10/3/19

(70,800)

EUR 70,800

596,500

—

RUB

EUR

EUR Currency Call

GSCOI

72.860

12/16/19

(62,600)

EUR 62,600

696,924

(927,940)

INR

EUR

EUR Currency Call

GSCO-OT

90.000

8/5/20

(3,500)

EUR 3,500

684,103

(292,169)

ZAR

EUR

EUR Currency Cal

GSCO-OT

20.000

8/4/20

(3,500)

EUR 3,500

549,827

(673,324)

NOK

EUR

EUR Currency Call9

GSCO-OT

11.000

1/6/21

(7,075)

EUR 7,075

1,417,482

(1,180,797)

INR

EUR

EUR Currency Call

GSCO-OT

90.000

5/6/20

(5,220)

EUR 5,220

916,901

(279,505)

NOK

EUR

EUR Currency Call

JPM

11.000

8/26/21

(4,375)

��

EUR 4,375

1,302,085

(1,194,043)

130        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Options Written (Continued)

Description

Counterparty

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

ZAR

EUR

EUR Currency Put

JPM

14.760

1/23/20

(34,900)

EUR 34,900

$

241,264

$

(37,459)

ZAR

EUR

EUR Currency Call

JPM

17.290

1/23/20

(34,900)

EUR 34,900

642,073

(923,578)

INR

EUR

EUR Currency Call10

JPM

90.000

4/29/20

(3,500)

EUR 3,500

556,686

(181,465)

NOK

EUR

EUR Currency Call

MSCO

10.758

8/20/20

(105,000)

EUR 105,000

1,243,520

(871,870)

BRL

EUR

EUR Currency Call

MSCO

5.250

8/24/21

(26,200)

EUR 26,200

1,472,448

(1,658,429)

IDR

EUR

EUR Currency Call

SCB

16890.000

1/17/20

(26,160)

EUR 26,160

223,787

(95,655)

IDR

IDR

IDR Currency Put

GSCO-OT

15360.000

6/18/20

(1,137,000,000)

IDR 1,137,000,000

1,598,906

(955,080)

IDR

IDR

IDR Currency Put

JPM

14830.000

1/20/20

(517,511,000)

IDR 517,511,000

268,063

(222,530)

KRW

KRW

KRW Currency Call

GSCO-OT

1122.350

1/17/20

(39,100,000)

KRW 39,100,000

119,807

(32,062)

KRW

KRW

KRW Currency Put

GSCO-OT

1213.250

1/17/20

(42,000,000)

KRW 42,000,000

246,478

(349,440)

MXN

MXN

MXN Currency Put

BOA

22.363

1/14/20

(1,582,090)

MXN 1,582,090

1,599,246

(195,404)

MXN

MXN

MXN Currency Put

CITNA-B

22.940

6/2/20

(797,000)

MXN 797,000

757,519

(340,709)

MXN

MXN

MXN Currency Put

CITNA-B

22.880

8/5/20

(200,200)

MXN 200,200

178,166

(133,165)

MXN

MXN

MXN Currency Put

GSCO-OT

21.996

7/21/20

(997,880)

MXN 997,880

894,944

(942,697)

MXN

MXN

MXN Currency Put

JPM

23.005

6/2/20

(799,300)

MXN 799,300

752,221

(330,159)

MXN

MXN

MXN Currency Put

JPM

20.240

5/27/20

(425,040)

MXN 425,040

924,840

(842,655)

MXN

MXN

MXN Currency Call

JPM

20.240

5/27/20

(425,040)

MXN 425,040

924,840

(620,223)

RUB

RUB

RUB Currency Call

CITNA-B

63.040

12/16/19

(1,972,200)

RUB 1,972,200

279,530

(111,705)

131        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Over-the-Counter Options Written (Continued)
Description	Counterparty		Exercise Price		Expiration Date		Number of Contracts (000’s)		Notional Amount (000’s)		Premiums Received		Value
				RUB				RUB
RUB Currency Put		JPM		80.000		2/25/21		(4,245,500)		RUB 4,245,500	$	2,365,858	$	(1,097,929)
				RUB				RUB
RUB Currency Call		JPM		60.000		2/25/21		(3,184,100)		RUB 3,184,100		578,180		(376,233)
								USD
S&P 500 Index Put		BOA		2355.470		2/21/20		011		USD 62,420		649,770		(383,015)
				CNY				SGD
SGD Currency Call		GSCO-OT		5.110		10/21/19		(52,000)		SGD 52,000		141,470		(463,324)
				CNY				SGD
SGD Currency Put		GSCO-OT		4.990		10/21/19		(52,000)		SGD 52,000		49,706		(3,761)
				THB				THB
THB Currency Put		SCB		31.500		12/20/19		(2,196,300)		THB 2,196,300		396,101		(142,408)
				TRY				TRY
TRY Currency Put		GSCO-OT		6.750		1/15/20		(238,810)		TRY 238,810		1,660,420		(240,876)
				TRY				TRY
TRY Currency Put		GSCO-OT		6.726		1/28/20		(234,680)		TRY 234,680		764,402		(302,272)
				TRY				TRY
TRY Currency Call		GSCO-OT		5.652		1/28/20		(394,410)		TRY 394,410		926,570		(1,176,257)
				ZAR				ZAR
ZAR Currency Put		GSCO-OT		16.208		1/27/20		(286,705)		ZAR 286,705		518,413		(318,727)
				ZAR				ZAR
ZAR Currency Put		GSCO-OT		16.000		7/23/20		(781,700)		ZAR 781,700		1,422,401		(2,426,639)
Total Over-the-Counter Options Written											$	38,467,232	$	(35,109,970)

1. Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 3.6 BRL per 1 USD.

2. Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 3.7 BRL per 1 USD.

3.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 3.7 BRL per 1 USD.

4.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 3.61 BRL per 1 USD.

5. Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 3.7 BRL per 1 USD.

6. Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 3.6 BRL per 1 USD.

7. Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 3.61 BRL per 1 USD.

8. Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 650 CLP per 1 USD.

9. Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 9.40 NOK per 1 EUR.

10. Upper Barrier Level: 90 INR/EUR Lower Barrier Level: 75 INR/EUR If at any time during the Event Period, the Spot Exchange Rate, in accordance with the Barrier Event Rate Source B, is equal to or less than the Lower Barrier Level this Transaction will automatically terminate without any payment obligation on the part of either party (except in respect of the Premium). Provided a Knock-Out event has not occurred, if at the Expiration Time on the Expiration Date: (i) the Spot Exchange Rate, in accordance with the Barrier Event Rate Source A, is equal to or greater than the Upper Barrier Level, this Transaction will be automatically exercised and the Seller shall pay the Settlement Amount to the Buyer on the Settlement Date. (ii) the Spot Exchange Rate, in accordance with the Barrier Event Rate Source A, is not equal to or greater than the Upper Barrier Level, this Transaction shall expire without any payment obligation on

132        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

the part of either party (except in respect of the Premium) at the Expiration Time on the Expiration Date. If a KnockOut event has occurred, notwithstanding the above, this Transaction will automatically terminate without any payment obligation on the part of either party (except in respect of the Premium).

11. Number of contracts are less than 500.

Centrally Cleared Credit Default Swaps at September 30, 2019
Reference Asset	Buy/Sell Protection		Fixed Rate			Maturity Date			Notional Amount (000’s)		Premiums Received/ (Paid)			Value			Unrealized Appreciation/ (Depreciation)
Brazilian Government International		Sell		1.000	%		6/20/22	USD		7,500	$	464,303		$	41,733		$	506,036
Brazilian Government International		Buy		1.000			12/20/24	USD		4,500		(91,745	)		79,994			(11,751	)
CDX.EM.31		Buy		1.000			6/20/24	USD		28,950		(1,334,034	)		1,349,935			15,901
CDX.NA.HY.32		Buy		5.000			6/20/24	USD		97,763		6,936,478			(7,047,291	)		(110,813	)
CDX.NA.HY.32		Buy		5.000			6/20/24	USD		68,904		4,728,346			(4,967,002	)		(238,656	)
CDX.NA.HY.33		Buy		5.000			12/20/24	USD		70,000		4,669,000			(4,669,000	)		—
Colombia Government International		Buy		1.000			12/20/24	USD		7,000		20,678			(24,215	)		(3,537	)
Indonesia Government International		Buy		1.000			12/20/24	USD		7,000		32,526			(34,492	)		(1,966	)
Mexico Government International		Buy		1.000			12/20/24	USD		8,750		(72,830	)		67,196			(5,634	)
Republic of South Africa Government		Buy		1.000			12/20/24	USD		3,500		(161,727	)		154,410			(7,317	)
Total Centrally Cleared Credit Default Swaps											$	15,190,995		$	(15,048,732	)	$	142,263

Over-the-Counter Credit Default Swaps at September 30, 2019
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received/ (Paid)		Value		Unrealized Appreciation/ (Depreciation)
Hellenic Republic		BAC		Sell		1.000		6/20/25	USD		3,586	$	596,602	$	(228,874)	$	367,728
Hellenic Republic		BAC		Sell		1.000		6/20/25	USD		8,966		1,343,371		(572,248)		771,123
Hellenic Republic		BAC		Sell		1.000		12/20/25	USD		8,350		1,298,472		(621,086)		677,386
Hellenic Republic		BAC		Sell		1.000		12/20/19	USD		6,000		90,026		10,955		100,981
Hellenic Republic		GSCOI		Sell		1.000		6/20/25	USD		3,590		566,429		(229,129)		337,300
Hellenic Republic Government Bond		BAC		Sell		1.000		6/20/29	USD		8,750		1,683,593		(1,167,491)		516,102
Hellenic Republic Government Bond		BAC		Sell		1.000		6/20/26	USD		13,250		1,652,965		(1,119,931)		533,034
Hellenic Republic Government Bond		BAC		Sell		1.000		6/20/26	USD		14,000		1,616,439		(1,183,323)		433,116
Hellenic Republic Government Bond		BAC		Sell		1.000		6/20/24	USD		6,000		413,483		(254,390)		159,093
Hellenic Republic Government Bond		BOA		Sell		1.000		6/20/24	USD		3,500		286,767		(148,394)		138,373
Hellenic Republic Government Bond		BOA		Sell		1.000		6/20/26	USD		7,000		849,356		(591,662)		257,694

133        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Over-the-Counter Credit Default Swaps (Continued)
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)			Value			Unrealized Appreciation/ (Depreciation)
Intesa Sanpaolo S.p.A.		JPM		Sell		5.000%		12/20/22		EUR  35,000	$	(5,717,660	)	$	5,322,861		$	(394,799	)
iTraxx Europe Crossover Series 24 Version 1		JPM		Sell		5.000		12/20/20		EUR  7,100		(665,797	)		379,166			(286,631	)
Lloyds Banking Group plc		JPM		Buy		1.000		6/20/24		EUR  1,750		(76,780	)		41,877			(34,903	)
Oriental Republic of Uruguay		BOA		Sell		1.000		12/20/21		USD  7,501		135,567			(14,458	)		121,109
Royal Bank Of Scotland Group plc		JPM		Buy		1.000		6/20/24		EUR  1,750		(88,148	)		51,540			(36,608	)
Total Over-the-Counter Credit Default Swaps											$	3,984,685		$	(324,587	)	$	3,660,098

Centrally Cleared Interest Rate Swaps at September 30, 2019
Counterparty	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
BAC		Receive		Six-Month EUR EURIBOR		1.123%		3/8/28		EUR  5,775		—		(795,227	)		(795,227	)
BOA		Receive		CDOR03		2.000		8/14/29		CAD  139,125		—		(2,444,766	)		(2,444,766	)
BOA		Receive		BZDIOVRA		6.630		1/2/25		BRL  39,200		—		64,207			64,207
BOA		Receive		BBSW6M		1.655		7/16/29		AUD  26,000		—		(804,424	)		(804,424	)
CITNA-B		Pay		COOVIBR		5.560		8/26/26		COP  29,197,000		—		385,013			385,013
CITNA-B		Pay		Six-Month HUF BUBOR		2.205		3/8/28		HUF  1,925,000		—		648,957			648,957
CITNA-B		Pay		COOVIBR		5.220		8/12/29		COP  14,450,000		—		12,580			12,580
CITNA-B		Pay		COOVIBR		5.200		8/1/29		COP  30,347,000		—		18,374			18,374
DEU		Pay		MXN TIIE BANXICO		7.340		7/24/29		MXN  92,200		—		187,723			187,723
DEU		Pay		MXN TIIE BANXICO		8.120		5/5/21		MXN  1,131,020		—		1,181,873			1,181,873
DEU		Pay		Three-Month ZAR JIBAR SAFEX		7.675		2/21/22		ZAR  73,535		—		112,939			112,939
DEU		Pay		JIBA3M		8.420		8/29/28		ZAR  156,300		—		617,620			617,620
DEU		Pay		MXN TIIE BANXICO		8.525		1/15/24		MXN  169,550		—		656,821			656,821
GSCOI		Pay		SORF6M		1.980		3/4/21		SGD  121,800		—		474,997			474,997
GSCOI		Pay		Six-Month GBP BBA LIBOR		3.450		10/15/25		GBP  17,570		—		(329,092	)		(329,092	)
GSCOI		Receive		Three-Month USD BBA LIBOR		1.666		8/7/29		USD  3,760		—		(29,377	)		(29,377	)
GSCOI		Pay		MXN TIIE BANXICO		7.200		7/27/22		MXN  443,400		—		382,049			382,049
GSCOI		Receive		CPURNSA		1.873		7/25/24		USD  122,000		—		(1,892,913	)		(1,892,913	)
GSCOI		Receive		SORF6M		2.073		3/4/24		SGD  49,900		—		(796,875	)		(796,875	)
GSCOI		Receive		CPURNSA		1.883		7/19/24		USD  113,000		—		(1,810,667	)		(1,810,667	)

134        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Centrally Cleared Interest Rate Swaps (Continued)
Counterparty	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
GSCOI		Pay		MXN TIIE BANXICO		8.620%		12/26/28		MXN  86,300	$	—	$	581,374		$	581,374
GSCOI		Receive		WIBR6M		2.095		5/30/24		PLN  35,000		—		(183,389	)		(183,389	)
GSCOI		Receive		CPURNSA		1.869		7/22/24		USD  113,000		—		(1,571,630	)		(1,571,630	)
GSCOI		Pay		BZDI		6.825		1/4/21		BRL  32,300		—		180,039			180,039
GSCOI		Pay		MXN TIIE BANXICO		7.845		12/7/23		MXN  333,700		—		832,805			832,805
HSBC		Pay		MXN TIIE BANXICO		7.210		7/17/24		MXN  316,295		—		450,388			450,388
JPM		Pay		BZDIOVRA		7.060		7/1/22		BRL  1,067,100		—		229,258			229,258
JPM		Pay		Three-Month ZAR JIBAR SAFEX		7.930		11/27/22		ZAR  45,000		—		103,579			103,579
JPM		Receive		Three-Month USD BBA LIBOR		1.747		11/14/49		USD  29,500		—		(202,072	)		(202,072	)
JPM		Pay		Three-Month USD BBA LIBOR		1.460		11/14/21		USD  357,000		—		(874,047	)		(874,047	)
JPM		Pay		BZDIOVRA		6.528		1/2/24		BRL  45,400		—		88,162			88,162
JPM		Pay		COOVIBR		4.890		10/17/20		COP  113,100,000		—		314,912			314,912
JPM		Pay		MXN TIIE BANXICO		7.810		12/7/23		MXN  403,200		—		979,343			979,343
JPM		Pay		MXN TIIE BANXICO		6.710		9/23/21		MXN  358,750		—		11,078			11,078
JPM		Pay		BZDI		2.280		1/4/27		BRL  106,000		—		2,221,779			2,221,779
JPM		Receive		NDBB3M		1.368		5/15/31		NZD  35,000		—		(199,535	)		(199,535	)
JPM		Pay		MXN TIIE BANXICO		8.750		10/29/20		MXN  1,561,000		—		1,459,850			1,459,850
MSCO		Pay		EUR006M		1.282		4/29/49		EUR  45,225		—		4,956,044			4,956,044
MSCO		Receive		EUR006M		1.060		4/30/59		EUR  50,245		—		(5,837,001	)		(5,837,001	)
MSCO		Receive		CPURNSA		1.856		7/30/24		USD  153,750		—		(2,043,191	)		(2,043,191	)
SIB		Pay		BZDI		8.415		1/2/25		BRL  95,000		—		1,692,316			1,692,316
SIB		Pay		MXN TIIE BANXICO		7.880		6/9/22		MXN  382,300		—		637,621			637,621
UBS		Pay		BBSW3M		1.560		3/21/21		AUD  255,400		—		1,924,161			1,924,161
UBS		Receive		BBSW6M		1.823		3/21/24		AUD  104,400		—		(2,867,761	)		(2,867,761	)
Total Centrally Cleared Interest Rate Swaps											$	—	$	(1,276,105	)	$	(1,276,105	)

Over-the-Counter Interest Rate Swaps at September 30, 2019

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Premiums Received / (Paid)

Value

Unrealized Appreciation/ (Depreciation)

BOA

Pay

Six-Month INR FBIL MIBOR OIS Compound

6.330%

1/31/22

INR  590,000

$

—

$

266,101

$

266,101

BOA

Receive

Six-Month INR FBIL MIBOR OIS Compound

5.740

5/16/21

INR  2,643,000

—

(451,841

)

(451,841

)

135        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Over-the-Counter Interest Rate Swaps (Continued)
Counterparty	Pay/Receive Floating Rate	Floating Rate	Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
BOA	Receive	INR FBIL MIBOR OIS Compound		5.670%		5/27/21		INR 2,600,000	$	—	$	(359,368	)	$	(359,368	)
GSCOI	Receive	KWCDC		1.705		4/25/24		KRW 82,782,690		—		(1,518,981	)		(1,518,981	)
GSCOI	Pay	KWCDC		1.743		4/25/21		KRW 204,605,145		—		1,255,039			1,255,039
GSCOI	Pay	MOSKP3		8.270		5/23/24		RUB 230,000		—		220,335			220,335
GSCOI	Pay	MOSKP3		8.360		6/24/29		RUB 301,575		—		383,294			383,294
SCB	Receive	Six-Month INR FBIL MIBOR OIS Compound		6.438		1/10/24		INR 600,000		—		(485,217	)		(485,217	)
Total Over-the-Counter Interest Rate Swaps									$	—	$	(690,638	)	$	(690,638	)

Over-the-Counter Credit Default Swaptions Written at September 30, 2019
Description	Counterparty	Buy/Sell Protection	Reference Asset	Fixed Rate		Expiration Date			Notional Amount (000’s)		Premiums Received		Value
Credit Default Swap maturing 6/20/24 Put	JPM	Buy	iTraxx Europe Crossover Series 31 Version 1		5.000%		12/18/19	EUR		105,000	$	777,965	$	(551,267	)
Credit Default Swap maturing 6/20/24 Put	JPM	Buy	iTraxx Europe Crossover Series 31 Version 1		5.000		12/18/19	EUR		105,000		1,045,028		(836,170	)
Credit Default Swap maturing 6/20/24 Call	JPM	Sell	iTraxx Europe Crossover Series 31 Version 1		5.000		12/18/19	EUR		105,000		638,629		(224,098	)
Credit Default Swap maturing 6/20/24 Call	JPM	Sell	iTraxx Europe Crossover Series 31 Version 1		5.000		12/18/19	EUR		105,000		197,394		(53,627	)
Credit Default Swap maturing 6/20/24 Put	JPM	Buy	CDX NA.HY.32		5.000		10/16/19	USD		35,000		254,678		(24,125	)
Credit Default Swap maturing 6/20/24 Put	JPM	Buy	CDX. NA.HY.32		5.000		10/16/19	USD		35,000		190,575		(24,124	)
Credit Default Swap maturing 6/20/24 Put	JPM	Buy	CDX. NA.HY.32		5.000		10/16/19	USD		35,000		141,750		(24,124	)
Credit Default Swap maturing 6/20/24 Put	JPM	Buy	CDX. NA.HY.32		5.000		12/18/19	USD		140,000		994,000		(1,148,003	)
Credit Default Swap maturing 6/20/24 Put	JPM	Buy	CDX. NA.HY.32		5.000		11/20/19	USD		70,000		406,000		(406,000	)
Total Over-the-Counter Credit Default Swaptions Written											$	4,646,019	$	(3,291,538	)

136        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Interest Rate Swaptions Written  at September 30, 2019
Description	Counterparty		Pay / Receive Floating Rate		Floating Rate	Fixed Rate		Expiration Date		Notional Amount (000’s)			Premiums Received		Value
Interest Rate Swap maturing 8/6/20 Call		BOA		Pay	Three-Month USD BBA LIBOR		1.435%		8/6/20		USD	70,000	$	955,500	$	(846,773	)
Interest Rate Swap maturing 8/6/20 Call		BOA		Pay	Three-Month USD BBA LIBOR		1.235		8/6/20		USD	70,000		694,400		(582,320	)
Interest Rate Swap maturing 6/15/20 Put		GSCOI		Receive	Three-Month RUB MOSPRIME NFEA		8.080		6/15/20		RUB	582,700		181,226		(131,812	)
Interest Rate Swap maturing 1/9/20 Call		GSCOI		Pay	Three-Month USD BBA LIBOR		1.600		1/9/20		USD	232,500		1,243,875		(2,527,119	)
Interest Rate Swap Maturing 5/5/20 Call		JPM		Pay	Three-Month USD BBA LIBOR		2.159		5/5/20		USD	174,470		1,308,525		(8,081,587	)
Interest Rate Swap Maturing 6/8/20 Put		JPM		Receive	Three-Month USD BBA LIBOR		1.693		6/8/20		USD	348,000		2,072,340		(813,429	)
Interest Rate Swap Maturing 6/8/20 Call		JPM		Pay	Three-Month USD BBA LIBOR		1.693		6/8/20		USD	348,000		2,072,340		(2,482,768	)
Interest Rate Swap maturing 7/9/20 Put		JPM		Receive	Three-Month USD BBA LIBOR		1.801		7/9/20		USD	232,300		2,880,520		(1,127,940	)
Interest Rate Swap maturing 7/9/20 Call		JPM		Pay	Three-Month USD BBA LIBOR		1.501		7/9/20		USD	232,300		1,591,255		(3,041,636	)
Interest Rate Swap maturing 7/20/20 Put		JPM		Receive	Three-Month USD BBA LIBOR		1.803		7/20/20		USD	174,480		2,189,724		(872,013	)
Interest Rate Swap maturing 7/20/20 Call		JPM		Pay	Three-Month USD BBA LIBOR		1.403		7/20/20		USD	174,480		1,008,494		(1,936,751	)
Interest Rate Swap maturing 11/14/19 Put		JPM		Receive	Three-Month USD BBA LIBOR		1.630		11/14/19		USD	222,000		670,189		(542,062	)

137        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Over-the-Counter Interest Rate Swaptions Written (Continued)
Description	Counterparty		Pay/ Receive Floating Rate		Floating Rate	Fixed Rate			Expiration Date		Notional Amount (000’s)			Premiums Received		Value
Interest Rate Swap maturing 2/14/20 Put		MSCO		Receive	Three-Month USD BBA LIBOR		1.600	%		2/14/20		USD	349,000	$	750,350	$	(895,436	)
Interest Rate Swap maturing 8/17/20 Put		MSCO		Receive	Three-Month USD BBA LIBOR		1.530			8/17/20		USD	520,000		1,908,065		(2,056,506	)
Interest Rate Swap maturing 3/27/20 Call		MSCO		Pay	Six-Month EUR EURIBOR		0.000			3/27/20		EUR	43,500		414,117		(215,611	)
Total Over-the-Counter Interest Rate Swaptions Written														$	19,940,920	$	(26,153,763	)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BNP	BNP Paribas
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MOS	Morgan Stanley & Co., Inc.
MSCO	Morgan Stanley Capital Services, Inc.
RBC	RBC Dominion Securities
SCB	Standard Chartered Bank
SIB	Banco Santander SA
UBS	UBS AG
Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
CNY	Chinese Renminbi
COP	Colombian Peso
EGP	Egyptian Pounds
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won

138        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Currency abbreviations indicate amounts reporting in currencies (Continued)
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
TRY	New Turkish Lira
ZAR	South African Rand
Definitions
BA CDOR	Canada Bankers Acceptances Deposit Offering Rate
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BBSW3M	ASX Australian Bank Bill Short Term Rate 3 Month Mid
BBSW6M	ASX Australian Bank Bill Short Term Rate 6 Month Mid
BP0003M	ICE LIBOR GBP 3 Month
BTP	Italian Treasury Bonds
BUBOR	Budapest Interbank Offered Rate
BUND	German Federal Obligation
BUXL	German Federal Obligation
BZDI	Brazil Interbank Deposit Rate
BZDIOVRA	Brazil Ceptip DI Interbank Deposit Rate
CD	Certificate of Deposit
CDOR03	Canada Bankers Acceptance 3 Months
CDX.EM.31	Markit CDX Emerging Markets Index
CDX.NA.HY.32	Markit CDX North American High Yield
CDX.NA.HY.33	Markit CDX North American High Yield
COOVIBR	Colombia IBR Overnight Nominal Interbank Reference Rate
CPURNSA	US Consumer Price Index Urban Consumers
EUR003M	EURIBOR 3 Month ACT/360
EUR006M	EURIBOR 6 Month ACT/360
EURIBOR	Euro Interbank Offered Rate
EUSA5	EUR Swap Annual 5 Year
EUSA11	EUR Swap Annual 11 Year
FBIL	Financial Benchmarks India Private Ltd.
GDR	Global Depositary Receipts
H15T10Y	US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
iTraxx Europe
Crossover Series 31
Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
JIBA3M	South Africa Johannesburg Interbank Agreed Rate 3 Month
JIBAR SAFEX	South Africa Johannesburg Interbank Agreed Rate/Futures Exchange
KWCDC	South Korean Won Index

139        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Definitions (Continued)
LIBOR01M	ICE LIBOR USD 1 Month
LIBOR4	London Interbank Offered Rate-Quarterly
LIBOR6	London Interbank Offered Rate-Bi-Monthly
LIBOR12	London Interbank Offered Rate-Monthly
MIBOR	Mumbai Interbank Offered Rate
MOSKP3	National Finance Assoc. Moscow Prime Offered 3 Month Rate
MOSPRIME NFEA	Moscow Prime Offered Rate
NDBB3M	New Zealand Bank Bill 3 Month
OIS	Overnight Index Swap
PRIME4	United States Prime Rate-Quarterly
S&P	Standard & Poor’s
SONIA3M	Sterling Overnight Index Average
SORF6M	Association of Banks in Singapore Swap Offer Rate Fixing 6 Month
TIIE	Interbank Equilibrium Interest Rate
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month
USISDA05	USD ICE Swap Rate 11:00am NY 5 Year
USSW5	USD Swap Semi 30/360 5 Year
WIBR6M	GBP Benchmark WIBOR PLN 6 month

See accompanying Notes to Consolidated Financial Statements.

140        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES

	October 31, 2019 September 30, 2019
Assets
Investments, at value—see accompanying consolidated schedule of investments:
Unaffiliated companies (cost $3,200,656,517 and $3,203,809,381)	$	3,140,584,888	$	3,118,438,005
Affiliated companies (cost $559,809,791 and $577,138,357)		547,953,551		565,404,710
		3,688,538,439		3,683,842,715
Cash		35,287,292		35,314,744
Cash—foreign currencies (cost $— and $2,879,177)		—		2,857,293
Cash used for collateral on OTC derivatives		16,990,000		21,301,000
Cash used for collateral on centrally cleared swaps		55,416,740		44,538,166
Unrealized appreciation on forward currency exchange contracts		40,486,625		34,184,778
Swaps, at value (net premiums paid $7,719,990 and $6,458,359)		8,269,398		7,931,168
Variation margin receivable - centrally cleared swaps		—		1,159,875
Receivables and other assets:
Interest, dividends and principal paydowns		36,349,188		32,374,493
Investments sold		19,304,442		25,753,404
Variation margin receivable - futures contracts		10,083,101		9,110,081
Shares of beneficial interest sold		1,222,810		1,894,869
Other		771,953		5,163,574
Total assets		3,912,719,988		3,905,426,160
Liabilities
Amount due to custodian-foreign		7,230,140		—
Unrealized depreciation on forward currency exchange contracts		50,338,456		37,997,294
Options written, at value (premiums received $42,060,068 and $41,154,150)		33,750,929		36,599,870
Swaps, at value (premiums received $10,307,477 and $10,443,044)		4,729,639		8,946,393
Variation margin payable - centrally cleared swaps		1,361,596		—
Swaptions written, at value (premiums received $16,369,345 and $24,586,939)		14,145,048		29,445,301
Payables and other liabilities:
Investments purchased		430,511,156		419,998,801
Shares of beneficial interest redeemed		4,349,730		5,410,711
Transfer and shareholder servicing agent fees		1,148,715		1,079,698
Dividends		807,965		849,426
Distribution and service plan fees		764,477		782,763
Foreign capital gains tax		565,783		477,689
Trustees’ compensation		455,246		501,655
Shareholder communications		275,000		275,000
Advisory fees		51,283		52,136
Administration fees		1,303		443
Other		642,821		1,364,328
Total liabilities		551,129,287		543,781,508
Net Assets	$	3,361,590,701	$	3,361,644,652

141        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIESContinued

	October 31, 2019 September 30, 2019
Composition of Net Assets
Shares of beneficial interest	$	4,161,681,055		$	4,196,112,942
Total accumulated loss		(800,090,354	)		(834,468,290	)
Net Assets	$	3,361,590,701		$	3,361,644,652
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets and shares of beneficial interest outstanding of $2,669,174,803 and 711,899,542 at October 31, 2019 and $2,671,045,523 and 718,706,251 at September 30, 2019)		$3.75			$3.72
Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)		$3.92			$3.89
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets and shares of beneficial interest outstanding of $220,077,403 and 58,865,956 at October 31, 2019 and $224,034,778 and 60,328,426 at September 30, 2019)		$3.74			$3.71
Class R Shares:
Net asset value, redemption price and offering price per share (based on net assets and shares of beneficial interest outstanding of $99,919,718 and 26,628,506 at October 31, 2019 and $100,111,732 and 26,911,436 at September 30, 2019)		$3.75			$3.72
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets and shares of beneficial interest outstanding of $335,775,040 and 89,625,210 at October 31, 2019 and $329,963,256 and 88,844,090 at September 30, 2019)		$3.75			$3.71
Class R5 Shares:
Net asset value, redemption price and offering price per share (based on net assets and shares of beneficial interest outstanding of $10,171 and 2,710 at October 31, 2019 and $10,082 and 2,710 at September 30, 2019)		$3.75			$3.72
Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets and shares of beneficial interest outstanding of $36,633,566 and 9,813,940 at October 31, 2019 and $36,479,281 and 9,856,404 at September 30, 2019)		$3.73			$3.70

See accompanying Notes to Consolidated Financial Statements.

142        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

OPERATIONS

	One Month Ended			Year Ended
	October 31, 2019			September 30, 2019
Investment Income
Interest:
Unaffiliated companies	$	12,483,566		$	192,550,075
Affiliated companies (net of foreign withholding taxes of $67,736 and $1,444,059, respectively)		438,275			16,047,525
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $— and $109, respectively)		—			1,668,291
Affiliated companies		624,087			7,362,261
Total investment income		13,545,928			217,628,152
Expenses
Advisory fees		1,586,287			19,409,801
Administration fees		40,330			168,002
Distribution and service plan fees:
Class A		533,530			6,153,929
Class C		188,570			4,278,061
Class R		42,414			525,402
Transfer and shareholder servicing agent fees:
Class A		366,141			4,340,855
Class C		30,548			720,572
Class R		13,742			176,400
Class Y		45,524			563,753
Class R5		1			2
Class R6		496			10,138
Shareholder communications:
Class A		7			253,479
Class C		37			30,553
Class R		6			9,705
Class Y		—			31,202
Class R5		—			1
Class R6		—			3,175
Custodian fees and expenses		40,419			493,191
Trustees’ compensation		4,951			89,536
Borrowing fees		—			68,795
Other		49,196			372,056
Total expenses		2,942,199			37,698,608
Less waivers, reimbursement of expenses and offset arrangement(s)		(130,719	)		(1,704,962	)
Net expenses		2,811,480			35,993,646
Net Investment Income		10,734,448			181,634,506

143        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

OPERATIONSContinued

	One Month Ended			Year Ended
	October 31, 2019			September 30, 2019
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies (net of foreign capital gains tax of $— and $766,901, respectively)	$	(15,087,001	)	$	(21,529,315	)
Affiliated companies		322,763			(16,952,621	)
Option contracts written		5,267,770			45,584,363
Futures contracts		1,875,289			(41,042,997	)
Foreign currency transactions		(616,553	)		1,889,262
Swap contracts		(791,871	)		(13,183,552	)
Swaption contracts written		(2,841,803	)		(15,054,791	)
Forward currency exchange contracts		(6,782,108	)		(29,008,858	)
Net realized loss		(18,653,514	)		(89,298,509	)
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in:
Unaffiliated companies (net of foreign capital gains tax of $88,094 and $477,689, respectively)		25,211,653			50,777,307
Affiliated companies		(122,593	)		(2,050,508	)
Translation of assets and liabilities denominated in foreign currencies		741,355			50,626
Forward currency exchange contracts		(6,039,315	)		13,130,261
Futures contracts		4,344,667			(603,713	)
Option contracts written		3,754,859			7,310,380
Swap contracts		11,980,816			6,469,636
Swaption contracts written		7,082,659			(6,784,446	)
Net change in unrealized appreciation/(depreciation)		46,954,101			68,299,543
Net Increase in Net Assets Resulting from Operations	$	39,035,035		$	160,635,540

See accompanying Notes to Consolidated Financial Statements.

144        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

	One Month Ended October 31, 2019			Year Ended September 30, 2019			Year Ended September 30, 2018
Operations
Net investment income	$	10,734,448		$	181,634,506		$	195,712,532
Net realized gain (loss)		(18,653,514	)		(89,298,509	)		(66,649,729	)
Net change in unrealized appreciation/(depreciation)		46,954,101			68,299,543			(183,248,754	)
Net increase (decrease) in net assets resulting from operations		39,035,035			160,635,540			(54,185,951	)
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:1
Class A		(3,800,606	)		(87,772,855	)		(138,286,611	)
Class B2		—			—			(206,061	)
Class C		(248,545	)		(12,840,455	)		(24,713,582	)
Class R		(132,004	)		(3,399,687	)		(5,305,616	)
Class Y		(504,387	)		(11,958,984	)		(22,346,153	)
Class R5		(16	)		(105	)		—
Class R6		(57,732	)		(1,460,735	)		(2,325,655	)
Total distributions from distributable earnings		(4,743,290	)		(117,432,821	)		(193,183,678	)
Tax return of capital distribution:
Class A		(4,205,210	)		(44,853,599	)		—
Class B2		—			—			—
Class C		(275,004	)		(6,561,716	)		—
Class R		(146,056	)		(1,737,304	)		—
Class Y		(558,082	)		(6,111,268	)		—
Class R5		(18	)		(54	)		—
Class R6		(63,879	)		(746,463	)		—
Total return of capital distribution		(5,248,249	)		(60,010,404	)		—
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(25,362,027	)		(13,542,333	)		(251,385,480	)
Class B2		—			—			(15,557,890	)
Class C		(5,447,267	)		(317,660,779	)		(119,417,713	)
Class R		(1,057,362	)		(11,280,336	)		(4,958,722	)
Class Y		2,927,053			(39,068,226	)		(96,067,367	)
Class R5		—			10,000			—
Class R6		(157,844	)		(4,870,151	)		(3,188,283	)
Total beneficial interest transactions		(29,097,447	)		(386,411,825	)		(490,575,455	)
Net Assets
Total decrease		(53,951	)		(403,219,510	)		(737,945,084	)
Beginning of period		3,361,644,652			3,764,864,162			4,502,809,246
End of period	$	3,361,590,701		$	3,361,644,652		$	3,764,864,162

1. The Securities Exchange Commission eliminated the requirement to disclose the distribution components separately, except for tax return of capital. For the year ended September 30, 2018, distributions to shareholders from

145        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETSContinued

distributable earnings consisted of distributions from net investment income.

2. Effective June 1, 2018, all Class B shares converted to Class A shares.

See accompanying Notes to Consolidated Financial Statements.

146        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$3.72		$3.73		$3.96		$3.95		$3.87		$4.13
Income (loss) from investment operations:
Net investment income1		0.01		0.19		0.18		0.16		0.15		0.18
Net realized and unrealized gain (loss)		0.03		(0.01)		(0.23)		0.01		0.08		(0.26)
Total from investment operations		0.04		0.18		(0.05)		0.17		0.23		(0.08)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.00)2		(0.13)		(0.18)		(0.11)		(0.14)		(0.17)
Tax return of capital distribution		(0.01)		(0.06)		0.00		(0.05)		(0.01)		(0.01)
Total dividends and/or distributions to shareholders		(0.01)		(0.19)		(0.18)		(0.16)		(0.15)		(0.18)
Net asset value, end of period		$3.75		$3.72		$3.73		$3.96		$3.95		$3.87
Total Return, at Net Asset Value3		1.11%		5.08%		(1.49)%		4.45%		6.07%		(2.06)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$2,669,175		$2,671,046		$2,699,688		$3,124,887		$3,607,387		$4,008,783
Average net assets (in thousands)		$2,666,111		$2,596,952		$2,920,657		$3,321,318		$3,745,267		$4,432,764
Ratios to average net assets:4
Net investment income5		3.80%		5.25%		4.79%		4.13%		3.87%		4.43%
Expenses excluding specific expenses listed below		1.00%		1.00%		1.07%6		1.08%6		1.06%6		1.05%6
Interest and fees from borrowings		0.00%		0.00%7		0.00%7		0.00%7		0.00%7		0.00%7
Total expenses8		1.00%		1.00%		1.07%6		1.08%6		1.06%6		1.05%6
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.96%		0.95%		1.00%6		1.01%6		1.02%6		1.00%6
Portfolio turnover rate9,10		25%		114%		67%		69%		78%		79%

147        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTSContinued

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Less than $0.005 per share.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond and Invesco Oppenheimer Master Loan.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

One Month Ended October 31, 2019	1.04	%
Year Ended September 30, 2019	1.04	%
Year Ended September 30, 2018	1.08	%
Year Ended September 30, 2017	1.09	%
Year Ended September 30, 2016	1.07	%
Year Ended September 30, 2015	1.06	%

9. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
One Month Ended October 31, 2019		$364,949,527		$405,130,315
Year Ended September 30, 2019		$5,760,311,794		$5,754,174,138
Year Ended September 30, 2018		$6,366,360,171		$6,415,700,475
Year Ended September 30, 2017		$5,559,676,349		$5,415,035,851
Year Ended September 30, 2016		$4,468,857,111		$4,304,402,600
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359

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

See accompanying Notes to Consolidated Financial Statements.

148        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class C	One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$3.71		$3.72		$3.95		$3.94		$3.87		$4.12
Income (loss) from investment operations:
Net investment income1		0.01		0.17		0.16		0.13		0.12		0.15
Net realized and unrealized gain (loss)		0.03		(0.02)		(0.24)		0.01		0.07		(0.25)
Total from investment operations		0.04		0.15		(0.08)		0.14		0.19		(0.10)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.00)2		(0.11)		(0.15)		(0.09)		(0.11)		(0.14)
Tax return of capital distribution		(0.01)		(0.05)		0.00		(0.04)		(0.01)		(0.01)
Total dividends and/or distributions to shareholders		(0.01)		(0.16)		(0.15)		(0.13)		(0.12)		(0.15)
Net asset value, end of period		$3.74		$3.71		$3.72		$3.95		$3.94		$3.87
Total Return, at Net Asset Value3		1.04%		4.28%		(2.26)%		3.67%		5.01%		(2.56)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$220,077		$224,035		$540,465		$696,936		$850,319		$977,069
Average net assets (in thousands)		$222,327		$427,719		$623,092		$769,686		$897,334		$1,087,495
Ratios to average net assets:4
Net investment income5		3.03%		4.49%		4.03%		3.37%		3.12%		3.67%
Expenses excluding specific expenses listed below		1.76%		1.76%		1.83%6		1.84%6		1.81%6		1.80%6
Interest and fees from borrowings		0.00%		0.00%7		0.00%7		0.00%7		0.00%7		0.00%7
Total expenses8		1.76%		1.76%		1.83%6		1.84%6		1.81%6		1.80%6
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.72%		1.71%		1.76%6		1.77%6		1.77%6		1.76%6
Portfolio turnover rate9,10		25%		114%		67%		69%		78%		79%

149        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTSContinued

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Less than $0.005 per share.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond and Invesco Oppenheimer Master Loan.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

One Month Ended October 31, 2019	1.80	%
Year Ended September 30, 2019	1.80	%
Year Ended September 30, 2018	1.84	%
Year Ended September 30, 2017	1.85	%
Year Ended September 30, 2016	1.82	%
Year Ended September 30, 2015	1.81	%

9. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
One Month Ended October 31, 2019		$364,949,527		$405,130,315
Year Ended September 30, 2019		$5,760,311,794		$5,754,174,138
Year Ended September 30, 2018		$6,366,360,171		$6,415,700,475
Year Ended September 30, 2017		$5,559,676,349		$5,415,035,851
Year Ended September 30, 2016		$4,468,857,111		$4,304,402,600
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359

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

See accompanying Notes to Consolidated Financial Statements.

150        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class R	One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$3.72		$3.73		$3.96		$3.95		$3.88		$4.13
Income (loss) from investment operations:
Net investment income1		0.01		0.18		0.17		0.15		0.14		0.17
Net realized and unrealized gain (loss)		0.03		(0.01)		(0.23)		0.01		0.07		(0.25)
Total from investment operations		0.04		0.17		(0.06)		0.16		0.21		(0.08)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.00)2		(0.12)		(0.17)		(0.10)		(0.13)		(0.16)
Tax return of capital distribution		(0.01)		(0.06)		0.00		(0.05)		(0.01)		(0.01)
Total dividends and/or distributions to shareholders		(0.01)		(0.18)		(0.17)		(0.15)		(0.14)		(0.17)
Net asset value, end of period		$3.75		$3.72		$3.73		$3.96		$3.95		$3.88
Total Return, at Net Asset Value3		1.09%		4.81%		(1.75)%		4.19%		5.53%		(2.06)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$99,920		$100,112		$111,816		$123,825		$149,098		$162,623
Average net assets (in thousands)		$100,053		$105,418		$118,510		$134,309		$152,830		$175,389
Ratios to average net assets:4
Net investment income5		3.53%		4.99%		4.53%		3.87%		3.61%		4.17%
Expenses excluding specific expenses listed below		1.26%		1.26%		1.33%6		1.34%6		1.31%6		1.30%6
Interest and fees from borrowings		0.00%		0.00%7		0.00%7		0.00%7		0.00%7		0.00%7
Total expenses8		1.26%		1.26%		1.33%6		1.34%6		1.31%6		1.30%6
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.22%		1.21%		1.26%6		1.27%6		1.27%6		1.26%6
Portfolio turnover rate9,10		25%		114%		67%		69%		78%		79%

151        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTSContinued

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Less than $0.005 per share.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond and Invesco Oppenheimer Master Loan.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

One Month Ended October 31, 2019	1.30	%
Year Ended September 30, 2019	1.30	%
Year Ended September 30, 2018	1.34	%
Year Ended September 30, 2017	1.35	%
Year Ended September 30, 2016	1.32	%
Year Ended September 30, 2015	1.31	%

9. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
One Month Ended October 31, 2019		$364,949,527		$405,130,315
Year Ended September 30, 2019		$5,760,311,794		$5,754,174,138
Year Ended September 30, 2018		$6,366,360,171		$6,415,700,475
Year Ended September 30, 2017		$5,559,676,349		$5,415,035,851
Year Ended September 30, 2016		$4,468,857,111		$4,304,402,600
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359

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

See accompanying Notes to Consolidated Financial Statements.

152        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class Y	One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$3.71		$3.73		$3.96		$3.95		$3.87		$4.13
Income (loss) from investment operations:
Net investment income1		0.01		0.20		0.19		0.17		0.16		0.19
Net realized and unrealized gain (loss)		0.04		(0.02)		(0.23)		0.01		0.08		(0.26)
Total from investment operations		0.05		0.18		(0.04)		0.18		0.24		(0.07)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.00)2		(0.13)		(0.19)		(0.11)		(0.15)		(0.18)
Tax return of capital distribution		(0.01)		(0.07)		0.00		(0.06)		(0.01)		(0.01)
Total dividends and/or distributions to shareholders		(0.01)		(0.20)		(0.19)		(0.17)		(0.16)		(0.19)
Net asset value, end of period		$3.75		$3.71		$3.73		$3.96		$3.95		$3.87
Total Return, at Net Asset Value3		1.40%		5.05%		(1.26)%		4.70%		6.33%		(1.83)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$335,775		$329,963		$371,434		$494,017		$369,088		$403,252
Average net assets (in thousands)		$331,755		$336,841		$450,170		$417,814		$372,918		$453,869
Ratios to average net assets:4
Net investment income5		4.03%		5.49%		5.03%		4.43%		4.11%		4.68%
Expenses excluding specific expenses listed below		0.77%		0.77%		0.83%6		0.84%6		0.81%6		0.80%6
Interest and fees from borrowings		0.00%		0.00%7		0.00%7		0.00%7		0.00%7		0.00%7
Total expenses8		0.77%		0.77%		0.83%6		0.84%6		0.81%6		0.80%6
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.72%		0.72%		0.76%6		0.77%6		0.77%6		0.76%6
Portfolio turnover rate9,10		25%		114%		67%		69%		78%		79%

153        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTSContinued

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Less than $0.005 per share.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond and Invesco Oppenheimer Master Loan.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

One Month Ended October 31, 2019	0.81	%
Year Ended September 30, 2019	0.81	%
Year Ended September 30, 2018	0.84	%
Year Ended September 30, 2017	0.85	%
Year Ended September 30, 2016	0.82	%
Year Ended September 30, 2015	0.81	%

9. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
One Month Ended October 31, 2019		$364,949,527		$405,130,315
Year Ended September 30, 2019		$5,760,311,794		$5,754,174,138
Year Ended September 30, 2018		$6,366,360,171		$6,415,700,475
Year Ended September 30, 2017		$5,559,676,349		$5,415,035,851
Year Ended September 30, 2016		$4,468,857,111		$4,304,402,600
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359

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

See accompanying Notes to Consolidated Financial Statements.

154        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class R5	One Month Ended October 31, 2019			Period Ended September 30, 20191
Per Share Operating Data
Net asset value, beginning of period		$3.72			$3.69
Income (loss) from investment operations:
Net investment income2		0.01			0.07
Net realized and unrealized gain		0.03			0.02
Total from investment operations		0.04			0.09
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.00)	3		(0.04	)
Tax return of capital distribution		(0.01	)		(0.02	)
Total dividends and/or distributions to shareholders		(0.01	)		(0.06	)
Net asset value, end of period		$3.75			$3.72
Total Return, at Net Asset Value4		1.14%			2.40%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10			$10
Average net assets (in thousands)		$10			$10
Ratios to average net assets:5
Net investment income6		4.05%			5.58%
Expenses excluding specific expenses listed below		0.72%			0.68%
Interest and fees from borrowings		0.00%			0.00%
Total expenses7		0.72%			0.68%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.70%			0.63%
Portfolio turnover rate8,9		25%			114%

155        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTSContinued

1. For the period from after the close of business on May 24, 2019 (inception of offering) to August 31, 2019.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Less than $0.005 per share.

4. 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.

5. Annualized for periods less than one full year.

6. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

One Month Ended October 31, 2019	0.76	%
Period Ended September 30, 2019	0.72	%

8. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
One Month Ended October 31, 2019		$364,949,527		$405,130,315
Period Ended September 30, 2019		$5,760,311,794		$5,754,174,138

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

See accompanying Notes to Consolidated Financial Statements.

156        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class R6	One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$3.70		$3.71		$3.94		$3.93		$3.86		$4.11
Income (loss) from investment operations:
Net investment income1		0.01		0.21		0.20		0.18		0.16		0.20
Net realized and unrealized gain (loss)		0.03		(0.01)		(0.23)		0.01		0.07		(0.25)
Total from investment operations		0.04		0.20		(0.03)		0.19		0.23		(0.05)
Dividends and/or distributions to shareholders: Dividends from net investment income		(0.00)2		(0.14)		(0.20)		(0.12)		(0.15)		(0.19)
Tax return of capital distribution		(0.01)		(0.07)		0.00		(0.06)		(0.01)		(0.01)
Total dividends and/or distributions to shareholders		(0.01)		(0.21)		(0.20)		(0.18)		(0.16)		(0.20)
Net asset value, end of period		$3.73		$3.70		$3.71		$3.94		$3.93		$3.86
Total Return, at Net Asset Value3		1.14%		5.49%		(1.15)%		4.89%		6.27%		(1.41)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$36,634		$36,479		$41,461		$47,348		$45,840		$48,488
Average net assets (in thousands)		$36,561		$39,927		$45,391		$45,371		$46,967		$121,467
Ratios to average net assets:4
Net investment income5		4.18%		5.63%		5.18%		4.57%		4.30%		4.87%
Expenses excluding specific expenses listed below		0.62%		0.62%		0.68%6		0.65%6		0.62%6		0.60%6
Interest and fees from borrowings		0.00%		0.00%7		0.00%7		0.00%7		0.00%7		0.00%7
Total expenses7		0.62%		0.62%		0.68%6		0.65%6		0.62%6		0.60%6
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.57%		0.57%		0.61%6		0.59%6		0.58%6		0.57%6
Portfolio turnover rate9,10		25%		114%		67%		69%		78%		79%

157        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTSContinued

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Less than $0.005 per share.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

One Month Ended October 31, 2019	0.66	%
Year Ended September 30, 2019	0.66	%
Year Ended September 30, 2018	0.69	%
Year Ended September 30, 2017	0.66	%
Year Ended September 30, 2016	0.63	%
Year Ended September 30, 2015	0.61	%

9. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
One Month Ended October 31, 2019		$364,949,527		$405,130,315
Year Ended September 30, 2019		$5,760,311,794		$5,754,174,138
Year Ended September 30, 2018		$6,366,360,171		$6,415,700,475
Year Ended September 30, 2017		$5,559,676,349		$5,415,035,851
Year Ended September 30, 2016		$4,468,857,111		$4,304,402,600
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359

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

See accompanying Notes to Consolidated Financial Statements.

158        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSOctober 31, 2019 and September 30, 2019

Note 1 - Significant Accounting Policies

    Invesco Oppenheimer Global Strategic Income Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of such Fund or each class.

    Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Global Strategic Income Fund (the “Acquired Fund” or “Predecessor Fund”). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

    Upon closing of the Reorganization, holders of the Acquired Fund’s Class A, Class C, Class R, and Class Y shares received the corresponding class of shares of the Fund and holders of the Acquired Fund’s Class I shares received Class R6 shares of the Fund. Information for the Acquired Fund’s Class I shares prior to the Reorganization is included with Class R6 shares throughout this report. Class R5 shares commenced operations on the Reorganization Date.

    Effective October 31, 2019 the Fund’s fiscal year end changed from September 30 to October 31.

    The Fund will seek to gain exposure to Regulation S securities primarily through investments in the Invesco Oppenheimer Global Strategic Income Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund may invest up to 25% of its total assets in the Subsidiary.

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

    The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with afront-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

    The 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 consolidated financial statements.

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

    Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such asinstitution-size trading in similar groups

159        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

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.

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

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

    Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the 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

160        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

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

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

161        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

    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 transactions reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

D. Distributions -Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on theex-dividend date. Income distributions, if any, are declared and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

E. Federal Income Taxes -The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the one month ended October 31, 2019 and the fiscal

162        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

year ended September 30, 2019, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

    Subchapter M requires, among other things, that at least 90% of the Fund’s gross income be derived from securities or derived with respect to its business of investing in securities (typically referred to as “qualifying income”). Income from commodity-linked derivatives may not be treated as “qualifying income” for purposes of the 90% gross income requirement. The Internal Revenue Service (IRS) has previously issued a number of private letter rulings which conclude that income derived from commodity index-linked notes and investments in a wholly-owned subsidiary will be “qualifying income.” As a result, the Fund will gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.

    The IRS has suspended the granting of private letter rulings pending further review. As a result, there can be no assurance that the IRS will not change its position with respect to commodity-linked notes and wholly-owned subsidiaries. In addition, future legislation and guidance from the Treasury and the IRS may adversely affect the Fund’s ability to gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.

    The Fund is required to include in income for federal income tax purposes all of the subsidiary’s net income and gains whether or not such income is distributed by the subsidiary. Net income and gains from the subsidiary are generally treated as ordinary income by the Fund, regardless of the character of the subsidiary’s underlying income. Net losses from the subsidiary do not pass through to the Fund for federal income tax purposes.

The tax components of capital shown in the following table for the one month ended October 31, 2019, represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3,4		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$—		$—		$746,927,475		$57,639,531

1.At period end, the Fund had $741,946,260 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

2.The Fund had $4,981,215 of straddle losses which were deferred.

3. During the reporting period, the Fund did not utilize any capital loss carryforward.

4.During the previous reporting period ended September 30, 2019, the Fund did not utilize any capital loss carryforward.

The tax components of capital shown in the following table for the year ended September 30, 2019, represent distribution requirements the Fund must satisfy under the income tax

163        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3,4		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$—		$—		$737,357,431		$101,326,218

1.At period end, the Fund had $732,588,314 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

2.The Fund had $4,769,117 of straddle losses which were deferred.

3. During the reporting period, the Fund did not utilize any capital loss carryforward.

4.During the previous reporting period ended September 30, 2018, the Fund did not utilize any capital loss carryforward.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

Accordingly, for the one month ended October 31, 2019, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Reduction toPaid-in Capital	Reduction to Accumulated Net Loss on Investments
$5,334,440		$5,334,440

Accordingly, for the fiscal year ended September 30, 2019, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Reduction toPaid-in Capital	Reduction to Accumulated Net Loss on Investments
$60,693,331		$60,693,331

The tax character of distributions paid during the reporting periods:

164        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018
Distributions paid from:
Ordinary income		$        4,743,290		$        117,432,821		$        193,183,678
Return of capital		5,248,249		60,010,404		—
Total		$        9,991,539		$        177,443,225		$        193,183,678

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

	One Month Ended October 31, 2019			Year Ended September 30, 2019
Federal tax cost of securities	$	3,766,694,742		$	3,782,018,304
Federal tax cost of other investments		(690,265,598	)		(801,911,794	)
Total federal tax cost	$	3,076,429,144		$	2,980,106,510
Gross unrealized appreciation	$	165,127,522		$	155,966,750
Gross unrealized depreciation		(222,767,053	)		(257,292,968	)
Net unrealized depreciation	$	(57,639,531	)	$	(101,326,218	)

    Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

F. Expenses -Fees provided for under the Rule12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets.Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates -The financial statements are prepared on a consolidated basis in conformity with 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 theperiod-end date and before the date the consolidated

165        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

financial statements are released to print.

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

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

J. 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

166        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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.”

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

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

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

L. Treasury Inflation-Protected Securities -The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be shown as Treasury Inflation-Protected Securities inflation adjustments in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity.

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

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NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

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.

N. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and tradedover-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 apre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

    In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty

168        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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

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

    Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current

169        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

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

    Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the 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, 2019 and September 30, 2019 for which the Fund is the seller of protection are disclosed in the open swap agreements tables. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

O. 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

170        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

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

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

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

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

    When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the 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

171        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

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. 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 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.

Q. Securities on a When-Issued or Delayed Delivery Basis -The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention on acquiring such securities, they may sell such securities prior to the settlement date.

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

    The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments. Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under

172        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on senior securities and borrowings.

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

    The Fund 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. The Fund will seek to gain exposure to Regulation S securities primarily through an investment in the Subsidiary. Regulation S securities may be relatively less liquid as a result of legal or contractual restrictions on resale. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

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

T. 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.

U. 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:

Fee Schedule*			��
Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $200 million	0.60
Next $4 billion	0.50
Next $5 billion	0.48
Over $10 billion	0.46

*The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative

173        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

services agreement with the Adviser.

For the one month ended October 31, 2019 and the yearended September 30, 2019, the effective advisory fee incurred by the Fund was 0.56% and 0.55% annualized, respectively.

    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.

    From October 1, 2018 until the date of the Reorganization, the Acquired Fund paid $12,653,535 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

    Under the terms of a mastersub-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 separatesub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “AffiliatedSub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such AffiliatedSub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such AffiliatedSub-Adviser(s). Invesco has also entered into aSub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

    Effective on the Reorganization Date, the Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/ or expense reimbursement (excluding certain items discussed below) ofClass A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.04%, 1.79%, 1.29%, 0.79%, 0.70% and 0.65%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary ornon-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 May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

    Further, the Adviser has contractually agreed, through at least June 30, 2021, 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.

174        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

    For the one month ended October 31, 2019, the Adviser waived advisory fees of $130,719. For theyearended September 30, 2019, the Adviser waived advisory fees of $1,486,647.

    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 one month ended October 31, 2019 and the yearended September 30, 2019, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby JPMorgan Chase Bankserves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

    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 orsub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the one month ended October 31, 2019 and the yearended September 30, 2019, expenses incurred under these agreements are shown in the Consolidated Statement of Operations as Transfer and shareholder servicing agent fees.

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for theClass A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares(collectively the “Plan”). The Fund, pursuant to the Class A Plan, reimburses IDI in an amount up to an annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the one month ended October 31, 2019 and the yearended September 30, 2019, expenses incurred under the plans are shown in the Consolidated Statement of Operations as Distribution and service plan 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

175        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

from redemption proceeds prior to remittance to the shareholder. During the one month ended October 31, 2019, IDI advised the Fund that IDI retained $12,558 infront-end sales commissions from the sale of Class A shares and $172 and $1,354 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders. During the year ended September 30, 2019, IDI advised the Fund that IDI retained $52,150 infront-end sales commissions from the sale of Class A shares and $1,687 and $4,167 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders. From October 31, 2018 to the date of the Reorganization, OppenheimerFunds Distributor, Inc. retained $178,226 in front–end sales commissions from the sale of Class A shares and $1,116 and $11,992 from Class A and Class C shares, respectively, for CDSC imposed on redemption by shareholders.

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

Note 3 - Additional Valuation Information

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

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

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

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

The 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.

176        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

The following is a summary of the tiered valuation input levels as of October 31, 2019:

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—		$	192,484,290		$	—	$	192,484,290
Mortgage-Backed Obligations		—			816,774,845			682		816,775,527
U.S. Government Obligations		—			198,242,705			—		198,242,705
Foreign Government Obligations		—			788,550,213			—		788,550,213
Corporate Loans		—			8,487,822			—		8,487,822
Corporate Bonds and Notes		—			1,076,103,449			—		1,076,103,449
Preferred Stock		—			29,750			—		29,750
Common Stocks		1,555,795			—			—		1,555,795
Rights, Warrants and Certificates		117,051			—			—		117,051
Structured Securities		—			17,604,380			—		17,604,380
Short-Term Notes		—			11,871,142			—		11,871,142
Exchange-Traded Options Purchased		2,127,050			—			—		2,127,050
Over-the-Counter Options Purchased		—			18,526,563			—		18,526,563
Over-the-Counter Credit Default
Swaption Purchased		—			834,247			—		834,247
Over-the-Counter Interest Rate
Swaptions Purchased		—			7,274,904			—		7,274,904
Investment Companies		546,423,256			1,530,295			—		547,953,551
Total Investments, at Value		550,223,152			3,138,314,605			682		3,688,538,439
Other Financial Instruments:
Swaps, at value		—			8,269,398			—		8,269,398
Centrally cleared swaps, at value		—			23,134,048			—		23,134,048
Futures contracts		5,759,163			—			—		5,759,163
Forward currency exchange contracts		—			40,486,625			—		40,486,625
Total Assets	$	555,982,315		$	3,210,204,676		$	682	$	3,766,187,673
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(4,729,639	)	$	—	$	(4,729,639	)
Centrally cleared swaps, at value		—			(25,556,476	)		—		(25,556,476	)
Futures contracts		(1,962,145	)		—			—		(1,962,145	)
Options written, at value		—			(33,750,929	)		—		(33,750,929	)
Forward currency exchange contracts		—			(50,338,456	)		—		(50,338,456	)
Swaptions written, at value		—			(14,145,048	)		—		(14,145,048	)
Total Liabilities	$	(1,962,145	)	$	(128,520,548	)	$	—	$	(130,482,693	)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

The following is a summary of the tiered valuation input levels as of September 30, 2019:

177        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—		$	171,387,744		$	—	$	171,387,744
Mortgage-Backed Obligations		—			779,866,169			25,492		779,891,661
U.S. Government Obligations		—			200,509,674			—		200,509,674
Foreign Government Obligations		—			793,402,558			—		793,402,558
Corporate Loans		—			10,278,484			—		10,278,484
Corporate Bonds and Notes		—			1,101,391,596			—		1,101,391,596
Preferred Stock		—			29,750			—		29,750
Common Stocks		1,240,834			383,750			—		1,624,584
Rights, Warrants and Certificates		—			—			102,658		102,658
Structured Securities		—			19,018,928			175,129		19,194,057
Short-Term Notes		—			10,997,634			—		10,997,634
Exchange-Traded Options Purchased		3,748,825			—			—		3,748,825
Over-the-Counter Options Purchased		27,434			15,700,396			—		15,727,830
Over-the-Counter Credit Default
Swaptions Purchased		—			2,103,142			—		2,103,142
Over-the-Counter Interest Rate
Swaptions Purchased		—			8,047,808			—		8,047,808
Investment Companies		562,250,241			3,154,469			—		565,404,710
Total Investments, at Value		567,267,334			3,116,272,102			303,279		3,683,842,715
Other Financial Instruments:
Swaps, at value		—			7,931,168			—		7,931,168
Centrally cleared swaps, at value		—			23,099,130			—		23,099,130
Futures contracts		3,279,308			—			—		3,279,308
Forward currency exchange contracts		—			34,184,778			—		34,184,778
Total Assets	$	570,546,642		$	3,181,487,178		$	303,279	$	3,752,337,099
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(8,946,393	)	$	—	$	(8,946,393	)
Centrally cleared swaps, at value		—			(39,423,967	)		—		(39,423,967	)
Futures contracts		(3,826,957	)		—			—		(3,826,957	)
Options written, at value		—			(36,599,870	)		—		(36,599,870	)
Forward currency exchange contracts		—			(37,997,294	)		—		(37,997,294	)
Swaptions written, at value		—			(29,445,301	)		—		(29,445,301	)
Total Liabilities	$	(3,826,957	)	$	(152,412,825	)	$	—	$	(156,239,782	)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

178        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Note 4 - Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions andclose-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.

Offsetting Assets and Liabilities as of October 31, 2019

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative asset transactions as of October 31, 2019:

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**			Cash Collateral Received**		Net Amount
Bank of America NA	$	5,107,001	$	(5,107,001)	$	–		$	–	$	–
Barclays Bank plc		163,504		(163,504)		–			–		–
BNP Paribas		75,560		–		–			–		75,560
Citibank NA		13,939,904		(13,939,904)		–			–		–
Goldman Sachs Bank USA		13,410,936		(13,410,936)		–			–		–
Goldman Sachs International		7,447,912		(6,897,861)		(550,051	)		–		–
HSBC Bank USA NA		567,054		(172,171)		(394,883	)		–		–
JPMorgan Chase Bank NA		27,257,866		(27,257,866)		–			–		–
Morgan Stanley Capital Services, Inc.		3,053,542		(3,053,542)		–			–		–
RBC Dominion Securities		3,010,157		(2,424,708)		–			–		585,449
Standard Chartered Bank		1,358,301		(1,358,301)		–			–		–
	$	75,391,737	$	(73,785,794)	$	(944,934	)	$	–	$	661,009

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

179        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of October 31, 2019:

				Gross Amounts Not Offset in the Consolidated
				Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*			Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(10,452,192	)	$	5,107,001	$	—	$	5,248,000	$	(97,191	)
Barclays Bank plc		(3,776,762	)		163,504		3,363,556		—		(249,702	)
Citibank NA		(16,823,639	)		13,939,904		—		2,270,000		(613,735	)
Deutsche Bank AG		(370,052	)		—		—		—		(370,052	)
Goldman Sachs Bank USA		(19,962,205	)		13,410,936		—		5,496,000		(1,055,269	)
Goldman Sachs International		(6,897,861	)		6,897,861		—		—		—
HSBC Bank USA NA		(172,171	)		172,171		—		—		—
JPMorgan Chase Bank NA		(33,379,354	)		27,257,866		5,469,488		652,000		—
Morgan Stanley & Co., Inc.		(258,743	)		—		—		—		(258,743	)
Morgan Stanley Capital Services, Inc.		(5,874,037	)		3,053,542		—		2,586,000		(234,495	)
RBC Dominion Securities		(2,424,708	)		2,424,708		—		—		—
Standard Chartered Bank		(1,814,643	)		1,358,301		—		375,000		(81,342	)
	$	(102,206,367	)	$	73,785,794	$	8,833,044	$	16,627,000	$	(2,960,529	)

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Statement of Investments may exceed these amounts.

Value of Derivative Instruments at October 31, 2019

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of October 31, 2019:

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Credit contracts	Swaps, at value	$	7,124,450	Swaps, at value	$	3,445,838
Interest rate contracts	Swaps, at value		1,144,948	Swaps, at value		1,283,801

180        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Credit contracts	Centrally cleared swaps, at value		$ 1,704,3431	Centrally cleared swaps, at value		$14,727,1231
Interest rate contracts	Centrally cleared swaps, at value		21,429,7051	Centrally cleared swaps, at value		10,829,3531
Interest rate contracts	Futures contracts		5,759,1632	Futures contracts		1,962,1452
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		40,486,625	Unrealized depreciation on forward currency exchange contracts		50,338,456
Equity contracts				Options written, at value		757,705
Forward exchange contracts				Options written, at value		32,993,224
Credit contracts				Swaptions written, at value		1,450,279
Interest rate contracts				Swaptions written, at value		12,694,769
Credit contracts	Investments, at value		834,2473
Equity contracts	Investments, at value		2,127,0503
Forward currency exchange contracts	Investments, at value		18,526,5633
Interest rate contracts	Investments, at value		7,274,9043
Total			$106,411,998			$130,482,693

1.Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Consolidated Statement of Assets and Liabilities upon receipt or payment.

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

3.Amounts relate to purchased option contracts and purchased swaption contracts, if any.

Effect of Derivative Investments for the One Month Ended October 31, 2019

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

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*			Swaption contracts written			Option contracts written		Futures contracts		Forward currency exchange contracts
Credit contracts	$	519,941		$	374,032		$	—	$	—	$	—
Currency contracts		(3,030,842	)		—			5,242,605		—		—
Equity contracts		(57,780	)		—			25,165		—		—
Forward currency exchange contracts		—			—			—		—		(6,782,108	)
Interest rate contracts		(123,976	)		(3,215,835	)		—		1,875,289		—
Total	$	(2,692,657	)	$	(2,841,803	)	$	5,267,770	$	1,875,289	$	(6,782,108	)

181        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Swap contracts			Total
Credit contracts	$	851,714		$	1,745,687
Currency contracts		—			2,211,763
Equity contracts		—			(32,615	)
Forward currency exchange contracts		—			(6,782,108	)
Interest rate contracts		(1,643,585	)		(3,108,107	)
Total	$	(791,871	)	$	(5,965,380	)

* Purchased option contracts and purchased swaption contracts, if any, are included in the realized gain (loss) from investment transactions in unaffiliated companies.

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*			Swaption contracts written		Option contracts written		Futures contracts		Forward currency exchange contracts
Credit contracts	$	(245,867	)	$	330,038	$	—	$	—	$	—
Currency contracts		(798,673	)		—		3,289,419		—		—
Equity contracts		(1,097,818	)		—		465,440		—		—
Forward currency exchange contracts		—			—		—		—		(6,039,315	)
Interest rate contracts		(663,762	)		6,752,621		—		4,344,667		—
Total	$	(2,806,120	)	$	7,082,659	$	3,754,859	$	4,344,667	$	(6,039,315	)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Swap contracts			Total
Credit contracts	$	(446,262	)	$	(362,091	)
Currency contracts		—			2,490,746
Equity contracts		—			(632,378	)
Forward currency exchange contracts		—			(6,039,315	)
Interest rate contracts		12,427,078			22,860,604
Total	$	11,980,816		$	18,317,566

* Purchased option contracts and purchased swaption contracts, if any, are included in the change in unrealized gain (loss) from investment transactions in unaffiliated companies.

The table below summarizes the average notional value of forward foreign currency contracts, futures contracts, swap agreements, options purchased and swaptions purchased during the one month ended October 31, 2019.

182        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

			Forward foreign currency contracts		Futures contracts		Index options purchased*		Currency options purchased*
Average notional amount			$	5,464,004,299	$	1,154,485,268	$	203,847,500	$	54,146,581,862
Average contracts								767		54,110,026,000
	Swaptions purchased*		Written index options		Written FX options		Written swaptions		Swaps
Average notional amount	$	2,957,113,417	$	182,755,000	$	1,260,175,099,798	$	3,971,311,341	$	4,128,376,159
Average contracts				767		1,260,137,146,500

Offsetting Assets and Liabilities at September 30, 2019

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative asset transactions as of September 30, 2019:

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset			Financial Instruments Collateral Received**			Cash Collateral Received**			Net Amount
Bank of America NA	$	4,042,945	$	(4,042,945	)	$	–		$	–		$	–
Barclays Bank plc		801,195		(801,195	)		–			–			–
Citibank NA		7,462,216		(4,847,572	)		–			–			2,614,644
Deutsche Bank AG		14,035		–			–			–			14,035
Goldman Sachs Bank USA		18,518,655		(18,518,655	)		–			–			–
Goldman Sachs International		5,308,551		(5,308,551	)		–			–			–
HSBC Bank USA NA		1,420,818		(176,634	)		(1,060,132	)		–			184,052
JPMorgan Chase Bank NA		23,136,954		(23,136,954	)		–			–			–
Morgan Stanley & Co., Inc.		27,434		(27,434	)		–			–			–
Morgan Stanley Capital Services, Inc.		3,684,840		(3,684,840	)		–			–			–
RBC Dominion Securities		3,100,226		(747,953	)		–			(1,990,000	)		362,273
Standard Chartered Bank		476,857		(476,857	)		–			–			–
	$	67,994,726	$	(61,769,590	)	$	(1,060,132	)	$	(1,990,000	)	$	3,175,004

183        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of September 30, 2019:

					Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty		Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*			Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(7,971,295	)	$	4,042,945	$	–	$	3,928,350	$	–
Barclays Bank plc		(7,283,000	)		801,195		4,831,805		1,650,000		–
BNP Paribas		(65,992	)		–		–		–		(65,992	)
Citibank NA		(4,847,572	)		4,847,572		–		–		–
Goldman Sachs Bank USA		(31,593,120	)		18,518,655		–		10,776,000		(2,298,465	)
Goldman Sachs International		(5,334,981	)		5,308,551		–		–		(26,430	)
HSBC Bank USA NA		(176,634	)		176,634		–		–		–
JPMorgan Chase Bank NA		(44,765,128	)		23,136,954		21,228,174		400,000		–
Morgan Stanley & Co., Inc.		(197,691	)		27,434		–		–		(170,257	)
Morgan Stanley Capital Services, Inc.		(7,463,953	)		3,684,840		–		3,426,000		(353,113	)
RBC Dominion Securities		(747,953	)		747,953		–		–		–
Standard Chartered Bank		(1,051,639	)		476,857		–		574,782		–
	$	(111,498,958	)	$	61,769,590	$	26,059,979	$	20,755,132	$	(2,914,257	)

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Schedule of Investments may exceed these amounts.

Value of Derivative Instruments at September 30, 2019

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of September 30, 2019:

184        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Credit contracts	Swaps, at value	$	5,806,399	Swaps, at value		$ 6,130,986
Interest rate contracts	Swaps, at value		2,124,769	Swaps, at value		2,815,407
Credit contracts	Centrally cleared swaps, at value		1,693,2681	Centrally cleared swaps, at value		16,742,0001
Interest rate contracts	Centrally cleared swaps, at value		21,405,8621	Centrally cleared swaps, at value		22,681,9671
Interest rate contracts	Futures contracts		3,279,3082	Futures contracts		3,826,9572
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		34,184,778	Unrealized depreciation on forward currency exchange contracts		37,997,294
Equity contracts				Options written, at value		1,872,915
Currency contracts				Options written, at value		34,726,955
Credit contracts				Swaptions written, at value		3,291,538
Interest rate contracts				Swaptions written, at value		26,153,763
Credit contracts	Investments, at value		2,103,1423
Equity contracts	Investments, at value		4,815,6733
Currency contracts	Investments, at value		14,633,5483
Interest rate contracts	Investments, at value		8,075,2423
Total			$    98,121,989			$    156,239,782

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

2. Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Consolidated Statement of Assets and Liabilities upon receipt or payment.

3. Amounts relate to purchased option contracts and purchased swaption contracts, if any.

Effect of Derivative Investments for the Year Ended September 30, 2019

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

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*			Swaption contracts written			Option contracts written			Futures contracts
Credit contracts	$	(3,459,549	)	$	7,738,842		$	—		$	—
Currency contracts		(17,539,924	)		—			50,509,528			—
Equity contracts		497,700			—			202,280			—
Forward currency exchange contracts		—			—			—			—
Interest rate contracts		12,528,130			(22,793,633	)		(5,127,445	)		(41,042,997	)
Total	$	(7,973,643	)	$	(15,054,791	)	$	45,584,363		$	(41,042,997	)

185        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Forward currency exchange contracts			Swap contracts			Total
Credit contracts	$	—		$	(5,611,844	)	$	(1,332,551	)
Currency contracts		—			—			32,969,604
Equity contracts		—			—			699,980
Forward currency exchange contracts		(29,008,858	)		—			(29,008,858	)
Interest rate contracts		—			(7,571,708	)		(64,007,653	)
Total	$	(29,008,858	)	$	(13,183,552	)	$	(60,679,478	)

* Purchased option contracts and purchased swaption contracts, if any, are included in the realized gain (loss) from investment transactions in unaffiliated companies.

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*			Swaption contracts written			Option contracts written		Futures contracts
Credit contracts	$	(657,820	)	$	1,320,469		$	—	$	—
Currency contracts		(8,845,226	)		–			6,758,785		—
Equity contracts		(801,750	)		–			551,595		—
Forward currency exchange contracts		—			–			—		—
Interest rate contracts		25,534			(8,104,915	)		—		(603,713	)
Total	$	(10,279,262	)	$	(6,784,446	)	$	7,310,380	$	(603,713	)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Forward currency exchange contracts		Swap contracts		Total
Credit contracts	$	—	$	4,580,837	$	5,243,486
Currency contracts		—		—		(2,086,441	)
Equity contracts		—		—		(250,155	)
Forward currency exchange contracts		13,130,261		—		13,130,261
Interest rate contracts		—		1,888,799		(6,794,295	)
Total	$	13,130,261	$	6,469,636	$	9,242,856

*Purchased option contracts and purchased swaption contracts, if any, are included in the change in unrealized gain (loss) from investment transactions in unaffiliated companies.

The table below summarizes the average notional value of forward foreign currency contracts, futures contracts, swap agreements, currency options purchased, written currency options, swaptions purchased and swaptions written during the year ended September 30, 2019.

186        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Forward foreign currency contracts		Futures contracts		Index options purchased*		Currency options purchased		Fixed Income options purchased*
Average notional amount	$	2,669,810,836	$	838,688,696	$	259,821,519	$	595,886,761,912	$	123,421,750
Average contracts						75,538		595,882,649,663		109,786,000
	Purchased option on a future*		Written index options*		Written currency options		Written fixed income options*		Purchased swaptions
Average notional amount	$	143,166,019	$	232,293,414	$	2,644,071,879,347	$	106,938,803	$	2,158,360,950
Average contracts		768		75,538		2,644,054,084,590		94,961,167
							Written swaptions		Swaps
Average notional amount							$	4,408,627,835	$	2,707,863,291

*Summarizes the 8 month average notional value and contracts of index options purchased and index options written, the 6 month average notional value and contracts of fixed income options purchased and index options written and the 4 month average notional value and contracts of purchased options on a future.

Note 5 - Investment in Invesco Oppenheimer Master Event-Linked Fund

The Fund is permitted to invest in entities sponsored and/or advised by the Adviser or an affiliate. Certain of these entities in which the Fund invests are mutual funds registered under the 1940 Act, as amended, that expect to be treated as partnerships for tax purposes, specifically Invesco Oppenheimer Master Event-Linked Fund (the “Master Event-Linked Fund”). The Master Event-Linked Fund has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in the Master Event-Linked Fund, the Fund will have greater exposure to the risks of the Master Event-Linked Fund.

The investment objective of the Master Event-Linked Fund is to seek total return. The Fund’s investment in the Master Event-Linked Fund is included in the Consolidated Schedule of Investments. The Fund recognizes income and gain/(loss) on its investment in the Master Event-Linked Fund according to its allocatedpro-rata share, based on its relative proportion of total outstanding Master Event-Linked Fund shares held, of the total net income earned and the net gain/(loss) realized on investments sold by the Master Event-Linked Fund. The Fund’s allocated share of net income and gain/(loss) is included in the Consolidated Statement of Operations as Investment Income from Affiliated Companies and Realized/Unrealized Gain (Loss) from Affiliated Companies, respectively. As a shareholder, the Fund is subject to its proportional share of the Master Event-Linked Fund’s expenses, including its management fee. The Adviser will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Master Event-Linked Fund.

187        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

Note 6 - Expense Offset Arrangement

The expense offset arrangement is comprised of custodian credits which result from periodic overnight cash balances at the custodian. For the one month ended October 31, 2019 the Fund did not receive credits from this arrangement. For the year ended September 30, 2019, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $218,315.

Note 7 - Trustee and Officer Fees and Benefits

Certain Trustees have executed a Deferred Compensation Agreement pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Consolidated Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Note 8 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank, the custodian bank. Such balances, if any atperiod-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption Amount due to 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 - 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 for the one month period ended October 31, 2019 was $684,800,924 and $708,422,767, respectively, and during the year ended September 30, 2019 was $3,257,274,867 and $3,300,156,862, respectively.

188        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Note 10 - Share Information

Transactions in shares of beneficial interest were as follows:

	One Month Ended October						Year Ended September 30,						Year Ended September 30,
	Shares			31, 20191 Amount			Shares			20192 Amount			Shares			2018 Amount
Class A
Sold		3,502,381		$	13,076,926			97,740,334		$	366,266,996			45,219,211		$	174,958,678
Dividends and/or distributions reinvested		1,973,066			7,381,031			33,657,168			124,308,085			32,590,219			125,317,871
Redeemed		(12,282,156	)		(45,819,984	)		(136,359,676	)		(504,117,414	)		(143,187,491	)		(551,662,029	)
Net increase (decrease)		(6,806,709	)	$	(25,362,027	)		(4,962,174	)	$	(13,542,333	)		(65,378,061	)	$	(251,385,480	)
Class B
Sold		—		$	—			—		$	—			25,013		$	98,072
Dividends and/or distributions reinvested		—			—			—			—			51,419			202,425
Redeemed3		—			—			—			—			(4,051,560	)		(15,858,387	)
Net increase (decrease)		—		$	—			—		$	—			(3,975,128	)	$	(15,557,890	)
Class C
Sold		664,592		$	2,469,921			6,876,726		$	25,377,218			8,727,719		$	33,818,381
Dividends and/or distributions reinvested		133,352			497,859			5,134,688			18,860,505			6,081,273			23,366,153
Redeemed		(2,260,414	)		(8,415,047	)		(96,846,338	)		(361,898,502	)		(45,976,966	)		(176,602,247	)
Net increase (decrease)		(1,462,470	)	$	(5,447,267	)		(84,834,924	)	$	(317,660,779	)		(31,167,974	)	$	(119,417,713	)
Class R
Sold		231,474		$	863,273			3,511,582		$	13,005,802			5,031,105		$	19,473,916
Dividends and/or distributions reinvested		71,072			266,435			1,345,120			4,971,262			1,273,744			4,902,998
Redeemed		(585,476	)		(2,187,070	)		(7,895,947	)		(29,257,400	)		(7,598,526	)		(29,335,636	)
Net increase (decrease)		(282,930	)	$	(1,057,362	)		(3,039,245	)	$	(11,280,336	)		(1,293,677	)	$	(4,958,722	)

189        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

	One Month Ended October						Year Ended September 30,						Year Ended September 30,
	Shares			31, 20191 Amount			Shares			20192 Amount			Shares			2018 Amount
Class Y
Sold		2,403,508		$	8,971,911			24,687,266		$	91,370,991			27,622,778		$	106,371,546
Dividends and/or distributions reinvested		268,826			1,008,098			4,731,719			17,473,621			5,418,455			20,844,909
Redeemed		(1,891,214	)		(7,052,956	)		(40,225,951	)		(147,912,838	)		(58,250,444	)		(223,283,822	)
Net increase (decrease)		781,120		$	2,927,053			(10,806,966	)	$	(39,068,226	)		(25,209,211	)	$	(96,067,367	)
Class R54
Sold		—		$	—			2,710		$	10,000			—		$	—
Dividends and/or distributions reinvested		—			—			—			—			—			—
Redeemed		—			—			—			—			—			—
Net increase (decrease)		—		$	—			2,710		$	10,000			—		$	—
Class R6
Sold		84,172		$	311,904			2,204,222		$	8,143,953			3,153,820		$	12,196,482
Dividends and/or distributions reinvested		32,355			120,681			610,572			2,207,198			601,762			2,305,887
Redeemed		(158,991	)		(590,429	)		(4,122,974	)		(15,221,302	)		(4,601,422	)		(17,690,652	)
Net increase (decrease)		(42,464	)	$	(157,844	)		(1,308,180	)	$	(4,870,151	)		(845,840	)	$	(3,188,283	)

1.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 13% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

2.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 13% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

3.All outstanding Class B shares converted to Class A shares on June 1, 2018.

4. Commencement date after the close of business on May 24, 2019.

Note 11 - Borrowings

Joint Credit Facility.A number of mutual funds managed by the Adviser participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity.

190        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Consolidated Statement of Operations. The Fund did not utilize the Facility during the reporting period.The Facility terminated May 24, 2019.

191        INVESCO OPPENHEIMER GLOBAL STRATEGIC 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 Oppenheimer Global Strategic Income Fund

Opinion on the Financial Statements

We have audited the consolidated accompanying statements of assets and liabilities, including the consolidated schedules of investments, of Invesco Oppenheimer Global Strategic Income Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2019 and September 30, 2019, the related consolidated statements of operations and the consolidated statements of changes in net assets for the period from October 1, 2019 to October 31, 2019 and the year ended September 30, 2019, including the related notes, and the consolidated financial highlights for each of the periods ended October 31, 2019 and September 30, 2019 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2019 and September 30, 2019, the results of its operations and changes in its net assets for the period from October 1, 2019 to October 31, 2019 and the year ended September 30, 2019 and the financial highlights for each of the periods ended October 31, 2019 and September 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

The consolidated financial statements of Invesco Oppenheimer Global Strategic Income Fund (formerly known as Oppenheimer Global Strategic Income Fund) as of and for the year ended September 30, 2018 and the consolidated financial highlights for each of the periods ended on or prior to September 30, 2018 (not presented herein, other than the consolidated statement of changes in net assets and the consolidated financial highlights) were audited by other auditors whose report dated November 28, 2018 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

Basis for Opinion

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

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

192        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 and September 30, 2019 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, TX

December 16, 2019

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

193        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Audit Committee of the Board of Trustees appointed, and the Board of Trustees ratified and approved, PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm of the Fund for the fiscal periods ending after May 24, 2019. Prior to the close of business on May 24, 2019, the Predecessor Fund was a separate series of an unaffiliated investment company and its financial statements were audited by a different independent registered public accounting firm (the “Prior Auditor”).

Effective after the close of business on May 24, 2019, the Prior Auditor resigned as the independent registered public accounting firm of the Fund. The Prior Auditor’s report on the financial statements of the Predecessor Fund for the past two fiscal years did not contain an adverse or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles. During the Predecessor Fund’s two most recent fiscal years and through the close of business on May 24, 2019, there were no (1) disagreements with the Prior Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the Prior Auditor’s satisfaction, would have caused it to make reference to that matter in connection with its report; or (2) “reportable events,” as that term is defined in Item 304(a)(1)(v) of RegulationS-K under the Securities Exchange Act of 1934.

194        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

FEDERAL INCOME TAX INFORMATION

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

None of the dividends paid by the Fund during the reporting period ended October 31, 2019 are eligible for the corporate dividend-received deduction.

Dividends, if any, paid by the Fund during the reporting period ended September 30, 2019, which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 1.98% to arrive at the amount eligible for the corporate dividend-received deduction.

A portion, if any, of the dividends paid by the Fund during the reporting period which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. The maximum amount allowable but not less than $918,219 and $14,896,266 of the Fund’s fiscal year taxable income for the one month ended October 31, 2019 and the fiscal year ended September 30, 2019, respectively, may be eligible for the lower individual income tax rates. In early 2019, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $4,007,089 and $53,620,590 of the ordinary distributions to be paid by the Fund for the one month ended October 31, 2019 and the fiscal year ended September 30, 2019, respectively, qualifies as an interest related dividend.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

195        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTS

At meetings held on December 14, 2018, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) (the Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved (i) an amendment to the Trust’s Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) to add Invesco Oppenheimer Global Strategic Income Fund (the Fund), (ii) an amendment to the Master IntergroupSub-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. to add the Fund, (iii) an amendment to the separatesub-advisory contract with Invesco Capital Management LLC to add the Fund, (iv) an amendment to the separatesub-advisory contract with Invesco Asset Management (India) Private Limited to add the Fund, and (v) an initialsub-advisory contract with OppenheimerFunds, Inc. (collectively, the AffiliatedSub-Advisers and thesub-advisory contracts). Additionally, on March 26, 2019, the Boardre-approved an initialsub-advisory contract with OppenheimerFunds, Inc. following its change of control as a result of the acquisition of OppenheimerFunds, Inc. and its subsidiaries, including the Oppenheimer mutual funds (each, an Oppenheimer Fund), by Invesco Ltd. (the OFI Transaction). After evaluating the factors discussed below, among others, the Board approved the Fund’s investment advisory agreement and thesub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the AffiliatedSub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board noted that it had previously approved establishing the Fund at the Board meeting held on October 23, 2018 and that the Fund was formed to acquire the assets and liabilities of an Oppenheimer Fund (the Acquired Fund) with the same investment objective and substantially similar principal investment strategies and risks. At the time of approval, the Fund had no assets and no performance history and the portfolio managers were not employed by Invesco Advisers or any of the AffiliatedSub-Advisers except OppenheimerFunds, Inc., which was not affiliated with Invesco at that time.

In approving the investment advisory agreement andsub-advisory contracts, the Board followed a process similar to the process that it follows in annually reviewing and approving investment advisory agreements andsub-advisory contracts for the series portfolios of funds advised by Invesco Advisers and considered the information provided in the most recent annual review process for those funds as well as the information provided with respect to the Fund. As part of the approval process, the Board reviewed and considered information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board reviewed comparative investment performance and fee data prepared by Invesco Advisers and an independent mutual fund data provider. The Board was assisted in its review by the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees, and by independent legal counsel.

196        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

The discussion below serves as a summary of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement andsub-advisory contracts. 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. This information is current as of December 14, 2018 and March 26, 2019 for thesub-advisory contract with OppenheimerFunds, Inc.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services to be provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who will provide these services. The Board’s review included consideration of the investment process oversight and structure, credit analysis and investment risk management to be employed in providing advisory services to the Fund. The Board also considerednon-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds and will provide to the Fund, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board also reviewed and considered the benefits to shareholders of investing in a fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board reviewed and considered information about the resources that Invesco Advisers intends to continue to commit to managing the Invesco family of funds, including the Fund, following the OFI Transaction. The Board concluded that the nature, extent and quality of the services to be provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the AffiliatedSub-Advisers under thesub-advisory contracts and the credentials and experience of the officers and employees of the AffiliatedSub-Advisers who provide these services. The Board noted the AffiliatedSub-Advisers’ expertise with respect to certain asset classes and that the AffiliatedSub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the AffiliatedSub-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 thesub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the AffiliatedSub-Advisers

197        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTSContinued

in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the AffiliatedSub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board noted that the Fund would continue the historical performance information of the Acquired Fund following the consummation of the OFI Transaction. The Board considered the performance of the Acquired Fund and the fact that, at the closing of the OFI Transaction, management anticipates that the Fund will be managed pursuant to substantially similar investment strategies and by substantially the same portfolio management team as managed the Acquired Fund. The Board did not view Fund performance as a relevant factor in considering whether to approve thesub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2017 to the performance of funds in the Morningstar performance universe and against the Fund’s benchmark index. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory andSub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Morningstar expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for at least two years from the closing date of the OFI Transaction 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 AffiliatedSub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board also considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund will share directly in economies of scale through lower fees charged by third party service providers based on the

198        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.

E. Profitability and Financial Resources

The Board reviewed information from the 2018 contract renewal process provided by Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers will continue to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Invesco Funds, and the profits estimated to be realized by the Fund, to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered that Invesco Advisers will receive 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 will receive 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 to be

199        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTSContinued

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.

200        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO SCHEDULE OF INVESTMENTS

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) as an exhibit to its reports on FormN-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s FormsN-PORT on the SEC website at sec.gov.

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 recent12-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.

201        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

SHAREHOLDER PROXY

A Special Meeting (“Meeting”) of Shareholders of Invesco Oppenheimer Global Strategic Income Fund was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer Global Strategic Income Fund into Invesco Oppenheimer Global Strategic Income Fund.

The results of the voting on the above matter was as follows:

Matter	Votes For	Votes Against	Votes Abstain	Broker Non-Votes
(1) Approval of an Agreement and Plan of Reorganization	440,976,191	20,712,942	49,042,998	0

202        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

TRUSTEES AND OFFICERS

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

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS
Martin L. Flanagan1— 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President,Co-Chief Executive Officer,Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	229	None
Philip A. Taylor2— 1954 Trustee	2006	Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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);	229	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 of Invesco Ltd., ultimate parent of the Adviser.

203        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

TRUSTEES AND OFFICERSContinued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(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 (CONTINUED)
Philip A. Taylor (Continued)		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); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company);Co-Chairman,Co-President andCo-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

204        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(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 (CONTINUED)
Philip A. Taylor (Continued)		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 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.

205        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

TRUSTEES AND OFFICERSContinued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Bruce L. Crockett – 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	229	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	229	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	229	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, 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	229	None

206        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(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)
Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	229	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
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	229	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP.; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	229	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

207        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

TRUSTEES AND OFFICERSContinued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(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)
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	229	Blue Hills Bank; Chairman of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization). Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	229	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism)
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief 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	229	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
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;	229	Federal Reserve Bank of Dallas

208        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(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)
Ann Barnett Stern (Continued)		Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP
Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	229	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	229	None
Daniel S. Vandivort –1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management). Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	229	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	229	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement(non-profit)
Christopher L. Wilson – 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	229	ISO New England, Inc.(non-profit organization managing regional electricity market)

209        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

TRUSTEES AND OFFICERSContinued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	Head of Global Fund Services, Invesco Ltd.; 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, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust, and Vice President, OppenheimerFunds, Inc. Formerly: Vice President 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, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	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
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal	N/A	N/A

210        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(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)
Jeffrey H. Kupor (Continued)		Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services	N/A	N/A

211        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

TRUSTEES AND OFFICERSContinued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(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)
Andrew R. Schlossberg (Continued)		Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC
John M. Zerr — 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent) Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and	N/A	N/A

212        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(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)
John M. Zerr (Continued)		Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation Formerly: Senior Vice President, Invesco	N/A	N/A

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TRUSTEES AND OFFICERSContinued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(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)
Gregory G. McGreevey (Continued)		Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self- Indexed Fund Trust Formerly: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; 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., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and	N/A	N/A

214        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(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)
Crissie M. Wisdom (Continued)		Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.
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’ssub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza,	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers
Suite 1000	1555 Peachtree Street, N.E.	11 Greenway Plaza,	LLP
Houston, TX 77046-1173	Atlanta, GA 30309	Suite 1000	1000 Louisiana Street,
		Houston, TX	Suite 5800
		77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens & Young,	Independent Trustees	Invesco Investment	JPMorgan Chase Bank
LLP	Goodwin Procter LLP	Services, Inc.	4 Chase Metro Tech
2005 Market Street,	901 New York Avenue, N.W.	11 Greenway Plaza,	Center
Suite 2600	Washington, D.C. 20001	Suite 1000	Brooklyn, NY 11245
Philadelphia, PA 19103-7018		Houston, TX
		77046-1173

215        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

INVESCO’S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located atwww.invesco.com (the “Website”). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as “we” or “Invesco” in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review the Terms of Use¹ to learn of other terms and conditions applicable to your use of the Website.

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This Privacy Policy was last updated on May 6, 2018.

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We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

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How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

¹NTD

216        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/orde-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

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We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate orde-identified data that is not personally identifiable with third parties.

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Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

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217        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

INVESCO’S PRIVACY NOTICEContinued

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

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Any information you provide to Invesco through use of the Website may be stored and processed, transferred between and accessed from the United States, Canada and other countries which do not guarantee the same level of protection of personal information as the one in which you reside. However, Invesco will handle your personal information in accordance with this Privacy Policy regardless of where your personal information is stored/accessed.

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We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE

Atlanta, GA 30309

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(404)439-3236

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(404)962-8288

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Anne.Gerry@invesco.com

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218        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

● Request that we amend, rectify, delete or update the personal data we hold about you;

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Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

219        INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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Explore High-Conviction Investing with Invesco
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
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Invesco Distributors, Inc. O-GLSI-AR-1        11272019

Annual Report 10/31/2019 Annual Report 9/30/2019

Invesco Oppenheimer International Bond Fund* Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund. *Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer International Bond Fund. See Important Update on the following page for more information.

Important Updates

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco’s Client Services team at800-959-4246.

Table of Contents

Fund Performance Discussion	5
Top Holdings and Allocations	11
Fund Expenses	15
Consolidated Schedule of Investments	19
Consolidated Statement of Assets and Liabilities	84
Consolidated Statement of Operations	86
Consolidated Statement of Changes in Net Assets	88
Consolidated Financial Highlights	90
Notes to Consolidated Financial Statements	101
Report of Independent Registered Public Accounting Firm	133
Independent Registered Public Accounting Firm	135
Federal Income Tax Information	136
Approval of Investment Advisory andSub-Advisory Contracts	137
Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments	142
Shareholder Proxy	143
Trustees and Officers	144
Invesco’s Privacy Notice	157

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 10/31/19

	1-Year			5-Year			10-Year
Class A Shares of the Fund without Sales Charge		9.20	%		2.53	%		2.69	%
Class A Shares of the Fund with Sales Charge		4.49			1.64			2.24
FTSENon-U.S. Dollar World Government Bond Index		9.25			1.61			1.22
JP Morgan Government Bond Index-Emerging Markets Global Diversified		15.59			0.82			2.67
JP Morgan Emerging Markets Bond Index Global Diversified		14.35			5.44			6.90
Reference Index		12.20			2.23			2.67

3      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

AVERAGE ANNUAL TOTAL RETURNS AT 9/30/19

	1-Year			5-Year			10-Year
Class A Shares of the Fund without Sales Charge		4.34	%		2.10	%		2.46	%
Class A Shares of the Fund with Sales Charge		-0.06			1.20			2.01
FTSENon-U.S. Dollar World Government Bond Index		6.78			1.28			1.15
JP Morgan Government Bond Index-Emerging Markets Global Diversified		10.13			0.55			2.47
JP Morgan Emerging Markets Bond Index Global Diversified		11.57			5.74			6.88
Reference Index		8.79			2.05			2.56

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher.Visit invesco.com for the most recentmonth-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 4.25% maximum applicable sales charge except where “without sales charge” is indicated. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the returns of the Fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from those of the predecessor fund because they have different expenses. Returns do not consider capital gains or income taxes on an individual’s investment. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

4      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Fund Performance Discussion

For theone-year period ended September 30, 2019, the Fund’s Class A shares (without sales charge) returned 4.34%, underperforming the FTSENon-U.S. Dollar World Government Bond Index (the “Index”), which returned 6.78%. For theone-year period ended October 31, 2019, the Fund’s Class A shares (without sales charge) returned 9.20%, underperforming the Index, which returned 9.25%. Please note that the fiscalyear-end for Invesco Oppenheimer International Bond Fund has changed from September 30 to October 31. Therefore, the period covered by this discussion is from September 30, 2018, the date of the last annual report, through October 31, 2019, the Fund’s new fiscalyear-end.

MARKET OVERVIEW

After hitting a wall to close 2018, 2019 has been volatile and eventful through September 30, 2019. In the last quarter of 2018, several shocks negatively affected market sentiment. The U.S. Federal Reserve (Fed) once again decided to hike interest rates, as was nearly universally expected, but the post-meeting conference was more hawkish than expected.

Markets were expecting a clear message that the Fed might consider a pause in any future rate increases, but that was not initially communicated. Equity markets sold off, bonds rallied, and the U.S. dollar weakened. The sell-offs were sizable, which led some to think a recession might be imminent. As 2019 began, rising global growth concerns came to the

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN AT OCTOBER 31, 2019:

5      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN AT SEPTEMBER 30, 2019:

forefront. In January, we saw the strongest indications yet that the game plan may be changing. As 2019 progressed, the Fed cut rates as it dealt with an array of both global and domestic concerns. Q2 started with some hopes for stabilization, with China’s stimulus kicking in, U.S. data recovering from weakness in Q1, but these positive signs proved premature. Due to renewed tensions in the U.S.-China trade dispute and increasing risks regarding global trade, industrial production and global trade weakened noticeably. For most of the world, growth projections were revised down. Recent data show that trade policy uncertainty is taking its toll on global growth. The stabilization we had projected for the second half of 2019 was based on an expectation for a trade deal between China and the U.S. There is still hope for a limited trade deal, but we think the broader uncertainty aroundUS-China relationship will continue to undermine investment sentiment, especially against the

backdrop of slower global demand. Besides trade issues and a slowdown in U.S. and Europe, emerging markets (EM) are also facing a structurally slowing China. As China rebalances away frominvestment-led growth toconsumption-led growth, it will not be providing the same lift to emerging market exports going forward as it did in the past.

On the positive side, we expect further monetary and fiscal easing from China, to mitigate some, but not all the impact of the tariffs and the global slowdown on emerging markets. We believe that easier global financial conditions and expectation of further easing by the Federal Reserve will remain supportive of emerging market assets.

The third quarter continued to see weaker global growth led primarily by the rest of the world as the U.S. surprised to the upside versus much lowered expectations. As expected, global growth slowed, and

6      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

policy makers responded by moving towards easier monetary conditions in almost every major global economy. The Federal Reserve delivered the first of its two rate cuts so far this year. Most emerging market central banks also continued to reduce rates.

The markets were roiled in August by the unexpected and significant increase in trade tensions between the U.S. and China with the U.S. putting tariffs on almost all Chinese imports. In August we saw a significant drop in developed market (DM) yields as market expectations of global growth ratcheted down. We also saw losses in emerging market currencies as the U.S. dollar strengthened in a knee jerk reaction.

As we expected, the first quarter was mired in further data weaknesses for Asian emerging markets, despite some stabilization in China. We see this as a manifestation of global trade weakness as global exports and industrial production fell sharply. In addition, Asia is also feeling the headwinds from a slowing technology cycle. In China, front-loading of exports before tariffs took effect and the domestic policy easing were behind the stabilizing growth numbers in the first quarter. However, forward-looking indicators point to the potential for further weakness ahead for the region as global demand weakens. The stabilization we had expected in the second half of 2019 was rooted in our expectation for a trade deal between China and the U.S. Despite the recent truce at theG-20 meeting, the higher tariff rates as well as continued uncertainty about a

deal pose further downside risks to China’s and Asian emerging markets’ growth in the second half, notwithstanding the ongoing stimulus in China. We see this uncertainty a key driver for weak global investment, which in turn negatively affects Asian exports. On the positive side, we expect further easing from China, should second-quarter data surprise significantly. We believe that this global backdrop, benigndemand-led inflation pressures and widening output gaps may allow room for more interest rate cuts in several countries, such as India, Indonesia, Korea, Malaysia, Philippines, Russia, and South Africa.

The emerging market economies of Latin America have underperformed growth expectations, and we are therefore cutting our 2019 and 2020 growth forecasts across the board. The disappointing slowdown has broadened from the region’s larger economies, which we expect to see traction later, to the smaller economies. We have not materially changed our inflation outlook, as output gaps are even wider and inflation risks are lower. We expect easier global monetary conditions to curb exchange rate pressures and allow all regional central banks to add stimulus.

Colombia’s lagged economic recovery soldiers on while Argentina has been the larger exception in the region with negative growth and double-digit inflation. Yet these two economies are still improving from last year. We believe the bar is now too high for the Argentinian economy not to contract this

7      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

year, but we are hopeful for a background of macro-stabilization.

Mexico’s growth was hurt by the U.S. slowdown and uncertainties over domestic policy. In our opinion, while the Mexican economy benefits from a good starting point with low debt levels, its economic fundamentals are deteriorating with President López Obrador (AMLO) and his heterodox policy mix. Within this context, we are constructive because we see inflation convergence with central bank easing, high real rates, and fiscal prudence. We do not see Mexican sovereign debt ratings going to below investment grade, while the national oil company may be downgraded again and removed from investment grade mandates.

In Brazil, we are more optimistic with the approval of the strong pension reform, and we expect the central bank to drive expansionary conditions. Economic activity has faltered on global and local shocks that allowed a large negative output gap, with domestic uncertainties failing to support a more benign environment. We think traction will come, with higher growth more likely to materialize next year. All in, decreasing global interest rates allow for more accommodative monetary policy, which would support EM assets. The primary risk to emerging markets is a full-blown trade war, instead of a protracted conflict-resolution solution, leading to recession. However, we see this as unlikely.

First quarter GDP growth in the U.S. economy was relatively strong. However, GDP growth

in the second quarter was more modest. Unemployment has remained very low and job creation has been strong. Inflation has remained relatively low. However, a tight labor market suggests we could see more pressure on wage growth in the future. The Fed reversed course from late 2018 and reduced rates two times in 2019, over the reporting period.

Government bond yields fell across many markets during theone-year reporting period. U.S. Treasury10-year rates trended lower during the reporting period and ended at 1.67%. German10-year yields ended at-0.58%, Japanese10-year yields closed at-0.22% while Indian10-year yields ended at 6.70%. Brazilian10-year yields ended the period at 7.04%.

FUND REVIEW

The Fund’s underperformance relative to the Index this reporting period was largely the result of its allocation to international fixed income, predominantly emerging market debt. Out of benchmark exposure to Argentinian bonds and the Argentine peso detracted from returns as Argentina sold off after an unfavorable market outcome to a primary election. Our underweight allocation to core Eurozone and Japanese government debt was also a detractor to relative returns given our underweight to these sectors. Interest rates in these large markets rallied over the reporting period.    

8      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Contributing positively to performance this reporting period was our allocation to developed and emerging market corporate

debt. Lastly, our exposure to high yield also benefitted performance.

MARKET OUTLOOK & PORTFOLIO POSITIONING

Looking forward, we see the potential for global growth to continue falling but balanced by easing global financial conditions and most importantly in the U.S.

In a continuation of our view, we still see global growth momentum slowing in Q4 but at a slower rate. The stability we had been expecting innon-U.S. growth has been pushed out further amid concerns that a comprehensive trade deal between U.S. and China is now out of reach and even a narrower focused one may be difficult. We do believe that China will provide stimulus, however, that will be aimed at the domestic economy through policy measures such as tax cuts and should have limited global impact.

We expect global growth, which we estimate to be 2.6% currently to fall further in to Q1 of next year, however, we put the probability of a global recession to be low. In such an environment we believe financial conditions and valuations will be the primary driver of market returns. We expect the Fed to ease further at least 2 if not 3 times as growth slows. We also expect other central banks notably in Brazil, Mexico, Chile, India,

Indonesia, and Russia to be accommodative. We continue to expect that the mix of moderate growth with falling inflation will have a positive impact on asset prices.    

The shift in economics and policy environment is allowing us to keep a stable outlook for our portfolio positioning.    We continue to believe that the U.S. dollar will continue to slowly decline as the easier financial conditions reduce the cost of being long other developed market currencies such as the euro and Japanese yen. As financial conditions effect market performance we expect EM currencies will benefit from carry while DM currencies could benefit from valuations. In our portfolios, we are favoring carry from currencies such as Brazilian real, Indian rupee, Indonesian Rupiah and South African rand. We also favor the Norwegian krone, and Polish Zloty over the Euro.

We continue to favor emerging market interest rates over developed market interest rates. Real yields in emerging markets remain close to highs when compared to a combination of developed market yields. We favor long end interest rates in Brazil, India, South Africa, Indonesia, and Russia and thefront-end interest rates in Mexico and Colombia.

Given the excellent performance in credit in the first half of the year we are reducing our credit exposure both in emerging markets and in Europe. We are looking to redeploy that capital into emerging market rates.

9      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

The positive momentum that supported the global fixed income markets during September continued into October.

Despite mounting tensions in thelead-up toUS-China trade negotiations in Washington, hopes remain that the two sides will emerge with an interim deal. The cancelled APEC summit in Chile clouded the completion of a “phase 1”US-China agreement, with China signaling skepticism about a comprehensive deal.

August data showed alet-up in Germany’s manufacturing recession, balanced against surprisingly large production declines in France and the UK. In the US, the Fed announced a plan for monthly treasury bill purchases intended to permanently resolve ongoing pressures in overnight funding markets. The global easing cycle lost urgency, with the FOMC signaling a transition back to data dependence and the Bank of Japan opting to hold rates steady. Following stronger-than-anticipated incoming data for US payrolls and GDP, markets continued their constructive advance. Recent weeks have brought positive news on the risk front, including a possible breakthrough in Brexit. With the EU having agreed to a Brexit extension, the markets have somewhat assumed an orderly departure following a general election, upgrading the UK outlook.

10      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Top Holdings and Allocations

TOP TEN HOLDINGS – 10/31/19
Invesco Government & Agency Portfolio, Institutional Class	6.2%
United States Treasury Bills, 1.655%, 12/10/19	5.3
United Mexican States, Series M, 8.00% Sr. Unsec. Nts., 12/7/23	3.0
United States Treasury Bills, 1.948%, 11/14/19	2.7
United Kingdom Gilt, 1.75% Bonds, 1/22/49	2.5
Hellenic Republic, 3.90% Bonds, 1/30/33	2.3
Republic of Italy, 2.80% Bonds, 3/1/67	2.0
Republic of India, 8.24% Sr. Unsec. Nts., 2/15/27	2.0
Russian Federation, Series 6211, 7.00% Bonds, 1/25/23	1.8
United Mexican States, Series M20, 8.50% Sr. Unsec. Nts., 5/31/29	1.7

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of October 31, 2019, and are based on net assets.

TOP TEN HOLDINGS – 9/30/19
Invesco Government & Agency Portfolio, Institutional Class	5.7%
United States Treasury Bills, 1.873%, 10/17/19	5.4
United Mexican States, Series M, 8.00% Sr. Unsec. Nts., 12/7/23	2.9
United States Treasury Bills, 1.948%, 11/14/19	2.7
United Kingdom Gilt, 1.75% Bonds, 1/22/49	2.5
Hellenic Republic, 3.90% Bonds, 1/30/33	2.3
Republic of Italy, 2.80% Bonds, 3/1/67	2.0
Republic of India, 8.24% Sr. Unsec. Nts., 2/15/27	2.0
Russian Federation, Series 6211, 7.00% Bonds, 1/25/23	1.7
New Zealand, 1.50% Sr. Unsec. Nts., 5/15/31	1.7

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of September 30, 2019, and are based on net assets.

For more current Fund holdings, please visit invesco.com.

11      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 10/31/19

	Inception Date		1-Year			5-Year			10-Year
Class A (OIBAX)		6/15/95		9.20	%		2.53	%		2.69	%
Class C (OIBCX)		6/15/95		8.39			1.76			1.94
Class R (OIBNX)		3/1/01		8.93			2.28			2.37
Class Y (OIBYX)		9/27/04		9.46			2.79			2.96
Class R5 (INBQX)1		5/24/19		9.25			2.54			2.69
Class R6 (OIBIX)2		1/27/12		9.83			2.96			2.71	3

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 10/31/19

	Inception Date		1-Year			5-Year			10-Year
Class A (OIBAX)		6/15/95		4.49	%		1.64	%		2.24	%
Class C (OIBCX)		6/15/95		7.39			1.76			1.94
Class R (OIBNX)		3/1/01		8.93			2.28			2.37
Class Y (OIBYX)		9/27/04		9.46			2.79			2.96
Class R5 (INBQX)1		5/24/19		9.25			2.54			2.69
Class R6 (OIBIX)2		1/27/12		9.83			2.96			2.71	3

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 9/30/19

	Inception Date		1-Year			5-Year			10-Year
Class A (OIBAX)		6/15/95		4.34	%		2.10	%		2.46	%
Class C (OIBCX)		6/15/95		3.55			1.33			1.71
Class R (OIBNX)		3/1/01		4.07			1.83			2.14
Class Y (OIBYX)		9/27/04		4.59			2.35			2.73
Class R5 (INBQX)1		5/24/19		4.37			2.10			2.46
Class R6 (OIBIX)2		1/27/12		4.74			2.52			2.36	3

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 9/30/19

	Inception Date		1-Year			5-Year			10-Year
Class A (OIBAX)		6/15/95		-0.06	%		1.20	%		2.01	%
Class C (OIBCX)		6/15/95		2.56			1.33			1.71
Class R (OIBNX)		3/1/01		4.07			1.83			2.14
Class Y (OIBYX)		9/27/04		4.59			2.35			2.73
Class R5 (INBQX)1		5/24/19		4.37			2.10			2.46
Class R6 (OIBIX)2		1/27/12		4.74			2.52			2.36	3

12      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

1. Class R5 shares’ performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund’s Class A shares at net asset value (NAV) and includes the12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements.

2. Pursuant to the closing of the transaction described in the Notes to Financial Statements, after the close of business on May 24, 2019, Class I shares were reorganized as Class R6 shares.

3. Shows performance since inception.

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher.Visit invesco.com for the most recentmonth-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicablefront-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 4.25%, and the contingent deferred sales charge for Class C shares is 1% for the1-year period. Class R, Class Y, Class R5 and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the predecessor fund were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Fund. Class R5 shares’ performance shown prior to the inception date is that of the predecessor fund’s Class A shares at NAV and includes the12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

The Fund’s performance is compared to the FTSENon-U.S. Dollar World Government Bond Index, JP Morgan Government Bond Index -Emerging Markets Global Diversified, JP Morgan Emerging Markets Bond Index Global Diversified, and the Fund’s Reference Index. The FTSENon-U.S. Dollar World Government Bond Index is an index of fixed rate government bonds with a maturity of one year or longer and amounts outstanding of at least U.S. $25 million. The JPMorgan Government Bond Index-Emerging Markets Global Diversified is a comprehensive, global local Emerging Markets Index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure. The JPMorgan Emerging Markets Bond Index Global Diversified is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets).The indices areunmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising theindices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

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

13      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

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

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

14      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended October 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended October 31, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class 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 for the class of shares you hold 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 transactional costs, such asfront-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table 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 transactional costs were included, your costs would have been higher.

15      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Actual	Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Expenses Paid During 6 Months Ended October 31, 20191,2
Class A	$	1,000.00	$	1,037.60	$	5.20
Class C		1,000.00		1,033.70		9.11
Class R		1,000.00		1,038.30		6.55
Class Y		1,000.00		1,038.90		3.96
Class R5		1,000.00		1,038.10		3.04
Class R6		1,000.00		1,041.60		3.09
Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.11		5.16
Class C		1,000.00		1,016.28		9.04
Class R		1,000.00		1,018.80		6.48
Class Y		1,000.00		1,021.32		3.93
Class R5		1,000.00		1,021.78		3.47
Class R6		1,000.00		1,022.18		3.06

1. Actual expenses paid for Class A, C, R, Y, and R6 are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365(to reflect theone-half year period). Actual expenses paid for Class R5 are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 160/365to reflect the period from after the close of business on May 24, 2019 (inception of offering) to October 31, 2019.

2.Hypothetical expenses paid for all classes are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).

Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the6-month period ended October 31, 2019 for Classes A, C, R, Y and R6and for the period from after the close of business on May 24, 2019 (inception of offering) to October 31, 2019 for Class R5 are as follows:

Class	Expense Ratios
Class A		1.01	%
Class C		1.77
Class R		1.27
Class Y		0.77
Class R5		0.68
Class R6		0.60

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Consolidated Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

16      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended September 30, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended September 30, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class 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 for the class of shares you hold 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 transactional costs, such asfront-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table 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 transactional costs were included, your costs would have been higher.

17      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Actual	Beginning Account Value April 1, 2019		Ending Account Value September 30, 2019		Expenses Paid During 6 Months Ended September 30, 20191,2
Class A	$	1,000.00	$	1,013.70	$	4.96
Class C		1,000.00		1,009.80		8.86
Class R		1,000.00		1,012.40		6.27
Class Y		1,000.00		1,014.90		3.74
Class R5		1,000.00		1,014.00		2.32
Class R6		1,000.00		1,015.60		3.04
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,020.16		4.97
Class C		1,000.00		1,016.29		8.88
Class R		1,000.00		1,018.85		6.29
Class Y		1,000.00		1,021.36		3.76
Class R5		1,000.00		1,021.81		3.30
Class R6		1,000.00		1,022.06		3.05

1. Actual expenses paid for Class A, C, R, Y, and R6are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect theone-half year period).

Actual expenses paid for Class R5 are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 129/365 to reflect the period from after the close of business on

May 24, 2019 (inception of offering) to September 30, 2019.

2.Hypothetical expenses paid for all classes are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365(to reflect theone-half year period).

Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the6-month period ended September 30, 2019 for Classes A, C, R, Y and R6 and for the period from after the close of business on May 24, 2019 (inception of offering) to September 30, 2019 for Class R5 are as follows:

Class	Expense Ratios
Class A		0.98	%
Class C		1.75
Class R		1.24
Class Y		0.74
Class R5		0.65
Class R6		0.60

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Consolidated Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

18      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSOctober 31, 2019

		Principal Amount		Value
Mortgage-Backed Obligations—4.8%
Alba plc, Series2007-1, Cl. F, 4.033% [BP0003M+325], 3/17/391,2	GBP	1,810,400	$	2,258,291
Bancaja Fondo de Titulizacion, Series 10, Cl. C, 0.079% [EUR003M+50], 5/22/501,2,3	EUR	12,000,000		11,108,415
Capital Mortgage Srl, Series2007-1, Cl. B, 0.00% [EUR003M+22], 1/30/471,2	EUR	8,000,000		6,634,973
Eurohome UK Mortgages plc:
Series2007-1, Cl. B1, 1.685% [BP0003M+90], 6/15/441,2	GBP	5,275,000		5,440,828
Series2007-1, Cl. M1, 1.085% [BP0003M+30], 6/15/441,2	GBP	5,200,000		5,903,771
Series2007-1, Cl. M2, 1.285% [BP0003M+50], 6/15/441,2	GBP	4,000,000		4,287,018
Series2007-2, Cl. B1, 2.185% [BP0003M+140], 9/15/441,2	GBP	4,000,000		4,344,562
Series2007-2, Cl. M1, 1.135% [BP0003M+35], 9/15/441,2	GBP	10,340,000		12,061,023
Eurosail plc, Series2006-3X, Cl. D1C, 1.672% [BP0003M+90], 9/10/441,2	GBP	11,000,000		11,546,655
Great Hall Mortgages No 1 plc, Series2007-1, Cl. DA, 1.556% [BP0003M+78], 3/18/391,2	GBP	8,000,000		8,946,733
Grifonas Finance plc:
Series 1, Cl. A, [EUR006M+28], 8/28/391,2	EUR	17,128,370		17,934,476
Series 1, Cl. B, 0.105% [EUR006M+52], 8/28/391,2	EUR	5,000,000		4,854,438
IM Pastor 4 Fondo de Titulizacion de Activos:
Series 4, Cl. A, [EUR003M+14], 3/22/441,2	EUR	14,655,466		15,156,517
Series 4, Cl. B, [EUR003M+19], 3/22/441,2	EUR	3,800,000		2,747,031
Ludgate Funding plc, Series2007-1, 0.00%, 1/1/616	GBP	207,500,000		11,763,113
Newgate Funding plc, Series2007-2X, Cl. CB, 0.007% [EUR003M+44], 12/15/501,2	EUR	3,127,671		3,031,698
Sestante Finance Srl, Series 3, Cl. C1, 0.382% [EUR003M+80], 7/15/451,2	EUR	9,700,000		5,259,943
TDA 27 Hipocat 9 Fondo de Titulizacion de Activos, Series 27, Cl. A3, 0.00% [EUR003M+19], 12/28/501,2	EUR	35,000,000		34,657,942
Towd Point Mortgage Funding 2019-Granite4 plc, Series 2019-GR4X, Cl. B, 2.195% [BP0003M+140], 10/20/511,2	GBP	10,000,000		12,943,953
Total Mortgage-Backed Obligations (Cost $178,764,093)				180,881,380
U.S. Government Obligation—0.1%
United States Treasury Note, 1.625%, 8/15/29 (Cost $4,055,156)		4,100,000		4,076,057
Foreign Government Obligations—61.1%
Angola—0.4%
Republic of Angola, 9.375% Sr. Unsec. Nts., 5/8/481		13,805,000		14,634,681
Argentina—1.4%
Argentine Republic:
0.00% Unsec. Nts., 7/29/204	ARS	722,500,000		7,810,222
0.202% Unsec. Nts., 10/29/204	ARS	1,307,200,000		11,349,030
5.625% Sr. Unsec. Nts., 1/26/22		12,395,000		5,317,579
6.875% Sr. Unsec. Nts., 1/26/27		17,110,000		6,801,396
7.50% Sr. Unsec. Nts., 4/22/26		34,345,000		14,682,831
9.80% Unsec. Nts., 5/28/204	ARS	152,100,000		1,713,651

19      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Argentina (Continued)
Argentine Republic: (Continued)
15.50% Bonds, 10/17/26	ARS	135,000,000	$	877,180
18.20% Unsec. Nts., 10/3/21	ARS	212,805,000		1,281,446
54.21% [BADLARPP+325] Unsec. Nts., 3/1/202	ARS	180,336,000		1,738,884
57.612% [BADLARPP+375] Unsec. Nts., 4/12/251,2	ARS	120,000,000		686,137
				52,258,356
Austria—0.5%
Republic of Austria, 1.50% Sr. Unsec. Nts., 11/2/861	EUR	13,130,000		20,097,127
Brazil—2.3%
Federative Republic of Brazil:
6.00% Nts., 8/15/225	BRL	170,000		154,664
6.00% Nts., 5/15/455	BRL	40,900,000		48,165,725
6.00% Nts., 8/15/505	BRL	6,000,000		7,332,555
10.00% Nts., 1/1/29	BRL	100,000,000		30,796,079
				86,449,023
Colombia—1.3%
Republic of Colombia, Series B, 6.25% Bonds, 11/26/25	COP	155,000,000,000		47,705,459
Cyprus—0.7%
Republic of Cyprus:
2.75% Sr. Unsec. Nts., 2/26/341	EUR	13,510,000		18,838,607
2.75% Sr. Unsec. Nts., 5/3/491	EUR	5,975,000		8,732,584
				27,571,191
Dominican Republic—0.3%
Dominican Republic:
6.40% Sr. Unsec. Nts., 6/5/491		5,000,000		5,425,050
6.85% Sr. Unsec. Nts., 1/27/451		6,370,000		7,206,126
				12,631,176
Ecuador—0.8%
Republic of Ecuador:
8.875% Sr. Unsec. Nts., 10/23/271		13,845,000		12,939,883
9.50% Sr. Unsec. Nts., 3/27/301		10,785,000		10,412,670
10.75% Sr. Unsec. Nts., 1/31/291		5,600,000		5,677,056
				29,029,609
Egypt—2.6%
Arab Republic of Egypt:
4.75% Sr. Unsec. Nts., 4/16/261	EUR	12,900,000		14,787,914
6.125% Sr. Unsec. Nts., 1/31/221		9,710,000		10,061,949
8.50% Sr. Unsec. Nts., 1/31/471		9,480,000		10,004,964
8.70% Sr. Unsec. Nts., 3/1/491		14,387,000		15,458,616
16.00% Bonds, 6/11/22	EGP	330,000,000		21,190,269
16.30% Bonds, 1/1/23	EGP	10,200,000		667,218
18.15% Bonds, 6/13/20	EGP	57,000,000		3,587,930

20      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Egypt (Continued)
Arab Republic of Egypt: (Continued)
18.15% Unsec. Nts., 12/11/21	EGP		173,000,000	$	11,473,339
Series 3YR, 15.00% Bonds, 10/3/20	EGP		157,150,000		9,717,710
					96,949,909
El Salvador—0.3%
Republic of El Salvador, 7.125% Sr. Unsec. Nts., 1/20/501			10,253,000		10,440,117
Fiji—0.2%
Republic of Fiji, 6.625% Sr. Unsec. Nts., 10/2/201			9,265,000		9,288,163
France—0.8%
French Republic, 1.75% Bonds, 6/25/391	EUR		20,823,295		29,253,646
Gabon—0.2%
Gabonese Republic, 6.375% Bonds, 12/12/241			6,370,000		6,356,464
Greece—4.4%
Hellenic Republic:
0.00% Bonds, 10/15/426	EUR		107,000,000		468,398
3.875% Sr. Unsec. Nts., 3/12/291	EUR		30,000,000		41,489,441
3.90% Bonds, 1/30/331	EUR		61,676,000		87,493,658
4.00% Bonds, 1/30/371	EUR		25,325,000		36,760,334
					166,211,831
India—8.6%
Republic of India:
6.84% Sr. Unsec. Nts., 12/19/22	INR		1,000,000,000		14,483,529
7.17% Sr. Unsec. Nts., 1/8/28	INR		3,715,000,000		54,077,228
7.68% Sr. Unsec. Nts., 12/15/23	INR		1,300,000,000		19,282,903
7.72% Sr. Unsec. Nts., 5/25/25	INR		730,000,000		10,888,955
8.15% Sr. Unsec. Nts., 11/24/26	INR		500,000,000		7,640,435
8.20% Sr. Unsec. Nts., 9/24/25	INR		3,715,000,000		56,728,192
8.24% Sr. Unsec. Nts., 2/15/27	INR		4,935,000,000		75,603,327
8.40% Sr. Unsec. Nts., 7/28/24	INR		3,997,000,000		61,117,355
State of Gujarat, 7.52% Sr. Unsec. Nts., 5/24/27	INR		500,000,000		7,215,988
State of Maharastra, 7.99% Sr. Unsec. Nts., 10/28/25	INR		500,000,000		7,436,235
State of Tamil Nadu, 8.53% Sr. Unsec. Nts., 3/9/26	INR		500,000,000		7,663,734
					322,137,881
Indonesia—5.9%
Perusahaan Penerbit SBSN Indonesia III, 4.55% Sr. Unsec. Nts., 3/29/261			5,680,000		6,205,400
Republic of Indonesia:
4.125% Sr. Unsec. Nts., 1/15/251			3,050,000		3,253,898
8.125% Sr. Unsec. Nts., 5/15/24	IDR		540,000,000,000		41,114,555
8.25% Sr. Unsec. Nts., 5/15/29	IDR		398,080,000,000		30,904,870
Series FR56, 8.375% Sr. Unsec. Nts., 9/15/26	IDR		288,430,000,000		22,500,265
Series FR59, 7.00% Sr. Unsec. Nts., 5/15/27	IDR		480,750,000,000		34,796,752

21      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Indonesia (Continued)
Republic of Indonesia: (Continued)
Series FR64, 6.125% Sr. Unsec. Nts., 5/15/28	IDR		120,000,000,000	$	8,178,169
Series FR71, 9.00% Sr. Unsec. Nts., 3/15/29	IDR		359,350,000,000		29,013,763
Series FR73, 8.75% Sr. Unsec. Nts., 5/15/31	IDR		560,080,000,000		44,615,074
					220,582,746
Italy—2.0%
Republic of Italy, 2.80% Bonds, 3/1/671	EUR		59,150,000		76,383,820
Ivory Coast—0.5%
Republic of Cote d’Ivoire:
5.25% Sr. Unsec. Nts., 3/22/301	EUR		12,765,000		14,143,269
6.875% Sr. Unsec. Nts., 10/17/401	EUR		3,500,000		3,989,252
					18,132,521
Kenya—0.3%
Republic of Kenya:
8.00% Sr. Unsec. Nts., 5/22/321			4,140,000		4,420,945
8.25% Sr. Unsec. Nts., 2/28/481			5,500,000		5,783,508
					10,204,453
Malaysia—1.4%
Federation of Malaysia:
3.844% Sr. Unsec. Nts., 4/15/33	MYR		50,000,000		12,115,670
4.127% Sr. Unsec. Nts., 4/15/32	MYR		25,000,000		6,239,802
4.498% Sr. Unsec. Nts., 4/15/30	MYR		32,000,000		8,256,046
4.642% Sr. Unsec. Nts., 11/7/33	MYR		100,000,000		26,262,686
					52,874,204
Mexico—7.2%
United Mexican States:
Series M, 5.75% Bonds, 3/5/26	MXN		660,000,000		32,687,609
Series M, 6.50% Bonds, 6/10/21	MXN		400,000,000		20,768,227
Series M, 8.00% Sr. Unsec. Nts., 12/7/23	MXN		2,050,000,000		112,126,842
Series M20, 8.50% Sr. Unsec. Nts., 5/31/29	MXN		1,110,000,000		64,705,617
Series M20, 10.00% Bonds, 12/5/24	MXN		698,700,000		41,638,692
					271,926,987
New Zealand—0.4%
New Zealand, 1.50% Sr. Unsec. Nts., 5/15/31	NZD		23,990,000		15,446,233
Nigeria—0.1%
Federal Republic of Nigeria, 7.696% Sr. Unsec. Nts., 2/23/381			4,385,000		4,399,909
Oman—0.3%
Sultanate of Oman, 6.75% Sr. Unsec. Nts., 1/17/481			11,115,000		10,460,882

22      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Peru—1.4%
Republic of Peru:
5.40% Sr. Unsec. Nts., 8/12/341	PEN		2,730,000	$	877,783
5.94% Sr. Unsec. Nts., 2/12/291	PEN		21,000,000		7,122,704
6.35% Sr. Unsec. Nts., 8/12/281	PEN		100,140,000		34,917,878
6.90% Sr. Unsec. Nts., 8/12/371	PEN		31,300,000		11,579,853
					54,498,218
Russia—3.1%
Russian Federation:
7.25% Bonds, 5/10/34	RUB		2,400,000,000		39,747,982
7.70%, 3/23/33	RUB		500,000,000		8,588,912
Series 6211, 7.00% Bonds, 1/25/23	RUB		4,200,000,000		67,345,409
					115,682,303
Senegal—0.7%
Republic of Senegal, 6.75% Sr. Unsec. Nts., 3/13/481			26,035,000		25,622,033
South Africa—4.5%
Republic of South Africa:
Series 2030, 8.00% Sr. Unsec. Nts., 1/31/30	ZAR		959,000,000		58,417,191
Series 2037, 8.50% Sr. Unsec. Nts., 1/31/37	ZAR		421,800,000		24,627,418
Series 2048, 8.75% Sr. Unsec. Nts., 2/28/48	ZAR		730,125,000		42,095,556
Series R186, 10.50% Sr. Unsec. Nts., 12/21/26	ZAR		459,700,000		33,403,964
Series R214, 6.50% Sr. Unsec. Nts., 2/28/41	ZAR		255,000,000		11,704,129
					170,248,258
Sri Lanka—1.0%
Democratic Socialist Republic of Sri Lanka:
5.75% Sr. Unsec. Nts., 4/18/231			9,690,000		9,723,546
5.875% Sr. Unsec. Nts., 7/25/221			8,995,000		9,111,665
6.25% Sr. Unsec. Nts., 10/4/201			6,130,000		6,237,275
7.85% Sr. Unsec. Nts., 3/14/291			11,925,000		12,370,661
					37,443,147
Supranational—0.1%
European Bank for Reconstruction & Development, 6.85% Sr. Unsec. Nts., 6/21/21	IDR		60,400,000,000		4,342,994
Tajikistan—0.2%
Republic of Tajikistan, 7.125% Sr. Unsec. Nts., 9/14/271			9,540,000		8,128,881
Thailand—2.3%
Kingdom of Thailand:
1.875% Sr. Unsec. Nts., 6/17/22	THB		620,000,000		20,788,291
2.125% Sr. Unsec. Nts., 12/17/26	THB		650,000,000		22,420,210
3.30% Sr. Unsec. Nts., 6/17/38	THB		1,030,000,000		43,056,938
					86,265,439

23      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

			Principal Amount		Value
Turkey—1.4%
Republic of Turkey:
8.50% Bonds, 9/14/22	TRY			71,500,000	$	11,430,495
10.70% Bonds, 2/17/21	TRY			155,600,000		26,875,683
12.40% Bonds, 3/8/28	TRY			77,000,000		13,454,546
		��				51,760,724
Ukraine—0.9%
Ukraine:
7.75% Sr. Unsec. Nts., 9/1/261				20,340,000		21,905,956
8.994% Sr. Unsec. Nts., 2/1/241				9,670,000		10,787,949
						32,693,905
United Arab Emirates—0.1%
United Arab Emirates, 3.125% Sr. Unsec. Nts., 9/30/491				5,070,000		4,891,992
United Kingdom—2.5%
United Kingdom Gilt, 1.75% Bonds, 1/22/491	GBP			62,500,000		93,449,136
Total Foreign Government Obligations (Cost $2,355,548,100)						2,296,453,418
Corporate Bonds and Notes—15.2%
Consumer Discretionary—0.3%
Diversified Consumer Services—0.1%
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.125% Sr. Sec. Nts., 7/31/261				3,395,000		3,530,800
Hotels, Restaurants & Leisure—0.2%
Melco Resorts Finance Ltd., 4.875% Sr. Unsec. Nts., 6/6/251				2,500,000		2,564,476
MGM China Holdings Ltd., 5.875% Sr. Unsec. Nts., 5/15/261				2,500,000		2,650,000
						5,214,476
Consumer Staples—0.1%
Beverages—0.1%
Coca-Cola Icecek AS, 4.215% Sr. Unsec. Nts., 9/19/241				3,010,000		3,017,254
Energy—2.7%
Energy Equipment & Services—0.1%
ADES International Holding plc, 8.625% Sr. Sec. Nts., 4/24/241				2,750,000		2,835,938
Oil, Gas & Consumable Fuels—2.6%
Cosan Ltd., 5.50% Sr. Unsec. Nts., 9/20/291				5,835,000		6,072,776
Eterna Capital Pte Ltd., 7.5% PIK Rate, 0.00% Cash Rate, Sr. Sec. Nts., 12/11/221,7				4,310,799		3,530,589
Eterna Capital Pte Ltd., 8% PIK Rate, 0.00% Cash Rate, Sr. Sec. Nts., 12/11/227				11,379,328		6,770,469
KazTransGas JSC, 4.375% Sr. Unsec. Nts., 9/26/271				12,065,000		12,686,830
Pertamina Persero PT, 4.70% Sr. Unsec. Nts., 7/30/491				5,000,000		5,234,311
Petrobras Global Finance BV:
6.85% Sr. Unsec. Nts., 6/5/15				9,255,000		10,666,388

24      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

			Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Petrobras Global Finance BV: (Continued)
6.90% Sr. Unsec. Nts., 3/19/49		$	5,575,000	$	6,490,973
Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 4/16/261	EUR		9,470,000		10,681,663
7.69% Sr. Unsec. Nts., 1/23/501			8,688,000		9,495,115
Puma International Financing SA, 5.00% Sr. Unsec. Nts., 1/24/261			7,005,000		6,743,541
Reliance Industries Ltd., 6.78% Unsec. Nts., 9/16/20	INR		500,000,000		7,103,367
Southern Gas Corridor CJSC, 6.875% Sr. Unsec. Nts., 3/24/261			9,720,000		11,351,560
YPF SA, 63.354% [BADLARPP+400] Sr. Unsec. Nts., 7/7/201,2			8,000,000		1,780,800
					98,608,382
Financials—8.9%
Capital Markets—2.3%
Credit Suisse Group AG, 7.50% [USSW5+459.8] Jr. Sub. Perpetual Bonds1,2,8			20,000,000		22,224,400
Morgan Stanley, 7.50% Sr. Unsec. Nts., 4/2/326			25,000,000		22,051,276
Standard Life Aberdeen plc, 4.25%, 6/30/28			7,500,000		7,759,688
UBS Group Funding Switzerland AG:
6.875% [USISDA05+549.65] Jr. Sub. Perpetual Bonds1,2,8			15,520,000		16,157,670
7.00% [USSW5+486.6] Jr. Sub. Perpetual Bonds1,2,8			10,500,000		11,735,892
7.125% [USSW5+588.3] Jr. Sub. Perpetual Bonds1,2,8			5,000,000		5,268,885
					85,197,811
Commercial Banks—4.5%
Banca Monte dei Paschi di Siena SpA, 5.375% [EUSA5+500.5] Sub. Nts., 1/18/281,2	EUR		5,000,000		4,352,849
Banco Bilbao Vizcaya Argentaria SA:
6.00% [EUSA5+603.9] Jr. Sub. Perpetual Bonds1,2,8	EUR		2,845,000		3,435,927
8.875% [EUSA5+917.7] Jr. Sub. Perpetual Bonds1,2,8	EUR		10,000,000		12,298,078
Banco Comercial Portugues SA:
4.50% [EUSA5+426.7] Sub. Nts., 12/7/271,2	EUR		2,500,000		2,906,912
9.25% [EUSA5+941.4] Jr. Sub. Perpetual Bonds1,2,8	EUR		5,700,000		6,910,186
Banco Hipotecario SA, 63.507% [BADLARPP+615] Sr. Unsec. Nts., 2/15/212,10	ARS		79,018,000		1,419,264
Banco Mercantil del Norte SA (Grand Cayman), 7.50% [H15T10Y+547] Jr. Sub. Perpetual Bonds1,2,8			3,840,000		4,008,960
Bangkok Bank PCL (Hong Kong), 3.733% [H15T5Y+190] Sub. Nts., 9/25/341,2			5,000,000		5,087,785
Bank of Ireland, 10.00% Sub. Nts., 12/19/221	EUR		9,500,000		13,565,936
Barclays plc:
2.00% [EUSA5+190] Sub. Nts., 2/7/281,2	EUR		5,000,000		5,627,915
6.375% [GUKG5+601.6] Jr. Sub. Perpetual Bonds1,2,8,9	GBP		4,000,000		5,415,231
BBVA Bancomer SA, 5.875% [H15T5Y+430.8] Sub. Nts., 9/13/341,2			7,350,000		7,485,975
BNP Paribas SA:
2.139% [US0006M+7.5] Jr. Sub. Perpetual Bonds2,8			5,500,000		3,650,625
7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds1,2,8			7,235,000		7,599,282

25      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Commercial Banks (Continued)
CaixaBank SA, 6.75% [EUSA5+649.8] Jr. Sub. Perpetual Bonds1,2,8	EUR		10,515,000	$	12,961,569
Credit Agricole SA:
6.875% [USSW5+431.9] Jr. Sub. Perpetual Bonds1,2,8			2,500,000		2,720,537
7.875% [USSW5+489.8] Jr. Sub. Perpetual Bonds1,2,8			5,000,000		5,649,790
Credit Suisse AG, 6.50% Sub. Nts., 8/8/231			5,010,000		5,585,955
Global Bank Corp., 5.25% [US0003M+330] Sr. Unsec. Nts., 4/16/291,2			5,090,000		5,455,208
HSBC Holdings plc:
5.25% [EUSA5+438.3] Jr. Sub. Perpetual Bonds1,2,8	EUR		4,520,000		5,444,358
6.00% [EUSA5+533.8] Jr. Sub. Perpetual Bonds1,2,8	EUR		5,750,000		7,304,257
Lloyds Bank plc, 7.50% Sr. Unsec. Nts., 4/2/321,6			10,000,000		8,595,647
Novo Banco SA, 8.50% [EUSA5+823.3] Sub. Nts., 7/6/281,2	EUR		2,500,000		2,980,137
Societe Generale SA, 7.375% [USSW5+623.8] Jr. Sub. Perpetual Bonds1,2,8			11,100,000		11,710,500
Standard Chartered Bank, 5.375% [BP0003M+189] Jr. Sub. Perpetual Bonds2,8	GBP		4,000,000		5,285,157
Standard Chartered plc:
7.50% [USSW5+630.1] Jr. Sub. Perpetual Bonds1,2,8			5,260,000		5,588,750
7.75% [USSW5+572.3] Jr. Sub. Perpetual Bonds1,2,8			7,500,000		8,170,988
					171,217,778
Diversified Financial Services—1.1%
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 12/22/243,10			612,810		—
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45%, 3/13/343,5,10	MXN		27,602,566		—
Caixa Geral de Depositos SA, 10.75% [EUSA5+1092.5] Jr. Sub. Perpetual Bonds1,2,8	EUR		7,000,000		9,146,307
Docuformas SAPI de CV, 10.25% Sr. Unsec. Nts., 7/24/241			1,800,000		1,829,700
Fideicomiso PA Costera, 6.25% Sr. Sec. Nts., 1/15/341,5	COP		5,916,031,565		1,866,290
Greenko Mauritius Ltd., 6.25% Sr. Unsec. Nts., 2/21/231			5,000,000		5,086,351
JP Morgan/Hipotecaria su Casita, 6.47%, 8/26/351	MXN		34,101,099		196,172
National Bank for Agriculture & Rural Development, 8.39% Sr. Unsec. Nts., 7/19/21	INR		300,000,000		4,343,430
Power Finance Corp. Ltd.:
7.42% Sr. Unsec. Nts., 6/26/20	INR		350,000,000		4,962,503
7.99% Sr. Unsec. Nts., 12/20/22	INR		400,000,000		5,789,170
8.53% Sr. Unsec. Nts., 7/24/20	INR		330,000,000		4,735,060
Swiss Insured Brazil Power Finance Sarl, 9.85% Sr. Sec. Nts., 7/16/321	BRL		17,500,000		5,072,622
					43,027,605
Insurance—0.4%
Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.375% [EUR003M+577] Jr. Sub. Perpetual Bonds1,2,8	EUR		8,400,000		10,991,475
VIVAT NV, 6.25% [USSW5+417.4] Jr. Sub. Perpetual Bonds1,2,8			5,000,000		5,015,425
					16,006,900

26      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Real Estate Management & Development—0.4%
Agile Group Holdings Ltd., 9.00% Sr. Sec. Nts., 5/21/201		$	3,270,000	$	3,340,362
Consus Real Estate AG, 9.625% Sr. Sec. Nts., 5/15/241	EUR		3,424,000		3,608,563
Country Garden Holdings Co. Ltd., 7.50% Sr. Sec. Nts., 3/9/201			3,280,000		3,327,396
Times China Holdings Ltd., 6.25% Sr. Sec. Nts., 1/23/201			3,280,000		3,295,925
					13,572,246
Thrifts & Mortgage Finance—0.2%
Housing Development Finance Corp. Ltd.:
8.75% Sr. Sec. Nts., 1/13/20	INR		330,000,000		4,676,270
8.95% Sec. Nts., 10/19/20	INR		125,000,000		1,807,544
					6,483,814
Industrials—0.6%
Airlines—0.1%
Gol Finance SA, 7.00% Sr. Unsec. Nts., 1/31/251			3,245,000		3,334,238
Construction & Engineering—0.2%
Fideicomiso PA Concesion Ruta al Mar, 6.75% Sr. Sec. Nts., 2/15/441,5	COP		8,000,000,000		2,322,954
GMR Hyderabad International Airport Ltd., 4.25% Sr. Sec. Nts., 10/27/271			6,495,000		6,101,183
					8,424,137
Industrial Conglomerates—0.1%
Turkiye Sise ve Cam Fabrikalari AS, 6.95% Sr. Unsec. Nts., 3/14/261			4,090,000		4,268,938
Machinery—0.1%
IHS Netherlands Holdco BV, 8.00% Sr. Unsec. Nts., 9/18/271			2,900,000		3,037,750
Road & Rail—0.1%
Indian Railway Finance Corp. Ltd., 8.83% Sr. Sec. Nts., 3/25/23	INR		250,000,000		3,691,302
Information Technology—0.1%
Communications Equipment—0.1%
Reliance Jio Infocomm Ltd., 8.32% Sec. Nts., 7/8/21	INR		335,000,000		4,876,716
Materials—1.1%
Chemicals—0.2%
Braskem Netherlands Finance BV, 5.875% Sr. Unsec. Nts., 1/31/501,11			4,000,000		3,982,000
Unigel Luxembourg SA, 8.75% Sr. Unsec. Nts., 10/1/261			2,900,000		2,918,125
					6,900,125

27      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Construction Materials—0.1%
InterCement Financial Operations BV, 5.75% Sr. Unsec. Nts., 7/17/241	$	4,435,000	$	3,281,945
Metals & Mining—0.8%
Corp. Nacional del Cobre de Chile, 3.00% Sr. Unsec. Nts., 9/30/291		4,050,000		4,044,678
CSN Resources SA:
7.625% Sr. Unsec. Nts., 2/13/231		6,000,000		6,218,250
7.625% Sr. Unsec. Nts., 4/17/261		5,000,000		5,087,500
Industrias Penoles SAB de CV, 5.65% Sr. Unsec. Nts., 9/12/491		1,800,000		1,856,250
JSW Steel Ltd., 4.75% Sr. Unsec. Nts., 11/12/191		6,330,000		6,331,266
Metinvest BV, 7.75% Sr. Unsec. Nts., 10/17/291		3,840,000		3,808,320
Southern Copper Corp., 7.50% Sr. Unsec. Nts., 7/27/35		3,550,000		4,785,152
				32,131,416
Telecommunication Services—0.7%
Diversified Telecommunication Services—0.4%
Axtel SAB de CV, 6.375% Sr. Unsec. Nts., 11/14/241		5,000,000		5,237,750
HTA Group Ltd., 9.125% Sr. Unsec. Nts., 3/8/221		3,170,000		3,313,537
Oi SA, 10% Cash Rate or 4% PIK Rate and 8% Cash Rate, 10.00% Sr. Unsec. Nts., 7/27/257		4,973,000		4,519,214
				13,070,501
Wireless Telecommunication Services—0.3%
Bharti Airtel Ltd., 4.375% Sr. Unsec. Nts., 6/10/251		11,390,000		11,473,924
Utilities—0.7%
Electric Utilities—0.3%
Empresa de Transmision Electrica SA, 5.125% Sr. Unsec. Nts., 5/2/491		4,440,000		5,100,450
Eskom Holdings SOC Ltd., 6.75% Sr. Unsec. Nts., 8/6/231		5,000,000		5,148,920
				10,249,370
Independent Power and Renewable Electricity Producers—0.4%
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad Itabo SA, 7.95% Sr. Unsec. Nts., 5/11/261		3,325,000		3,557,783
AES Gener SA, 6.35% [H15T5Y+491.7] Jr. Sub. Nts., 10/7/791,2		2,500,000		2,514,500
Azure Power Solar Energy Pvt Ltd., 5.65% Sr. Sec. Nts., 12/24/241		2,000,000		2,013,500
Inkia Energy Ltd., 5.875% Sr. Unsec. Nts., 11/9/271		5,865,000		6,099,659
SMC Global Power Holdings Corp., 5.95% Jr. Sub. Perpetual Bonds6,8,9,11		2,125,000		2,150,234
				16,335,676
Total Corporate Bonds and Notes (Cost $583,462,427)				569,789,042

28      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

		Shares		Value
Common Stock—0.0%
JSC Astana Finance, GDR1,10,12(Cost $0, Acquisition date 6/5/15)			868,851	$	—
		Principal Amount
Structured Securities—0.4%
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.003% Sr. Sec. Nts., 4/30/251,4			1,817,055		1,750,326
3.054% Sr. Sec. Nts., 4/30/251,4			2,315,208		2,230,185
3.098% Sr. Sec. Nts., 4/30/251,4			1,998,812		1,925,407
3.131% Sr. Sec. Nts., 4/30/251,4			1,786,686		1,721,071
3.179% Sr. Sec. Nts., 4/30/251,4			2,224,569		2,142,874
3.231% Sr. Sec. Nts., 4/30/251,4			2,539,007		2,445,765
3.265% Sr. Sec. Nts., 4/30/251,4			2,028,369		1,953,880
3.346% Sr. Sec. Nts., 4/30/251,4			1,906,581		1,836,564
Morgan Stanley, Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5.00%, 8/22/34	RUB		109,740,006		262,666
Total Structured Securities (Cost $18,132,963)					16,268,738
Short-Term Notes—8.4%
Arab Republic of Egypt Treasury Bills, 15.39%, 3/17/204	EGP		168,200,000		9,926,686
Argentine Republic Treasury Bills, 5.106%, 5/29/204	ARS		455,700,000		4,428,928
United States Treasury Bills:
1.655%, 12/10/194,13			200,000,000		199,677,852
1.948%, 11/14/194,13			100,000,000		99,946,276
Total Short-Term Notes (Cost $320,696,384)					313,979,742

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Exchange-Traded Options Purchased—0.0%

S&P 500 Index Put

USD

2,675.000

3/20/20

USD 94,695

USD 0

14

1,150,500

S&P 500 Index Put

USD

2,625.000

2/21/20

USD 49,350

USD 0

14

351,560

Total Exchange-Traded Options Purchased (Cost $4,243,671)

1,502,060

Counterparty

Exercise Price

Expiration Date

Notional Amount (000’s)

Over-the-Counter Options Purchased—0.9%

BRL Currency Put

GSCO-OT

BRL

3.430

3/30/20

BRL 5,000

BRL 5,000

208,794

BRL Currency Call

CITNA-B

BRL

3.861

11/18/19

BRL 193,025

BRL 193,025

42,772

BRL Currency Call

SCB

BRL

3.508

11/1/19

BRL 350,800

BRL 350,800

—

29      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Counterparty

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Value

Over-the-Counter Options Purchased (Continued)

BRL Currency Put

GSCO-OT

BRL

3.350

12/6/19

BRL 3,000

BRL 3,000

$

2

BRL Currency Put

GSCO-OT

BRL

3.400

12/10/19

BRL 3,000

BRL 3,000

65

BRL Currency Call

MSCO

BRL

3.750

8/27/20

BRL 20,000

BRL 20,000

4,159,792

BRL Currency Put

GSCO-OT

BRL

3.432

3/27/20

BRL 5,000

BRL 5,000

204,273

BRL Currency Put

GSCO-OT

BRL

3.430

3/30/20

BRL 5,000

BRL 5,000

208,794

EUR Currency Put

JPM

NOK

8.900

8/26/21

EUR 12,500

EUR 12,500

842,015

EUR Currency Call

GSCOI

USD

1.395

12/31/19

EUR 100,000

EUR 100,000

38,615

EUR Currency Put

GSCOI

PLN

4.296

4/21/20

EUR 150,000

EUR 150,000

1,586,927

EUR Currency Put

SCB

IDR

14400.000

10/22/20

EUR 100,000

EUR 100,000

1,811,068

EUR Currency Put

JPM

NOK

8.200

11/27/19

EUR 5,000

EUR 5,000

—

EUR Currency Put

GSCO-OT

INR

74.875

8/5/20

EUR 5,000

EUR 5,000

941,740

EUR Currency Put

JPM

IDR

14420.000

10/26/20

EUR 50,000

EUR 50,000

939,959

EUR Currency Put

JPM

BRL

3.970

1/24/20

EUR 50,000

EUR 50,000

837,830

EUR Currency Put

BOA

INR

72.500

10/27/20

EUR 100,000

EUR 100,000

1,423,479

EUR Currency Put

CITNA-B

MXN

19.605

10/29/20

EUR 100,000

EUR 100,000

2,691,890

EUR Currency Put

JPM

IDR

14385.000

10/29/20

EUR 165,000

EUR 165,000

2,906,396

EUR Currency Put

GSCOI

IDR

14435.000

10/22/20

EUR 75,000

EUR 75,000

1,438,858

30      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Counterparty

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Value

Over-the-Counter Options Purchased (Continued)

EUR Currency Put

JPM

ZAR

15.720

1/23/20

EUR 50,000

EUR 50,000

$

126,302

EUR Currency Put

GSCOI

MXN

19.626

10/30/20

EUR 100,000

EUR 100,000

3,010,000

EUR Currency Call

BOA

USD

1.153

12/17/19

EUR 250,000

EUR 250,000

160,395

EUR Currency Put

BOA

NOK

8.200

11/27/19

EUR 5,000

EUR 5,000

—

EUR Currency Put

JPM

SEK

9.250

4/29/20

EUR 10,000

EUR 10,000

872

EUR Currency Put

GSCO-OT

NOK

8.710

12/17/20

EUR 12,500

EUR 12,500

133,727

EUR Currency Put

GSCO-OT

NOK

8.402

12/17/20

EUR 12,500

EUR 12,500

26,295

EUR Currency Put

SCB

INR

72.700

10/29/20

EUR 150,000

EUR 150,000

2,290,835

INR Currency Put

GSCO-OT

INR

65.600

5/6/20

INR 2,500

INR 2,500

48,711

INR Currency Put

JPM

INR

66.092

4/29/20

INR 5,000

INR 5,000

124,261

KRW Currency Call

GSCO-OT

KRW

1159.700

1/17/20

KRW 57,985,000

KRW 57,985,000

401,836

MXN Currency Call

JPM

MXN

19.655

11/26/19

MXN 471,720

MXN 471,720

520,458

MXN Currency Call

JPM

MXN

19.375

6/2/20

MXN 968,750

MXN 968,750

987,059

MXN Currency Call

CITNA-B

MXN

19.350

6/2/20

MXN 967,500

MXN 967,500

960,002

MXN Currency Put

JPM

MXN

19.655

11/26/19

MXN 471,720

MXN 471,720

85,726

PHP Currency Call

GSCO-OT

PHP

51.000

11/11/19

PHP 3,825,000

PHP 3,825,000

441,022

RUB Currency Call

GSCO-OT

RUB

62.000

4/8/20

RUB 7,750,000

RUB 7,750,000

628,990

31      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Counterparty		Exercise Price		Expiration Date		Notional Amount (000’s)		Contracts (000’s)	Value
Over-the-Counter Options Purchased (Continued)
RUB Currency Put	GSCO-OT	RUB		57.300		3/30/20		RUB 10,000	RUB 10,000	$	273,005
RUB Currency Put	JPM	RUB		59.000		8/5/20		RUB 5,500	RUB 5,500		1,174,750
RUB Currency Put	GSCO-OT	RUB		58.500		8/4/20		RUB 5,500	RUB 5,500		966,052
RUB Currency Call	GSCO-OT	RUB		60.000		12/18/19		RUB 5,700,000	RUB 5,700,000		2,736
ZAR Currency Call	GSCO-OT	ZAR		13.613		1/27/20		ZAR 680,625	ZAR 680,625		49,971
ZAR Currency Call	GSCO-OT	ZAR		14.500		7/23/20		ZAR 1,413,750	ZAR 1,413,750		1,831,980
TotalOver-the-Counter Options Purchased (Cost $61,979,250)											34,528,254
	Counterparty	Buy /Sell Protection	Reference Asset		Fixed Rate		Expiration Date		Notional Amount (000’s)
Over-the-Counter Credit Default Swaption Purchased—0.0%
Credit Default Swap maturing 6/20/24 Call (Cost $646,922)	JPM	Sell		iTraxx Europe Crossover Series 31 Version 1		3.00%		12/18/19	EUR 50,000		175,176
	Counterparty	Pay/Receive Floating Rate	Floating Rate		Fixed Rate		Expiration Date		Notional Amount (000’s)
Over-the-Counter Interest Rate Swaptions Purchased—0.4%
Interest Rate Swap maturing 1/9/20 Call	GSCOI	Receive		Three-Month USD BBA LIBOR		1.600%		1/9/20	USD 384,100		1,256,011
Interest Rate Swap maturing 11/14/19 Put	JPM	Pay		Three-Month USD BBA LIBOR		1.865		11/14/19	USD 40,000		170,296
Interest Rate Swap maturing 3/27/20 Put	MSCO	Pay		Six-Month EUR EURIBOR		0.434		3/27/20	EUR 187,500		450,398
Interest Rate Swap Maturing 3/29/21 Put	JPM	Pay		Six-Month EUR EURIBOR		1.122		3/29/21	EUR 1,500,000		190,281

32      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

	Counterparty		Pay/Receive Floating Rate	Floating Rate	Fixed Rate		Expiration Date		Notional Amount (000’s)	Value
Over-the-Counter Interest Rate Swaptions Purchased (Continued)
Interest Rate Swap Maturing 3/30/20 Put		BOA	Pay	Three-Month CAD BA CDOR		2.588%		3/30/20	CAD 1,333,000	$	210,511
Interest Rate Swap Maturing 4/12/21 Put		JPM	Pay	Six-Month EUR EURIBOR		0.615		4/12/21	EUR 500,000		9,564
Interest Rate Swap Maturing 4/6/21 Put		JPM	Pay	Six-Month EUR EURIBOR		0.608		4/6/21	EUR 500,000		9,246
Interest Rate Swap maturing 8/16/24 Put		JPM	Pay	Six-Month EUR EURIBOR		2.098		8/16/24	EUR 100,000		1,623,390
Interest Rate Swap maturing 8/17/20 Put		MSCO	Pay	Three-Month USD BBA LIBOR		1.695		8/17/20	USD 116,000		2,045,790
Interest Rate Swap maturing 8/17/20 Put		JPM	Pay	Three-Month USD BBA LIBOR		2.500		8/17/20	USD 500,000		3,581,330
Interest Rate Swap maturing 8/17/20 Put		GSCOI	Pay	Three-Month USD BBA LIBOR		2.500		8/17/20	USD 250,000		1,790,665
Interest Rate Swap maturing 8/26/20 Put		MSCO	Pay	Three-Month USD BBA LIBOR		2.500		8/26/20	USD 750,000		1,622,602
TotalOver-the-Counter Interest Rate Swaptions Purchased (Cost $22,302,444)											12,960,084

	Shares
Investment Companies—6.2%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%15		232,541,098		232,541,098
OFI Carlyle Private Credit Fund, Cl. I16		164,371		1,530,295
Total Investment Companies (Cost $234,150,380)				234,071,393
Total Investments, at Value (Cost $3,783,981,790)		97.5%		3,664,685,344
Net Other Assets (Liabilities)		2.5		93,254,609
Net Assets		100.0%	$	3,757,939,953

33      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Footnotes to Consolidated Statement of Investments

1. 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, 2019 was $1,399,192,961, which represented 37.23% of the Fund’s Net Assets.

2. Represents the current interest rate for a variable or increasing rate security, which may be fixed for a predetermined period. The interest rate is, or will be as of an established date, determined as [Referenced Rate + Basis-point spread].

3. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate.

4. Zero coupon bond reflects effective yield on the original acquisition date.

5. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

6. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

7. Interest or dividend ispaid-in-kind, when applicable.

8. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

9. All or a portion of this security is owned by the subsidiary. See Note 1 of the accompanying Consolidated Notes.

10. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Consolidated Notes.

11. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 1 of the accompanying Consolidated Notes.

12.Non-income producing security.

13. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $95,236,386. See Note 4 of the accompanying Consolidated Notes.

14. Number of contracts are less than 500.

15. The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the7-day SEC standardized yield as of October 31, 2019.

16. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares September 30, 2019		Gross Additions		Gross Reductions			Shares October 31, 2019
Investment Company
OFI Carlyle Private Credit Fund, Cl. I		328,742		—		164,371			164,371
	Value		Income		Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Investment Company
OFI Carlyle Private Credit Fund, Cl. I	$	1,530,295	$	—		$        (70,680	)		$            (10,771	)

34      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings	Value		Percent
United States	$	575,901,962		15.7	%
India		399,958,494		10.9
Mexico		317,963,707		8.7
United Kingdom		257,957,685		7.0
Indonesia		242,274,438		6.6
South Africa		177,405,431		4.8
Greece		166,211,831		4.5
Brazil		149,755,374		4.1
Russia		118,990,502		3.3
Egypt		106,876,595		2.9
Italy		92,631,585		2.5
Spain		92,365,478		2.5
Thailand		91,353,225		2.5
France		71,575,857		2.0
Peru		65,383,029		1.8
Switzerland		60,972,802		1.7
Argentina		59,887,348		1.6
Turkey		59,046,916		1.6
Malaysia		52,874,204		1.4
Colombia		51,894,703		1.4
Sri Lanka		37,443,147		1.0
Ukraine		36,502,225		1.0
Ireland		29,572,009		0.8
Ecuador		29,029,609		0.8
Cyprus		27,571,190		0.8
Senegal		25,622,033		0.7
Portugal		21,943,542		0.6
Austria		20,097,127		0.6
Ivory Coast		18,132,521		0.5
Dominican Republic		16,188,959		0.4
New Zealand		15,446,233		0.4
Angola		14,634,680		0.4
Kazakhstan		12,686,830		0.3
Azerbaijan		11,351,560		0.3
United Arab Emirates		11,258,730		0.3
Panama		10,555,657		0.3
Oman		10,460,882		0.3
El Salvador		10,440,117		0.3
Kenya		10,204,453		0.3
China		9,963,683		0.3
Fiji		9,288,162		0.3
Tajikistan		8,128,881		0.2
Nigeria		7,437,659		0.2
Singapore		6,782,156		0.2
Chile		6,559,178		0.2
Gabon		6,356,464		0.2
Netherlands		5,015,425		0.1
Supranational		4,342,994		0.1

35      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Geographic Holdings (Continued)	Value		Percent
Germany	$	3,608,563		0.1	%
Mauritius		3,313,538		0.1
Macau		2,650,000		0.1
Philippines		2,591,257		0.1
Hong Kong		2,564,476		0.1
Eurozone		2,458,055		0.1
Poland		1,586,927		0.0
Norway		1,002,037		0.0
South Korea		401,836		0.0
Canada		210,511		0.0
Sweden		872		0.0
Japan		—		—
Total	$	3,664,685,344		100.0	%

Forward Currency Exchange Contracts as of October 31, 2019
Counterparty	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
BAC		05/2020		CLP	2,018,340		USD	2,946	$	—	$	(211,324	)
BAC		11/2019		EUR	153,140		USD	171,112		—		(111,176	)
BAC		11/2019		NOK	728,800		USD	81,964		—		(2,706,075	)
BAC		11/2019		USD	2,950		EUR	2,635		8,012		—
BAC		11/2019		USD	20,192		GBP	16,450		—		(1,128,343	)
BAC		12/2019		USD	19,165		MYR	80,805		—		(225,810	)
BAC		11/2019		USD	157,344		NOK	1,413,525		3,620,180		—
BAC		11/2019		USD	64,460		NZD	101,500		—		(637,994	)
BAC		12/2019		USD	18,131		SGD	25,130		—		(349,597	)
BAC		12/2019		ZAR	489,479		USD	32,537		106,410		(446,428	)
BNP		11/2019		EUR	9,450		USD	10,439		113,164		—
BOA		11/2019 - 01/2020		CAD	201,310		USD	152,536		344,685		—
BOA		11/2019 - 01/2020		EUR	225,880		USD	249,577		3,333,604		(367,499	)
BOA		01/2020		IDR	278,850,000		USD	19,502		121,930		—
BOA		11/2019 - 01/2020		JPY	30,000,000		USD	282,977		—		(4,204,244	)
BOA		12/2019		KRW	12,237,650		USD	10,049		417,376		—
BOA		11/2019 - 01/2020		NOK	1,320,000		USD	146,725		—		(3,145,067	)
BOA		11/2019 - 01/2020		NZD	22,150		USD	14,109		180,343		(69,367	)
BOA		12/2019 - 03/2020		TRY	60,480		USD	10,204		127,965		—
BOA		11/2019		USD	76,171		CAD	100,655		—		(253,545	)
BOA		11/2019 - 01/2020		USD	311,317		EUR	280,530		724,565		(3,275,005	)
BOA		11/2019		USD	139,699		JPY	15,000,000		653,595		—
BOA		11/2019		USD	72,418		NOK	660,000		641,401		—
BOA		11/2019		USD	2,891		NZD	4,625		—		(74,873	)
BOA		12/2019		USD	5,180		TRY	30,240		—		(46,627	)
BOA		03/2020		USD	42,695		ZAR	660,880		—		(293,168	)
BOA		03/2020		ZAR	1,321,760		USD	88,720		283,012		(3,071,701	)
CITNA-B		11/2019		BRL	608,283		USD	149,135		2,682,888		(145,178	)
CITNA-B		12/2019 - 05/2020		CLP	36,873,359		USD	52,200		—		(2,388,331	)
CITNA-B		12/2019		COP	70,005,250		USD	20,273		404,840		—
CITNA-B		11/2019 - 01/2020		EUR	632,195		USD	701,115		6,089,636		(180,030	)
CITNA-B		11/2019 - 01/2020		GBP	8,520		USD	10,583		472,760		—
CITNA-B		11/2019 - 01/2020		JPY	48,169,242		USD	453,058		—		(5,460,847	)

36      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)		Currency Purchased (000’s)				Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
CITNA-B		12/2019		MXN	7,663,522	USD		384,908	$	10,731,208	$	—
CITNA-B		11/2019 - 01/2020		NOK	1,460,000	USD		162,833		—		(4,035,777	)
CITNA-B		12/2019 - 03/2020		PLN	235,140	USD		59,886		1,685,501		—
CITNA-B		12/2019		RUB	3,259,800	USD		49,451		1,057,598		—
CITNA-B		11/2019		SEK	604,450	USD		61,647		1,015,232		—
CITNA-B		11/2019		USD	147,765	BRL		608,283		97,250		(4,005,096	)
CITNA-B		11/2019 - 12/2019		USD	76,217	CLP		54,358,700		2,864,475		—
CITNA-B		12/2019		USD	57,483	COP		198,501,700		—		(1,147,933	)
CITNA-B		11/2019 - 01/2020		USD	717,654	EUR		647,445		121,757		(6,604,962	)
CITNA-B		11/2019 - 01/2020		USD	10,686	GBP		8,435		—		(258,741	)
CITNA-B		11/2019		USD	226,372	JPY		24,084,621		3,126,793		—
CITNA-B		12/2019 - 03/2020		USD	765,843	MXN		15,327,042		—		(20,174,960	)
CITNA-B		11/2019		USD	109,375	NOK		990,000		1,710,218		—
CITNA-B		12/2019		USD	54,654	PEN		185,600		—		(759,810	)
CITNA-B		12/2019		USD	29,878	PLN		117,570		—		(904,546	)
CITNA-B		12/2019		USD	116,940	RUB		7,725,400		19,435		(2,771,329	)
CITNA-B		11/2019 - 01/2020		USD	124,963	SEK		1,208,900		378,678		(994,856	)
CITNA-B		12/2019		USD	82,917	THB		2,552,600		—		(1,660,132	)
CITNA-B		12/2019 - 03/2020		USD	47,224	ZAR		717,240		419,428		(86,889	)
CITNA-B		12/2019		ZAR	358,620	USD		23,501		88,754		—
DEU		11/2019		SEK	1,000,000	USD		104,962		—		(1,293,805	)
GSCO-OT		11/2019		AUD	75,010	USD		50,347		1,387,748		—
GSCO-OT		03/2021		BRL	138,847	USD		33,473		91,031		—
GSCO-OT		11/2019		CAD	100,645	USD		75,634		782,666		—
GSCO-OT		11/2019		CLP	45,054,400	USD		63,257		—		(2,464,518	)
GSCO-OT		11/2019 - 12/2020		EUR	205,300	USD		237,341		987,686		(6,056,561	)
GSCO-OT		05/2020		INR	1,723,538	USD		23,750		—		(48,484	)
GSCO-OT		02/2021		RUB	2,279,500	USD		33,488		145,393		—
GSCO-OT		02/2020		TRY	57,153	USD		9,600		94,769		—
GSCO-OT		11/2019 - 01/2020		USD	101,333	AUD		150,020		—		(2,222,250	)
GSCO-OT		03/2021		USD	111,931	BRL		459,119		152,824		(1,020,777	)
GSCO-OT		11/2019 - 01/2020		USD	151,870	CAD		201,290		—		(996,292	)
GSCO-OT		11/2019 - 05/2020		USD	65,638	CLP		45,467,415		4,199,760		—
GSCO-OT		01/2020		USD	26,500	COP		91,892,778		—		(607,334	)
GSCO-OT		11/2019 - 05/2020		USD	97,416	EUR		88,215		209,780		(1,518,005	)
GSCO-OT		10/2020		USD	36,500	IDR		535,637,500		69,638		—
GSCO-OT		05/2020 - 08/2020		USD	72,522	INR		5,336,153		71,565		(423,153	)
GSCO-OT		12/2020		USD	90,750	NOK		768,075		7,348,947		—
GSCO-OT		12/2019		USD	33,363	RUB		2,182,500		29,712		(482,042	)
GSCO-OT		02/2020 - 03/2020		USD	18,711	TRY		114,303		—		(631,246	)
GSCO-OT		01/2020 - 03/2020		USD	128,400	ZAR		1,966,470		488,400		(215,713	)
GSCO-OT		01/2020 - 03/2020		ZAR	1,373,180	USD		89,352		241,732		(17,641	)
HSBC		11/2019		EUR	3,180	USD		3,538		12,923		—
HSBC		11/2019		JPY	12,592,000	USD		119,652		—		(2,928,441	)
HSBC		11/2019		NOK	600,000	USD		67,494		—		(2,242,916	)
HSBC		11/2019		USD	153,890	EUR		136,645		1,329,592		(12,713	)
JPM		11/2019 - 01/2020		AUD	150,000	USD		101,744		1,798,339		—
JPM		11/2019 - 04/2020		BRL	1,106,348	USD		274,340		1,072,904		(97,250	)

37      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)		Currency Purchased (000’s)				Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
JPM		01/2020		CAD	982	USD		743	$	2,793	$	—
JPM		11/2019 - 05/2020		CLP	42,337,375	USD		58,755		—		(1,603,732	)
JPM		11/2019 - 08/2021		EUR	693,050	USD		777,063		5,846,481		(4,542,488	)
JPM		11/2019 - 01/2020		GBP	471,255	USD		577,371		33,872,267		—
JPM		12/2019 - 03/2020		HUF	53,552,500	USD		178,685		3,757,599		—
JPM		12/2019 - 10/2020		IDR	3,528,073,061	USD		242,590		5,498,849		(201,938	)
JPM		12/2019 - 08/2020		INR	8,807,315	USD		120,870		1,006,597		—
JPM		11/2019 - 01/2020		JPY	53,085,000	USD		499,354		—		(6,204,935	)
JPM		11/2019 - 03/2020		MXN	5,588,161	USD		278,680		8,253,732		(89,374	)
JPM		12/2020		NOK	1,536,150	USD		175,403		—		(8,450,992	)
JPM		01/2020		NZD	64,950	USD		41,265		446,449		(3,758	)
JPM		12/2019 - 03/2020		PLN	398,230	USD		101,941		2,333,292		—
JPM		12/2019		RUB	3,823,635	USD		59,274		6,486		(42,927	)
JPM		11/2019 - 01/2020		SEK	829,850	USD		86,338		546,205		(752,734	)
JPM		12/2019		SGD	25,473	USD		18,569		163,579		—
JPM		12/2019		THB	2,552,600	USD		83,623		953,878		—
JPM		12/2019 - 03/2020		TRY	624,310	USD		104,236		2,413,056		—
JPM		11/2019		USD	50,739	AUD		75,000		—		(988,938	)
JPM		11/2019 - 12/2019		USD	250,529	BRL		1,007,085		145,178		(547,482	)
JPM		12/2019		USD	41,710	CLP		30,252,675		870,403		—
JPM		11/2019 - 12/2020		USD	458,516	EUR		407,488		5,520,794		(5,400,116	)
JPM		11/2019 - 01/2020		USD	605,666	GBP		494,600		—		(35,903,790	)
JPM		12/2019 - 03/2020		USD	179,225	HUF		53,279,000		810,576		(3,310,964	)
JPM		12/2019 - 01/2020		USD	438,081	IDR		6,305,804,000		398,841		(7,827,934	)
JPM		12/2019		USD	370,103	INR		26,651,100		—		(2,911,349	)
JPM		11/2019 - 01/2020		USD	444,628	JPY		47,703,348		1,907,944		(297,279	)
JPM		11/2019 - 03/2020		USD	152,108	MXN		3,028,219		102,108		(4,434,857	)
JPM		12/2019 - 08/2021		USD	234,487	NOK		2,076,925		8,968,145		—
JPM		12/2019 - 03/2020		USD	98,812	PLN		386,110		—		(2,288,171	)
JPM		12/2019 - 02/2021		USD	71,429	RUB		4,740,800		186,732		(201,384	)
JPM		11/2019		USD	60,575	SEK		587,230		263,653		(565,669	)
JPM		12/2019 - 03/2020		USD	166,588	THB		5,105,200		—		(2,684,559	)
JPM		12/2019 - 03/2020		USD	198,547	TRY		1,172,810		—		(3,002,270	)
JPM		12/2019 - 03/2020		USD	436,497	ZAR		6,736,770		224,511		(4,157,067	)
JPM		12/2019 - 03/2020		ZAR	3,830,352	USD		252,408		—		(830,302	)
MOS		05/2020		CLP	3,307,200	USD		4,813		—		(330,814	)
MOS		11/2019		NOK	546,570	USD		61,416		—		(1,975,286	)
MOS		11/2019		PLN	401,140	USD		103,807		1,196,519		—
MOS		08/2020		USD	43,200	BRL		184,118		—		(1,947,475	)
MOS		11/2019		USD	66,545	SEK		638,170		387,311		—
RBC		11/2019 - 01/2020		EUR	290,210	USD		321,861		2,998,974		(620,017	)
RBC		11/2019 - 01/2020		GBP	77,350	USD		95,068		5,300,457		—
RBC		11/2019 - 01/2020		JPY	27,020,000	USD		255,092		—		(4,017,668	)
RBC		11/2019 - 01/2020		USD	475,795	EUR		425,890		2,141,576		(2,838,499	)
RBC		11/2019		USD	47,677	GBP		38,675		—		(2,449,415	)
RBC		11/2019		USD	126,476	JPY		13,510,000		1,249,772		—
SCB		12/2019		USD	72,030	INR		5,137,200		129,010		—
Total Unrealized Appreciation and Depreciation									$	162,061,869	$	(206,900,584	)

38      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Futures Contracts as of October 31, 2019

Description

Buy/Sell

Expiration Date

Number of Contracts

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

Euro BUXL

Sell

12/6/19

278

EUR 67,022

$

65,098,811

$

1,923,498

Euro-BTP

Sell

12/6/19

458

EUR 73,720

73,796,344

(76,621)

Euro-BUND

Sell

12/6/19

45

EUR 8,613

8,620,377

(7,610)

$

1,839,267

Exchange-Traded Options Written at October 31, 2019
Description	Exercise Price		Expiration Date		Number of Contracts (000’s)			Notional Amount (000’s)		Premiums Received		Value
		USD
S&P 500 Index Put		2,400.000		3/20/20		USD (0)	1		USD 84,960	$	1,452,448	$	(421,260)
		USD
S&P 500 Index Put		2,350.000		2/21/20		USD (0)	1		USD 44,180		444,980		(113,740)
Total Exchange-Traded Options Written										$	1,897,428	$	(535,000)

1.Number of contracts are less than 500.

Over-the-Counter Options Written at October 31, 2019

Description

Counterparty

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

BRL

BRL

BRL Currency Put

CITNA-B

4.239

11/18/19

(211,925)

BRL 211,925

$

557,158

$

(36,636)

BRL

BRL

BRL Currency Put1

GSCO-OT

4.500

12/6/19

(3,000)

BRL 3,000

531,600

(30,861)

BRL

BRL

BRL Currency Put1

GSCO-OT

4.500

12/10/19

(3,000)

BRL 3,000

624,000

(36,731)

BRL

BRL

BRL Currency Put2

GSCO-OT

4.500

3/30/20

(5,000)

BRL 5,000

874,000

(559,282)

BRL

BRL

BRL Currency Put3

GSCO-OT

4.230

3/4/21

(211,500)

BRL 211,500

2,369,000

(2,472,608)

BRL

BRL

BRL Currency Put2

GSCO-OT

4.500

3/27/20

(5,000)

BRL 5,000

872,000

(551,979)

BRL

BRL

BRL Currency Put2

GSCO-OT

4.500

3/30/20

(5,000)

BRL 5,000

874,000

(559,282)

BRL

BRL

BRL Currency Put3

JPM

4.250

3/4/21

(212,500)

BRL 212,500

2,242,500

(2,391,962)

CLP

CLP

CLP Currency Put4

GSCO-OT

700.000

5/11/20

(35,000,000)

CLP 35,000,000

1,280,000

(2,972,200)

RUB

EUR

EUR Currency Call

BOA

73.090

12/20/19

(50,000)

EUR 50,000

596,585

(440,447)

39      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Over-the-Counter Options Written (Continued)

Description

Counterparty

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

ZAR

EUR

EUR Currency Call

BOA

20.000

8/5/20

(5,000)

EUR 5,000

$

1,091,097

$

(694,293)

USD

EUR

EUR Currency Put

BOA

1.109

12/17/19

(250,000)

EUR 250,000

1,746,675

(912,210)

INR

EUR

EUR Currency Put

BOA

69.300

10/27/20

(100,000)

EUR 100,000

457,000

(346,620)

INR

EUR

EUR Currency Call

BOA

77.550

10/27/20

(100,000)

EUR 100,000

1,091,000

(1,138,216)

USD

EUR

EUR Currency Call

BOA

1.194

12/17/19

(250,000)

EUR 250,000

915,500

(9,737)

MXN

EUR

EUR Currency Call

CITNA-B

22.005

10/29/20

(100,000)

EUR 100,000

1,906,852

(1,946,546)

MXN

EUR

EUR Currency Put

CITNA-B

18.190

10/29/20

(100,000)

EUR 100,000

832,047

(697,709)

IDR

EUR

EUR Currency Call

GSCOI

15640.000

10/22/20

(75,000)

EUR 75,000

967,500

(918,044)

MXN

EUR

EUR Currency Put

GSCOI

18.205

10/30/20

(100,000)

EUR 100,000

783,200

(783,200)

RUB

EUR

EUR Currency Call

GSCOI

72.860

12/16/19

(90,000)

EUR 90,000

1,001,968

(796,025)

TRY

EUR

EUR Currency Call

GSCOI

7.750

10/12/20

(37,500)

EUR 37,500

1,378,386

(755,957)

MXN

EUR

EUR Currency Call

GSCOI

22.036

10/30/20

(100,000)

EUR 100,000

1,932,900

(1,932,900)

TRY

EUR

EUR Currency Put

GSCOI

5.500

10/12/20

(37,500)

EUR 37,500

439,050

(529,458)

IDR

EUR

EUR Currency Put

GSCOI

13685.000

10/22/20

(75,000)

EUR 75,000

427,500

(354,502)

PLN

EUR

EUR Currency Put

GSCOI

4.197

4/21/20

(150,000)

EUR 150,000

413,981

(372,367)

ZAR

EUR

EUR Currency Call

GSCO-OT

20.000

8/4/20

(5,000)

EUR 5,000

785,466

(699,610)

INR

EUR

EUR Currency Call

GSCO-OT

90.000

8/5/20

(5,000)

EUR 5,000

977,289

(723,630)

INR

EUR

EUR Currency Call5

GSCO-OT

90.000

5/6/20

(2,500)

EUR 2,500

439,129

(168,218)

40      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Options Written (Continued)

Description

Counterparty

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

NOK

EUR

EUR Currency Call6

GSCO-OT

11.000

12/17/20

(10,000)

EUR 10,000

$

2,161,338

$

(2,802,837)

NOK

EUR

EUR Currency Call

JPM

11.000

8/26/21

(6,250)

EUR 6,250

1,860,122

(2,511,381)

BRL

EUR

EUR Currency Call

JPM

4.230

1/24/20

(50,000)

EUR 50,000

526,500

(441,586)

INR

EUR

EUR Currency Call7

JPM

90.000

4/29/20

(5,000)

EUR 5,000

795,265

(315,016)

MXN

EUR

EUR Currency Call

JPM

21.170

6/2/20

(50,000)

EUR 50,000

720,000

(657,326)

ZAR

EUR

EUR Currency Call

JPM

17.290

1/23/20

(50,000)

EUR 50,000

919,875

(1,192,526)

IDR

EUR

EUR Currency Call

JPM

15625.000

10/26/20

(50,000)

EUR 50,000

654,250

(630,587)

IDR

EUR

EUR Currency Put

JPM

13685.000

10/28/20

(165,000)

EUR 165,000

988,350

(789,867)

MXN

EUR

EUR Currency Put

JPM

18.265

6/2/20

(50,000)

EUR 50,000

275,000

(223,247)

IDR

EUR

EUR Currency Call

JPM

15555.000

10/28/20

(165,000)

EUR 165,000

2,180,145

(2,233,163)

BRL

EUR

EUR Currency Put

JPM

3.790

1/24/20

(50,000)

EUR 50,000

231,500

(205,924)

IDR

EUR

EUR Currency Put

JPM

13660.000

10/26/20

(50,000)

EUR 50,000

283,000

(228,209)

ZAR

EUR

EUR Currency Put

JPM

14.760

1/23/20

(50,000)

EUR 50,000

345,650

(12,480)

BRL

EUR

EUR Currency Call

MSCO

5.250

8/24/21

(37,500)

EUR 37,500

2,107,511

(1,914,024)

IDR

EUR

EUR Currency Call

SCB

15600.000

10/22/20

(100,000)

EUR 100,000

1,282,100

(1,263,648)

INR

EUR

EUR Currency Call

SCB

77.650

10/29/20

(150,000)

EUR 150,000

1,696,500

(1,690,263)

IDR

EUR

EUR Currency Put

SCB

13700.000

10/22/20

(100,000)

EUR 100,000

592,500

(486,912)

INR

EUR

EUR Currency Put

SCB

69.450

10/29/20

(150,000)

EUR 150,000

653,250

(559,613)

41      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Over-the-Counter Options Written (Continued)

Description

Counterparty

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

IDR

IDR

IDR Currency Put

GSCO-OT

15360.000

6/18/20

(1,536,000,000)

IDR 1,536,000,000

$

2,160,000

$

(706,560)

KRW

KRW

KRW Currency Put

GSCO-OT

1213.250

1/17/20

(60,662,500)

KRW 60,662,500

355,999

(117,685)

KRW

KRW

KRW Currency Call

GSCO-OT

1122.350

1/17/20

(56,117,500)

KRW 56,117,500

171,950

(54,995)

MXN

MXN

MXN Currency Put

CITNA-B

22.940

6/2/20

(1,147,000)

MXN 1,147,000

1,090,181

(243,898)

MXN

MXN

MXN Currency Put

JPM

20.240

5/27/20

(607,200)

MXN 607,200

1,321,200

(703,763)

MXN

MXN

MXN Currency Call

JPM

20.240

5/27/20

(607,200)

MXN 607,200

1,321,200

(1,328,985)

RUB

RUB

RUB Currency Call

CITNA-B

63.040

12/16/19

(2,836,800)

RUB 2,836,800

402,075

(125,670)

RUB

RUB

RUB Currency Put

GSCO-OT

72.000

4/8/20

(9,000,000)

RUB 9,000,000

3,902,625

(666,540)

THB

THB

THB Currency Put

SCB

31.500

12/20/19

(3,150,000)

THB 3,150,000

568,100

(34,398)

ZAR

ZAR

ZAR Currency Put

GSCO-OT

16.208

1/27/20

(810,376)

ZAR 810,376

1,465,301

(517,522)

ZAR

ZAR

ZAR Currency Put

GSCO-OT

16.000

7/23/20

(2,080,000)

ZAR 2,080,000

3,784,820

(5,447,687)

TotalOver-the-Counter Options Written

$

63,223,690

$

(51,937,542)

1.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 3.6 BRL per 1 USD.

2.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 3.7 BRL per 1 USD.

3.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 3.61 BRL per 1 USD.

4.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 650 CLP per 1 USD.

5.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 75 INR per 1 USD.

6.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 9.40 NOK per 1 EUR.

7. Upper Barrier Level: 90 INR/EUR. Lower Barrier Level: 75 INR/EUR. If at any time during the Event Period, the Spot Exchange Rate, in accordance with the Barrier Event Rate Source B, is equal to or less than the Lower Barrier Level this Transaction will automatically terminate without any payment obligation on the part of either party (except in respect of the Premium).Provided aKnock-Out event has not occurred, if at the Expiration Time on the Expiration Date: (i) the Spot Exchange Rate, in accordance with the Barrier Event Rate Source A, is equal to or greater than the Upper Barrier Level, this Transaction will be automatically exercised and the Seller shall pay the Settlement Amount to the Buyer on the Settlement Date. (ii) the Spot Exchange Rate, in accordance with the Barrier Event Rate Source A, is not equal to or greater than the Upper Barrier Level, this Transaction shall expire without any payment obligation on the part of either party (except in respect of the Premium) at the Expiration Time on the Expiration Date. If aKnock-Out event has occurred, notwithstanding the above, this Transaction will automatically terminate without any payment obligation on the part of either party (except in respect of the Premium).

42      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Centrally Cleared Credit Default Swaps at October 31, 2019
Reference Asset	Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/(Paid)			Value			Unrealized Appreciation/ (Depreciation)
Brazilian Government International		Sell		1.000%		6/20/22	USD	15,000	$	928,605		$	146,576		$	1,075,181
CDX.EM.31		Buy		1.000		6/20/24	USD	48,700		(2,211,727	)		1,908,717			(303,010	)
Colombia Government International		Buy		1.000		12/20/24	USD	15,000		44,311			(151,001	)		(106,690	)
Indonesia Government International		Buy		1.000		12/20/24	USD	15,000		69,698			(190,678	)		(120,980	)
Intesa Sanpaolo S.p.A.		Buy		1.000		12/20/21	EUR	15,000		(548,711	)		(229,427	)		(778,138	)
Republic Of Italy Government I		Sell		1.000		12/20/21	USD	16,000		585,507			163,975			749,482
Turkey Government International Bond		Buy		1.000		12/20/24	USD	10,000		(1,186,701	)		1,053,810			(132,891	)
Total Centrally Cleared Credit Default Swaps									$	(2,319,018	)	$	2,701,972		$	382,954

Over-the-Counter Credit Default Swaps at October 31, 2019
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/(Paid)			Value			Unrealized Appreciation/ (Depreciation)
Hellenic Republic		BAC		Sell		1.000%		6/20/25	USD	5,000	$	831,849		$	(167,151	)	$	664,698
Hellenic Republic		BAC		Sell		1.000		6/20/25	USD	12,500		1,872,869			(417,878	)		1,454,991
Hellenic Republic		BAC		Sell		1.000		12/20/25	USD	23,250		3,615,506			(949,840	)		2,665,666
Hellenic Republic		BAC		Sell		1.000		12/20/19	USD	16,650		249,821			33,412			283,233
Hellenic Republic		GSCOI		Sell		1.000		6/20/25	USD	5,000		788,898			(167,151	)		621,747
Hellenic Republic Government Bond		BAC		Sell		1.000		6/20/29	USD	12,500		2,405,132			(1,062,466	)		1,342,666
Hellenic Republic Government Bond		BAC		Sell		1.000		6/20/26	USD	18,750		2,339,101			(899,990	)		1,439,111
Hellenic Republic Government Bond		BAC		Sell		1.000		6/20/26	USD	20,000		2,309,198			(959,989	)		1,349,209
Hellenic Republic Government Bond		BAC		Sell		1.000		6/20/24	USD	16,500		1,137,077			(308,068	)		829,009
Hellenic Republic Government Bond		BOA		Sell		1.000		6/20/24	USD	5,000		409,667			(93,354	)		316,313
Hellenic Republic Government Bond		BOA		Sell		1.000		6/20/26	USD	20,500		2,487,399			(983,989	)		1,503,410
ICICI Bank Ltd.		GSCO-OT		Sell		1.000		12/20/19	USD	10,000		359,971			24,150			384,121
iTraxx Europe Crossover Series 24 Version 1		JPM		Sell		5.000		12/20/20	EUR	5,000		(361,394	)		215,472			(145,922	)
Lloyds Banking Group plc		JPM		Buy		1.000		6/20/24	EUR	2,500		(109,686	)		18,977			(90,709	)
Oriental Republic of Uruguay		BOA		Sell		1.000		12/20/21	USD	14,802		267,519			111,359			378,878

43      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Over-the-Counter Credit Default Swaps (Continued)
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/(Paid)			Value			Unrealized Appreciation/ (Depreciation)
Royal Bank Of Scotland Group plc		JPM		Buy		1.000%		6/20/24	EUR	2,500	$	(125,923	)	$	28,250		$	(97,673	)
TotalOver-the-Counter Credit Default Swaps											$	18,477,004		$	(5,578,256	)	$	12,898,748

Centrally Cleared Interest Rate Swaps at October 31, 2019
Counterparty	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)			Value			Unrealized Appreciation/ (Depreciation)
BAC		Receive		Six-Month EUR EURIBOR		1.123%		3/8/28		EUR 8,250	$	—		$	(1,027,972	)	$	(1,027,972	)
BNP		Pay		BZDIOVRA		–		1/4/27		BRL 191,000		—			1,807,894			1,807,894
BOA		Receive		Three-Month USD BBA LIBOR		2.307		4/2/24		USD 52,900		—			(1,852,118	)		(1,852,118	)
BOA		Pay		MXN TIIE BANXICO		6.500		11/24/26		MXN 500,000		(7	)		37,685			37,678
BOA		Receive		BBSW6M		1.655		7/16/29		AUD 113,025		—			(2,866,237	)		(2,866,237	)
BOA		Pay		BZDIOVRA		6.630		1/2/25		BRL 113,600		—			853,631			853,631
CITNA-B		Receive		EUR006M		0.346		10/18/69		EUR 15,000		—			(237,263	)		(237,263	)
CITNA-B		Receive		COOVIBR		4.990		5/2/20		COP 105,000,000		218,366			(197,323	)		21,043
CITNA-B		Receive		Three-Month USD BBA LIBOR		1.535		1/3/30		USD 80,350		—			460,856			460,856
CITNA-B		Pay		CDOR03		1.840		10/11/21		CAD 500,000		—			388,038			388,038
CITNA-B		Pay		CDOR03		1.848		10/11/21		CAD 500,000		—			415,762			415,762
CITNA-B		Pay		CDOR03		1.880		10/17/21		CAD 1,146,000		—			1,010,883			1,010,883
CITNA-B		Pay		CDOR03		1.953		10/25/29		CAD 72,500		—			609,954			609,954
CITNA-B		Receive		Three-Month USD BBA LIBOR		1.475		1/7/30		USD 80,050		—			900,635			900,635
CITNA-B		Pay		COOVIBR		5.220		8/12/29		COP 40,650,000		—			(113,761	)		(113,761	)
CITNA-B		Pay		Six-Month HUF BUBOR		2.205		3/8/28		HUF 2,750,000		—			986,525			986,525
CITNA-B		Receive		CDOR03		1.740		10/1/29		CAD 35,500		675			238,427			239,102
CITNA-B		Pay		CDOR03		1.803		10/1/21		CAD 168,500		(2,339	)		(34,629	)		(36,968	)
CITNA-B		Pay		Three-Month USD BBA LIBOR		1.476		1/3/22		USD 382,150		—			(221,578	)		(221,578	)
CITNA-B		Pay		Three-Month USD BBA LIBOR		1.395		1/7/22		USD 382,300		—			(806,626	)		(806,626	)
CITNA-B		Pay		COOVIBR		5.200		8/1/29		COP 44,884,000		—			(139,008	)		(139,008	)
DEU		Pay		JIBA3M		8.420		8/29/28		ZAR 556,000		—			1,934,326			1,934,326
DEU		Pay		MXN TIIE BANXICO		8.120		5/5/21		MXN 1,625,000		—			1,881,082			1,881,082
DEU		Pay		MXN TIIE BANXICO		7.340		7/24/29		MXN 263,300		—			731,815			731,815

44      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Centrally Cleared Interest Rate Swaps (Continued)
Counterparty	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)			Value			Unrealized Appreciation/ (Depreciation)
DEU		Pay		MXN TIIE BANXICO		8.525%		1/15/24	MXN	480,000	$	—		$	2,078,096		$	2,078,096
GSCOI		Pay		JIBA3M		8.690		8/8/29	ZAR	644,500		—			(53,685	)		(53,685	)
GSCOI		Receive		Three-Month USD BBA LIBOR		1.666		8/7/29	USD	10,730		—			(56,081	)		(56,081	)
GSCOI		Receive		CPURNSA		1.869		7/22/24	USD	108,000		—			(1,497,817	)		(1,497,817	)
GSCOI		Receive		CPURNSA		1.873		7/25/24	USD	175,000		—			(2,707,532	)		(2,707,532	)
GSCOI		Receive		CPURNSA		1.883		7/19/24	USD	108,000		—			(1,727,425	)		(1,727,425	)
GSCOI		Receive		WIBR6M		2.095		5/30/24	PLN	99,000		—			(437,197	)		(437,197	)
GSCOI		Receive		Three-Month USD BBA LIBOR		2.512		4/29/29	USD	16,800		—			(1,372,860	)		(1,372,860	)
GSCOI		Pay		MXN TIIE BANXICO		8.620		12/26/28	MXN	247,400		—			1,868,122			1,868,122
GSCOI		Pay		Six-Month PLN WIBOR WIBO		2.580		2/6/23	PLN	115,000		—			1,251,434			1,251,434
GSCOI		Pay		Six-Month PLN WIBOR WIBO		1.775		10/10/21	PLN	95,000		3,197			13,172			16,369
GSCOI		Pay		Six-Month PLN WIBOR WIBO		1.780		6/10/21	PLN	200,000		(30,941	)		14,118			(16,823	)
GSCOI		Pay		MXN TIIE BANXICO		7.200		7/27/22	MXN	1,252,000		—			1,416,790			1,416,790
HSBC		Pay		MXN TIIE BANXICO		7.210		7/17/24	MXN	677,750		—			1,295,109			1,295,109
HSBC		Pay		MXN TIIE BANXICO		8.185		4/13/29	MXN	410,000		—			2,460,687			2,460,687
JPM		Receive		MXN TIIE BANXICO		6.975		10/22/20	MXN	1,975,000		—			(45,504	)		(45,504	)
JPM		Pay		MXN TIIE BANXICO		6.765		10/11/29	MXN	260,000		—			129,192			129,192
JPM		Pay		Three-Month USD BBA LIBOR		1.476		1/2/29	BRL	8,724		—			68,100			68,100
JPM		Pay		Six-Month PLN WIBOR WIBO		2.315		1/15/26	PLN	90,200		(23,445	)		1,088,492			1,065,047
JPM		Pay		BZDIOVRA		7.060		7/1/22	BRL	1,581,700		—			1,529,061			1,529,061
JPM		Pay		MXN TIIE BANXICO		6.710		9/23/21	MXN	1,025,000		—			212,601			212,601
JPM		Pay		WIBR6M		1.638		4/25/22	PLN	51,500		—			(2,064	)		(2,064	)
JPM		Pay		WIBR6M		1.630		1/25/23	PLN	64,000		—			(55,854	)		(55,854	)
JPM		Pay		BZDIOVRA		6.528		1/2/24	BRL	129,900		—			947,987			947,987
JPM		Pay		MXN TIIE BANXICO		8.750		10/29/20	MXN	2,210,000		—			2,085,161			2,085,161
JPM		Receive		Three-Month USD BBA LIBOR		2.097		6/8/27	USD	12,000		—			(546,654	)		(546,654	)
JPM		Pay		Six-Month PLN WIBOR WIBO		2.090		1/11/22	PLN	160,000		—			783,044			783,044
JPM		Pay		MXN TIIE BANXICO		6.520		9/29/22	MXN	720,000		—			198,495			198,495
JPM		Pay		MXN TIIE BANXICO		6.395		10/21/24	MXN	1,100,000		—			166,828			166,828

45      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Centrally Cleared Interest Rate Swaps (Continued)
Counterparty	Pay/Receive Floating Rate	Floating Rate	Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
MSCO	Receive	CPURNSA		1.856%		7/30/24	USD	220,750	$	—	$	(2,920,377	)	$	(2,920,377	)
SAN	Pay	BZDIOVRA		6.900		1/2/27	BRL	212,000		—		1,925,026			1,925,026
SIB	Pay	MXN TIIE BANXICO		7.770		3/25/24		MXN 1,150,000		—		3,399,911			3,399,911
Total Centrally Cleared Interest Rate Swaps									$	165,506	$	16,269,374		$	16,434,880
Over-the-Counter Interest Rate Swaps at October 31, 2019
Counterparty	Pay/Receive Floating Rate	Floating Rate	Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
		Six-Month INR
		FBIL MIBOR OIS						INR
BOA	Receive	Compound		5.740%		5/16/21		5,700,000	$	—	$	(942,989	)	$	(942,989	)
		INR FBIL MIBOR						INR
BOA	Receive	OIS Compound		5.670		5/27/21		4,536,000		—		(600,068	)		(600,068	)
CITNA-B	Receive	JIBA3M		8.139		1/31/30		ZAR 367,000		—		(545,941	)		(545,941	)
		Three-Month
		COP IBR OIS						COP
GSCOI	Pay	Compound		6.470		9/29/26		55,000,000		—		1,439,795			1,439,795
GSCOI	Pay	MOSKP3		8.360		6/24/29		RUB 432,500		—		837,702			837,702
GSCOI	Pay	MOSKP3		6.580		10/25/21		RUB 8,680,000		—		(33,144	)		(33,144	)
		Three-Month
		COP IBR OIS						COP
JPM	Pay	Compound		7.300		6/1/26		39,425,000		—		1,609,286			1,609,286
		Three-Month
		COP IBR OIS						COP
JPM	Pay	Compound		4.990		5/2/20		105,000,000		—		197,323			197,323
JPM	Receive	JIBA3M		7.955		1/31/30		ZAR 385,000		—		(234,752	)		(234,752	)
		Six-Month INR
		FBIL MIBOR OIS						INR
SCB	Receive	Compound		6.438		1/10/24		1,700,000		—		(1,353,594	)		(1,353,594	)
TotalOver-the-Counter Interest Rate Swaps									$	—	$	373,618		$	373,618

Over-the-Counter Credit Default Swaptions Written at October 31, 2019

Notional

Counterparty

Buy/Sell

Reference

Fixed

Expiration

Amount

Premiums

Description

Protection

Asset

Rate

Date

(000’s

)

Received

Value

iTraxx

Europe

Crossover

Credit Default Swap

Series 31

maturing 6/20/24 Put

JPM

Buy

Version 1

5.000%

12/18/19

EUR

50,000

$

497,633

$

(260,320

)

iTraxx

Europe

Credit Default Swap

Crossover

maturing 6/20/24

Series 31

Call

JPM

Sell

Version 1

5.000

12/18/19

EUR

50,000

304,109

(24,660

)

46      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Credit Default Swaptions Written (Continued)

Description

Counterparty

Buy/Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Credit Default Swap maturing 6/20/24 Call

JPM

Sell

iTraxx Europe Crossover Series 31 Version 1

5.000%

12/18/19

EUR

50,000

$

93,997

$

(781)

TotalOver-the-Counter Credit Default Swaptions Written

$

895,739

$

(285,761)

Over-the-Counter Interest Rate Swaptions Written at October 31, 2019

Description

Counterparty

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap maturing 4/24/20 Call

BOA

Pay

Three- Month USD BBA LIBOR

1.325%

4/24/20

USD

100,000

$

540,200

$

(656,745)

Interest Rate Swap maturing 4/24/20 Put

BOA

Receive

Three- Month USD BBA LIBOR

1.725

4/24/20

USD

100,000

540,200

(359,209)

Interest Rate Swap maturing 6/15/20 Put

GSCOI

Receive

Three- Month RUB MOSPRIME NFEA

8.080

6/15/20

RUB

1,676,500

521,411

(217,219)

Interest Rate Swap maturing 1/9/20 Call

GSCOI

Pay

Three- Month USD BBA LIBOR

1.600

1/9/20

USD

166,700

891,845

(1,600,704)

Interest Rate Swap maturing 11/14/19 Put

JPM

Receive

Three- Month USD BBA LIBOR

1.630

11/14/19

USD

212,000

640,000

(74,412)

Interest Rate Swap maturing 4/24/20 Call

JPM

Pay

Three- Month USD BBA LIBOR

1.340

4/24/20

USD

400,000

2,240,000

(2,732,436)

Interest Rate Swap maturing 4/24/20 Put

JPM

Receive

Three- Month USD BBA LIBOR

1.661

4/24/20

USD

300,000

744,000

(543,504)

Interest Rate Swap maturing 4/24/20 Put

JPM

Receive

Three- Month USD BBA LIBOR

1.740

4/24/20

USD

400,000

2,040,000

(1,360,400)

Interest Rate Swap maturing 4/24/20 Call

JPM

Pay

Three- Month USD BBA LIBOR

1.361

4/24/20

USD

300,000

741,000

(876,495)

Interest Rate Swap maturing 8/17/20 Put

MSCO

Receive

Three- Month USD BBA LIBOR

1.530

8/17/20

USD

496,000

1,820,000

(1,744,789)

47      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Over-the-Counter Interest Rate Swaptions Written (Continued)

Description

Counterparty

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap maturing 3/27/20 Call

MSCO

Pay

Six- Month EUR EURIBOR

0.000%

3/27/20

EUR

187,500

$

1,784,988

$

(295,676)

Interest Rate Swap maturing 4/24/20 Put

MSCO

Receive

Three- Month USD BBA LIBOR

1.667

4/24/20

USD

200,000

496,000

(354,386)

Interest Rate Swap maturing 4/24/20 Call

MSCO

Pay

Three- Month USD BBA LIBOR

1.368

4/24/20

USD

200,000

496,000

(593,272)

TotalOver-the-Counter Interest Rate Swaptions Written

$

13,495,644

$

(11,409,247)

Glossary:

Counterparty Abbreviations

BAC	Barclays Bank plc
BNP	BNP Paribas
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MOS	Morgan Stanley & Co., Inc.
MSCO	Morgan Stanley Capital Services, Inc.
RBC	RBC Dominion Securities
SAN	Santander
SCB	Standard Chartered Bank
SIB	Banco Santander SA
Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
COP	Colombian Peso
EGP	Egyptian Pounds
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso

48      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Currency abbreviations indicate amounts reporting in currencies (Continued)

MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
TRY	New Turkish Lira
ZAR	South African Rand
Definitions
BA CDOR	Canada Bankers Acceptances Deposit Offering Rate
BADLARPP	Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BBSW6M	ASX Australian Bank Bill Short Term Rate 6 Month Mid
BP0003M	ICE LIBOR GBP 3 Month
BTP	Italian Treasury Bonds
BUND	German Federal Obligation
BUXL	German Federal Obligation
BURBOR	Budapest Interbank Offered Rate
BZDIOVRA	Brazil Ceptip DI Interbank Deposit Rate
CDOR03	Canada Bankers Acceptence 3 Months
CDX.EM.31	Markit CDX Emerging Markets Index
COOVIBR	Colombia IBR Overnight Nominal Interbank Reference Rate
CPURNSA	US Consumer Price Index Urban Consumers
EUR003M	EURIBOR 3 Month ACT/360
EUR006M	EURIBOR 6 Month ACT/360
EURIBOR	Euro Interbank Offered Rate
EUSA5	EUR Swap Annual 5 Year
FBIL	Financial Benchmarks India Private Ltd.
GDR	Global Depositary Receipt
GUKG5	UK Government Bonds 5 Year Note Generic Bid Yield
H15T10Y	US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
IBR	Indicador Bancario de Referencia
ICE LIBOR	Intercontinental Exchange London Interbank Offered Rate
JIBA3M	South Africa Johannesburg Interbank Agreed Rate 3 Month
MIBOR	Mumbai Interbank Offered Rate
MOSKP3	National Finance Assoc. Moscow Prime Offered 3 Month Rate
MOSPRIME NEFA	Moscow Prime Offered Rate
OIS	Overnight Index Swap
S&P	Standard & Poor’s
TIIE	Interbank Equilibrium Interest Rate
US0003M	ICE LIBOR USD 3 Month
US0006M	ICE LIBOR USD 6 Month
USISDA05	USD ICE Swap Rate 11:00am NY 5 Year

49      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Definitions (Continued)

USSW5	USD Swap Semi 30/360 5 Year
WIBOR WIBO	Poland Warsaw Interbank Offer Bid Rate
WIBR6M	GBP Benchmark WIBOR PLN 6 month

See accompanying Notes to Consolidated Financial Statements.

50      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSSeptember 30, 2019

		Principal Amount		Value
Mortgage-Backed Obligations—4.8%
Alba plc, Series2007-1, Cl. F, 4.033% [BP0003M+325], 3/17/391,2	GBP		1,810,400	$	2,146,597
Bancaja Fondo de Titulizacion, Series 10, Cl. C, 0.079% [EUR003M+50], 5/22/501,2,3	EUR		12,000,000		10,839,853
Capital Mortgage Srl, Series2007-1, Cl. B, 0.00% [EUR003M+22], 1/30/471,2	EUR		8,000,000		5,961,747
Eurohome UK Mortgages plc:
Series2007-1, Cl. B1, 1.685% [BP0003M+90], 6/15/441,2	GBP		5,275,000		5,179,452
Series2007-1, Cl. M1, 1.085% [BP0003M+30], 6/15/441,2	GBP		5,200,000		5,596,773
Series2007-1, Cl. M2, 1.285% [BP0003M+50], 6/15/441,2	GBP		4,000,000		4,103,810
Series2007-2, Cl. B1, 2.185% [BP0003M+140], 9/15/441,2	GBP		4,000,000		4,138,247
Series2007-2, Cl. M1, 1.135% [BP0003M+35], 9/15/441,2	GBP		10,340,000		11,434,640
Eurosail plc, Series2006-3X, Cl. D1C, 1.672% [BP0003M+90], 9/10/441,2	GBP		11,000,000		10,933,190
Great Hall Mortgages No 1 plc, Series2007-1, Cl. DA, 1.556% [BP0003M+78], 3/18/391,2	GBP		8,000,000		8,306,436
Grifonas Finance plc:
Series 1, Cl. A, [EUR006M+28], 8/28/391,2	EUR		17,128,370		17,194,342
Series 1, Cl. B, 0.105% [EUR006M+52], 8/28/391,2	EUR		5,000,000		4,344,988
IM Pastor 4 Fondo de Titulizacion de Activos:
Series 4, Cl. A, [EUR003M+14], 3/22/441,2	EUR		14,655,466		14,791,605
Series 4, Cl. B, [EUR003M+19], 3/22/441,2	EUR		3,000,000		2,113,020
Ludgate Funding plc, Series2007-1, 0.00%, 1/1/616	GBP		207,500,000		10,673,431
Marble Arch Residential Securitisation No 4 plc, Series 4X, Cl. E1C, 4.679% [BP0003M+390], 3/20/401,2	GBP		5,960,000		7,114,642
Newgate Funding plc, Series2007-2X, Cl. CB, 0.007% [EUR003M+44], 12/15/501,2	EUR		3,127,671		2,964,236
Sestante Finance Srl, Series 3, Cl. C1, 0.436% [EUR003M+80], 7/15/451,2	EUR		9,700,000		5,096,174
TDA 27 Hipocat 9 Fondo de Titulizacion de Activos, Series 27, Cl. A3, 0.00% [EUR003M+19], 12/28/501,2	EUR		35,000,000		33,802,477
Towd Point Mortgage Funding 2019-Granite4 plc, 2.23%, 10/20/51	GBP		10,000,000		12,312,000
Total Mortgage-Backed Obligations (Cost $186,037,949)					179,047,660
Foreign Government Obligations—61.7%
Angola—0.4%
Republic of Angola, 9.375% Sr. Unsec. Nts., 5/8/481			13,805,000		14,590,560
Argentina—1.3%
Argentine Republic:
0.00% Unsec. Nts., 7/29/204	ARS		722,500,000		6,462,539
0.202% Unsec. Nts., 10/29/204	ARS		1,307,200,000		9,748,944
5.625% Sr. Unsec. Nts., 1/26/22			12,395,000		5,391,949
6.875% Sr. Unsec. Nts., 1/26/27			17,110,000		7,233,424
7.50% Sr. Unsec. Nts., 4/22/26			34,345,000		15,326,800
9.80% Unsec. Nts., 5/28/204	ARS		152,100,000		1,455,251
15.50% Bonds, 10/17/26	ARS		135,000,000		771,100
18.20% Unsec. Nts., 10/3/21	ARS		212,805,000		1,069,162

51      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Argentina (Continued)
Argentine Republic: (Continued) 58.111% [BADLARPP+375] Unsec. Nts., 4/12/251,2	ARS		120,000,000	$	801,638
62.614% [BADLARPP+325] Unsec. Nts., 3/1/202	ARS		180,336,000		1,748,180
					50,008,987
Austria—0.9%
Republic of Austria, 1.50% Sr. Unsec. Nts., 11/2/861	EUR		20,130,000		32,471,260
Bahrain—0.1%
Kingdom of Bahrain, 5.625% Sr. Unsec. Nts., 9/30/311			4,500,000		4,547,705
Brazil—2.2%
Federative Republic of Brazil:
6.00% Nts., 8/15/225	BRL		170,000		147,173
6.00% Nts., 5/15/455	BRL		40,900,000		44,793,915
6.00% Nts., 8/15/505	BRL		6,000,000		6,788,961
10.00% Nts., 1/1/29	BRL		100,000,000		28,747,812
					80,477,861
Colombia—1.3%
Republic of Colombia, Series B, 6.25% Bonds, 11/26/25	COP		155,000,000,000		46,539,863
Costa Rica—0.1%
Republic of Costa Rica, 5.625% Sr. Unsec. Nts., 4/30/431			2,925,000		2,552,823
Cyprus—0.7%
Republic of Cyprus:
2.75% Sr. Unsec. Nts., 2/26/341	EUR		13,510,000		18,468,553
2.75% Sr. Unsec. Nts., 5/3/491	EUR		5,975,000		8,607,976
					27,076,529
Dominican Republic—0.5%
Dominican Republic:
6.40% Sr. Unsec. Nts., 6/5/491			5,000,000		5,337,550
6.85% Sr. Unsec. Nts., 1/27/451			6,370,000		7,118,475
7.45% Sr. Unsec. Nts., 4/30/441			6,360,000		7,560,514
					20,016,539
Ecuador—0.8%
Republic of Ecuador:
8.875% Sr. Unsec. Nts., 10/23/271			11,345,000		11,345,114
9.50% Sr. Unsec. Nts., 3/27/301			10,785,000		10,953,979
10.75% Sr. Unsec. Nts., 1/31/291			5,600,000		6,065,556
					28,364,649
Egypt—2.5%
Arab Republic of Egypt:
4.75% Sr. Unsec. Nts., 4/16/261	EUR		12,900,000		14,455,338
6.125% Sr. Unsec. Nts., 1/31/221			9,710,000		10,028,682

52      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Egypt (Continued)
Arab Republic of Egypt: (Continued)
8.50% Sr. Unsec. Nts., 1/31/471		$	9,480,000	$	10,067,637
8.70% Sr. Unsec. Nts., 3/1/491			14,387,000		15,512,567
16.00% Bonds, 6/11/22	EGP		330,000,000		21,113,760
16.30% Bonds, 1/1/23	EGP		10,200,000		662,787
18.15% Bonds, 6/13/20	EGP		57,000,000		3,584,846
18.15% Unsec. Nts., 12/11/21	EGP		128,000,000		8,338,738
Series 3YR, 15.00% Bonds, 10/3/20	EGP		157,150,000		9,711,871
					93,476,226
El Salvador—0.3%
Republic of El Salvador, 7.125% Sr. Unsec. Nts., 1/20/501			10,253,000		10,470,876
Fiji—0.2%
Republic of Fiji, 6.625% Sr. Unsec. Nts., 10/2/201			9,265,000		9,264,996
France—0.7%
French Republic, 1.75% Bonds, 6/25/391	EUR		17,750,000		25,093,272
Gabon—0.2%
Gabonese Republic, 6.375% Bonds, 12/12/241			6,370,000		6,288,783
Greece—3.1%
Hellenic Republic:
0.00%, Bonds, 10/15/426	EUR		107,000,000		478,161
1.875% Bonds, 7/23/261	EUR		17,000,000		19,508,508
3.90% Bonds, 1/30/331	EUR		61,676,000		84,132,479
4.00% Bonds, 1/30/371	EUR		8,325,000		11,638,280
					115,757,428
India—8.6%
Republic of India:
6.84% Sr. Unsec. Nts., 12/19/22	INR		1,000,000,000		14,423,437
7.17% Sr. Unsec. Nts., 1/8/28	INR		3,715,000,000		53,710,846
7.68% Sr. Unsec. Nts., 12/15/23	INR		1,300,000,000		19,228,287
7.72% Sr. Unsec. Nts., 5/25/25	INR		730,000,000		10,846,663
8.15% Sr. Unsec. Nts., 11/24/26	INR		500,000,000		7,579,076
8.20% Sr. Unsec. Nts., 9/24/25	INR		3,715,000,000		56,471,221
8.24% Sr. Unsec. Nts., 2/15/27	INR		4,935,000,000		75,245,690
8.40% Sr. Unsec. Nts., 7/28/24	INR		3,997,000,000		60,831,989
State of Gujarat, 7.52% Sr. Unsec. Nts., 5/24/27	INR		500,000,000		7,242,510
State of Maharastra, 7.99% Sr. Unsec. Nts., 10/28/25	INR		500,000,000		7,418,963
State of Tamil Nadu, 8.53% Sr. Unsec. Nts., 3/9/26	INR		500,000,000		7,628,137
					320,626,819
Indonesia—5.7%
Perusahaan Penerbit SBSN Indonesia III, 4.55% Sr. Unsec. Nts., 3/29/261			5,680,000		6,211,080

53      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Indonesia (Continued)
Republic of Indonesia:
4.125% Sr. Unsec. Nts., 1/15/251		$	3,050,000	$	3,253,109
8.125% Sr. Unsec. Nts., 5/15/24	IDR		540,000,000,000		40,270,800
8.25% Sr. Unsec. Nts., 5/15/29	IDR		398,080,000,000		30,001,967
Series FR56, 8.375% Sr. Unsec. Nts., 9/15/26	IDR		288,430,000,000		21,819,084
Series FR59, 7.00% Sr. Unsec. Nts., 5/15/27	IDR		433,000,000,000		30,358,501
Series FR64, 6.125% Sr. Unsec. Nts., 5/15/28	IDR		120,000,000,000		7,848,397
Series FR71, 9.00% Sr. Unsec. Nts., 3/15/29	IDR		359,350,000,000		28,089,297
Series FR73, 8.75% Sr. Unsec. Nts., 5/15/31	IDR		560,080,000,000		43,195,406
					211,047,641
Italy—2.0%
Republic of Italy, 2.80% Bonds, 3/1/671	EUR		58,150,000		75,510,876
Ivory Coast—0.4%
Republic of Cote d’Ivoire, 5.25% Sr. Unsec. Nts., 3/22/301	EUR		12,765,000		14,012,343
Kenya—0.3%
Republic of Kenya:
8.00% Sr. Unsec. Nts., 5/22/321			4,140,000		4,349,343
8.25% Sr. Unsec. Nts., 2/28/481			5,500,000		5,631,736
					9,981,079
Malaysia—1.7%
Federation of Malaysia:
3.733% Sr. Unsec. Nts., 6/15/28	MYR		42,000,000		10,140,973
3.844% Sr. Unsec. Nts., 4/15/33	MYR		50,000,000		12,248,394
4.127% Sr. Unsec. Nts., 4/15/32	MYR		25,000,000		6,291,468
4.498% Sr. Unsec. Nts., 4/15/30	MYR		32,000,000		8,275,783
4.642% Sr. Unsec. Nts., 11/7/33	MYR		100,000,000		26,460,901
					63,417,519
Mexico—7.0%
United Mexican States:
Series M, 5.75% Bonds, 3/5/26	MXN		560,000,000		26,886,754
Series M, 6.50% Bonds, 6/10/21	MXN		400,000,000		20,219,925
Series M, 8.00% Sr. Unsec. Nts., 12/7/23	MXN		2,050,000,000		108,841,973
Series M20, 8.50% Sr. Unsec. Nts., 5/31/29	MXN		1,110,000,000		62,660,383
Series M20, 10.00% Bonds, 12/5/24	MXN		698,700,000		40,523,467
					259,132,502
New Zealand—1.7%
New Zealand, 1.50% Sr. Unsec. Nts., 5/15/31	NZD		100,000,000		64,541,112
Nigeria—0.1%
Federal Republic of Nigeria, 7.696% Sr. Unsec. Nts., 2/23/381			4,385,000		4,473,292

54      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Oman—0.4%
Sultanate of Oman, 6.75% Sr. Unsec. Nts., 1/17/481		$	17,365,000	$	16,431,631
Peru—1.4%
Republic of Peru:
5.40% Sr. Unsec. Nts., 8/12/341	PEN		2,730,000		865,084
5.94% Sr. Unsec. Nts., 2/12/291	PEN		21,000,000		7,070,314
6.35% Sr. Unsec. Nts., 8/12/281	PEN		100,140,000		34,647,977
6.90% Sr. Unsec. Nts., 8/12/371	PEN		31,300,000		11,373,255
					53,956,630
Russia—2.0%
Russian Federation:
7.25% Bonds, 5/10/34	RUB		650,000,000		10,121,879
Series 6211, 7.00% Bonds, 1/25/23	RUB		4,200,000,000		65,584,242
					75,706,121
Senegal—0.7%
Republic of Senegal, 6.75% Sr. Unsec. Nts., 3/13/481			26,035,000		25,157,256
Singapore—0.5%
Republic of Singapore, 2.25% Sr. Unsec. Nts., 6/1/21	SGD		25,000,000		18,273,923
South Africa—4.6%
Republic of South Africa:
Series 2030, 8.00% Sr. Unsec. Nts., 1/31/30	ZAR		959,000,000		59,157,025
Series 2037, 8.50% Sr. Unsec. Nts., 1/31/37	ZAR		421,800,000		25,024,728
Series 2048, 8.75% Sr. Unsec. Nts., 2/28/48	ZAR		712,000,000		41,587,792
Series R186, 10.50% Sr. Unsec. Nts., 12/21/26	ZAR		459,700,000		33,898,512
Series R214, 6.50% Sr. Unsec. Nts., 2/28/41	ZAR		255,000,000		11,847,524
					171,515,581
Spain—0.7%
Kingdom of Spain:
0.60% Nts., 10/31/291	EUR		16,370,000		18,663,307
1.85% Sr. Unsec. Nts., 7/30/351	EUR		7,105,000		9,246,185
					27,909,492
Sri Lanka—1.1%
Democratic Socialist Republic of Sri Lanka:
5.75% Sr. Unsec. Nts., 4/18/231			9,690,000		9,632,298
5.875% Sr. Unsec. Nts., 7/25/221			8,995,000		9,053,381
6.25% Sr. Unsec. Nts., 10/4/201			6,130,000		6,228,076
7.85% Sr. Unsec. Nts., 3/14/291			15,995,000		16,115,936
					41,029,691
Supranational—0.1%
European Bank for Reconstruction & Development, 6.85% Sr. Unsec. Nts., 6/21/21	IDR		60,400,000,000		4,289,271

55      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Tajikistan—0.2%
Republic of Tajikistan, 7.125% Sr. Unsec. Nts., 9/14/271		$	9,540,000	$	8,435,316
Thailand—2.3%
Kingdom of Thailand:
1.875% Sr. Unsec. Nts., 6/17/22	THB		620,000,000		20,551,133
2.125% Sr. Unsec. Nts., 12/17/26	THB		650,000,000		22,254,473
3.30% Sr. Unsec. Nts., 6/17/38	THB		1,030,000,000		43,340,460
					86,146,066
Turkey—1.4%
Republic of Turkey:
8.50% Bonds, 9/14/22	TRY		71,500,000		11,265,650
10.70% Bonds, 2/17/21	TRY		155,600,000		26,714,043
12.40% Bonds, 3/8/28	TRY		77,000,000		13,144,678
					51,124,371
Ukraine—0.9%
Ukraine:
7.75% Sr. Unsec. Nts., 9/1/261			20,340,000		21,275,497
8.994% Sr. Unsec. Nts., 2/1/241			9,670,000		10,633,635
					31,909,132
United Arab Emirates—0.1%
United Arab Emirates, 3.125% Sr. Unsec. Nts., 9/30/491			5,070,000		4,924,238
United Kingdom—2.5%
United Kingdom Gilt, 1.75% Bonds, 1/22/491	GBP		62,500,000		92,095,904
Total Foreign Government Obligations (Cost $2,386,513,306)					2,298,646,163
Corporate Bonds and Notes—15.9%
Consumer Discretionary—0.4%
Auto Components—0.0%
Adler Pelzer Holding GmbH, 4.125% Sr. Sec. Nts., 4/1/241	EUR		1,300,000		1,327,796
Automobiles—0.1%
Aston Martin Capital Holdings Ltd., 6.50% Sr. Sec. Nts., 4/15/221			3,500,000		3,097,244
Diversified Consumer Services—0.1%
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.125% Sr. Sec. Nts., 7/31/261			3,395,000		3,513,825
Hotels, Restaurants & Leisure—0.2%
Melco Resorts Finance Ltd., 4.875% Sr. Unsec. Nts., 6/6/251			2,500,000		2,535,254
MGM China Holdings Ltd., 5.875% Sr. Unsec. Nts., 5/15/261			2,500,000		2,625,000
					5,160,254

56      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Consumer Staples—0.3%
Beverages—0.1%
Coca-Cola Icecek AS, 4.215% Sr. Unsec. Nts., 9/19/241		$	3,010,000	$	3,003,309
Food Products—0.2%
NBM US Holdings, Inc., 6.625% Sr. Unsec. Nts., 8/6/291			7,275,000		7,465,968
Energy—3.1%
Energy Equipment & Services—0.1%
ADES International Holding plc, 8.625% Sr. Sec. Nts., 4/24/241			2,750,000		2,746,562
Oil, Gas & Consumable Fuels—3.0%
Cosan Ltd., 5.50% Sr. Unsec. Nts., 9/20/291			5,835,000		5,994,004
Eterna Capital Pte Ltd., 7.5% PIK Rate, 0.00% Cash Rate, Sr. Sec. Nts., 12/11/221,7			4,558,262		4,290,457
Eterna Capital Pte Ltd., 8% PIK Rate, 0.00% Cash Rate, Sr. Sec. Nts., 12/11/227			11,141,644		8,033,125
KazTransGas JSC, 4.375% Sr. Unsec. Nts., 9/26/271			12,065,000		12,671,496
MV24 Capital BV, 6.748% Sr. Sec. Nts., 6/1/341			1,910,000		1,975,036
Pertamina Persero PT, 3.65% Sr. Unsec. Nts., 7/30/291			5,000,000		5,143,763
Petrobras Global Finance BV: 6.85% Sr. Unsec. Nts., 6/5/15			9,255,000		10,598,826
6.90% Sr. Unsec. Nts., 3/19/49			5,575,000		6,405,675
Petroleos Mexicanos: 3.75% Sr. Unsec. Nts., 4/16/261	EUR		9,470,000		10,382,147
6.49% Sr. Unsec. Nts., 1/23/271			3,000,000		3,130,950
6.84% Sr. Unsec. Nts., 1/23/301			8,013,000		8,301,067
7.69% Sr. Unsec. Nts., 1/23/501			8,688,000		9,081,566
Puma International Financing SA, 5.00% Sr. Unsec. Nts., 1/24/261			7,005,000		6,636,850
Reliance Industries Ltd., 6.78% Unsec. Nts., 9/16/20	INR		500,000,000		7,096,316
Southern Gas Corridor CJSC, 6.875% Sr. Unsec. Nts., 3/24/261			9,720,000		11,299,208
YPF SA, 51.625% [BADLARPP+400] Sr. Unsec. Nts., 7/7/201,2			8,000,000		1,951,314
					112,991,800
Financials—9.3%
Capital Markets—2.2%
Credit Suisse Group AG: 7.50% [USSW5+460] Jr. Sub. Perpetual Bonds1,2,8			3,500,000		3,743,128
7.50% [USSW5+459.8] Jr. Sub. Perpetual Bonds1,2,8			20,000,000		22,151,080
Morgan Stanley, 7.50% Sr. Unsec. Nts., 4/2/326			25,000,000		21,052,933
UBS Group Funding Switzerland AG: 6.875% [USISDA05+549.65] Jr. Sub. Perpetual Bonds1,2,8			15,520,000		16,141,731
7.00% [USSW5+486.6] Jr. Sub. Perpetual Bonds1,2,8			10,500,000		11,545,380
7.125% [USSW5+588.3] Jr. Sub. Perpetual Bonds1,2,8			5,000,000		5,256,250
					79,890,502

57      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Commercial Banks—4.9%
Banca Monte dei Paschi di Siena SpA, 5.375% [EUSA5+500.5] Sub. Nts., 1/18/281,2	EUR		7,500,000	$	5,947,383
Banco Bilbao Vizcaya Argentaria SA: 6.00% [EUSA5+603.9] Jr. Sub. Perpetual Bonds1,2,8	EUR		5,845,000		6,852,393
8.875% [EUSA5+917.7] Jr. Sub. Perpetual Bonds1,2,8	EUR		10,000,000		12,074,575
Banco Comercial Portugues SA: 4.50% [EUSA5+426.7] Sub. Nts., 12/7/271,2	EUR		2,500,000		2,833,104
9.25% [EUSA5+941.4] Jr. Sub. Perpetual Bonds1,2,8	EUR		2,500,000		2,964,078
Banco Hipotecario SA, 64.82% [BADLARPP+615] Unsec. Nts., 2/15/212	ARS		79,018,000		1,097,453
Banco Mercantil del Norte SA (Grand Cayman): 7.50% [H15T10Y+547] Jr. Sub. Perpetual Bonds1,2,8			3,840,000		3,902,400
7.625% [H15T10Y+535.3] Jr. Sub. Perpetual Bonds1,2,8			2,316,000		2,371,028
Banco Santander SA: 5.25% [EUSA5+499.9] Jr. Sub. Perpetual Bonds1,2,8	EUR		3,795,000		4,278,304
6.25% [EUSA5+564] Jr. Sub. Perpetual Bonds1,2,8	EUR		2,500,000		2,881,555
Bangkok Bank PCL (Hong Kong), 3.733% [H15T5Y+190] Sub. Nts., 9/25/341,2			5,000,000		5,083,579
Bank of Ireland, 10.00% Sub. Nts., 12/19/221	EUR		9,500,000		13,263,038
Barclays plc: 2.00% [EUSA5+190] Sub. Nts., 2/7/281,2	EUR		5,000,000		5,411,000
8.00% [H15T5Y+567.2] Jr. Sub. Perpetual Bonds2,8			3,500,000		3,724,753
BBVA Bancomer SA, 5.875% [H15T5Y+430.8] Sub. Nts., 9/13/341,2			7,350,000		7,322,437
BNP Paribas SA: 2.139% [US0006M+7.5] Jr. Sub. Perpetual Bonds2,8			5,500,000		3,361,875
7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds1,2,8			7,235,000		7,626,414
Caixa Geral de Depositos SA, 1.00%, 1/27/221	EUR		3,000,000		3,370,793
CaixaBank SA, 6.75% [EUSA5+649.8] Jr. Sub. Perpetual Bonds1,2,8	EUR		9,115,000		10,933,301
Commerzbank AG, 7.00% [USSW5+522.8] Jr. Sub. Perpetual Bonds1,2,8			5,000,000		5,160,875
Credit Agricole SA: 6.875% [USSW5+431.9] Jr. Sub. Perpetual Bonds1,2,8			2,500,000		2,689,288
7.875% [USSW5+489.8] Jr. Sub. Perpetual Bonds1,2,8			5,000,000		5,590,625
Credit Suisse AG, 6.50% Sub. Nts., 8/8/231			5,010,000		5,591,481
Global Bank Corp., 5.25% [US0003M+330] Sr. Unsec. Nts., 4/16/291,2			5,090,000		5,405,580
HSBC Holdings plc: 5.25% [EUSA5+438.3] Jr. Sub. Perpetual Bonds1,2,8	EUR		4,520,000		5,308,383
6.00% [EUSA5+533.8] Jr. Sub. Perpetual Bonds1,2,8	EUR		5,750,000		7,140,323
Lloyds Bank plc, 7.50% Sr. Unsec. Nts., 4/2/321,6			10,000,000		8,290,913
Novo Banco SA, 8.50% [EUSA5+823.3] Sub. Nts., 7/6/281,2	EUR		2,500,000		2,927,450
Societe Generale SA, 7.375% [USSW5+623.8] Jr. Sub. Perpetual Bonds1,2,8			11,100,000		11,706,060
Standard Chartered Bank, 5.375% [BP0003M+189] Jr. Sub. Perpetual Bonds2,8	GBP		4,000,000		5,021,974
Standard Chartered plc: 7.50% [USSW5+630.1] Jr. Sub. Perpetual Bonds1,2,8			5,460,000		5,780,775

58      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Commercial Banks (Continued)
Standard Chartered plc: (Continued) 7.75% [USSW5+572.3] Jr. Sub. Perpetual Bonds1,2,8		$	7,500,000	$	8,110,013
					184,023,203
Diversified Financial Services—1.2%
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 12/22/243,9			612,810		—
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45%, 3/13/343,5,9	MXN		27,602,566		—
Caixa Geral de Depositos SA, 10.75% [EUSA5+1092.5] Jr. Sub. Perpetual Bonds1,2,8	EUR		7,000,000		8,888,618
Docuformas SAPI de CV, 10.25% Sr. Unsec. Nts., 7/24/241			1,800,000		1,781,010
Fideicomiso PA Costera, 6.25% Sr. Sec. Nts., 1/15/341,5	COP		5,916,031,565		1,802,036
Greenko Mauritius Ltd., 6.25% Sr. Unsec. Nts., 2/21/231			5,000,000		5,072,981
JP Morgan/Hipotecaria su Casita, 6.47%, 8/26/351	MXN		34,101,099		190,276
National Bank for Agriculture & Rural Development, 8.39% Sr. Unsec. Nts., 7/19/21	INR		300,000,000		4,335,326
Power Finance Corp. Ltd.: 7.42% Sr. Unsec. Nts., 6/26/20	INR		350,000,000		4,958,290
7.99% Sr. Unsec. Nts., 12/20/22	INR		400,000,000		5,790,023
8.53% Sr. Unsec. Nts., 7/24/20	INR		330,000,000		4,736,416
REC Ltd., 9.04% Sr. Unsec. Nts., 10/12/19	INR		250,000,000		3,529,361
Swiss Insured Brazil Power Finance Sarl, 9.85% Sr. Sec. Nts., 7/16/321	BRL		17,500,000		4,780,442
					45,864,779
Insurance—0.3%
Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.375% [EUR003M+577] Jr. Sub. Perpetual Bonds1,2,8	EUR		5,000,000		6,368,741
VIVAT NV, 6.25% [USSW5+417.4] Jr. Sub. Perpetual Bonds1,2,8			5,000,000		5,021,615
					11,390,356
Real Estate Management & Development—0.5%
Agile Group Holdings Ltd., 9.00% Sr. Sec. Nts., 5/21/201			10,770,000		10,996,830
Country Garden Holdings Co. Ltd., 7.50% Sr. Sec. Nts., 3/9/201			3,280,000		3,330,840
Times China Holdings Ltd., 6.25% Sr. Sec. Nts., 1/23/201			3,280,000		3,291,746
					17,619,416
Thrifts & Mortgage Finance—0.2%
Housing Development Finance Corp. Ltd.: 8.75% Sr. Sec. Nts., 1/13/20	INR		330,000,000		4,683,800
8.95% Sec. Nts., 10/19/20	INR		125,000,000		1,807,674
					6,491,474
Industrials—0.6%
Airlines—0.1%
Gol Finance SA, 7.00% Sr. Unsec. Nts., 1/31/251			3,245,000		3,180,100

59      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Principal Amount		Value
Construction & Engineering—0.2%
Fideicomiso PA Concesion Ruta al Mar, 6.75% Sr. Sec. Nts., 2/15/441,5	COP		8,000,000,000	$	2,255,667
GMR Hyderabad International Airport Ltd., 4.25% Sr. Sec. Nts., 10/27/271			6,495,000		6,039,903
					8,295,570
Industrial Conglomerates—0.1%
Turkiye Sise ve Cam Fabrikalari AS, 6.95% Sr. Unsec. Nts., 3/14/261			4,090,000		4,216,259
Machinery—0.1%
IHS Netherlands Holdco BV, 8.00% Sr. Unsec. Nts., 9/18/271			2,900,000		2,968,875
Road & Rail—0.1%
Indian Railway Finance Corp. Ltd., 8.83% Sr. Sec. Nts., 3/25/23	INR		250,000,000		3,675,233
Information Technology—0.1%
Communications Equipment—0.1%
Reliance Jio Infocomm Ltd., 8.32% Sec. Nts., 7/8/21	INR		335,000,000		4,868,231
Materials—1.1%
Chemicals—0.1%
Unigel Luxembourg SA, 8.75% Sr. Unsec. Nts., 10/1/261			2,900,000		2,900,000
Construction Materials—0.1%
CIMPOR Financial Operations BV, 5.75% Sr. Unsec. Nts., 7/17/241			8,400,000		6,321,000
Metals & Mining—0.9%
Corp. Nacional del Cobre de Chile, 3.00% Sr. Unsec. Nts., 9/30/291			4,050,000		4,040,361
CSN Resources SA:
7.625% Sr. Unsec. Nts., 2/13/231			6,000,000		6,277,500
7.625% Sr. Unsec. Nts., 4/17/261			5,000,000		5,200,575
Industrias Penoles SAB de CV, 5.65% Sr. Unsec. Nts., 9/12/491			1,800,000		1,866,960
JSW Steel Ltd.:
4.75% Sr. Unsec. Nts., 11/12/191			6,330,000		6,337,172
5.95% Sr. Unsec. Nts., 4/18/241			3,895,000		4,027,376
Southern Copper Corp., 7.50% Sr. Unsec. Nts., 7/27/35			3,550,000		4,765,875
					32,515,819
Telecommunication Services—0.4%
Diversified Telecommunication Services—0.3%
Axtel SAB de CV, 6.375% Sr. Unsec. Nts., 11/14/241			5,000,000		5,162,550
HTA Group Ltd., 9.125% Sr. Unsec. Nts., 3/8/221			3,170,000		3,313,538

60      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Diversified Telecommunication Services (Continued)
Oi SA, 10% Cash Rate or 4% PIK Rate and 8% Cash Rate, Sr. Unsec. Nts., 7/27/257		$	4,973,000	$	4,575,657
					13,051,745
Wireless Telecommunication Services—0.1%
Bharti Airtel Ltd., 4.375% Sr. Unsec. Nts., 6/10/251			3,195,000		3,309,752
Utilities—0.6%
Electric Utilities—0.3%
Empresa de Transmision Electrica SA, 5.125% Sr. Unsec. Nts., 5/2/491			4,440,000		5,125,425
Eskom Holdings SOC Ltd., 7.125% Sr. Unsec. Nts., 2/11/251			5,000,000		5,160,135
					10,285,560
Independent Power and Renewable Electricity Producers—0.3%
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad Itabo SA, 7.95% Sr. Unsec. Nts., 5/11/261			3,325,000		3,553,594
Azure Power Solar Energy Pvt Ltd., 5.65% Sr. Sec. Nts., 12/24/241			2,000,000		2,008,500
Inkia Energy Ltd., 5.875% Sr. Unsec. Nts., 11/9/271			5,865,000		6,106,990
					11,669,084
Total Corporate Bonds and Notes (Cost $612,520,205)					591,843,716
		Shares
Common Stock—0.0%
JSC Astana Finance, GDR1,9,10(Cost $0, Acquisition date 6/5/15)			868,851		—
		Principal Amount
Structured Securities—0.5%
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.003% Sr. Sec. Nts., 4/30/251,4			1,982,242		1,911,082
3.054% Sr. Sec. Nts., 4/30/251,4			2,525,682		2,435,013
3.098% Sr. Sec. Nts., 4/30/251,4			2,180,522		2,102,243
3.131% Sr. Sec. Nts., 4/30/251,4			1,949,112		1,879,141
3.179% Sr. Sec. Nts., 4/30/251,4			2,426,802		2,339,683
3.231% Sr. Sec. Nts., 4/30/251,4			2,769,826		2,670,392
3.265% Sr. Sec. Nts., 4/30/251,4			2,212,767		2,133,331
3.346% Sr. Sec. Nts., 4/30/251,4			2,079,907		2,005,241
Morgan Stanley, Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5.00%, 8/22/349	RUB		110,785,361		248,271
Total Structured Securities (Cost $19,449,800)					17,724,397
Short-Term Notes—8.4%
Arab Republic of Egypt Treasury Bills:
15.585%, 3/17/204	EGP		81,000,000		4,678,367
16.866%, 10/22/194	EGP		92,000,000		5,613,864
Argentine Republic Treasury Bills, 5.106%, 5/29/204	ARS		455,700,000		3,509,861
United States Treasury Bills:
1.873%, 10/17/194,11,12			200,000,000		199,841,852

61      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Principal Amount		Value
Short-Term Notes (Continued)
United States Treasury Bills: (Continued) 1.948%, 11/14/194,12	$	100,000,000	$	99,780,306
Total Short-Term Notes (Cost $320,438,523)				313,424,250

		Exercise Price	Expiration Date		Notional Amount (000’s)		Contracts (000’s)
Exchange-Traded Options Purchased—0.1%
							EUR
Euro-Bund Futures Put	EUR	170.000	10/25/19		EUR 136,000		1		26,159
							USD
S&P 500 Index Put	USD	2,675.000		3/20/20		USD 94,695		013		1,938,150
							USD
S&P 500 Index Put	USD	2,625.000		2/21/20		USD 49,350		013		709,700
Total Exchange-Traded Options Purchased (Cost $4,373,898)										2,674,009

	Counterparty		Exercise Price	Expiration Date	Notional Amount (000’s)
Over-the-Counter Options Purchased—0.6%
						BRL
BRL Currency Call	CITNA-B	BRL	3.861	11/18/19	BRL 193,025	193,025	50,739
						BRL
BRL Currency Call	MSCO	BRL	3.750	8/27/20	BRL 20,000	20,000	1,689,096
						BRL
BRL Currency Call14	JPM	BRL	3.200	10/17/19	BRL 5,000	5,000	—
						BRL
BRL Currency Call	JPM	BRL	3.918	11/19/19	BRL 195,900	195,900	103,590
						BRL
BRL Currency Call	GSCO-OT	BRL	3.513	10/30/19	BRL 351,250	351,250	—
						BRL
BRL Currency Call	SCB	BRL	3.508	11/1/19	BRL 350,800	350,800	351
						BRL
BRL Currency Put	GSCO-OT	BRL	3.350	12/6/19	BRL 3,000	3,000	180
						BRL
BRL Currency Put	GSCO-OT	BRL	3.400	12/10/19	BRL 3,000	3,000	839
						BRL
BRL Currency Put	GSCO-OT	BRL	3.430	3/30/20	BRL 5,000	5,000	124,415
						BRL
BRL Currency Put	GSCO-OT	BRL	3.432	3/27/20	BRL 5,000	5,000	121,753

62      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

	Counterparty		Exercise Price	Expiration Date	Notional Amount (000’s)	Contracts (000’s)	Value
Over-the-Counter Options Purchased (Continued)
BRL Currency Put	GSCO-OT	BRL	3.430	3/30/20	BRL 5,000	BRL 5,000	$      124,415
						EUR
EUR Currency Call	BOA	USD	1.153	12/17/19	EUR 250,000	250,000	145,850
						EUR
EUR Currency Put	SCB	IDR	15760.000	1/17/20	EUR 37,500	37,500	593,151
						EUR
EUR Currency Put	JPM	ZAR	15.720	1/23/20	EUR 50,000	50,000	354,301
						EUR
EUR Currency Put	JPM	NOK	8.200	11/27/19	EUR 5,000	5,000	—
						EUR
EUR Currency Put	GSCO-OT	INR	74.875	8/5/20	EUR 5,000	5,000	2,533,014
						EUR
EUR Currency Call	CITNA-B	USD	1.178	10/3/19	EUR 300,000	300,000	—
						EUR
EUR Currency Put	JPM	NOK	8.900	8/26/21	EUR 12,500	12,500	1,859,969
						EUR
EUR Currency Call	BOA	USD	1.170	10/31/19	EUR 300,000	300,000	1,593
						EUR
EUR Currency Put	BOA	JPY	96.000	10/25/19	EUR 100,000	100,000	446
						EUR
EUR Currency Put	CITNA-B	JPY	96.000	10/31/19	EUR 100,000	100,000	735
						EUR
EUR Currency Put	BOA	NOK	8.200	11/27/19	EUR 5,000	5,000	—
						EUR
EUR Currency Put	JPM	SEK	9.250	4/29/20	EUR 10,000	10,000	4,724
						EUR
EUR Currency Put	GSCO-OT	NOK	8.710	12/17/20	EUR 12,500	12,500	491,727
						EUR
EUR Currency Put	GSCO-OT	NOK	8.402	12/17/20	EUR 12,500	12,500	124,780
						IDR
IDR Currency Call	JPM	IDR	13885.000	1/20/20	IDR 694,250,000	694,250,000	138,850
						INR
INR Currency Put	GSCO-OT	INR	65.600	5/6/20	INR 2,500	2,500	154,300

63      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

	Counterparty		Exercise Price	Expiration Date	Notional Amount (000’s)	Contracts (000’s)	Value
Over-the-Counter Options Purchased (Continued)
						INR
INR Currency Put	JPM	INR	66.092	4/29/20	INR 5,000	5,000	$      407,618
						KRW
KRW Currency Call	GSCO-OT	KRW	1159.700	1/17/20	KRW 57,985,000	57,985,000	231,940
						MXN
MXN Currency Put	JPM	MXN	19.655	11/26/19	MXN 471,720	471,720	531,907
						MXN
MXN Currency Call15	CITNA-B	MXN	18.000	10/23/19	MXN 2,500	2,500	1,302
						MXN
MXN Currency Call	CITNA-B	MXN	19.380	8/5/20	MXN 726,750	726,750	545,157
						MXN
MXN Currency Call	JPM	MXN	19.655	11/26/19	MXN 471,720	471,720	206,793
						MXN
MXN Currency Call	CITNA-B	MXN	19.350	6/2/20	MXN 967,500	967,500	611,479
						MXN
MXN Currency Call	GSCO-OT	MXN	19.558	7/21/20	MXN 1,980,197	1,980,197	1,691,484
						MXN
MXN Currency Call	CITNA-B	MXN	18.905	5/21/20	MXN 1,890,500	1,890,500	693,038
						MXN
MXN Currency Call	JPM	MXN	19.375	6/2/20	MXN 968,750	968,750	628,496
						PHP
PHP Currency Call	GSCO-OT	PHP	51.000	11/11/19	PHP 3,825,000	3,825,000	109,395
						RUB
RUB Currency Put	GSCO-OT	RUB	58.500	8/4/20	RUB 5,500	5,500	984,320
						RUB
RUB Currency Put	JPM	RUB	59.000	8/5/20	RUB 5,500	5,500	1,167,473
						RUB
RUB Currency Call	GSCO-OT	RUB	62.000	4/8/20	RUB 7,750,000	7,750,000	625,735
						RUB
RUB Currency Call	GSCO-OT	RUB	60.000	12/18/19	RUB 5,700,000	5,700,000	22,629
						RUB
RUB Currency Put	GSCO-OT	RUB	57.300	3/30/20	RUB 10,000	10,000	421,908
						USD
S&P 500 Index Put	BOA	USD	2632.590	2/21/20	USD 49,493	013	756,858

64      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

	Counterparty		Exercise Price	Expiration Date	Notional Amount (000’s)	Contracts (000’s)	Value
Over-the-Counter Options Purchased (Continued)
						SGD
SGD Currency Put	GSCO-OT	CNH	5.050	10/21/19	SGD 75,000	75,000	$      15,434
						ZAR
ZAR Currency Call	GSCO-OT	ZAR	13.613	1/27/20	ZAR 680,625	680,625	101,447
						ZAR
ZAR Currency Call	GSCO-OT	ZAR	14.500	7/23/20	ZAR 1,413,750	1,413,750	2,000,103
TotalOver-the-Counter Options Purchased (Cost $52,330,325)							20,373,334

	Counterparty	Buy /Sell Protection	Reference Asset	Fixed Rate	Expiration Date	Notional Amount (000’s)
Over-the-Counter Credit Default Swaptions Purchased—0.0%
Credit Default Swap maturing 6/20/24 Call	JPM	Sell	iTraxx Europe Crossover Series 31 Version 1	3.00%	12/18/19	EUR 50,000	378,017
Credit Default Swap maturing 6/20/24 Put	JPM	Buy	iTraxx Europe Crossover Series 31 Version 1	3.00	12/18/19	EUR 50,000	623,479
TotalOver-the-Counter Credit Default Swaptions Purchased (Cost $1,338,078)							1,001,496

	Counterparty	Pay/Receive Floating Rate	Floating Rate	Fixed Rate	Expiration Date	Notional Amount (000’s)
Over-the-Counter Interest Rate Swaptions Purchased—0.9%
Interest Rate Swap maturing 1/9/20 Call	GSCOI	Pay	Three-Month USD BBA LIBOR	1.600%	1/9/20	USD 384,100	1,397,310
Interest Rate Swap maturing 11/14/19 Put	JPM	Receive	Three-Month USD BBA LIBOR	1.865	11/14/19	USD 40,000	478,790
Interest Rate Swap maturing 3/27/20 Put	MSCO	Receive	Six-Month EUR EURIBOR	0.434	3/27/20	EUR 187,500	235,425
Interest Rate Swap Maturing 3/29/21 Put	JPM	Receive	Six-Month EUR EURIBOR	1.122	3/29/21	EUR 1,500,000	139,296

65      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

		Pay/Receive Floating	Floating	Fixed		Expiration		Notional Amount
	Counterparty	Rate	Rate	Rate		Date		(000’s)	Value
Over-the-Counter Interest Rate Swaptions Purchased (Continued)
Interest Rate Swap Maturing 3/30/20 Put	BOA	Receive	Three- Month CAD BA CDOR		2.588%		3/30/20	CAD 1,333,000	$    1,265,970
Interest Rate Swap Maturing 4/12/21 Put	JPM	Receive	Six-Month EUR EURIBOR		0.615		4/12/21	EUR 500,000	9,515
Interest Rate Swap Maturing 4/6/21 Put	JPM	Receive	Six-Month EUR EURIBOR		0.608		4/6/21	EUR 500,000	9,270
Interest Rate Swap maturing 8/16/24 Put	JPM	Receive	Six-Month EUR EURIBOR		2.098		8/16/24	EUR 100,000	1,449,012
Interest Rate Swap maturing 8/17/20 Put	MSCO	Receive	Three-Month USD BBA LIBOR		1.695		8/17/20	USD 116,000	2,063,739
Interest Rate Swap maturing 8/17/20 Put	JPM	Receive	Three-Month USD BBA LIBOR		2.500		8/17/20	USD 500,000	3,904,885
Interest Rate Swap maturing 8/17/20 Put	GSCOI	Receive	Three-Month USD BBA LIBOR		2.500		8/17/20	USD 250,000	1,952,442
Interest Rate Swap maturing 8/26/20 Put	MSCO	Receive	Three-Month USD BBA LIBOR		2.500		8/26/20	USD 750,000	1,586,310
Interest Rate Swap maturing 9/17/77 Put	JPM	Pay	Six-Month EUR EURIBOR		1.600		9/15/37	EUR 160,000	18,973,139
TotalOver-the-Counter Interest Rate Swaptions Purchased (Cost $61,542,723)									33,465,103

	Shares
Investment Companies—5.8%
Invesco Government & Agency Portfolio, Institutional Class, 1.83%16		212,617,419		212,617,419
OFI Carlyle Private Credit Fund, Cl. I17		328,742		3,151,903
Total Investment Companies (Cost $215,837,538)				215,769,322
Total Investments, at Value (Cost $3,860,382,345)		98.7%		3,673,969,450
Net Other Assets (Liabilities)		1.3		49,532,875
Net Assets		100.0%	$	3,723,502,325

66      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Footnotes to Consolidated Statement of Investments

1. 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 September 30, 2019 was $1,413,437,445, which represented 37.96% of the Fund’s Net Assets.

2. Represents the current interest rate for a variable or increasing rate security, which may be fixed for a predetermined period. The interest rate is, or will be as of an established date, determined as [Referenced Rate + Basis-point spread].

3. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate.

4. Zero coupon bond reflects effective yield on the original acquisition date.

5. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

6. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

7. Interest or dividend ispaid-in-kind, when applicable.

8. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

9. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Consolidated Notes.

10.Non-income producing security.

11. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $5,295,809. See Note 4 of the accompanying Consolidated Notes.

12. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $116,608,350. See Note 4 of the accompanying Consolidated Notes.

13. Number of contracts are less than 500.

14.One-Touch Binary option becomes eligible for exercise if at any time spot rates are less than or equal to 3.2 BRL per 1 USD.

15.One-Touch Binary option becomes eligible for exercise if at any time spot rates are less than or equal to 18 MXN per 1 USD.

16. The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the7-day SEC standardized yield as of September 30, 2019.

17. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares September 30, 2018		Gross Additions		Gross Reductions		Shares September 30, 2019
Investment Company
OFI Carlyle Private Credit Fund, Cl. I		—		328,742		—		328,742
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Investment Company
OFI Carlyle Private Credit Fund, Cl. I	$	3,151,903	$	185,794	$	—	$	(68,216	)

67      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings (Unaudited)	Value		Percent
United States	$	551,380,039		15.1	%
India		395,998,105		10.7
Mexico		317,534,551		8.6
United Kingdom		247,326,820		6.7
Indonesia		229,246,987		6.2
South Africa		179,131,566		4.9
Brazil		148,368,024		4.0
Spain		126,476,576		3.4
Greece		115,757,428		3.1
Egypt		103,768,458		2.8
Italy		92,516,180		2.5
Thailand		91,229,645		2.5
Russia		79,176,458		2.2
Peru		64,829,495		1.8
New Zealand		64,541,112		1.8
Switzerland		64,429,049		1.8
Malaysia		63,417,519		1.7
France		62,436,274		1.7
Turkey		58,343,938		1.6
Argentina		56,567,615		1.5
Colombia		50,597,565		1.4
Sri Lanka		41,029,691		1.1
Austria		32,471,260		0.9
Ukraine		31,909,132		0.9
Ireland		30,739,165		0.8
Ecuador		28,364,649		0.8
Cyprus		27,076,528		0.7
Senegal		25,157,256		0.7
Singapore		24,910,773		0.7
Dominican Republic		23,570,132		0.6
Eurozone		21,817,154		0.6
Portugal		20,984,045		0.6
China		17,619,416		0.5
Oman		16,431,631		0.4
Angola		14,590,560		0.4
Ivory Coast		14,012,343		0.4
Kazakhstan		12,671,496		0.3
Azerbaijan		11,299,208		0.3
United Arab Emirates		11,184,625		0.3
Panama		10,531,005		0.3
El Salvador		10,470,876		0.3
Kenya		9,981,079		0.3
Fiji		9,264,996		0.3
Tajikistan		8,435,316		0.2
Nigeria		7,442,167		0.2
Germany		6,514,829		0.2

68      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Geographic Holdings (Unaudited) (Continued)	Value		Percent
Gabon	$	6,288,783		0.2	%
Netherlands		5,021,615		0.1
Bahrain		4,547,705		0.1
Supranational		4,289,271		0.1
Chile		4,040,361		0.1
Mauritius		3,313,538		0.1
Jersey, Channel Islands		3,097,245		0.1
Macau		2,625,000		0.1
Costa Rica		2,552,823		0.1
Hong Kong		2,550,688		0.1
Norway		2,476,475		0.1
Canada		1,265,970		0.0
South Korea		231,940		0.0
Philippines		109,395		0.0
Sweden		4,724		0.0
Japan		1,181		0.0
Total	$	3,673,969,450		100.0	%

Forward Currency Exchange Contracts as of September 30, 2019
Counterparty	Settlement Month(s)	Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation	Unrealized Depreciation
BAC	05/2020	CLP	2,018,340	USD	2,946	$                —	$    (163,686)
BAC	10/2019 - 11/2019	EUR	173,140	USD	193,242	—	(3,882,996)
BAC	10/2019	KRW	26,354,000	USD	21,976	56,036	—
BAC	11/2019	NOK	728,800	USD	81,964	—	(1,791,817)
BAC	11/2019	USD	2,950	EUR	2,635	67,216	—
BAC	11/2019	USD	20,192	GBP	16,450	—	(75,306)
BAC	10/2019	USD	22,130	KRW	26,354,000	97,648	—
BAC	12/2019	USD	38,330	MYR	161,610	—	(177,940)
BAC	11/2019	USD	157,344	NOK	1,413,525	1,846,954	—
BAC	11/2019	USD	64,460	NZD	101,500	823,905	—
BAC	12/2019	USD	18,131	SGD	25,130	—	(67,790)
BAC	12/2019	ZAR	489,479	USD	32,537	69,581	(613,800)
BNP	11/2019	EUR	9,450	USD	10,439	—	(99,164)
BOA	11/2019	CAD	100,655	USD	76,284	—	(248,767)
BOA	11/2019	EUR	57,310	USD	64,279	—	(1,572,800)
BOA	01/2020	IDR	278,850,000	USD	19,502	—	(130,277)
BOA	11/2019	JPY	15,000,000	USD	142,518	—	(3,312,743)
BOA	12/2019	KRW	12,237,650	USD	10,049	178,820	—
BOA	11/2019	NOK	660,000	USD	74,238	—	(1,633,562)
BOA	11/2019	NZD	4,625	USD	3,036	—	(135,981)
BOA	10/2019	USD	2,142	ARS	126,400	—	(7,982)
BOA	11/2019	USD	127,290	EUR	113,400	3,211,401	—
BOA	03/2020	ZAR	660,880	USD	46,060	—	(3,334,434)
CITNA-B	10/2019 - 11/2019	BRL	852,296	USD	203,746	1,237,982	—
CITNA-B	12/2019 - 05/2020	CLP	36,873,359	USD	52,200	—	(1,515,334)
CITNA-B	12/2019	COP	70,005,250	USD	20,273	—	(230,000)
CITNA-B	11/2019	EUR	219,135	USD	244,790	—	(5,019,952)
CITNA-B	11/2019	GBP	4,260	USD	5,277	—	(27,883)
CITNA-B	12/2019	HUF	13,456,500	USD	45,303	—	(1,289,732)

69      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)	Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation	Unrealized Depreciation
CITNA-B	11/2019	JPY	24,084,621	USD	225,495	$                —	$    (1,992,264)
CITNA-B	11/2019	NOK	990,000	USD	111,274	—	(2,367,273)
CITNA-B	12/2019	PLN	117,570	USD	29,959	—	(606,701)
CITNA-B	12/2019	RUB	1,629,900	USD	24,707	162,068	—
CITNA-B	10/2019	TRY	30,240	USD	5,078	248,563	—
CITNA-B	10/2019 - 11/2019	USD	232,568	BRL	972,553	—	(1,287,266)
CITNA-B	11/2019 - 12/2019	USD	76,217	CLP	54,358,700	1,572,068	—
CITNA-B	12/2019	USD	57,483	COP	198,501,700	652,171	—
CITNA-B	11/2019	USD	261,245	EUR	234,385	4,789,244	—
CITNA-B	12/2019	USD	386,348	MXN	7,663,522	2,824,964	—
CITNA-B	11/2019	USD	57,851	NOK	520,000	648,061	—
CITNA-B	12/2019	USD	54,654	PEN	185,600	—	(234,820)
CITNA-B	12/2019	USD	92,196	RUB	6,095,500	243,774	(1,034,758)
CITNA-B	11/2019	USD	63,041	SEK	604,450	1,431,078	—
CITNA-B	12/2019	USD	82,917	THB	2,552,600	—	(669,972)
CITNA-B	12/2019	USD	49,268	TRY	286,885	—	(263,067)
CITNA-B	12/2019	USD	24,009	ZAR	358,620	569,036	—
DEU	11/2019	SEK	1,000,000	USD	104,962	—	(3,034,891)
GSCO-OT	03/2021	BRL	138,847	USD	33,473	—	(1,362,604)
GSCO-OT	11/2019	CLP	45,054,400	USD	63,257	—	(1,392,543)
GSCO-OT	10/2019 - 12/2020	EUR	257,085	USD	296,069	—	(10,898,306)
GSCO-OT	05/2020	INR	1,723,538	USD	23,750	—	(38,447)
GSCO-OT	10/2019	KRW	65,500,000	USD	55,263	—	(503,519)
GSCO-OT	02/2021	RUB	2,279,500	USD	33,488	—	(468,190)
GSCO-OT	10/2019	TRY	255,592	USD	42,733	2,284,671	—
GSCO-OT	11/2019	USD	50,891	AUD	75,010	175,636	—
GSCO-OT	03/2020 - 03/2021	USD	111,931	BRL	459,119	3,580,913	—
GSCO-OT	11/2019	USD	76,173	CAD	100,645	145,038	—
GSCO-OT	11/2019 - 05/2020	USD	65,638	CLP	45,467,415	3,120,855	—
GSCO-OT	10/2019 - 05/2020	USD	139,680	EUR	125,750	2,009,346	—
GSCO-OT	05/2020 - 08/2020	USD	72,522	INR	5,336,153	61,526	(412,150)
GSCO-OT	10/2019	USD	54,620	KRW	65,500,000	—	(139,272)
GSCO-OT	12/2020	USD	90,750	NOK	768,075	6,252,807	—
GSCO-OT	12/2019	USD	33,363	RUB	2,182,500	204,079	(137,791)
GSCO-OT	10/2019 - 02/2020	USD	46,588	TRY	312,745	—	(8,098,004)
GSCO-OT	01/2020 - 03/2020	USD	90,065	ZAR	1,373,180	1,040,398	—
GSCO-OT	01/2020 - 03/2020	ZAR	779,890	USD	50,966	—	(298,191)
HSBC	11/2019	EUR	1,060	USD	1,184	—	(23,714)
HSBC	11/2019	JPY	12,592,000	USD	119,652	—	(2,793,977)
HSBC	11/2019	NOK	600,000	USD	67,494	—	(1,490,233)
HSBC	11/2019	USD	152,719	EUR	135,585	4,376,426	—
JPM	11/2019 - 01/2020	AUD	150,000	USD	101,744	—	(234,817)
JPM	10/2019 - 04/2020	BRL	1,667,961	USD	408,978	429,611	(8,534,653)
JPM	12/2019 - 05/2020	CLP	12,084,700	USD	17,056	—	(438,766)
JPM	11/2019 - 08/2021	EUR	487,260	USD	547,650	—	(10,890,114)
JPM	11/2019	GBP	144,890	USD	176,735	1,781,189	—
JPM	12/2019	IDR	2,976,730,000	USD	204,854	3,003,760	—
JPM	12/2019 - 08/2020	INR	8,754,900	USD	120,139	1,099,456	—

70      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)	Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation	Unrealized Depreciation
JPM	11/2019	JPY	29,224,348	USD	276,244	$                  —	$    (5,048,986)
JPM	11/2019	MXN	2,602,694	USD	130,861	—	(241,288)
JPM	12/2019 - 12/2020	NOK	1,536,150	USD	175,403	—	(6,369,890)
JPM	12/2019	PLN	132,910	USD	34,395	—	(1,213,091)
JPM	12/2019	RUB	2,279,500	USD	35,316	—	(547,130)
JPM	11/2019	SEK	587,230	USD	61,630	—	(1,775,152)
JPM	10/2019	TRY	25,274	USD	4,400	49,885	—
JPM	11/2019	USD	50,739	AUD	75,000	30,263	—
JPM	10/2019	USD	354,908	BRL	1,452,973	5,574,958	(363,933)
JPM	11/2019 - 12/2020	USD	343,440	EUR	303,560	8,284,109	—
JPM	11/2019	USD	213,285	GBP	174,855	—	(2,149,560)
JPM	12/2019	USD	45,669	HUF	13,183,000	2,549,736	—
JPM	12/2019 - 01/2020	USD	320,292	IDR	4,644,549,000	128,173	(4,053,442)
JPM	12/2019	USD	370,103	INR	26,651,100	—	(3,464,527)
JPM	11/2019	USD	49,996	JPY	5,363,695	225,226	—
JPM	12/2019 - 08/2021	USD	234,487	NOK	2,076,925	6,034,569	—
JPM	12/2019	USD	32,762	PLN	126,600	1,155,499	—
JPM	02/2021	USD	33,432	RUB	2,279,500	412,198	—
JPM	11/2019	USD	35,989	SEK	344,610	863,649	—
JPM	12/2019	USD	216,867	ZAR	3,360,130	—	(2,755,294)
MOS	05/2020	CLP	3,307,200	USD	4,813	—	(252,755)
MOS	11/2019	NOK	546,570	USD	61,416	—	(1,289,630)
MOS	11/2019	PLN	401,140	USD	103,807	—	(3,703,403)
MOS	08/2020	USD	43,200	BRL	184,118	—	(164,555)
MOS	11/2019	USD	66,545	SEK	638,170	1,498,420	—
RBC	11/2019	EUR	94,360	USD	105,985	—	(2,740,145)
RBC	11/2019	GBP	38,675	USD	47,261	570,030	(180,213)
RBC	11/2019	JPY	13,510,000	USD	127,922	—	(2,552,176)
RBC	11/2019	USD	282,407	EUR	251,000	7,781,630	—
SCB	10/2019	KRW	39,146,000	USD	32,643	83,236	—
SCB	10/2019	USD	32,293	KRW	39,146,000	—	(433,314)
Total Unrealized Appreciation and Depreciation						$    85,537,862	$    (124,276,733)

Futures Contracts as of September 30, 2019
Description	Buy/Sell	Expiration Date	Number of Contracts	Notional Amount (000’s)	Value	Unrealized Appreciation/ (Depreciation)
Euro BUXL	Sell	12/6/19	367	EUR 86,370	$    87,002,532	$     (632,764)
Euro-BTP	Sell	12/6/19	458	EUR 72,044	72,802,904	(758,780)
United States
Treasury Long
Bonds	Sell	12/19/19	36	USD   5,946	5,843,250	103,140
						$    (1,288,404)

71      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Exchange-Traded Options Written at September 30, 2019

Description

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

USD

S&P 500 Index Put

2,400.000

3/20/20

USD (0)1

USD 84,960

$

1,452,448

$

(796,500)

USD

S&P 500 Index Put

2,350.000

2/21/20

USD (0)1

USD 44,180

444,980

(255,680)

Total Exchange-Traded Options Written

$

1,897,428

$

(1,052,180)

1. Number of contracts less than 500.

Over-the-Counter Options Written at September 30, 2019

Description

Counterparty

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

BRL

BRL

BRL Currency Put

CITNA-B

4.239

11/18/19

(211,925)

BRL 211,925

$

557,158

$

(613,211)

BRL

BRL

BRL Currency Put1

GSCO-OT

4.500

12/6/19

(3,000)

BRL 3,000

531,600

(293,435)

BRL

BRL

BRL Currency Put

GSCO-OT

4.026

10/30/19

(201,275)

BRL 201,275

1,132,450

(1,766,597)

BRL

BRL

BRL Currency Put2

GSCO-OT

4.500

3/30/20

(5,000)

BRL 5,000

874,000

(1,023,675)

BRL

BRL

BRL Currency Put2

GSCO-OT

4.500

3/30/20

(5,000)

BRL 5,000

874,000

(1,023,675)

BRL

BRL

BRL Currency Put2

GSCO-OT

4.500

3/27/20

(5,000)

BRL 5,000

872,000

(1,018,838)

BRL

BRL

BRL Currency Put1

GSCO-OT

4.500

12/10/19

(3,000)

BRL 3,000

624,000

(307,224)

BRL

BRL

BRL Currency Put3

GSCO-OT

4.230

3/4/21

(211,500)

BRL 211,500

2,369,000

(3,478,010)

BRL

BRL

BRL Currency Put3

JPM

4.250

3/4/21

(212,500)

BRL 212,500

2,242,500

(3,387,161)

BRL

BRL

BRL Currency Put

JPM

4.306

11/19/19

(215,300)

BRL 215,300

576,000

(418,836)

BRL

BRL

BRL Currency Put

MSCO

3305.000

10/9/19

(165,250,000)

BRL 165,250,000

589,000

(2,531,630)

CLP

CLP

CLP Currency Put4

GSCO-OT

700.000

5/11/20

(35,000,000)

CLP 35,000,000

1,280,000

(2,410,100)

COP

COP

COP Currency Put

GSCO-OT

3330.000

10/24/19

(249,750,000)

COP 249,750,000

553,575

(3,331,665)

72      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Options Written (Continued)

Description

Counterparty

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

USD

EUR

EUR Currency Put

BOA

1.109

12/17/19

(250,000)

EUR 250,000

$

1,746,675

$

(4,296,400)

ZAR

EUR

EUR Currency Call

BOA

20.000

8/5/20

(5,000)

EUR 5,000

1,091,097

(965,049)

USD

EUR

EUR Currency Call

BOA

1.150

10/31/19

(100,000)

EUR 100,000

352,245

(3,304)

USD

EUR

EUR Currency Call

BOA

1.194

12/17/19

(250,000)

EUR 250,000

915,499

(20,208)

RUB

EUR

EUR Currency Call

BOA

73.090

12/20/19

(50,000)

EUR 50,000

596,585

(741,166)

USD

EUR

EUR Currency Call

CITNA-B

1.155

10/3/19

(100,000)

EUR 100,000

842,515

—

RUB

EUR

EUR Currency Call

GSCOI

72.860

12/16/19

(90,000)

EUR 90,000

1,001,968

(1,334,099)

INR

EUR

EUR Currency Call

GSCO-OT

90.000

8/5/20

(5,000)

EUR 5,000

977,289

(417,384)

ZAR

EUR

EUR Currency Call

GSCO-OT

20.000

8/4/20

(5,000)

EUR 5,000

785,466

(961,892)

NOK

EUR

EUR Currency Call5

GSCO-OT

11.000

12/17/20

(10,000)

EUR 10,000

2,161,338

(1,617,178)

INR

EUR

EUR Currency Call6

GSCO-OT

90.000

5/6/20

(2,500)

EUR 2,500

439,129

(133,863)

INR

EUR

EUR Currency Call7

JPM

90.000

4/29/20

(5,000)

EUR 5,000

795,265

(259,236)

ZAR

EUR

EUR Currency Call

JPM

17.290

1/23/20

(50,000)

EUR 50,000

919,875

(1,323,177)

ZAR

EUR

EUR Currency Put

JPM

14.760

1/23/20

(50,000)

EUR 50,000

345,650

(53,666)

NOK

EUR

EUR Currency Call

JPM

11.000

8/26/21

(6,250)

EUR 6,250

1,860,122

(1,705,776)

ZAR

EUR

EUR Currency Call

JPM

18.395

2/20/20

(100,000)

EUR 100,000

3,189,751

(1,527,587)

BRL

EUR

EUR Currency Call

MSCO

5.250

8/24/21

(37,500)

EUR 37,500

2,107,511

(2,373,705)

IDR

EUR

EUR Currency Call

SCB

16890.000

1/17/20

(37,500)

EUR 37,500

320,796

(137,120)

73      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Over-the-Counter Options Written (Continued)

Description

Counterparty

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

IDR

IDR

IDR Currency Put

GSCO-OT

15360.000

6/18/20

(1,536,000,000)

IDR 1,536,000,000

$

2,160,000

$

(1,290,240)

IDR

IDR

IDR Currency Put

JPM

14830.000

1/20/20

(741,500,000)

IDR 741,500,000

384,086

(318,845)

IDR

IDR

IDR Currency Put

SCB

14700.000

11/27/19

(1,470,000,000)

IDR 1,470,000,000

903,020

(279,300)

JPY

JPY

JPY Currency Call

BOA

106.500

10/25/19

(10,650,000)

JPY 10,650,000

688,000

(253,896)

JPY

JPY

JPY Currency Call

CITNA-B

106.500

10/31/19

(10,650,000)

JPY 10,650,000

728,000

(369,555)

JPY

JPY

JPY Currency Call

SCB

106.650

10/28/19

(15,997,500)

JPY 15,997,500

1,071,000

(458,488)

KRW

KRW

KRW Currency Put

GSCO-OT

1213.250

1/17/20

(60,662,500)

KRW 60,662,500

355,999

(504,712)

KRW

KRW

KRW Currency Call

GSCO-OT

1122.350

1/17/20

(56,117,500)

KRW 56,117,500

171,950

(46,016)

MXN

MXN

MXN Currency Put

CITNA-B

22.880

8/5/20

(858,000)

MXN 858,000

763,568

(570,707)

MXN

MXN

MXN Currency Put

CITNA-B

22.100

5/21/20

(2,210,000)

MXN 2,210,000

1,879,881

(1,391,991)

MXN

MXN

MXN Currency Put

CITNA-B

22.940

6/2/20

(1,147,000)

MXN 1,147,000

1,090,181

(490,331)

MXN

MXN

MXN Currency Put

GSCO-OT

21.996

7/21/20

(2,969,460)

MXN 2,969,460

2,663,145

(2,805,249)

MXN

MXN

MXN Currency Call

JPM

20.240

5/27/20

(607,200)

MXN 607,200

1,321,200

(886,033)

MXN

MXN

MXN Currency Put

JPM

20.240

5/27/20

(607,200)

MXN 607,200

1,321,200

(1,203,792)

MXN

MXN

MXN Currency Put

JPM

23.005

6/2/20

(1,150,250)

MXN 1,150,250

1,082,500

(475,122)

PLN

PLN

PLN Currency Put

GSCO-OT

4.050

2/26/20

(1,012,500)

PLN 1,012,500

4,090,750

(3,965,993)

RUB

RUB

RUB Currency Call

CITNA-B

63.040

12/16/19

(2,836,800)

RUB 2,836,800

402,075

(160,676)

RUB

RUB

RUB Currency Put

GSCO-OT

72.000

4/8/20

(9,000,000)

RUB 9,000,000

3,902,625

(1,312,740)

74      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Options Written (Continued)
Description	Counterparty		Exercise Price		Expiration Date		Number of Contracts (000’s)			Notional Amount (000’s)		Premiums Received		Value
				USD				USD
S&P 500 Index Put		BOA		2355.470		2/21/20		0	1		USD 44,283	$	460,969	$	(271,724)
				CNH				SGD
SGD Currency Call		GSCO-OT		5.110		10/21/19		(75,000)			SGD 75,000		204,044		(668,256)
				CNH				SGD
SGD Currency Put		GSCO-OT		4.990		10/21/19		(75,000)			SGD 75,000		71,691		(5,424)
				THB				THB
THB Currency Put		SCB		31.500		12/20/19		(3,150,000)			THB 3,150,000		568,100		(204,246)
				TRY				TRY
TRY Currency Put		GSCO-OT		6.750		1/15/20		(337,500)			TRY 337,500		2,346,600		(340,420)
				TRY				TRY
TRY Currency Call		GSCO-OT		5.652		1/28/20		(565,200)			TRY 565,200		1,327,800		(1,685,607)
				TRY				TRY
TRY Currency Put		GSCO-OT		6.726		1/28/20		(336,300)			TRY 336,300		1,095,400		(433,161)
				ZAR				ZAR
ZAR Currency Put		GSCO-OT		16.208		1/27/20		(810,376)			ZAR 810,376		1,465,301		(900,886)
				ZAR				ZAR
ZAR Currency Put		GSCO-OT		16.000		7/23/20		(2,080,000)			ZAR 2,080,000		3,784,819		(6,456,965)
TotalOver-the-Counter Options Written												$	69,827,963	$	(67,225,242)

1.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 3.6 BRL per 1 USD.

2.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 3.7 BRL per 1 USD.

3.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 3.61 BRL per 1 USD.

4.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 650 CLP per 1 USD.

5.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 9.40 NOK per 1 EUR.

6.Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 75 INR per 1 USD.

7. Upper Barrier Level: 90 INR/EUR. Lower Barrier Level: 75 INR/EUR. If at any time during the Event Period, the Spot Exchange Rate, in accordance with the Barrier Event Rate Source B, is equal to or less than the Lower Barrier Level this Transaction will automatically terminate without any payment obligation on the part of either party (except in respect of the Premium). Provided aKnock-Out event has not occurred, if at the Expiration Time on the Expiration Date: (i) the Spot Exchange Rate, in accordance with the Barrier Event Rate Source A, is equal to or greater than the Upper Barrier Level, this Transaction will be automatically exercised and the Seller shall pay the Settlement Amount to the Buyer on the Settlement Date. (ii) the Spot Exchange Rate, in accordance with the Barrier Event Rate Source A, is not equal to or greater than the Upper Barrier Level, this Transaction shall expire without any payment obligation on the part of either party (except in respect of the Premium) at the Expiration Time on the Expiration Date. If aKnock-Out event has occurred, notwithstanding the above, this Transaction will automatically terminate without any payment obligation on the part of either party (except in respect of the Premium).

Centrally Cleared Credit Default Swaps at September 30, 2019

Reference Asset

Buy/Sell Protection

Fixed Rate

Maturity Date

Notional Amount (000’s)

Premiums Received/ (Paid)

Value

Unrealized Appreciation/ (Depreciation)

Brazilian Government International

Sell

1.000

%

6/20/22

USD 15,000

$

928,605

$

83,466

$

1,012,071

75      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Centrally Cleared Credit Default Swaps (Continued)
Reference Asset	Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)		Value		Unrealized Appreciation/ (Depreciation)
Brazilian Government International		Buy		1.000%		12/20/24		USD 13,750	$	(280,330)	$	244,426	$	(35,904)
CDX.EM.31		Buy		1.000		6/20/24		USD 58,700		(2,707,007)		2,737,174		30,167
Colombia Government International		Buy		1.000		12/20/24		USD 15,000		44,311		(51,890)		(7,579)
Indonesia Government International		Buy		1.000		12/20/24		USD 15,000		69,698		(73,911)		(4,213)
Intesa Sanpaolo S.p.A.		Buy		1.000		12/20/21		EUR 15,000		(548,711)		(192,998)		(741,709)
Mexico Government International		Buy		1.000		12/20/24		USD 27,500		(228,893)		211,187		(17,706)
Republic Of Italy Government I		Sell		1.000		12/20/21		USD 16,000		585,507		121,708		707,215
Republic Of South Africa Gover		Buy		1.000		12/20/24		USD 5,000		(231,039)		220,586		(10,453)
Total Centrally Cleared Credit Default Swaps									$	(2,367,859)	$	3,299,748	$	931,889

Over-the-Counter Credit Default Swaps at September 30, 2019

Reference Asset

Counterparty

Buy/Sell Protection

Fixed Rate

Maturity Date

Notional Amount (000’s)

Premiums Received/ (Paid)

Value

Unrealized Appreciation/ (Depreciation)

Hellenic Republic

BAC

Sell

1.000%

6/20/25

USD 5,000

$

831,849

$

(319,121)

$

512,728

Hellenic Republic

BAC

Sell

1.000

6/20/25

USD 12,500

1,872,869

(797,803)

1,075,066

Hellenic Republic

BAC

Sell

1.000

12/20/25

USD 23,250

3,615,506

(1,729,371)

1,886,135

Hellenic Republic

BAC

Sell

1.000

12/20/19

USD 16,650

249,821

30,400

280,221

Hellenic Republic

GSCOI

Sell

1.000

6/20/25

USD 5,000

788,898

(319,121)

469,777

Hellenic Republic

Government Bond

BAC

Sell

1.000

6/20/29

USD 12,500

2,405,132

(1,667,844)

737,288

Hellenic Republic

Government Bond

BAC

Sell

1.000

6/20/26

USD 18,750

2,339,101

(1,584,808)

754,293

Hellenic Republic

Government Bond

BAC

Sell

1.000

6/20/26

USD 20,000

2,309,198

(1,690,461)

618,737

Hellenic Republic

Government Bond

BAC

Sell

1.000

6/20/24

USD 16,500

1,137,077

(699,572)

437,505

Hellenic Republic

Government Bond

BOA

Sell

1.000

6/20/24

USD 5,000

409,667

(211,991)

197,676

Hellenic Republic

Government Bond

BOA

Sell

1.000

6/20/26

USD 20,500

2,487,399

(1,732,723)

754,676

ICICI Bank Ltd.

GSCO-OT

Sell

1.000

12/20/19

USD 10,000

359,971

23,996

383,967

iTraxx Europe

Crossover Series 24

Version 1

JPM

Sell

5.000

12/20/20

EUR 5,000

(361,394)

231,652

(129,742)

Lloyds Banking

Group plc

JPM

Buy

1.000

6/20/24

EUR 2,500

(109,686)

59,824

(49,862)

Oriental Republic of

Uruguay

BOA

Sell

1.000

12/20/21

USD 14,802

267,519

(28,531)

238,988

76      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Credit Default Swaps (Continued)
Reference Asset	Counterparty	Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)			Value			Unrealized Appreciation/ (Depreciation)
Royal Bank Of Scotland Group plc	JPM		Buy		1.000%		6/20/24		EUR     2,500	$	(125,923	)	$	73,622		$	(52,301	)
TotalOver-the-Counter Credit Default Swaps										$	18,477,004		$	(10,361,852	)	$	8,115,152

Centrally Cleared Interest Rate Swaps at September 30, 2019
Counterparty	Pay/Receive Floating Rate		Floating Rate	Fixed Rate		Maturity Date		Notional Amount (000’s)	Premiums Received / (Paid)			Value			Unrealized Appreciation/ (Depreciation)
BAC		Receive	Six-Month EUR EURIBOR		1.123%		3/8/28	EUR 8,250	$	—		$	(1,136,038	)	$	(1,136,038	)
BNP		Pay	BZDIOVRA		–		1/4/27	BRL 191,000		—			440,575			440,575
BOA		Receive	BBSW6M		1.655		7/16/29	AUD 113,025		—			(3,496,923	)		(3,496,923	)
BOA		Receive	Three-Month USD BBA LIBOR		2.307		4/2/24	USD 52,900		—			(2,117,969	)		(2,117,969	)
BOA		Pay	MXN TIIE BANXICO		6.500		11/24/26	MXN 500,000		(7	)		(242,939	)		(242,946	)
BOA		Pay	BZDIOVRA		6.630		1/2/25	BRL 113,600		—			186,071			186,071
CITNA-B		Pay	COOVIBR		5.220		8/12/29	COP 40,650,000		—			35,389			35,389
CITNA-B		Pay	COOVIBR		5.200		8/1/29	COP 44,884,000		—			27,176			27,176
CITNA-B		Pay	COOVIBR		4.990		5/2/20	COP 105,000,000		218,366			(196,353	)		22,013
CITNA-B		Pay	Six-Month HUF BUBOR		2.205		3/8/28	HUF 2,750,000		—			927,082			927,082
DEU		Pay	JIBA3M		8.420		8/29/28	ZAR 556,000		—			2,197,037			2,197,037
DEU		Pay	MXN TIIE BANXICO		8.525		1/15/24	MXN 480,000		—			1,859,476			1,859,476
DEU		Pay	MXN TIIE BANXICO		8.120		5/5/21	MXN 1,625,000		—			1,698,063			1,698,063
DEU		Pay	MXN TIIE BANXICO		7.340		7/24/29	MXN 263,300		—			536,091			536,091
GSCOI		Receive	CPURNSA		1.883		7/19/24	USD 108,000		—			(1,730,549	)		(1,730,549	)
GSCOI		Pay	Six-Month PLN WIBOR WIBO		1.780		6/10/21	PLN 200,000		(30,941	)		31,413			472
GSCOI		Receive	WIBR6M		2.095		5/30/24	PLN 99,000		—			(518,729	)		(518,729	)
GSCOI		Receive	Three-Month USD BBA LIBOR		1.666		8/7/29	USD 10,730		—			(83,834	)		(83,834	)
GSCOI		Receive	Three-Month USD BBA LIBOR		2.512		4/29/29	USD 16,800		—			(1,524,266	)		(1,524,266	)
GSCOI		Pay	JIBA3M		8.690		8/8/29	ZAR 644,500		—			129,172			129,172
GSCOI		Pay	Six-Month PLN WIBOR WIBO		1.775		10/10/21	PLN 95,000		3,197			234,988			238,185
GSCOI		Pay	MXN TIIE BANXICO		7.200		7/27/22	MXN 1,252,000		—			1,078,767			1,078,767
GSCOI		Pay	SORF6M		1.980		3/4/21	SGD 172,000		—			670,768			670,768
GSCOI		Receive	SORF6M		2.073		3/4/24	SGD 70,500		—			(1,125,846	)		(1,125,846	)

77      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Centrally Cleared Interest Rate Swaps (Continued)
Counterparty	Pay/Receive Floating Rate		Floating Rate	Fixed Rate			Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)			Value			Unrealized Appreciation/ (Depreciation)
GSCOI		Pay	MXN TIIE BANXICO		8.620%			12/26/28		MXN  247,400	$	—		$	1,666,651		$	1,666,651
GSCOI		Pay	Six-Month PLN WIBOR WIBO		2.580			2/6/23		PLN 115,000		—			1,256,711			1,256,711
GSCOI		Pay	Six-Month GBP BBA LIBOR		3.450			10/15/25		GBP 49,000		—			(917,787	)		(917,787	)
GSCOI		Receive	CPURNSA		1.869			7/22/24		USD 108,000		—			(1,502,089	)		(1,502,089	)
GSCOI		Receive	CPURNSA		1.873			7/25/24		USD 175,000		—			(2,715,244	)		(2,715,244	)
HSBC		Pay	MXN TIIE BANXICO		7.210			7/17/24		MXN 677,750		—			965,083			965,083
HSBC		Pay	MXN TIIE BANXICO		8.185			4/13/29		MXN 410,000		—			2,137,889			2,137,889
JPM		Pay	WIBR6M		1.638			4/25/22		PLN 51,500		—			(15,837	)		(15,837	)
JPM		Pay	WIBR6M		1.630			1/25/23		PLN 64,000		—			(18,723	)		(18,723	)
JPM		Pay	BZDIOVRA		6.528			1/2/24		BRL 129,900		—			252,251			252,251
JPM		Pay	Six-Month PLN WIBOR WIBO		2.315			1/15/26		PLN 90,200		(23,448	)		1,189,956			1,166,508
JPM		Pay	MXN TIIE BANXICO		6.710			9/23/21		MXN 1,025,000		—			31,652			31,652
JPM		Receive	NDBB3M		1.368			5/15/31		NZD 50,000		—			(285,050	)		(285,050	)
JPM		Pay	MXN TIIE BANXICO		8.750			10/29/20		MXN 2,210,000		—			2,066,796			2,066,796
JPM		Receive	Three-Month USD BBA LIBOR		2.097			6/8/27		USD 12,000		—			(555,671	)		(555,671	)
JPM		Pay	Six-Month PLN WIBOR WIBO		2.090			1/11/22		PLN 160,000		—			781,907			781,907
JPM		Pay	BZDIOVRA		7.060			7/1/22		BRL 1,581,700		—			339,816			339,816
MSCO		Receive	CPURNSA		1.856			7/30/24		USD 220,750		—			(2,933,558	)		(2,933,558	)
MSCO		Receive	EUR006M		1.060			4/30/59		EUR 71,050		—			(8,253,934	)		(8,253,934	)
MSCO		Pay	EUR006M		1.282			4/29/49		EUR 63,950		—			7,008,049			7,008,049
SAN		Pay	BZDIOVRA		6.900			1/2/27		BRL 212,000		—			411,029			411,029
SIB		Pay	MXN TIIE BANXICO		7.770			3/25/24		MXN 1,150,000		—			2,863,126			2,863,126
UBS		Pay	BBSW3M		1.560			3/21/21 AUD 361,000				—			2,719,743			2,719,743
UBS		Receive	BBSW6M		1.823			3/21/24 AUD 147,500				—			(4,051,674	)		(4,051,674	)
Total Centrally Cleared Interest Rate Swaps											$	167,167		$	319,714		$	486,881
Over-the-Counter Interest Rate Swaps at September 30, 2019
Counterparty	Pay/Receive Floating Rate		Floating Rate	Fixed Rate			Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)			Value			Unrealized Appreciation/ (Depreciation)
BOA		Receive	Six-Month INR FBIL MIBOR OIS Compound		5.740	%		5/16/21		INR 5,700,000	$	—		$	(974,459	)	$	(974,459	)
BOA		Receive	INR FBIL MIBOR OIS Compound		5.670			5/27/21		INR 4,536,000		—			(626,959	)		(626,959	)
CITNA-B		Receive	JIBA3M		8.139			1/31/30		ZAR 367,000		—			(852,676	)		(852,676	)

78      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Interest Rate Swaps (Continued)
Counterparty	Pay/Receive Floating Rate	Floating Rate	Fixed Rate	Maturity Date	Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
GSCOI	Pay	Three-Month COP IBR OIS Compound	6.470%	9/29/26	COP 55,000,000	$	—	$	1,568,550		$	1,568,550
GSCOI	Receive	KWCDC	1.705	4/25/24	KRW 117,050,000		—		(2,147,752	)		(2,147,752	)
GSCOI	Pay	KWCDC	1.743	4/25/21	KRW 289,300,000		—		1,774,553			1,774,553
GSCOI	Pay	MOSKP3	8.360	6/24/29	RUB 432,500		—		549,696			549,696
JPM	Pay	Three-Month COP IBR OIS Compound	7.300	6/1/26	COP 39,425,000		—		1,683,389			1,683,389
JPM	Receive	Three-Month COP IBR OIS Compound	4.990	5/2/20	COP 105,000,000		—		196,353			196,353
JPM	Pay	Five-Year EUR CPI EXT	2.080	5/24/37	EUR 50,000		—		1,921,666			1,921,666
JPM	Receive	Five-Year EUR CPI EXT	1.603	5/24/27	EUR 50,000		—		(1,956,835	)		(1,956,835	)
JPM	Receive	JIBA3M	7.955	1/31/30	ZAR 385,000		—		(546,171	)		(546,171	)
SCB	Receive	Six-Month INR FBIL MIBOR OIS Compound	6.438	1/10/24	INR 1,700,000		—		(1,374,781	)		(1,374,781	)
TotalOver-the-Counter Interest Rate Swaps						$	—	$	(785,426	)	$	(785,426	)

Over-the-Counter Credit Default Swaptions Written at September 30, 2019
Description	Counterparty	Buy/Sell Protection	Reference Asset	Fixed Rate	Expiration Date	Notional Amount (000’s)		Premiums Received		Value
Credit Default Swap maturing 6/20/24 Put	JPM	Buy	iTraxx Europe Crossover Series 31 Version 1	5.000%	12/18/19	EUR 50,000	$	370,460	$	(262,508	)
Credit Default Swap maturing 6/20/24 Put	JPM	Buy	iTraxx Europe Crossover Series 31 Version 1	5.000	12/18/19	EUR 50,000		497,632		(398,176	)
Credit Default Swap maturing 6/20/24 Call	JPM	Sell	iTraxx Europe Crossover Series 31 Version 1	5.000	12/18/19	EUR 50,000		304,109		(106,713	)
Credit Default Swap maturing 6/20/24 Call	JPM	Sell	iTraxx Europe Crossover Series 31 Version 1	5.000	12/18/19	EUR 50,000		93,997		(25,537	)
TotalOver-the-Counter Credit Default Swaptions Written							$	1,266,198	$	(792,934	)

79      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Over-the-Counter Interest Rate Swaptions Written at September 30, 2019

Description

Counterparty

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap maturing 8/6/20 Call

BOA

Pay

Three- Month USD BBA LIBOR

1.435%

8/6/20

USD

100,000

$

1,365,000

$

(1,209,676)

Interest Rate Swap maturing 8/6/20 Call

BOA

Pay

Three- Month USD BBA LIBOR

1.235

8/6/20

USD

100,000

992,000

(831,886)

Interest Rate Swap maturing 6/15/20 Put

GSCOI

Receive

Three- Month RUB MOSPRIME NFEA

8.080

6/15/20

RUB

1,676,500

521,411

(379,241)

Interest Rate Swap maturing 1/9/20 Call

GSCOI

Pay

Three- Month USD BBA LIBOR

1.600

1/9/20

USD

166,700

891,845

(1,811,917)

Interest Rate Swap maturing 9/17/67 Put

JPM

Pay

Six-Month EUR EURIBOR

3.100

9/15/37

EUR

200,000

19,261,234

(7,251,043)

Interest Rate Swap Maturing 5/5/20 Call

JPM

Pay

Three- Month USD BBA LIBOR

2.159

5/5/20

USD

250,000

1,875,000

(11,580,195)

Interest Rate Swap Maturing 6/8/20 Put

JPM

Receive

Three- Month USD BBA LIBOR

1.693

6/8/20

USD

250,000

1,488,750

(584,360)

Interest Rate Swap Maturing 6/8/20 Call

JPM

Pay

Three- Month USD BBA LIBOR

1.693

6/8/20

USD

250,000

1,488,750

(1,783,597)

Interest Rate Swap maturing 7/9/20 Put

JPM

Pay

Three- Month USD BBA LIBOR

1.801

7/9/20

USD

167,000

2,070,800

(810,874)

Interest Rate Swap maturing 7/9/20 Call

JPM

Pay

Three- Month USD BBA LIBOR

1.501

7/9/20

USD

167,000

1,143,950

(2,186,626)

Interest Rate Swap maturing 7/20/20 Put

JPM

Receive

Three- Month USD BBA LIBOR

1.803

7/20/20

USD

250,000

3,137,500

(1,249,445)

Interest Rate Swap maturing 7/20/20 Call

JPM

Pay

Three- Month USD BBA LIBOR

1.403

7/20/20

USD

250,000

1,445,000

(2,775,032)

80      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Interest Rate Swaptions Written (Continued)
Description	Counterparty	Pay/ Receive Floating Rate	Floating Rate	Fixed Rate		Expiration Date	Notional Amount (000’s)	Premiums Received		Value
Interest Rate Swap maturing 11/14/19 Put	JPM	Receive	Three-Month USD BBA LIBOR		1.630%	11/14/19	USD 212,000		$            640,000		$            (517,645)
Interest Rate Swap maturing 2/14/20 Put	MSCO	Receive	Three-Month USD BBA LIBOR		1.600	2/14/20	USD 500,000		1,075,000		(1,282,860)
Interest Rate Swap maturing 8/17/20 Put	MSCO	Receive	Three-Month USD BBA LIBOR		1.530	8/17/20	USD 496,000		1,820,000		(1,961,591)
Interest Rate Swap maturing 3/27/20 Call	MSCO	Pay	Six-Month EUR EURIBOR		0.000	3/27/20	EUR 187,500		1,784,989		(929,358)
TotalOver-the-Counter Interest Rate Swaptions Written									$    41,001,229		$    (37,145,346)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BNP	BNP Paribas
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MOS	Morgan Stanley & Co., Inc.
MSCO	Morgan Stanley Capital Services, Inc.
RBC	RBC Dominion Securities
SAN	Santander
SCB	Standard Chartered Bank
SIB	Banco Santander SA
UBS	UBS AG

Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
CNH	Offshore Chinese Renminbi
COP	Colombian Peso
EGP	Egyptian Pounds
EUR	Euro
GBP	British Pound Sterling

81      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTSContinued

Currency abbreviations indicate amounts reporting in currencies (Continued)
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
TRY	New Turkish Lira
ZAR	South African Rand

Definitions
BA CDOR	Canada Bankers Acceptances Deposit Offering Rate
BADLARPP	Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BBSW3M	ASX Australian Bank Bill Short Term Rate 3 Month Mid
BBSW6M	ASX Australian Bank Bill Short Term Rate 6 Month Mid
BP0003M	ICE LIBOR GBP 3 Month
BTP	Italian Treasury Bonds
BUND	German Federal Obligation
BUXL	German Federal Obligation
BZDIOVRA	Brazil Ceptip DI Interbank Deposit Rate
CDX.EM.31	Markit CDX Emerging Markets Index
COOVIBR	Colombia IBR Overnight Nominal Interbank Reference Rate
CPI EXT	Excluding Tobacco Consumer Price Index
CPURNSA	US Consumer Price Index Urban Consumers
EUR003M	EURIBOR 3 Month ACT/360
EUR006M	EURIBOR 6 Month ACT/360
EURIBOR	Euro Interbank Offered Rate
EUSA5	EUR Swap Annual 5 Year
FBIL	Financial Benchmarks India Private Ltd.
GDR	Global Depositary Receipt
H15T10Y	US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
IBR	Indicador Bancario de Referencia
ICE LIBOR	Intercontinental Exchange London Interbank Offered Rate
JIBA3M	South Africa Johannesburg Interbank Agreed Rate 3 Month
JIBA3M	South Africa Johannesburg Interbank Agreed Rate 3 Month
KWCDC	South Korean Won Index
MIBOR	Mumbai Interbank Offered Rate
MOSKP3	National Finance Assoc. Moscow Prime Offered 3 Month Rate

82      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Definitions (Continued)
MOSPRIME NEFA	Moscow Prime Offered Rate
NDBB3M	New Zealand Bank Bill 3 Month
OIS	Overnight Index Swap
S&P	Standard & Poor’s
SORF6M	Association of Banks in Singapore Swap Offer Rate Fixing 6 Month
TIIE	Interbank Equilibrium Interest Rate
US0003M	ICE LIBOR USD 3 Month
US0006M	ICE LIBOR USD 6 Month
USISDA05	USD ICE Swap Rate 11:00am NY 5 Year
USSW5	USD Swap Semi 30/360 5 Year
WIBOR WIBO	Poland Warsaw Interbank Offer Bid Rate
WIBR6M	GBP Benchmark WIBOR PLN 6 month

See accompanying Notes to Consolidated Financial Statements.

83      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES

		October 31, 2019 September 30, 2019
Assets
Investments, at value—see accompanying consolidated schedule of investments:
Unaffiliated companies (cost $3,549,831,410 and $3,644,544,807)	$	3,430,613,951	$	3,458,200,128
Affiliated companies (cost $234,150,380 and $215,837,538)		234,071,393		215,769,322
		3,664,685,344		3,673,969,450
Cash		41,988,877		77,008,331
Cash—foreign currencies (cost $38,995,594 and $40,763,724)		39,608,483		43,558,674
Cash used for collateral on OTC derivatives		2,840,000		4,230,000
Cash used for collateral on centrally cleared swaps		90,993,089		74,308,734
Unrealized appreciation on forward currency exchange contracts		162,061,869		85,537,862
Swaps, at value (net premiums received $280,308 and $12,789)		4,515,726		8,113,701
Variation margin receivable - centrally cleared swaps		—		3,245,801
Receivables and other assets:
Interest and dividends		61,227,777		51,583,998
Investments sold		47,083,960		26,807,525
Shares of beneficial interest sold		3,469,119		4,595,737
Variation margin receivable - futures contracts		3,813,860		144,913
Other		647,398		2,245,649
Total assets		4,122,935,502		4,055,350,375
Liabilities
Unrealized depreciation on forward currency exchange contracts		206,900,584		124,276,733
Options written, at value (premiums received $65,121,118 and $71,725,391)		52,472,542		68,277,422
Swaps, at value (premiums received $18,196,696 and $18,464,215)		9,720,364		19,260,979
Variation margin payable - centrally cleared swaps		1,616,247		—
Swaptions written, at value (premiums received $14,391,383 and $42,267,427)		11,695,008		37,938,280
Payables and other liabilities:
Investments purchased		63,629,572		64,074,112
Shares of beneficial interest redeemed		6,741,734		10,133,032
Foreign capital gains tax		3,095,826		2,770,983
Transfer and shareholder servicing agent fees		1,351,628		1,445,095
Dividends		898,373		896,595
Shareholder communications		486,000		486,000
Trustees’ compensation		391,838		432,547
Distribution and service plan fees		347,598		358,261
Advisory fees		55,450		56,205
Administration fees		1,453		461
Other		5,591,332		1,441,345
Total liabilities		364,995,549		331,848,050
Net Assets	$	3,757,939,953	$	3,723,502,325

84      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

October 31, 2019 September 30, 2019
Composition of Net Assets
Shares of beneficial interest	$	4,003,443,957		$	4,101,502,336
Total accumulated loss		(245,504,004	)		(378,000,011	)
Net Assets	$	3,757,939,953		$	3,723,502,325
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets and shares of beneficial interest outstanding of $1,043,265,354 and 188,618,423 at October 31, 2019 and $1,039,682,791 and 192,277,732 at September 30, 2019)		$5.53			$5.41
Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)		$5.78			$5.65
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets and shares of beneficial interest outstanding of $113,328,942 and 20,566,884 at October 31, 2019 and $116,134,476 and 21,558,589 at September 30, 2019)		$5.51			$5.39
Class R Shares:
Net asset value, redemption price and offering price per share (based on net assets and shares of beneficial interest outstanding of $99,079,528 and 17,965,547 at October 31, 2019 and $98,379,672 and 18,247,317 at September 30, 2019)		$5.51			$5.39
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets and shares of beneficial interest outstanding of $1,623,640,080 and 293,626,083 at October 31, 2019 and $1,611,796,908 and 298,160,897 at September 30, 2019)		$5.53			$5.41
Class R5 Shares:
Net asset value, redemption price and offering price per share (based on net assets and shares of beneficial interest outstanding of $10,228 and 1,848 at October 31, 2019 and $9,999 and 1,848 at September 30, 2019)		$5.53			$5.41
Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets and shares of beneficial interest outstanding of $878,615,821 and 159,031,066 at October 31, 2019 and $857,498,479 and 158,765,031 at September 30, 2019)		$5.52			$5.40

See accompanying Notes to Consolidated Financial Statements.

85      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF

OPERATIONS

	One Month Ended October 31, 2019			Year Ended September 30, 2019
Investment Income
Interest (net of foreign withholding taxes of $327,602 and $3,753,519, respectively)	$	17,607,816		$	283,213,963
Dividends:
Affiliated companies		216,015			5,303,282
Total investment income		17,823,831			288,517,245
Expenses
Advisory fees		1,715,049			25,410,396
Administration fees		44,934			208,988
Distribution and service plan fees:
Class A		207,291			2,523,252
Class C		98,405			2,330,813
Class R		41,914			539,387
Transfer and shareholder servicing agent fees:
Class A		160,442			1,778,793
Class C		17,910			403,418
Class R		15,256			188,156
Class Y		249,222			3,964,435
Class R5		1			2
Class R6		5,148			244,488
Shareholder communications:
Class A		—			132,985
Class C		55			20,577
Class R		1			11,928
Class Y		76			253,054
Class R5		—			1
Class R6		—			106,462
Custodian fees and expenses		80,775			1,036,902
Trustees’ compensation		5,947			117,123
Borrowing fees		—			98,669
Other		83,043			505,738
Total expenses		2,725,469			39,875,567
Less waivers and reimbursements of expenses		(48,521	)		(1,393,718	)
Net expenses		2,676,948			38,481,849
Net Investment Income		15,146,883			250,035,396

86      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

	One Month Ended October 31, 2019			Year Ended September 30, 2019
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies(net of foreign capital gains tax of $84,707 and $403,891, respectively)	$	(23,574,153	)	$	(77,478,872	)
Affiliated companies		(70,680	)		—
Option contracts written		18,068,594			110,647,503
Futures contracts		1,951,730			(72,464,074	)
Foreign currency transactions		1,348,669			(1,548,666	)
Forward currency exchange contracts		(5,307,938	)		(173,301,278	)
Swap contracts		(2,340,580	)		(26,245,328	)
Swaption contracts written		4,833,271			(35,777,355	)
Net realized loss		(5,091,087	)		(276,168,070	)
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in:
Unaffiliated companies (net of foreign capital gains tax of $324,843 and $2,770,983, respectively)		66,802,377			181,187,103
Affiliated companies		(10,771	)		(68,216	)
Translation of assets and liabilities denominated in foreign currencies		(3,381,293	)		4,883,310
Forward currency exchange contracts		(6,099,844	)		34,344,968
Futures contracts		3,127,671			(6,439,303	)
Option contracts written		9,200,607			21,339,984
Swap contracts		21,341,704			16,842,578
Swaption contracts written		(1,632,772	)		(2,041,819	)
Net change in unrealized appreciation/(depreciation)		89,347,679			250,048,605
Net Increase in Net Assets Resulting from Operations	$	99,403,475		$	223,915,931

See accompanying Notes to Consolidated Financial Statements.

87      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

	One Month Ended October 31, 2019			Year Ended September 30, 2019			Year Ended September 30, 2018
Operations
Net investment income	$	15,146,883		$	250,035,396		$	249,387,859
Net realized gain (loss)		(5,091,087	)		(276,168,070	)		49,393,784
Net change in unrealized appreciation/(depreciation)		89,347,679			250,048,605			(546,567,656	)
Net increase (decrease) in net assets resulting from operations		99,403,475			223,915,931			(247,786,013	)
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:1
Class A		—			—			(27,440,410	)
Class B		—			—			(38,410	)
Class C		—			—			(6,338,822	)
Class R		—			—			(2,664,591	)
Class Y		—			—			(62,572,404	)
Class R5		—			—			—
Class R6		—			—			(31,579,039	)
Total distributions from distributable earnings		—			—			(130,633,676	)
Tax return of capital distribution:
Class A		(3,965,134	)		(52,731,735	)		(24,741,533	)
Class B		—			—			(34,633	)
Class C		(367,267	)		(10,455,145	)		(5,715,373	)
Class R		(354,905	)		(5,328,769	)		(2,402,517	)
Class Y		(6,486,852	)		(123,937,645	)		(56,418,149	)
Class R5		(41	)		(176	)		—
Class R6		(3,610,322	)		(59,436,588	)		(28,473,110	)
Total return of capital distribution		(14,784,521	)		(251,890,058	)		(117,785,315	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(19,951,766	)		(27,973,352	)		(98,153,512	)
Class B		—			—			(6,285,572	)
Class C		(5,433,229	)		(176,957,426	)		(50,277,315	)
Class R		(1,538,186	)		(18,127,871	)		(3,074,235	)
Class Y		(24,711,199	)		(978,206,520	)		496,898,414
Class R5		—			10,000			—
Class R6		1,453,054			(541,379,288	)		322,995,519
Total beneficial interest transactions		(50,181,326	)		(1,742,634,457	)		662,103,299
Net Assets
Total increase (decrease)		34,437,628			(1,770,608,584	)		165,898,295
Beginning of period		3,723,502,325			5,494,110,909			5,328,212,614
End of period	$	3,757,939,953		$	3,723,502,325		$	5,494,110,909

1. The Securities Exchange Commission eliminated the requirement to disclose the distribution components

88      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

separately, except for tax return of capital. For the year ended September 30, 2018, distributions to shareholders from distributable earnings consisted of distributions from net investment income.

See accompanying Notes to Consolidated Financial Statements.

89      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$5.41		$5.47		$5.95		$5.95		$5.62		$6.01
Income (loss) from investment operations:
Net investment income1		0.02		0.28		0.25		0.23		0.22		0.18
Net realized and unrealized gain (loss)		0.12		(0.06)		(0.48)		0.03		0.33		(0.39)
Total from investment operations		0.14		0.22		(0.23)		0.26		0.55		(0.21)
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		(0.13)		(0.10)		(0.10)		(0.14)
Tax return of capital distribution		(0.02)		(0.28)		(0.12)		(0.16)		(0.12)		(0.04)
Total dividends and/or distributions to shareholders		(0.02)		(0.28)		(0.25)		(0.26)		(0.22)		(0.18)
Net asset value, end of period		$5.53		$5.41		$5.47		$5.95		$5.95		$5.62
Total Return, at Net Asset Value2		2.60%		4.15%		(4.20)%		4.67%		9.95%		(3.57)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,043,265		$1,039,683		$1,082,539		$1,280,770		$1,611,584		$2,010,994
Average net assets (in thousands)		$1,040,236		$1,021,107		$1,215,253		$1,391,397		$1,753,796		$2,556,904
Ratios to average net assets:3
Net investment income		4.60%		5.15%		4.31%		3.94%		3.78%		3.03%
Expenses excluding specific expenses listed below		1.03%		1.02%		1.01%		1.05%		1.05%		1.02%
Interest and fees from borrowings		0.00%		0.00%4		0.00%4		0.00%4		0.00%4		0.00%4
Total expenses5		1.03%		1.02%		1.01%		1.05%		1.05%		1.02%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.01%		0.99%		0.99%6		1.02%		1.03%		1.02%6
Portfolio turnover rate7		7%		105%		115%		96%		128%		111%

90      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

1. Per share amounts calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

One Month Ended October 31, 2019	1.04	%
Year Ended September 30, 2019	1.03	%
Year Ended September 30, 2018	1.02	%
Year Ended September 30, 2017	1.06	%
Year Ended September 30, 2016	1.05	%
Year Ended September 30, 2015	1.02	%

6. Waiver was less than 0.005%.

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

See accompanying Notes to Consolidated Financial Statements.

91      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTSContinued

Class C	One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$5.39		$5.45		$5.93		$5.92		$5.60		$5.99
Income (loss) from investment operations:
Net investment income1		0.02		0.24		0.21		0.18		0.17		0.13
Net realized and unrealized gain (loss)		0.12		(0.06)		(0.48)		0.05		0.32		(0.38)
Total from investment operations		0.14		0.18		(0.27)		0.23		0.49		(0.25)
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		(0.11)		(0.08)		(0.07)		(0.11)
Tax return of capital distribution		(0.02)		(0.24)		(0.10)		(0.14)		(0.10)		(0.03)
Total dividends and/or distributions to shareholders		(0.02)		(0.24)		(0.21)		(0.22)		(0.17)		(0.14)
Net asset value, end of period		$5.51		$5.39		$5.45		$5.93		$5.92		$5.60
Total Return, at Net Asset Value2		2.55%		3.36%		(4.79)%		3.89%		8.97%		(4.31)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$113,329		$116,134		$291,793		$369,679		$493,319		$585,788
Average net assets (in thousands)		$116,029		$232,700		$340,435		$414,939		$524,002		$713,793
Ratios to average net assets:3
Net investment income		3.84%		4.39%		3.56%		3.20%		3.04%		2.30%
Expenses excluding specific expenses listed below		1.79%		1.77%		1.76%		1.80%		1.80%		1.77%
Interest and fees from borrowings		0.00%		0.00%4		0.00%4		0.00%4		0.00%4		0.00%4
Total expenses5		1.79%		1.77%		1.76%		1.80%		1.80%		1.77%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.77%		1.74%		1.74%		1.77%		1.78%		1.77%6
Portfolio turnover rate7		7%		105%		115%		96%		128%		111%

92      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

1. Per share amounts calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

One Month Ended October 31, 2019	1.80	%
Year Ended September 30, 2019	1.78	%
Year Ended September 30, 2018	1.77	%
Year Ended September 30, 2017	1.81	%
Year Ended September 30, 2016	1.80	%
Year Ended September 30, 2015	1.77	%

6. Waiver was less than 0.005%.

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

See accompanying Notes to Consolidated Financial Statements.

93      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTSContinued

Class R	One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$5.39		$5.45		$5.93		$5.93		$5.60		$5.99
Income (loss) from investment operations:
Net investment income1		0.02		0.27		0.24		0.21		0.20		0.16
Net realized and unrealized gain (loss)		0.12		(0.06)		(0.49)		0.04		0.33		(0.39)
Total from investment operations		0.14		0.21		(0.25)		0.25		0.53		(0.23)
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		(0.12)		(0.09)		(0.09)		(0.12)
Tax return of capital distribution		(0.02)		(0.27)		(0.11)		(0.16)		(0.11)		(0.04)
Total dividends and/or distributions to shareholders		(0.02)		(0.27)		(0.23)		(0.25)		(0.20)		(0.16)
Net asset value, end of period		$5.51		$5.39		$5.45		$5.93		$5.93		$5.60
Total Return, at Net Asset Value2		2.59%		3.88%		(4.47)%		4.41%		9.70%		(3.84)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$99,080		$98,380		$117,668		$131,112		$146,479		$166,932
Average net assets (in thousands)		$98,909		$108,114		$125,233		$133,661		$149,525		$192,512
Ratios to average net assets:3
Net investment income		4.34%		4.90%		4.06%		3.67%		3.54%		2.81%
Expenses excluding specific expenses listed below		1.29%		1.27%		1.25%		1.30%		1.29%		1.27%
Interest and fees from borrowings		0.00%		0.00%4		0.00%4		0.00%4		0.00%4		0.00%4
Total expenses5		1.29%		1.27%		1.25%		1.30%		1.29%		1.27%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.27%		1.24%		1.23%		1.27%		1.27%		1.27%6
Portfolio turnover rate7		7%		105%		115%		96%		128%		111%

94      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

1. Per share amounts calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

One Month Ended October 31, 2019	1.30	%
Year Ended September 30, 2019	1.28	%
Year Ended September 30, 2018	1.26	%
Year Ended September 30, 2017	1.31	%
Year Ended September 30, 2016	1.29	%
Year Ended September 30, 2015	1.27	%

6. Waiver was less than 0.005%.

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

See accompanying Notes to Consolidated Financial Statements.

95      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTSContinued

Class Y	One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$5.41		$5.47		$5.95		$5.95		$5.61		$6.01
Income (loss) from investment operations:
Net investment income1		0.02		0.29		0.26		0.24		0.23		0.20
Net realized and unrealized gain (loss)		0.12		(0.05)		(0.48)		0.04		0.34		(0.41)
Total from investment operations		0.14		0.24		(0.22)		0.28		0.57		(0.21)
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		(0.14)		(0.11)		(0.10)		(0.15)
Tax return of capital distribution		(0.02)		(0.30)		(0.12)		(0.17)		(0.13)		(0.04)
Total dividends and/or distributions to shareholders		(0.02)		(0.30)		(0.26)		(0.28)		(0.23)		(0.19)
Net asset value, end of period		$5.53		$5.41		$5.47		$5.95		$5.95		$5.61
Total Return, at Net Asset Value2		2.62%		4.40%		(3.80)%		4.75%		10.42%		(3.50)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,623,640		$1,611,797		$2,597,821		$2,345,993		$2,072,160		$2,781,868
Average net assets (in thousands)		$1,616,370		$2,278,029		$2,618,549		$2,088,382		$2,399,267		$3,128,046
Ratios to average net assets:3
Net investment income		4.84%		5.39%		4.56%		4.13%		4.03%		3.32%
Expenses excluding specific expenses listed below		0.79%		0.77%		0.76%		0.80%		0.80%		0.77%
Interest and fees from borrowings		0.00%		0.00%4		0.00%4		0.00%4		0.00%4		0.00%4
Total expenses5		0.79%		0.77%		0.76%		0.80%		0.80%		0.77%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.77%		0.74%		0.74%		0.77%		0.78%		0.77%6
Portfolio turnover rate7		7%		105%		115%		96%		128%		111%

96      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

1. Per share amounts calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

One Month Ended October 31, 2019	0.80	%
Year Ended September 30, 2019	0.78	%
Year Ended September 30, 2018	0.77	%
Year Ended September 30, 2017	0.81	%
Year Ended September 30, 2016	0.80	%
Year Ended September 30, 2015	0.77	%

6. Waiver was less than 0.005%.

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

See accompanying Notes to Consolidated Financial Statements.

97      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTSContinued

Class R5	One Month Ended October 31, 2019		Period Ended September 30, 20191
Per Share Operating Data
Net asset value, beginning of period		$5.41		$5.41
Income (loss) from investment operations:
Net investment income2		0.02		0.11
Net realized and unrealized gain (loss)		0.12		(0.01)
Total from investment operations		0.14		0.10
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00
Tax return of capital distribution		(0.02)		(0.10)
Total dividends and/or distributions to shareholders		(0.02)		(0.10)
Net asset value, end of period		$5.53		$5.41
Total Return, at Net Asset Value3		2.62%		1.74%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10		$10
Average net assets (in thousands)		$10		$10
Ratios to average net assets:4
Net investment income		4.93%		5.48%
Expenses excluding specific expenses listed below		0.68%		0.67%
Interest and fees from borrowings		0.00%		0.00%
Total expenses5		0.68%		0.67%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.68%		0.65%
Portfolio turnover rate6		7%		105%

1. For the period from after the close of business on May 24, 2019 (inception of offering) to September 30, 2019.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

One Month Ended October 31, 2019	0.69	%
Period Ended September 30, 2019	0.68	%

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

See accompanying Notes to Consolidated Financial Statements.

98      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Class R6	One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$5.40		$5.46		$5.94		$5.94		$5.61		$6.00
Income (loss) from investment operations:
Net investment income1		0.02		0.30		0.27		0.25		0.24		0.21
Net realized and unrealized gain (loss)		0.12		(0.06)		(0.48)		0.04		0.33		(0.39)
Total from investment operations		0.14		0.24		(0.21)		0.29		0.57		(0.18)
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		(0.14)		(0.11)		(0.10)		(0.16)
Tax return of capital distribution		(0.02)		(0.30)		(0.13)		(0.18)		(0.14)		(0.05)
Total dividends and/or distributions to shareholders		(0.02)		(0.30)		(0.27)		(0.29)		(0.24)		(0.21)
Net asset value, end of period		$5.52		$5.40		$5.46		$5.94		$5.94		$5.61
Total Return, at Net Asset Value2		2.64%		4.55%		(3.83)%		5.12%		10.45%		(3.16)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$878,616		$857,498		$1,404,290		$1,194,372		$1,631,480		$1,154,225
Average net assets (in thousands)		$868,548		$1,065,312		$1,278,527		$1,327,997		$1,406,045		$918,521
Ratios to average net assets:3
Net investment income		5.01%		5.53%		4.71%		4.37%		4.28%		3.54%
Expenses excluding specific expenses listed below		0.62%		0.62%		0.60%		0.61%		0.60%		0.57%
Interest and fees from borrowings		0.00%		0.00%4		0.00%4		0.00%4		0.00%4		0.00%4
Total expenses5		0.62%		0.62%		0.60%		0.61%		0.60%		0.57%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.60%		0.60%		0.58%		0.59%		0.58%		0.57%6
Portfolio turnover rate7		7%		105%		115%		96%		128%		111%

99      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTSContinued

1. Per share amounts calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

One Month Ended October 31, 2019	0.63	%
Year Ended September 30, 2019	0.63	%
Year Ended September 30, 2018	0.61	%
Year Ended September 30, 2017	0.62	%
Year Ended September 30, 2016	0.60	%
Year Ended September 30, 2015	0.57	%

6. Waiver was less than 0.005%.

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

See accompanying Notes to Consolidated Financial Statements.

100      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSOctober 31, 2019 and September 30, 2019

Note 1 - Significant Accounting Policies

Invesco Oppenheimer International Bond Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer International Bond Fund (the “Acquired Fund” or “Predecessor Fund”). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

Upon closing of the Reorganization, holders of the Acquired Fund’s Class A, Class C, Class R, and Class Y shares received the corresponding class of shares of the Fund and holders of the Acquired Fund’s Class I shares received Class R6 shares of the Fund. Information for the Acquired Fund’s Class I shares prior to the Reorganization is included with Class R6 shares throughout this report. Class R5 shares commenced operations on the Reorganization Date.

Effective October 31, 2019, the Fund’s fiscal year end changed from September 30 to

October 31.

The Fund will seek to gain exposure to Regulation S securities primarily through investments in the Invesco Oppenheimer International Bond Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund may invest up to 25% of its total assets in the Subsidiary.

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with afront-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

The 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 consolidated financial statements.

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such asinstitution-size trading in similar groups

101      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

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.

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the 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

102      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

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

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

103      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

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 transactions reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

D. Distributions -Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on theex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

E. Federal Income Taxes -The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund

104      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

has analyzed its tax positions for the one month ended October 31, 2019 and the fiscal year ended September 30, 2019, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

Subchapter M requires, among other things, that at least 90% of the Fund’s gross income be derived from securities or derived with respect to its business of investing in securities (typically referred to as “qualifying income”). Income from commodity-linked derivatives may not be treated as “qualifying income” for purposes of the 90% gross income requirement. The Internal Revenue Service (IRS) has previously issued a number of private letter rulings which conclude that income derived from commodity index-linked notes and investments in a wholly-owned subsidiary will be “qualifying income.” As a result, the Fund will gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.

The IRS has suspended the granting of private letter rulings pending further review. As a result, there can be no assurance that the IRS will not change its position with respect to commodity-linked notes and wholly-owned subsidiaries. In addition, future legislation and guidance from the Treasury and the IRS may adversely affect the Fund’s ability to gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.

The Fund is required to include in income for federal income tax purposes all of the subsidiary’s net income and gains whether or not such income is distributed by the subsidiary. Net income and gains from the subsidiary are generally treated as ordinary income by the Fund, regardless of the character of the subsidiary’s underlying income. Net losses from the subsidiary do not pass through to the Fund for federal income tax purposes.

The tax components of capital shown in the following table for the one month ended October 31, 2019, represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3,4		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$—		$—		$142,251,510		$115,747,298

1.At period end, the Fund had $129,370,079 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

2.The Fund had $12,881,431 of straddle losses which were deferred.

3. During the one month reporting period ended October 31, 2019, the Fund utilized $3,876,970 of capital loss carryforward to offset capital gains realized in that fiscal year.

4.During the previous reporting period ended September 30, 2019, the Fund did not utilize any capital loss carryforward.

The tax components of capital shown in the following table for the fiscal year ended

105      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

September 30, 2019, represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3,4,5		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$—		$—		$191,628,038		$195,417,876

1.At period end, the Fund had $133,247,049 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

2.The Fund had $48,904,239 of post-October foreign currency losses which were deferred.

3.The Fund had $9,476,750 of straddle losses which were deferred.

4. During the reporting period ended September 30, 2019, the Fund did not utilize any capital loss carryforward.

5.During the previous reporting period ended September 30, 2018, the Fund utilized $50,756,055 of capital loss carryforward to offset capital gains realized in that fiscal year.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

Accordingly, for the one month ended October 31, 2019, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Reduction to Paid-in Capital	Reduction to Accumulated Net Loss
$47,877,053		$47,877,053

Accordingly, for the fiscal year ended September 30, 2019, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Reduction to Paid-in Capital	Reduction to Accumulated Net Loss
$255,344,150		$255,344,150

106      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

The tax character of distributions paid during the reporting periods:

	One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018
Distributions paid from:
Ordinary income	$	—	$	—	$	130,633,676
Return of capital		14,784,521		251,890,058		117,785,315
Total	$	14,784,521	$	251,890,058	$	248,418,991

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

	One Month Ended October 31, 2019			Year Ended September 30, 2019
Federal tax cost of securities	$	3,801,663,469		$	3,873,815,904
Federal tax cost of other investments		(229,196,853	)		(282,296,325	)
Total federal tax cost	$	3,572,466,616		$	3,591,519,579
Gross unrealized appreciation	$	275,906,288		$	272,916,299
Gross unrealized depreciation		(391,653,586	)		(468,334,175	)
Net unrealized depreciation	$	(115,747,298	)	$	(195,417,876	)

Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

F. Expenses -Fees provided for under the Rule12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets.Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates -The financial statements are prepared on a consolidated basis in conformity with 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

107      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

occur or become known after theperiod-end date and before the date the consolidated financial statements are released to print.

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

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

J. 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

108      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

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.”

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

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

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

L. Treasury Inflation-Protected Securities -The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be shown as Treasury Inflation-Protected Securities inflation adjustments in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity.

M. Futures Contracts- The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded

109      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

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.

N. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and tradedover-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 apre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When

110      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

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

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

Implied credit spreads represent the current level at which protection could be bought or

111      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the 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 September 30, 2019 for which the Fund is the seller of protection are disclosed in the open swap agreements tables. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

O. 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

112      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

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

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

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

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

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently

113      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

“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. 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 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.

Q. Securities on a When-Issued or Delayed Delivery Basis-The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention on acquiring such securities, they may sell such securities prior to the settlement date.

R. 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. The Fund will seek to gain exposure to Regulation S securities primarily through an investment in the Subsidiary. Regulation S securities may be relatively less liquid as a result of legal or contractual restrictions on resale. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

The Fund isnon-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

114      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

subject to greater market and credit risk than if the Fund invested more broadly.

S. 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.

T. 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:

Fee Schedule*
Up to $200 million	0.75%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $200 million	0.60
Next $4 billion	0.50
Next $10 billion	0.48
Over $15 billion	0.45

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

For the one month ended October 31, 2019 and the yearended September 30, 2019, the effective advisory fee incurred by the Fund was 0.53% and 0.54% annualized, respectively.

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. From October 1, 2018 until the date of the Reorganization, the Acquired Fund paid $17,282,656 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

Under the terms of a mastersub-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 separatesub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “AffiliatedSub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such AffiliatedSub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such AffiliatedSub-Adviser(s). Invesco has also entered into aSub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

115      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

Effective on the Reorganization Date, the Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) ofClass A, Class C, Class R, Class Y, Class R5 and Class R6 shares to1.01%, 1.76%, 1.26%, 0.76%, 0.67% and 0.62%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary ornon-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 May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2021, 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 one month ended October 31, 2019, the Adviser waived advisory fees of $43,064 and reimbursed fund expenses of $294, $271 and $4,892for Class C, Class R and Class Y, respectively. For the year ended September 30, 2019, the Adviser waived advisory fees of $491,078 and reimbursed fund expenses of $173,459, $19,617, $16,772, $284,908 and $28,836for Class A, Class C, Class R, Class Y and Class R6, 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 one month ended October 31,2019 and the year ended September 30, 2019, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby JPMorgan Chase Bankserves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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 orsub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. Prior to the Reorganization, the Acquired Fund paid

116      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the one month ended October 31, 2019 and the year ended September 30, 2019, expenses incurred under these agreements are shown in the Consolidated Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for theClass A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares(collectively the “Plan”). The Fund, pursuant to the Class A Plan, reimburses IDI in an amount up to an annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the one month ended October 31, 2019 and year ended September 30, 2019, expenses incurred under the plans are shown in the Consolidated Statement of Operations as Distribution and service plan 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 one month ended October 31, 2019, IDI advised the Fund that IDI retained $4,137 infront-end sales commissions from the sale of Class A shares and $610 and $127 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders. During the year ended September 30, 2019, IDI advised the Fund that IDI retained $9,409 infront-end sales commissions from the sale of Class A shares and $4,130 and $2,220 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders. From the beginning of the fiscal year to the date of the Reorganization, OppenheimerFunds Distributor, Inc. retained $45,640 in front–end sales commissions from the sale of Class A shares and $3,866 and $8,952 from Class A and Class C shares, respectively, for CDSC imposed on redemption 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,

117      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

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

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

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

The 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 following is a summary of the tiered valuation input levels, as of October 31, 2019:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Mortgage-Backed Obligations	$	—	$	180,881,380	$	—	$	180,881,380
U.S. Government Obligation		—		4,076,057		—		4,076,057
Foreign Government Obligations		—		2,296,453,418		—		2,296,453,418
Corporate Bonds and Notes		—		568,369,778		1,419,264		569,789,042
Common Stock		—		—		—		—
Structured Securities		—		16,268,738		—		16,268,738
Short-Term Notes		—		313,979,742		—		313,979,742
Exchange-Traded Options Purchased		1,502,060		—		—		1,502,060
Over-the-Counter Options Purchased		—		34,528,254		—		34,528,254
Over-the-Counter Credit Default Swaption Purchased		—		175,176		—		175,176
Over-the-Counter Interest Rate Swaptions Purchased		—		12,960,084		—		12,960,084

118      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Investments, at Value: (Continued)
Investment Companies	$	232,541,098		$	1,530,295		$	—	$	234,071,393
Total Investments, at Value		234,043,158			3,429,222,922			1,419,264		3,664,685,344
Other Financial Instruments:
Swaps, at value		—			4,515,726			—		4,515,726
Centrally cleared swaps, at value		—			38,462,017			—		38,462,017
Futures contracts		1,923,498			—			—		1,923,498
Forward currency exchange contracts		—			162,061,869			—		162,061,869
Total Assets	$	235,966,656		$	3,634,262,534		$	1,419,264	$	3,871,648,454
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(9,720,364	)	$	—	$	(9,720,364	)
Centrally cleared swaps, at value		—			(19,490,671	)		—		(19,490,671	)
Exchange-Traded Options written, at value		(535,000	)		—			—		(535,000	)
Options written, at value		—			(51,937,542	)		—		(51,937,542	)
Futures contracts		(84,231	)		—			—		(84,231	)
Forward currency exchange contracts		—			(206,900,584	)		—		(206,900,584	)
Swaptions written, at value		—			(11,695,008	)		—		(11,695,008	)
Total Liabilities	$	(619,231	)	$	(299,744,169	)	$	—	$	(300,363,400	)
Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date. The following is a summary of the tiered valuation input levels, as of September 30, 2019:
	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Mortgage-Backed Obligations	$	—		$	179,047,660		$	—	$	179,047,660
Foreign Government Obligations		—			2,298,646,163			—		2,298,646,163
Corporate Bonds and Notes		—			591,843,716			—		591,843,716
Common Stock		—			—			—		—
Structured Securities		—			17,476,126			248,271		17,724,397
Short-Term Notes		—			313,424,250			—		313,424,250
Exchange-Traded Options Purchased		2,674,009			—			—		2,674,009
Over-the-Counter Options Purchased		—			20,373,334			—		20,373,334
Over-the-Counter Credit Default Swaptions Purchased		—			1,001,496			—		1,001,496
Over-the-Counter Interest Rate Swaptions Purchased		—			33,465,103			—		33,465,103
Investment Companies		212,617,419			3,151,903			—		215,769,322
Total Investments, at Value		215,291,428			3,458,429,751			248,271		3,673,969,450

119      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Other Financial Instruments:
Swaps, at value	$	—		$	8,113,701		$	—	$	8,113,701
Centrally cleared swaps, at value		—			37,361,274			—		37,361,274
Futures contracts		103,140			—			—		103,140
Forward currency exchange contracts		—			85,537,862			—		85,537,862
Total Assets	$	215,394,568		$	3,589,442,588		$	248,271	$	3,805,085,427
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(19,260,979	)	$	—	$	(19,260,979	)
Centrally cleared swaps, at value		—			(33,741,812	)		—		(33,741,812	)
Exchange-Traded Options, at value		(1,052,180	)		—			—		(1,052,180	)
Options written, at value		—			(67,225,242	)		—		(67,225,242	)
Futures contracts		(1,391,544	)		—			—		(1,391,544	)
Forward currency exchange contracts		—			(124,276,733	)		—		(124,276,733	)
Swaptions written, at value		—			(37,938,280	)		—		(37,938,280	)
Total Liabilities	$	(2,443,724	)	$	(282,443,046	)	$	—	$	(284,886,770	)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

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 andclose-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.

Offsetting Assets and Liabilities as of October 31, 2019

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative asset transactions as of October 31, 2019:

120      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset			Financial Instruments Collateral Received**			Cash Collateral Received**			Net Amount
Bank of America NA	$	8,734,220	$	(8,734,220	)	$	–		$	–		$	–
Barclays Bank plc		3,768,014		(3,768,014	)		–			–			–
BNP Paribas		113,164		–			–			–			113,164
Citibank NA		36,661,115		(36,661,115	)		–			–			–
Goldman Sachs Bank USA		22,693,794		(22,693,794	)		–			–			–
Goldman Sachs International		11,398,573		(8,460,671	)		(2,644,262	)		–			293,640
HSBC Bank USA NA		1,342,515		(1,342,515	)		–			–			–
JPMorgan Chase Bank NA		103,745,610		(103,745,610	)		–			–			–
Morgan Stanley & Co., Inc.		1,583,830		(1,583,830	)		–			–			–
Morgan Stanley Capital Services, Inc.		8,278,582		(4,902,147	)		–			(1,605,000	)		1,771,435
RBC Dominion Securities		11,690,779		(9,925,599	)		–			(710,000	)		1,055,180
Standard Chartered Bank		4,230,913		(4,230,913	)		–			–			–
	$	214,241,109	$	(206,048,428	)	$	(2,644,262	)	$	(2,315,000	)	$	3,233,419

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of October 31, 2019:

				Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*			Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(21,978,973	)	$	8,734,220	$	13,244,753	$	–	$	–
Barclays Bank plc		(10,582,129	)		3,768,014		6,091,225		–		(722,890	)
Citibank NA		(55,175,817	)		36,661,115		18,514,702		–		–
Deutsche Bank AG		(1,293,805	)		–		–		–		(1,293,805	)
Goldman Sachs Bank USA		(35,792,243	)		22,693,794		7,352,542		2,840,000		(2,905,907	)

121      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

				Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*			Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Goldman Sachs International	$	(8,460,671	)	$	8,460,671	$	–	$	–	$	–
HSBC Bank USA NA		(5,184,070	)		1,342,515		3,841,555		–		–
JPMorgan Chase Bank NA		(117,316,041	)		103,745,610		13,570,431		–		–
Morgan Stanley & Co., Inc.		(4,253,575	)		1,583,830		–		–		(2,669,745	)
Morgan Stanley Capital Services, Inc.		(4,902,147	)		4,902,147		–		–		–
RBC Dominion Securities		(9,925,599	)		9,925,599		–		–		–
Standard Chartered Bank		(5,388,428	)		4,230,913		1,157,515		–		–
	$	(280,253,498	)	$	206,048,428	$	63,772,723	$	2,840,000	$	(7,592,347	)

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Schedule of Investments may exceed these amounts.

Value of Derivative Instruments at October 31, 2019

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of October 31, 2019:

	Asset Derivatives				Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value			Consolidated Statement of Assets and Liabilities Location	Value
Credit contracts	Swaps, at value	$	431,620		Swaps, at value	$	6,009,876
Interest rate contracts	Swaps, at value		4,084,106		Swaps, at value		3,710,488
Credit contracts	Centrally cleared swaps, at value		3,273,078	1	Centrally cleared swaps, at value		571,106	1
Interest rate contracts	Centrally cleared swaps, at value		35,188,939	1	Centrally cleared swaps, at value		18,919,565	1
Interest rate contracts	Variation margin receivable		1,923,498	2	Variation margin payable		84,231	2
Forward currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts		162,061,869		Unrealized depreciation on foreign currency exchange contracts		206,900,584
Equity contracts					Options written, at value		535,000

122      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Currency contracts				Options written, at value	$	51,937,542
Credit contracts	Investments, at value	$	175,1763	Swaptions written, at value		285,761
Equity contracts	Investments, at value		1,502,0603
Currency contracts	Investments, at value		34,528,2543
Interest rate contracts Investments, at value			12,960,0843	Swaptions written, at value		11,409,247
Total		$	256,128,684		$	300,363,400

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

2. Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Consolidated Statement of Assets and Liabilities upon receipt or payment.

3.Amounts relate to purchased option contracts and purchased swaption contracts, if any.

Effect of Derivative Investments for the One Month Ended October 31, 2019

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

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*		Swaption contracts written		Option contracts written		Futures contracts		Forward currency exchange contracts
Credit contracts	$	247,591	$	(35,782)	$	—	$	—	$	—
Currency contracts		(5,674,114)		—		18,050,741		—		—
Equity contracts		(40,991)		—		17,853		—		—
Forward currency exchange contracts		—		—		—		—		(5,307,938)
Interest rate contracts		(20,253,142)		4,869,053		—		1,951,730		—
Total	$	(25,720,656)	$	4,833,271	$	18,068,594	$	1,951,730	$	(5,307,938)

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Swap contracts			Total
Credit contracts	$	(389,497	)	$	(177,688)
Currency contracts		—			12,376,627
Equity contracts		—			(23,138)
Forward currency exchange contracts		—			(5,307,938)
Interest rate contracts		(1,951,083	)		(15,383,442)
Total	$	(2,340,580	)	$	(8,515,579)

* Purchased option contracts and purchased swaption contracts, if any, are included in the realized gain (loss) from investment transactions in unaffiliated companies.

123      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*			Swaption contracts written			Option contracts written		Futures contracts		Forward currency exchange contracts
Credit contracts	$	(135,164	)	$	136,714		$	—	$	—	$	—
Currency contracts		4,134,282			—			8,872,672		—		—
Equity contracts		(774,077	)		—			327,935		—		—
Forward currency exchange contracts		—			—			—		—		(6,099,844	)
Interest rate contracts		18,839,328			(1,769,486	)		—		3,127,671		—
Total	$	22,064,369		$	(1,632,772	)	$	9,200,607	$	3,127,671	$	(6,099,844	)
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments									Swap contracts		Total
Credit contracts									$	4,234,661	$	4,236,211
Currency contracts										—		13,006,954
Equity contracts										—		(446,142	)
Forward currency exchange contracts										—		(6,099,844	)
Interest rate contracts										17,107,043		37,304,556
Total									$	21,341,704	$	48,001,735

* Purchased option contracts and purchased swaption contracts, if any, are included in the change in unrealized gain (loss) from investment transactions in unaffiliated companies.

The table below summarizes theaverage notional value of forward foreign currency contracts, futures contracts, swap agreements, options purchased and written and swaptions purchased and written during the one month ended October 31, 2019.

	Forward foreign currency contracts		Futures contracts		Swaptions purchased		Swaptions written		Swap agreements
Average notional amount	$	18,991,613,479	$	149,354,800	$	6,216,835,701	$	3,277,259,016	$	5,984,369,247

	Index options purchased		Index options written		Currency options purchased		Currency options written
Average notional amount	$	144,045,000	$	129,140,000	$	82,380,156,248	$	1,711,650,509,121
Average contracts		542		542		82,349,890,000		1,711,596,750,500

124      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Offsetting Assets and Liabilities as of September 30, 2019

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative asset transactions as of September 30, 2019:

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset			Financial Instruments Collateral Received**			Cash Collateral Received**			Net Amount
Bank of America NA	$	5,560,938	$	(5,560,938	)	$	–		$	–		$	–
Barclays Bank plc		2,991,740		(2,991,740	)		–			–			–
Citibank NA		16,281,459		(16,281,459	)		–			–			–
Goldman Sachs Bank USA		28,779,083		(28,779,083	)		–			–			–
Goldman Sachs International		7,242,551		(5,992,130	)		(1,250,421	)		–			–
HSBC Bank USA NA		4,376,426		(4,307,924	)		–			–			68,502
JPMorgan Chase Bank NA		67,157,911		(67,157,911	)		–			–			–
Morgan Stanley & Co., Inc.		1,498,420		(1,498,420	)		–			–			–
Morgan Stanley Capital Services, Inc.		5,574,570		(5,574,570	)		–			–			–
RBC Dominion Securities		8,351,660		(5,472,534	)		–			(2,430,000	)		449,126
Standard Chartered Bank		676,738		(676,738	)		–			–			–
	$	148,491,496	$	(144,293,447	)	$	(1,250,421	)	$	(2,430,000	)	$	517,628

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of September 30, 2019:

				Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*			Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(22,544,518	)	$	5,560,938	$	16,983,580	$	–	$	–
Barclays Bank plc		(15,262,315	)		2,991,740		11,886,173		–		(384,402	)

125      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

				Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*			Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
BNP Paribas	$	(99,164	)	$	–	$	–	$	–	$	(99,164)
Citibank NA		(20,988,169	)		16,281,459		4,706,710		–		–
Deutsche Bank AG		(3,034,891	)		–		–		–		(3,034,891	)
Goldman Sachs Bank USA		(61,948,222	)		28,779,083		22,771,958		2,840,000		(7,557,181	)
Goldman Sachs International		(5,992,130	)		5,992,130		–		–		–
HSBC Bank USA NA		(4,307,924	)		4,307,924		–		–		–
JPMorgan Chase Bank NA		(91,674,631	)		67,157,911		24,516,720		–		–
Morgan Stanley & Co., Inc.		(5,410,343	)		1,498,420		–		–		(3,911,923	)
Morgan Stanley Capital Services, Inc.		(9,079,144	)		5,574,570		3,504,574		–		–
RBC Dominion Securities		(5,472,534	)		5,472,534		–		–		–
Standard Chartered Bank		(2,887,249	)		676,738		820,511		1,390,000		–
	$	(248,701,234	)	$	144,293,447	$	85,190,226	$	4,230,000	$	(14,987,561)

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Schedule of Investments may exceed these amounts.

Value of Derivative Instruments at September 30, 2019

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of September 30, 2019:

	Asset Derivatives				Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value			Consolidated Statement of Assets and Liabilities Location	Value
Credit contracts	Swaps, at value	$	419,494		Swaps, at value	$	10,781,346
Interest rate contracts	Swaps, at value		7,694,207		Swaps, at value		8,479,633
Credit contracts	Centrally cleared swaps, at value		3,618,547	1	Centrally cleared swaps, at value		318,799	1
Interest rate contracts	Centrally cleared swaps, at value		33,742,727	1	Centrally cleared swaps, at value		33,423,013	1
Interest rate contracts	Futures contracts		103,140	2	Futures contracts		1,391,544	2

126      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Forward currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts	$	85,537,862	Unrealized depreciation on foreign currency exchange contracts	$	124,276,733
Equity contracts				Options written, at value		1,323,904
Currency contracts				Options written, at value		66,953,518
Credit contracts				Swaptions written, at value		792,934
Interest rate contracts				Swaptions written, at value		37,145,346
Credit contracts	Investments, at value		1,001,4963
Equity contracts	Investments, at value		3,404,7083
Currency contracts	Investments, at value		19,616,4763
Interest rate contracts	Investments, at value		33,491,2623
Total		$	188,629,919		$	284,886,770

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

2. Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Consolidated Statement of Assets and Liabilities upon receipt or payment.

3.Amounts relate to purchased option contracts and purchased swaption contracts, if any.

Effect of Derivative Investments for the Year Ended September 30, 2019
The tables below summarize the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:
Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*			Swaption contracts written			Option contracts written			Futures contracts			Forward currency exchange contracts
Credit contracts	$	(3,405,961	)	$	4,729,061		$	—		$	—		$	—
Currency Contracts		(36,809,576	)		—			126,089,733			—			—
Equity contracts		2,929,830			—			(935,022	)		—			—
Forward currency exchange contracts		—			—			—			—			(173,301,278	)
Interest rate contracts		10,754,342			(40,506,416	)		(14,507,208	)		(72,464,074	)		—
Total	$	(26,531,365	)	$	(35,777,355	)	$	110,647,503		$	(72,464,074	)	$	(173,301,278	)

127      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Swap contracts			Total
Credit contracts	$	(8,238,190	)	$	(6,915,090	)
Currency Contracts		—			89,280,157
Equity contracts		—			1,994,808
Forward currency exchange contracts		—			(173,301,278	)
Interest rate contracts		(18,007,138	)		(134,730,494	)
Total	$	(26,245,328	)	$	(223,671,897	)

* Purchased option contracts and purchased swaption contracts, if any, are included in the realized gain (loss) from investment transactions in unaffiliated companies.

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*			Swaption contracts written			Option contracts written			Futures contracts			Forward currency exchange contracts
Credit contracts	$	(200,061	)	$	378,510		$	—		$	—		$	—
Currency contracts		(1,427,278	)		—			21,577,229			—			—
Equity contracts		795,898			—			(237,245	)		—			—
Forward currency exchange contracts		—			—			—			—			34,344,968
Interest rate contracts		(23,062,663	)		(2,420,329	)		—			(6,439,303	)		—
Total	$	(23,894,104	)	$	(2,041,819	)	$	21,339,984		$	(6,439,303	)	$	34,344,968

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Swap contracts		Total
Credit contracts	$	11,206,348	$	11,384,797
Currency contracts		—		20,149,951
Equity contracts		—		558,653
Forward currency exchange contracts		—		34,344,968
Interest rate contracts		5,636,230		(26,286,065	)
Total	$	16,842,578	$	40,152,304

* Purchased option contracts and purchased swaption contracts, if any, are included in the change in unrealized gain (loss) from investment transactions in unaffiliated companies.

The table below summarizes the average notional value of forward foreign currency contracts, futures contracts, swap agreements, options purchased and written, and swaptions purchased and written during the year ended September 30, 2019.

128      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

	Forward foreign currency contracts		Futures contracts	Swaptions purchased	Swaptions written		Swap agreements
Average notional amount	$	10,667,378,962	$    532,460,309	$     4,033,277,699	$	5,400,353,734	$	4,877,000,115
	Index options purchased*		Index options written*	Fixed income options purchased*	Fixed income options written*		Option on a future purchased*
Average notional amount	$	210,236,742	$    193,503,105	$       490,316,289	$	337,341,488	$	171,287,469
Average contracts		63,388	65,733	436,222,222		299,422,278		920

	Option on a future written*		Currency options purchased	Currency options written
Average notional amount	$	182,284,372	$    2,761,845,006,187	$    7,286,583,480,809
Average contracts		1,000	2,761,843,545,542	7,286,556,467,673

*Summarizes the eight month average notional value of index options purchased and written, the six month average notional value of fixed income options purchased and written, the five month average notional of options on a future purchased and the one month average notional value of options on a future written.

Note 5 – Expense Offset Arrangement

The expense offset arrangement is comprised of custodian credits which result from periodic overnight cash balances at the custodian. For the one month ended October 31, 2019 the Fund received no credits from this arrangement. For the year ended September 30, 2019, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $379,048.

Note 6 – Trustee and Officer Fees and Benefits

Certain Trustees have executed a Deferred Compensation Agreement pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Consolidated Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be

129      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

deferred until distributed in accordance with the compensation deferral plan.

Note 7 – Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank, the custodian bank. Such balances, if any atperiod-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption Amount due to 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 – 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 for the one month period ended October 31, 2019 was $225,960,516 and $299,226,241, respectively, and during the year ended September 30, 2019 was $4,304,780,959 and $6,223,887,689, respectively.

Note 9 – Share Information

Transactions in shares of beneficial interest were as follows:

	One Months Ended October 31, 20191						Year Ended September 30, 20192						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount			Shares			Amount
Class A
Sold		2,132,170		$	11,702,100			46,707,276		$	257,635,501			42,674,811		$	249,905,235
Dividends and/or distributions reinvested		668,094			3,691,378			8,909,930			48,606,856			8,272,570			48,015,112
Redeemed		(6,459,573	)		(35,345,244	)		(61,358,992	)		(334,215,709	)		(68,276,202	)		(396,073,859	)
Net increase (decrease)		(3,659,309	)	$	(19,951,766	)		(5,741,786	)	$	(27,973,352	)		(17,328,821	)	$	(98,153,512	)
Class B
Sold		—		$	—			—		$	—			4,820		$	28,765
Dividends and/or distributions reinvested		—			—			—			—			11,786			70,078
Redeemed3		—			—			—			—			(1,077,352	)		(6,384,415	)
Net increase (decrease)		—		$	—			—		$	—			(1,060,746	)	$	(6,285,572	)

130      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

	One Months Ended October 31, 20191						Year Ended September 30, 20192						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount			Shares			Amount
Class C
Sold		142,846		$	775,884			2,127,191		$	11,585,168			5,778,272		$	33,966,614
Dividends and/or distributions reinvested		59,609			328,035			1,782,006			9,681,973			1,921,742			11,113,665
Redeemed		(1,194,160	)		(6,537,148	)		(35,923,525	)		(198,224,567	)		(16,515,106	)		(95,357,594	)
Net increase (decrease)		(991,705	)	$	(5,433,229	)		(32,014,328	)	$	(176,957,426	)		(8,815,092	)	$	(50,277,315	)
Class R
Sold		178,269		$	973,465			2,563,830		$	13,975,234			4,559,765		$	26,435,800
Dividends and/or distributions reinvested		62,026			342,303			931,053			5,063,654			829,378			4,793,502
Redeemed		(522,065	)		(2,853,954	)		(6,834,225	)		(37,166,759	)		(5,911,392	)		(34,303,537	)
Net increase (decrease)		(281,770	)	$	(1,538,186	)		(3,339,342	)	$	(18,127,871	)		(522,249	)	$	(3,074,235	)
Class Y
Sold		4,979,925		$	27,290,342			91,187,125		$	498,357,038			214,651,641		$	1,260,130,600
Dividends and/or distributions reinvested		1,088,978			6,022,050			21,383,562			116,687,657			19,137,649			110,695,020
Redeemed		(10,603,717	)		(58,023,591	)		(289,686,550	)		(1,593,251,215	)		(153,046,264	)		(873,927,206	)
Net increase (decrease)		(4,534,814	)	$	(24,711,199	)		(177,115,863	)	$	(978,206,520	)		80,743,026		$	496,898,414
Class R54
Sold		—		$	—			1,848		$	10,000			—		$	—
Dividends and/or distributions reinvested		—			—			—			—			—			—
Redeemed		—			—			—			—			—			—
Net increase (decrease)		—		$	—			1,848		$	10,000			—		$	—
Class R6
Sold		1,984,096		$	10,816,472			72,871,683		$	394,934,516			172,301,770		$	980,079,104
Dividends and/or distributions reinvested		636,035			3,517,275			10,541,778			57,440,267			9,948,927			57,437,582
Redeemed		(2,354,096	)		(12,880,693	)		(181,831,910	)		(993,754,071	)		(126,133,503	)		(714,521,167	)
Net increase (decrease)		266,035		$	1,453,054			(98,418,449	)	$	(541,379,288	)		56,117,194		$	322,995,519

1.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 32% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities

131      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTSContinued

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, 10% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

2.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 26% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

     In addition, 10% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

3.All outstanding Class B shares converted to Class A shares on June 1, 2018.

4. Commencement date after the close of business on May 24, 2019.

Note 10 – Borrowings

Joint Credit Facility.A number of mutual funds managed by the Adviser participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Consolidated Statement of Operations. The Fund did not utilize the Facility during the reporting period.The Facility terminated May 24, 2019.

132      INVESCO OPPENHEIMER INTERNATIONAL 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 Oppenheimer International Bond Fund

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Invesco Oppenheimer International Bond Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2019 and September 30, 2019, the related consolidated statements of operations and the consolidated statements of changes in net assets for the period from October 1, 2019 to October 31, 2019 and the year ended September 30, 2019, including the related notes, and the consolidated financial highlights for each of the periods ended October 31, 2019 and September 30, 2019 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2019 and September 30, 2019, the results of its operations and changes in its net assets for the period from October 1, 2019 to October 31, 2019 and the year ended September 30, 2019 and the financial highlights for each of the periods ended October 31, 2019 and September 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

The consolidated financial statements of Invesco Oppenheimer International Bond Fund (formerly known as Oppenheimer International Bond Fund) as of and for the year ended September 30, 2018 and the consolidated financial highlights for each of the periods ended on or prior to September 30, 2018 (not presented herein, other than the consolidated statement of changes in net assets and the consolidated financial highlights) were audited by other auditors whose report dated November 28, 2018 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

Basis for Opinion

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

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

133      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 and September 30, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Houston, TX

December 16, 2019

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

134      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Audit Committee of the Board of Trustees appointed, and the Board of Trustees ratified and approved, PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm of the Fund for the fiscal periods ending after May 24, 2019. Prior to the close of business on May 24, 2019, the Predecessor Fund was a separate series of an unaffiliated investment company and its financial statements were audited by a different independent registered public accounting firm (the “Prior Auditor”).

Effective after the close of business on May 24, 2019, the Prior Auditor resigned as the independent registered public accounting firm of the Fund. The Prior Auditor’s report on the financial statements of the Predecessor Fund for the past two fiscal years did not contain an adverse or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles. During the Predecessor Fund’s two most recent fiscal years and through the close of business on May 24, 2019, there were no (1) disagreements with the Prior Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the Prior Auditor’s satisfaction, would have caused it to make reference to that matter in connection with its report; or (2) “reportable events,” as that term is defined in Item 304(a)(1)(v) of RegulationS-K under the Securities Exchange Act of 1934.

135      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

FEDERAL INCOME TAX INFORMATION

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction.

A portion, if any, of the dividends paid by the Fund during the reporting period which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. The maximum amount allowable but not less than $23,669,482 of the Fund’s fiscal year taxable income for the year ended September 30, 2019, may be eligible for the lower individual income tax rates. In early 2019, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $2,057,347 and $10,534,490 of the ordinary distributions to be paid by the Fund for the one month ended October 31, 2019 and the fiscal year ended September 30, 2019, respectively, qualifies as an interest related dividend.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

136      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTS

At meetings held on December 14, 2018, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) (the Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved (i) an amendment to the Trust’s Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) to add Invesco Oppenheimer International Bond Fund (the Fund), (ii) an amendment to the Master IntergroupSub-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. to add the Fund, (iii) an amendment to the separatesub-advisory contract with Invesco Capital Management LLC to add the Fund, (iv) an amendment to the separatesub-advisory contract with Invesco Asset Management (India) Private Limited to add the Fund, and (v) an initialsub-advisory contract with OppenheimerFunds, Inc. (collectively, the AffiliatedSub-Advisers and thesub-advisory contracts). Additionally, on March 26, 2019, the Boardre-approved an initialsub-advisory contract with OppenheimerFunds, Inc. following its change of control as a result of the acquisition of OppenheimerFunds, Inc. and its subsidiaries, including the Oppenheimer mutual funds (each, an Oppenheimer Fund), by Invesco Ltd. (the OFI Transaction). After evaluating the factors discussed below, among others, the Board approved the Fund’s investment advisory agreement and thesub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the AffiliatedSub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board noted that it had previously approved establishing the Fund at the Board meeting held on October 23, 2018 and that the Fund was formed to acquire the assets and liabilities of an Oppenheimer Fund (the Acquired Fund) with the same investment objective and substantially similar principal investment strategies and risks. At the time of approval, the Fund had no assets and no performance history and the portfolio managers were not employed by Invesco Advisers or any of the AffiliatedSub-Advisers except OppenheimerFunds, Inc., which was not affiliated with Invesco at that time.

In approving the investment advisory agreement andsub-advisory contracts, the Board followed a process similar to the process that it follows in annually reviewing and approving investment advisory agreements andsub-advisory contracts for the series portfolios of funds advised by Invesco Advisers and considered the information provided in the most recent annual review process for those funds as well as the information provided with respect to the Fund. As part of the approval process, the Board reviewed and considered information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board reviewed comparative investment performance and fee data prepared by Invesco Advisers and an independent mutual fund data provider. The Board was assisted in its review by the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees, and by independent legal counsel.

137      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTSContinued

The discussion below serves as a summary of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement andsub-advisory contracts. 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. This information is current as of December 14, 2018 and March 26, 2019 for thesub-advisory contract with OppenheimerFunds, Inc.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services to be provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who will provide these services. The Board’s review included consideration of the investment process oversight and structure, credit analysis and investment risk management to be employed in providing advisory services to the Fund. The Board also considerednon-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds and will provide to the Fund, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board also reviewed and considered the benefits to shareholders of investing in a fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board reviewed and considered information about the resources that Invesco Advisers intends to continue to commit to managing the Invesco family of funds, including the Fund, following the OFI Transaction. The Board concluded that the nature, extent and quality of the services to be provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the AffiliatedSub-Advisers under thesub-advisory contracts and the credentials and experience of the officers and employees of the AffiliatedSub-Advisers who provide these services. The Board noted the AffiliatedSub-Advisers’ expertise with respect to certain asset classes and that the AffiliatedSub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the AffiliatedSub-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 thesub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the AffiliatedSub-Advisers

138      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the AffiliatedSub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board noted that the Fund would continue the historical performance information of the Acquired Fund following the consummation of the OFI Transaction. The Board considered the performance of the Acquired Fund and the fact that, at the closing of the OFI Transaction, management anticipates that the Fund will be managed pursuant to substantially similar investment strategies and by substantially the same portfolio management team as managed the Acquired Fund. The Board did not view Fund performance as a relevant factor in considering whether to approve thesub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2017 to the performance of funds in the Morningstar performance universe and against the Fund’s benchmark index. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory andSub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Morningstar expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for at least two years from the closing date of the OFI Transaction 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 AffiliatedSub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board also considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund will share directly in economies of scale through lower fees charged by third party service providers based on the

139      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTSContinued

combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.

E. Profitability and Financial Resources

The Board reviewed information from the 2018 contract renewal process provided by Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers will continue to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Invesco Funds, and the profits estimated to be realized by the Fund, to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered that Invesco Advisers will receive 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 will receive 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 to be

140      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

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.

141      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO SCHEDULE OF INVESTMENTS

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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:

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its 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) as an exhibit to its reports on FormN-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s FormsN-PORT on the SEC website at sec.gov.

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 recent12-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.

142      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

SHAREHOLDER PROXY

A Special Meeting (“Meeting”) of Shareholders of Invesco Oppenheimer International Bond Fund was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer International Bond Fund into Invesco Oppenheimer International Bond Fund.

The results of the voting on the above matter was as follows:

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1) Approval of an Agreement and Plan of Reorganization		514,630,992		4,910,632		17,454,284		0

143      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

TRUSTEES AND OFFICERS

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

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS
Martin L. Flanagan1— 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President,Co-Chief Executive Officer,Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	229	None
Philip A. Taylor2— 1954 Trustee	2006	Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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);	229	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 of Invesco Ltd., ultimate parent of the Adviser.

144      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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 (CONTINUED)
Philip A. Taylor (Continued)		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); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company);Co-Chairman,Co-President andCo-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

145      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

TRUSTEES AND OFFICERSContinued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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 (CONTINUED)
Philip A. Taylor (Continued)		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 Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.

146      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Bruce L. Crockett – 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	229	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	229	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	229	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, 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	229	None

147      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

TRUSTEES AND OFFICERSContinued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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)
Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	229	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
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	229	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP.; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	229	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

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Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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)
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	229	Blue Hills Bank; Chairman of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization). Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	229	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism)
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief 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	229	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
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;	229	Federal Reserve Bank of Dallas

149      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

TRUSTEES AND OFFICERSContinued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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)
Ann Barnett Stern (Continued)		Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP
Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	229	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	229	None
Daniel S. Vandivort –1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management). Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	229	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	229	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement(non-profit)
Christopher L. Wilson – 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	229	ISO New England, Inc.(non-profit organization managing regional electricity market)

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Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	Head of Global Fund Services, Invesco Ltd.; 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, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust, and Vice President, OppenheimerFunds, Inc. Formerly: Vice President 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, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	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
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal	N/A	N/A

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TRUSTEES AND OFFICERSContinued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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)
Jeffrey H. Kupor (Continued)		Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services	N/A	N/A

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Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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)
Andrew R. Schlossberg (Continued)		Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC
John M. Zerr — 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent) Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and	N/A	N/A

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TRUSTEES AND OFFICERSContinued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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)
John M. Zerr (Continued)		Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation Formerly: Senior Vice President, Invesco	N/A	N/A

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Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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)
Gregory G. McGreevey (Continued)		Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; 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., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and	N/A	N/A

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TRUSTEES AND OFFICERSContinued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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)
Crissie M. Wisdom (Continued)		Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.
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’ssub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza,	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers
Suite 1000	1555 Peachtree Street, N.E.	11 Greenway Plaza,	LLP
Houston, TX 77046-1173	Atlanta, GA 30309	Suite 1000	1000 Louisiana Street,
		Houston, TX	Suite 5800
		77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens & Young,	Independent Trustees	Invesco Investment	JPMorgan Chase Bank
LLP	Goodwin Procter LLP	Services, Inc.	4 Chase Metro Tech
2005 Market Street,	901 New York Avenue, N.W.	11 Greenway Plaza,	Center
Suite 2600	Washington, D.C. 20001	Suite 1000	Brooklyn, NY 11245
Philadelphia, PA 19103-7018		Houston, TX
		77046-1173

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INVESCO’S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located atwww.invesco.com (the “Website”). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as “we” or “Invesco” in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review the Terms of Use¹ to learn of other terms and conditions applicable to your use of the Website.

Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.

When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.

From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

¹NTD

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INVESCO’S PRIVACY NOTICEContinued

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/orde-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services (“Providers”). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, andweb-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate orde-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The “Help” section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visitwww.aboutcookies.org.

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Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

Users are responsible for maintaining the secrecy of their own passwords. If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of any account you might have with us has been compromised), please immediately notify us by contacting us as specified below.

Transfer of Data to Other Countries

Any information you provide to Invesco through use of the Website may be stored and processed, transferred between and accessed from the United States, Canada and other countries which do not guarantee the same level of protection of personal information as the one in which you reside. However, Invesco will handle your personal information in accordance with this Privacy Policy regardless of where your personal information is stored/accessed.

Children’s Privacy

We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE

Atlanta, GA 30309

By phone:

(404)439-3236

By fax:

(404)962-8288

By email:

Anne.Gerry@invesco.com

Please update your account information by logging in or contact us by email or telephone as specified above to update your account information whenever such information ceases to be complete or accurate.

You may also contact us to:

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INVESCO’S PRIVACY NOTICEContinued

🌑 Request that we amend, rectify, delete or update the personal data we hold about you;

🌑 Where possible (e.g. in relation to marketing) amend or update your choices around processing;

🌑 Request a copy of personal data held by us.

Disclaimer

Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

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

Invesco Distributors, Inc.	O-IBD-AR-1	11272019

ITEM 2.    CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3.    AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Raymond Stickel, Jr., Robert C. Troccoli and James Vaughn. David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Raymond Stickel, Jr., Robert C. Troccoli and James Vaughn are “independent” within the meaning of that term as used in FormN-CSR.

ITEM 4.    PRINCIPAL ACCOUNTANT FEES AND SERVICES.

During the reporting period, PricewaterhouseCoopers (“PwC”) advised the Audit Committee of the following matters for consideration under the SEC’s auditor independence rules. PwC advised the Audit Committee that a PwC Director, a PwC Manager and a PwC Senior Associate each held financial interests in investment companies within the Invesco Fund Complex that were inconsistent with the requirements of Rule2-01(c)(1) of RegulationS-X. PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments, (or with respect to the PwC Senior Associate was not aware until after the investments were confirmed as SEC exceptions), the individuals were not in the chain of command of the audit or the audit partners of Invesco or the affiliate of the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the Registrant or its affiliates (or with respect to the PwC Senior Associate, the services were performed by an individual who did not have decision-making responsibility for matters that materially affected the audit and were reviewed by team members at least two levels higher than the PwC Senior Associate), and the investments were not material to the net worth of each individual or their respective immediate family members which PwC considered in reaching its conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality had not been adversely affected by these matters as they related to the audit of the Registrant.

On May 24, 2019, certain investment advisor subsidiaries of Invesco Ltd. assumed management responsibility from Oppenheimer Funds, Inc. (“OFI”) for 83open-end mutual funds and 20 exchange-traded funds (collectively, the “Oppenheimer Funds”). Assumption of management responsibility for the Oppenheimer Funds was accomplished through the reorganization of each Oppenheimer Fund into a new Invesco shell fund (collectively, the “New Invesco Funds”) that did not havepre-existing assets (together, the “Reorganizations”). The Reorganizations were part of the acquisition by Invesco Ltd. (together with its subsidiaries, “Invesco”) of the asset management business of OFI (including the Oppenheimer Funds) from Massachusetts Mutual Life Insurance Company (“MassMutual”), which was also consummated on May 24, 2019 (the “Acquisition”). Subsequent to the Acquisition, MassMutual became a significant shareholder of Invesco, and the Invesco Ltd. board of directors expanded by one director with the addition of a director selected by MassMutual.

Prior to the consummation of the Acquisition and the Reorganizations on May 24, 2019, PwC completed an independence assessment to evaluate the services and relationships with OFI and its affiliates, which became affiliates of Invesco upon the closing of the Acquisition. The assessment identified the following relationship and services that are inconsistent with the auditor independence rules under Rule2-01 of RegulationS-X (“Rule2-01”) if provided to an affiliate of an audit client. A retired PwC partner who receives a benefit from PwC that is not fully funded, served

as a member of Audit Committee of the Boards of Trustees of certain Oppenheimer Funds prior to the Acquisition (the“Pre-Reorganization Relationship”). Additionally, PwC provided certainnon-audit services including, expert legal services to one Oppenheimer Fund, custody of client assets in connection with payroll services, anon-audit service performed pursuant to a success-based fee,non-audit services in which PwC acted as an advocate on behalf of a MassMutual foreign affiliate and certain employee activities undertaken in connection with the provision ofnon-audit services for MassMutual and certain MassMutual foreign affiliates (collectively, the“Pre-Reorganization Services”).

PwC and the Audit Committees of the New Invesco Funds each considered the impact that thePre-Reorganization Relationship and Services have on PwC’s independence with respect to the New Invesco Funds. On the basis of the nature of the relationship and services performed, and in particular the mitigating factors described below, PwC concluded that a reasonable investor, possessing knowledge of all the relevant facts and circumstances regarding thePre-Reorganization Relationship and Services, would conclude that thePre-Reorganization Relationship and Services do not impair PwC’s ability to exhibit the requisite objectivity and impartiality to report on the financial statements of the New Invesco Funds for the years ending May 31, 2019 – April 30, 2020 (“PwC’s Conclusion”).

The Audit Committees of the Boards of Trustees of the New Invesco Funds, based upon PwC’s Conclusion and the concurrence of Invesco, considered the relevant facts and circumstances including the mitigating factors described below and, after careful consideration, concluded that PwC is capable of exercising objective and impartial judgment in connection with its audits of the financial statements of the New Invesco Funds that the respective Boards of Trustees oversee.

Mitigating factors that PwC and the Audit Committees considered in reaching their respective conclusions included, among others, the following factors:

• none of thePre-Reorganization Relationship or Services created a mutuality of interest between PwC and the New Invesco Funds;

• PwC will not act in a management or employee capacity for the New Invesco Funds or their affiliates during any portion of PwC’s professional engagement period;

• other than the expert legal services,Pre-Reorganization Services that have been provided to OFI, MassMutual and their affiliates do not have any impact on the financial statements of the New Invesco Funds;

• as it relates to the expert legal services, while the service provided by PwC related to litigation involving one Oppenheimer Fund, the impact of the litigation on the Oppenheimer Fund’s financial statements was based upon OFI’s decision, and OFI management represented that the PwC service was not considered a significant component of its decision;

• while certain employees of OFI who were involved in the financial reporting process of the Oppenheimer Funds will be employed by Invesco subsequent to the Reorganizations, existing officers of other Invesco Funds will serve as Principal Executive Officer and Principal Financial Officer or equivalent roles for the New Invesco Funds, and are ultimately responsible for the accuracy of all financial statement assertions for the entirety of the financial reporting periods for the New Invesco Funds;

• thePre-Reorganization Services giving rise to the lack of independence were provided to, or entered into with, OFI, MassMutual and their affiliates at a time when PwC had no independence restriction with respect to these entities;

• with the exception of the expert legal service provided to one Oppenheimer Fund, none of thePre-Reorganization Services affected the operations or financial reporting of the New Invesco Funds;

• thePre-Reorganization Services provided by PwC to OFI, MassMutual and their affiliates were performed by persons who were not, and will not be, part of the audit engagement team for the New Invesco Funds; and

• the fees associated with thePre-Reorganization Services were not material to MassMutual, Invesco or PwC.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PwC billed the series of the Registrant with a fiscal year end of October 31, 2019 and September 30, 2019, respectively (each a “Fund”) aggregate fees for services rendered to these Funds as shown in the following tables. Each Fund is newly organized and was created, respectively, for the purpose of acquiring the assets and liabilities of a corresponding predecessor fund (each, a “Reorganization”). Each Reorganization was consummated after the close of business on May 24, 2019, prior to which each Fund had not yet commenced operations. Accordingly, the information shown in the following tables has been provided for the periods since each Fund’s commencement of operations. The Audit Committeepre-approved all audit andnon-audit services provided to the Funds.

	Fees Billed for Services Rendered to the Registrant for fiscal year end October 31, 2019			Fees Billed for Services Rendered to the Registrant for fiscal year end September 30, 2019
Audit Fees		$	122,025		$	164,529
Audit-Related Fees		$	0		$	0
Tax Fees(1)		$	20,992		$	20,992
All Other Fees		$	0		$	0
Total Fees		$	143,017		$	185,521

(g) PwC billed the Registrant aggregatenon-audit fees of $20,992 for the fiscal year ended October 31, 2019 and $20,992 for the fiscal year ended September 30, 2019.

(1) Tax Fees for the fiscal years ended October 31, 2019 and September 30, 2019 include 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”), each Fund’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to each Fund (“Invesco Affiliates”) aggregate fees forpre-approvednon-audit services rendered to Invesco and Invesco Affiliates for the periods since each Fund’s commencement of operations as shown in the following tables. The Audit Committeepre-approved allnon-audit services provided to Invesco and Invesco Affiliates.

	Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for fiscal year end October 31, 2019 That Were Required to be Pre-Approved by the Registrant’s Audit Committee			Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for fiscal year end September 30, 2019 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees(1)		$	690,000		$	690,000
Tax Fees		$	0		$	0
All Other Fees		$	0		$	0
Total Fees		$	690,000		$	690,000

(1) Audit-Related Fees for the fiscal years ended October 31, 2019 and September 30, 2019 include fees billed related to reviewing controls at a service organization.

(e)(2) There were no amounts that werepre-approved by the Audit Committee pursuant to the de minimis exception under Rule2-01 of RegulationS-X.

(f) Not applicable.

(g) Including the fees for services not required to bepre-approved by the registrant’s audit committee, PwC billed Invesco and Invesco Affiliates aggregatenon-audit fees of $3,984,000 for the fiscal year ended October 31, 2019 and $3,984,000 for the fiscal year ended September 30, 2019 fornon-audit services rendered to Invesco and Invesco Affiliates.

PwC provided audit services to the Investment Company complex of approximately $34 million.

(h) The Audit Committee also has considered whether the provision ofnon-audit services that were rendered to Invesco and Invesco Affiliates that were not required to bepre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

(e)(1)

PRE-APPROVAL OF AUDIT ANDNON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended March 29, 2017

I. Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to thepre-approval of audit andnon-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 andnon-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule2-01 of RegulationS-X requires that the Audit Committee alsopre-approve a Service Affiliate’s engagement of the Auditor fornon-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 maypre-approve audit andnon-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 generalpre-approvals without consideration of specificcase-by-case services (“general pre-approvals”) and pre-approvals on acase-by-case basis (“specific pre-approvals”). Any services requiringpre-approval that are not within the scope of generalpre-approvals hereunder are subject to specificpre-approval. These Procedures also

¹ Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

address the delegation by the Audit Committee ofpre-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 specificpre-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 specificallypre-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.

III. General and SpecificPre-Approval ofNon-Audit Fund Services

The Audit Committee will consider, at least annually, the list of GeneralPre-ApprovedNon-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 GeneralPre-ApprovedNon-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 GeneralPre-ApprovedNon-Audit Services have not received generalpre-approval and require specificpre-approval. Each request for specificpre-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 topre-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 specificpre-approval of audit-related, tax or other services, each as described in more detail below.

a. Audit-Related Services

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

dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

b. Tax Services

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

Each request to provide tax services under either the general or specificpre-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 orfee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

c. Other Services

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

V. Pre-Approval of Service Affiliate’s Covered Engagements

Rule2-01 of RegulationS-X requires that the Audit Committeepre-approve a Service Affiliate’s engagement of the Auditor fornon-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 specificpre-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 GeneralPre-ApprovedNon-Audit Services have not received generalpre-approval and require specificpre-approval.

Each request for specificpre-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 thepre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule2-201 of RegulationS-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 requirespre-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 fornon-audit services, whether or not subject topre-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 andnon-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under generalpre-approval or specificpre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximumpre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specificpre-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, topre-approve audit andnon-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 andpre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee mustpre-approve: (a) anynon-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 topre-approve any services or engagements that are not required to bepre-approved pursuant to the de minimis exception provided for in Rule2-01(c)(7)(i)(C) of RegulationS-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements arepre-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 bepre-approved pursuant to the de minimis exception provided for in Rule2-01(c)(7)(i)(C) of RegulationS-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of allnon-audit services provided to any entity in the investment company complex (as defined in section2-01(f)(14) of RegulationS-X, including the Funds and Service Affiliates) that were notpre-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 followingnon-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 followingnon-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, orcontribution-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 FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BYCLOSED-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 December 9, 2019, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of December 9, 2019, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on FormN-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 Rule30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-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 Rule30a-2(a) under the Investment Company Act of 1940.
13(a) (3)	Not applicable.
13(a) (4)	Registrant’s Independent Public Accountant, attached as Exhibit 99.ACCT
13(b)	Certifications of principal executive officer and principal financial officer as required by Rule30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:    AIM Investment Funds (Invesco Investment Funds)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	December 20, 2019

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:	December 20, 2019
By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	December 20, 2019